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White Corporation has manufactured lawn furniture for 6 years. In addition, for the last 3 years, White has operated a separate division that sells barbecue equipment. Helen, an individual, and Gray Corporation each acquired 100 shares of stock in White (basis of $10,000 per share) 10 years ago. In the current year, the barbecue equipment division is entirely destroyed by fire. White Corporation decides to discontinue the business and distributes all of the $4 million of insurance proceeds collected as a result of the fire to Helen and Gray Corporation in redemption of 20 shares of stock from each shareholder. Determine the tax consequences of the stock redemption to White Corporation (E & P of $7 million), to Gray Corporation, and to Helen.
If operating lease commitments are considered equivalent to debt, what percentage of the American's debt is represented by the lease liabilities?
Please help me explain the following concepts: A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response.
Kramer Company values its inventory by using the retail method(LIFO basis, stable prices). The following information is available for the year 2010.
The Central Stores Fund of Cook City provides centralized management of purchasing, storage, and issue of supplies for the entire City. For the following summarized transactions and events for the year ended June 30, provide the fund level entries..
Bailey, Root, and Wylie, LLP, a law firm, is considering the replacement of its old accounting system with new software that should save $6,000 per year in net cash operating costs.
The Chief Financial Officer, Mr. Roach, told him it was impractical because it would require the issuance of common stock at a cost of 13.5 percent to finance the purchase. Is the company following a logical approach to using its cost of capital?
The income statement for Roland Inc. shows income before income taxes $700,000, income tax expenses $210,000, and net income $490,000. If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstand..
If a division is evaluated using return on investment (ROI) without regard to how assets are financed, the denminator in the ROI calculation will be
Variable costs as a percentage of sales for Leamon Inc. are 75%, current sales are $600,000, and fixed costs are $110,000. How much will operating income change if sales increase by $40,000?
The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale:
Accounting is becoming a global business language. Provide some evidence of this assertion. What are some of the implications of this trend?
Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.
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