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Mountain Corporation forms Hill Corporation, and acquires Mound Corporation by merging Mound into Hill Corporation, with the former Mound Corporation shareholders receiving solely voting stock of Mountain Corporation.
a. What type of reorganization has taken place? Describe the tax consequences to Mound Corporation, its former shareholders, and Mountain Corporation.
b. How would your answers change if the former Mound shareholders instead received only nonvoting stock of Mountain Corporation?
A company reports sales revenue of $200 million the current year and $180 million last year. Their total assets in the current year are $150 million and last year's total assets were $130 million. What is the current year's asset turnover ratio?
Compute the total bond interest expense over the bonds' life. Prepare the journal entries to record the first two interest payments.
What is a VAT? Give an example of VAT in other nations. What is the difference between centralized and decentralized government? What are the advantages of a federal system of government?
What ratio of debt to equity does the IRS use as a rule of thumb to determine whether or not there is too much debt to equity in the corporate structure?
Compute the weighted average number of shares to be used in computing earnings per share for 2010.
GRP Corporation has $500,000 in a bank account paying 0.35% annual interest. As an alternative to leaving the money in the account, the company is considering investing the entire amount for five years. possible investments have been identified as..
Other than the construction funds borrowed, the only other debt outstanding during the year was a $150,000, 10-year, 7% note payable dated January 1, YEar 1. How much interest should be capitalized by Starlight during Year 3?
The average daily demand is 150 customers. The convenience store currently operates 6 hours a day. Each order takes approximately 2 minutes. a. What is the average customer waiting time, in minutes?
In a manufacturing company the proper journal entry (without numbers) to record the purchase of direct materials would be:
Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the ..
Prepare a realistic flexible budget for next year for the McDonald's Corporation using economic and company trends. Use three different growth rates (low, average and high) for sales and adjust the expenses based on whether you assume that they v..
Under the installment sales method, what would be Rosson's deferred gross profit at December 31, 2008?
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