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Goofy Inc. bought 15,000 shares of crazy co.'s stock for $150,000 on May 5, 2008, and classified the stock as available for sale. The market value of the stock declined to $118,000 by December 31,2008. Goofy reclassified this investment as trading securities in December of 2009 when the market value had risen to $125,000. What effect on 2009 income should be reported by Goofy for the Crazy Co. Shares?
Sarah and Emily form Red Corporation with the following investments: Sarah transfers computers worth $200,000 (basis of $80,000), while Emily transfers real estate worth $180,000 (basis of $40,000) and services (worth $20,000) rendered in organizi..
What amount will be reported in the Estimated Warranty Liability account on the December 31, 2011 balance sheet?
Prepare the entries to record sales and collections during the period. Prepare the entry to record the write-off of uncollectible accounts during the period. Prepare the entries to record the recovery of the uncollectible account during the period.
If fixed costs are $561,000 and the unit contribution margin is $8.00, what is the break-even point in units if variable costs are decreased by $.50 a unit?
Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO and (3) average-cost.
1. what are the permanent and temporary differences? 2. What is NOL? Why does it occur? 3. What are the allocation methods? 4. What are the deferred tax assets and deferred tax liability? 5. What is the earnings conservatism ratio?
Prepare the bank reconciliation for Janus Jutes, Inc. dated May 31, 2009. Janus made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
Several accounts receivable in the accounts receivable master file are not included in the aged trial balance.
A company buys an oil rig for $2,000,000 on January 1, 2012. The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is $400,000 (present value at 10% is $154,220). 10% is an appropriate interest rate for ..
A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally??
If the president is right, what will be the effect on the company's monthly net operating income or loss? Using the incremental approach in perparing the answer?
What is the basic relationship between interest rates and bond prices, and why does the relationship exist?
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