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Omni Corporation’s Board of Directors met over growing concern about the drop in the price of their stock. The company had seen a 25% price drop in the past six months. Since the price was so low, the Board decided to purchase a large bulk of stock for $50 million. Just before the end of the year, the stock increased dramatically and the corporation was able to sell this stock for a gain of $30 million dollars. At the Board of Director’s meeting to review the year-end financial statements, they were concerned that the gain on the sale of the stock was not reported on the income statement. They believed that since the stock was sold at a price higher than its purchase price, a gain should be recorded on the financial statements. Did the accountant record the transaction correctly? Why would the Board of Directors want to show the gain? Are there any ethical issues involved? What is the correct journal entry for the sale of the stock?
Determine the per unit cost amounts before you prepare the 3 flexible budgets. This is asking for a flexible budget for a very specific item.
Waters, Inc., acquired 10 % of Denton Corporation on 1 st January, 2012, for $297,400 though Denton's book value on that date was $2,380,000.
Assuming the computer has an eleven-year life and will have no salvage value atthe expiration of the lease, illustrate what was the original cost of the copier to John? (b) What amountwould each payment be if the 11 annual payments are to be made ..
Purpose, in good form, a Statement of Net Assets for Southern State University as of 30 th June, 2012.
Ignoring income taxes, determine the net present value for both assets. Which asset would you advise buying? Why?
Prepare the journal entries to record the estimated warranty costs and (b) the actual costs incurred and Preparation of journal entries to record
Evaluate the number of widgets which must be sold to break even. Evaluate the number of widgets which must be sold to break even. Evaluate the breakeven point in dollars
Net purchases amount to $500,000 per year. On average, how much "free" trade credit does the firm receive during the year?
Explain how you would use variance analysis against this project's before defined cost objects, drivers, budget, and decision making framework
What is the amount and character of the profits Dina recognizes as a result of the distribution? Evaluate Dina's basis in the land?
Find the correct entry for Flores on November 17, assuming the correct payment was received on that date and What is the correct entry for Flores on November 10?
Purpose a schedule comparing depreciation for financial reporting and tax purposes. Evaluate the deferred tax asset or liability at the end of 2012.
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