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Mills Inc. had a receivable from a foreign customer that is due in the local currency of the customer (stickles). On December 31, 2008, this receivable for §200,000 was correctly included in Mills' balance sheet at $132,000. When the receivable was collected on February 15, 2009, the U.S. dollar equivalent was $144,000. In Mills' 2009 consolidated income statement, how much should have been reported as a foreign exchange gain?
The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
Mark Company currently sells a video recorder with a selling price of $300 per unit. The variable expense per unit is $175 and fixed expenses are $100,000. If the company reduces variable expenses by $20 per unit and increases the fixed expenses b..
Discuss how environment factors such as economics, political, and social factors may influence a business' decision to engage in foreign trade.
Please describe the accounting treatment when a company purchases less than 20% of another company's stock. Please describe how revenue and dividends are treated when the equity method is used.
Answer the following questions based on the 2011 annual report of Proctor & Gamble Corporation (P&G). A link to the annual report is provided below. The financial statements are on pp. 31-74 of the annual report, and all questions can be answered ..
Which of the following is not a right possessed by common stockholders of a corporation?
Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost $800,000. The estimated residual value of the building is $50,000 and it has an expected useful life of 25 years.
Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2011.
Father and son are co-owners of a manufacturing company, with father having transferred some of his stock to his son in previous years. There is no debt in excess of stock basis.
Determine that the financial statements present fairly in accordance with generally accepted accounting principles.
During 2010, one of the customers of Klote company declared bankruptcy. This customer had been a major purchaser of Klote's products and had owed $40,000 on account to Klote (a material portion of its receivables) at the time of bankruptcy.
What are the primary securities market and the secondary securities market? Identify two securities exchanges and how they influence trading and the investor.
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