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The board of directors of Weston Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 2007. The dividend is to be paid on August 15, 2007, to stockholders of record on July 31, 2007. The effects of the journal entry to record the payment of the dividend on August 15, 2007 are to
A golfer's tee shot follows a path given by y = 64t - 16t^2, where y is the height of the ball (in feet) after t seconds of flight. Halfway through its flight, the golf ball reaches the highest point of its trajectory. How high is that?
Samantha owned 1,000 shares in Evita, Inc., an S corporation that uses the calendar year. On October 11, 2010 Samantha sells all of her Evita stock. Her basis at the beginning of 2010 was $60,000. Her share of the corporate income for 2010 was $22..
If the contribution margin ratio for Ernie Company is 40%, sales were $750,000, and fixed costs were 225,000, what was the income from operations?
Smith Company's break-even point is 12,200 units. Each unit generates variable costs of $2.20 and is sold for $4.90. What are the total fixed costs?
In exchange for all of its stock, Aqua receives: assets (basis of $380,000 and fair market value of $1.8 million), trade accounts payable of $125,000, and loan due to a bank of $375,000. The proceeds from the bank loan were used by Shawn to provid..
Which of the following statements is true regarding an intercompany sale of land?
Worthless Securities, Y purchased 30 shares of BCD corporation common stock on March 2, 2010 for $2475. On February 26,2011, Y was notified by her broker that the stock was worthless.
What are the advantages of acquiring the majority of the voting shares of another company rather than acquiring all of its voting stock?
Write a memo to your partner, citing the relevant tax authority, to explain how much of the $85,000 loss Mike can deduct on his tax return.
If treasury bills are currently paying 7 percent and the inflation rate is 3.8 percent, what is the approximate real rate of interest? The exact real rate?
Suppose that at the end of 2010, the Lancer Boutique used $1.5 million cash to pay off $1.5 million of accounts payable. Compute the new current ratio?
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
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