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On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40000 shares of $10 par common stock at $34, and on May 9, it issued for cash 100000 shares of $5 par preffered stock at $7.
a. Illustrate the effects on the accounts and finanical statements of the February 10 and May 9 transactions.
b. what is the total amount invest (total paid-in capital) by all stockholders as of May 9?
This equipment replaces old equipment that was sold for $10,000 cash. Ignoring income taxes, the new equipments has a pay-back period of:
In each of the following independent situation, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2011.
An error was discovered during 2007. Specifically, depreciation expense was understated in 2005 resulting in the need for a Prior Period Adjustment of $25,000 before taxes.
What is the recognized gain or loss to Finch and to Cardinal as a result of Finch's liquidation?
The new equipment is expected to generate cost savings of $20,000 per year in each of the 6 years. Kumanu's discount rate is 16%. What is the net present value of this equipment?
Adler Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2008, the first year of the corporation's existence:
At the beginning of November Manny Co. had $600 worth of supplies on hand. During the month of November Manny Co. purchased $2,100 worth of supplies. On November 30, Manny Co. counted supplies and found that $1,600 remained on hand. What is the ap..
How has automation aided the preparation, accuracy, and use of the financial statement worksheet and completion of the financial statements? What automation tool has been most useful to you?
The required rate of return is 15 percent and the tax rate is 28 percent. What is the net income from this proposed project?
Calculate the number of fresh shares issued and the amount transferred to capital redemption reserve account.
Sarah transfers property with an $80,000 adjusted basis and a $100,000 FMV to Super Corporation in a Sec. 351 transaction. Sarah receives stock with an $85,000 FMV and a short-term note with a $15,000 FMV. Sarah's basis in the stock is:
Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate transactions.
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