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Goofy Inc. bought 15,000 shares of Crazy Co.'s stock for $200,000 on May 5, 2010, and classified the stock as available for sale. The market value of the stock declined to $125,000 by December 31, 2010. Goofy reclassified this investment as trading securities in December of 2011 when the market value had risen to $156,000. What effect on 2011 income should be reported by Goofy for the Crazy Co. shares?
Banks Billiard Company (BBC) issued $5 million in par value of bonds for $5.1 million. BBC incurred $200,000 in accounting fees and $50,000 in banking fees related to this transaction. What amounts should BBC record for the bonds upon issuance usi..
What is the promotional expence that Drew-Richards should report on its 2011 income statement? What is the premium liability that Drew-Richards should report in its 2011 balance sheet?
Which of the following statements about methods of accounting is false?
On November 1, 2009, Bug Busters collected $6,000 in advance for three months of service to be provided beginning on that date. It was credited in full to unearned rent revenue. Assuming the accounting year ends December 31, give the adjusting ent..
Over the past several years, Jacobian has seen that year-end allowance account has a debit balance before adjustment. The company wants an in-depth analyzes of bad debts and a determination as to which method to use. You have been hired to perform..
Discuss your opinion about the value of your enterprise technology example and if you think it appropriately addressed optimal management of the value chain.
Prepare the journal entries for the sale of CBs, the estimated warranty cost, and the actual warranty cost incurred.
Sidney purchased land in 2004 for $35,000 that she held as a capital asset. This year, she contributed the land to the Boy Scouts of America for use as a site for a summer camp. The market value of the land at the date of contribution is $40,000. ..
A partnership will take a carryover basis in an asset it acquires when:
The credit manager of Gary prepared an aging schedule of accounts receivable and estimates that $4,800 will prove to be uncollectible.
Compute the weighted average number of shares to be used in computing earnings per share for 2010.
Which suppliers of funds bear the greatest risk and should therefore earn the greatest return? bondholders, suppliers, banks, preferred shareholder, or common shareholder?
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