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Paul Company had 100,000 shares of common stock outstanding on January 1, 2009. On September 30, 2009, Paul sold 48,000 shares of common stock for cash. Paul also had 10,000 shares of convertible preferred stock outstanding throughout 2009. The preferred stock is $100 par, 6%, and is convertible into 3 shares of common for each share of preferred. Paul also had 500, 8%, convertible bonds outstanding throughout 2009. Each $1,000 bond is convertible into 30 shares of common stock. The bonds sold originally at par. Reported net income for 2009 was $300,000 with a 40% tax rate. The regular common and preferred dividends were paid in 2009.
Compute basic earnings per share for 2009.
In 2013 Conlin suffered a net operating loss of $491,700, which it elected to carry back. The 2013 enacted tax rate is 29%. Prepare Conlin's entry to record the effect of the loss carryback.
Each fund must account for interfund activity as if it were a separate accounting entity.
The common stock equivalents added to the company's weighted average shares outstanding used for basic earnings per share was computed using the treasury stock methods.
Jerry transfers two assets to a corporation as part of a Sec. 351 exchange. The first asset has an adjusted basis of $70,000 and a FMV of $50,000. The second asset has an adjusted basis of $70,000 and a FMV of $150,000. The FMV of the stock receiv..
What technique of accounting should Web-Browser use to account for its investment in Internet Access at 31 st December, 1998, and June 30, 1999 (i.e., cost or equity method)?
Specific identification method (62 of the units sold were purchased on April 9, and the remaining units were purchased on May 1).
assess the short- and long-term impact the disaster had to the business and stakeholders. Provide specific examples to support your response.
Eastern University pays the benefit directly to the university where the staff/faculty member's child is enrolled or if the student is attending Eastern, it reduces the amount of tuition owed by the faculty/staff member.
In Saint-Simon, Inc., the Assembly Department started 18,000 units and completed 21,000 units. If beginning work in process was 9,000 units, how many units are in ending work in process?
Fixed costs are $400,000 and the contribution margin per unit is $80. What is the break-even point?
An important element of evaluating leases is determining whether substantially all of the risk and rewards of ownership are transferred in the lease. How os "Substantially all" defined in the authoritative literature?
Provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
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