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Garfun, Inc., owns all of the stock of Simon, Inc. For 2014, Garfun reports income (exclusive of any investment income) of $480,000. Garfun has 80,000 shares of common stock outstanding. It also has 5,000 shares of preferred stock outstanding that pay a dividend of $15,000 per year. Simon reports net income of $290,000 for the period with 80,000 shares of common stock outstanding. Simon also has a liability for 10,000 of $100 bonds that pay annual interest of $8 per bond. Each of these bonds can be converted into three shares of common stock. Garfun owns none of these bonds. Assume a tax rate of 30 percent. What amount should Garfun report as diluted earnings per share?
Flite Company reported income before taxes of $900,000 and an extraordinary loss of $250,000. Assume that the company’s tax rate is 35%. What amounts will be reported on the income statement for income before irregular items and extraordinary items, ..
q1. proposals o and k each cost 500000 have 6-year lives and have predictable total cash flows of 720000. proposal o is
The portfolio, which consisted of traded securities, had increased in market value by $5 million. Materiality for the audit was $10 million. What communications would you be required to make to those charged with governance?
q george company has a standard costing system. the subsequent data are available for julyactual manufacturing overhead
The Corey Company exchanged equipment costing $190,000 with accumulated depreciation of $45,000 for equipment owned by Salvo Corporation. The Salvo equipment cost $305,000 with accumulated depreciation of $105,000. The fair value of both pieces of eq..
Why is it important that we differentiate the sources of a company’s capital structure between debt and equity issuances like common stock? How does the use of ratios and percentages help us to significantly enhance our understanding of financial sta..
Calculate the break-even point in (1) dollars and (2) number of fares. Without calculations, determine the contribution margin at the break-even point.
mcminn retail inc.mcminn retail inc. is a retailer that has engaged you to assist in the preparation on its financial
Multiple choice questions on budgetary control system - Which of the represents the normal sequence in which the below budgets are prepared.
Give an example of an error or a fraudulent act when accounting for production costs and related cost of goods sold. Please describe an audit and/or investigation procedure for detecting the error or fraudulent act you cited in #1.
Determine the earnings per share on common stock, assuming income before bond interest and income tax is $2,000,000.
Adjust the accounts for accrued and unearned revenue) Bantley, Inc., collects cash from customers two ways: Accrued revenue. Some customers pay Bantley after Bantley has performed service for the customer. During 2012, Bantley made sales of $55,000 o..
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