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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?
Emu Inc. reissued 8,000 shares of treasury stock at $ 44 per share. The stock, which has a par value of $ .03, cost the company $ 30 per share two years ago. How much paid in capital from the treasury stock will the company have as a result of thi..
Show the necessary entries in the books of Mba Limited and theBalance Sheet of 31st March, 1984.
A U.S. firm has a Canadian subsidiary that remits some of its earnings to the parent on an annual basis. The firm has no other foreign business. The firm could best reduce its exposure to exchange rate risk by issuing bonds denominated in:
Aqua Tech is considering investing in a new testing device. It has two options: Option A would have an initial lower cost but would require a significant expenditure for rebuilding after 5 year.
You are an investment manager who is currently managing assets worth $6 billion. You believe that active management of your fund could generate between an additional one tenth of one percent return on the portfolio. If you want to make sure your a..
b-mart sells 5000 of blue jeans. the customer later tells b-mart that 200 of them are defective. the sale of the 5000
The Bay Fig Corporation has a $350,000 gain from operations for 2009, and dividends of $100,000 received from 30%-owned domestic corporations. How much is the Bay Fig Corporation's dividends received deduction for 2009?
Adam & Eve form an LLC and Adam contributes land worth $200,000 (basis of $120,000) with a liability of $80,000 to the partnership. Eve will contribute cash to match Adam's contribution. Adam's basis in his partnership interest is what?
The discount rate of interest for such bonds on April 1, 2011, is 8%. What cash proceeds did Towel Enterprises receive from issuance of the bonds?
which of the following describes the behavior of the fixed cost per unit?a. decreases with increasing productionb.
Murphy Mining Company recently purchased a quartz mine that it intends to work for the next 10 years. According to state environmental laws, Murphy must restore the mine site to its original natural prairie state after it ceases mining operatio..
What are the permanent and temporary differences? What is NOL? Why does it occur? What are the allocation methods? What are the deferred tax assets and deferred tax liability?
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