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1. Pacific Company bought 35% of the outstanding common stock of Atlantic Inc. on January 1, 2014, for $400,000. Atlantic reported net income of $200,000 for 2014 and declared and paid no dividends for the year. This investment was sold for $500,000 on December 31, 2014. Pacific should report a gain on sale of this investment on its 2014 income statement of:
2. Adam Corporation purchased 3,000 shares of Ozark Company's common stock for $12 per share as a long-term available-for-sale investment on June 30, 2014. Ozark declared and paid a cash dividend of $1.00 per share on its common stock on September 30, and had a closing fair value of $18 per share on December 31. Assuming this investment is appropriately accounted for using the fair value method, it will increase Adam's 2014 income before taxes by:
School company disposed of fully depreciated desks. The desks had a cost of 9000 and no residual value. Kingdom corporation sold equipment for 2000 cash. The original cost of the equipment was 23,800, accumulated depretiation up to the date of sale a..
S corps and partnerships are both pass through entities, but the pass through rules are NOT identical. What are the differences in terms of limitations due to basis?
rosenberg manufacturing corp. is considering marketing their new hearing aid in city of big smoke. this device is
To decrease the variance of a portfolio of assets, simply add assets with low/small variance. An investor who is in the 33% tax bracket is indifferent between a 9% tax-free muni and a 6% taxable bond. The standard deviation of a portfolio of assets i..
Identification of Current Liabilities, Contingencies and Commitments LO3 P 1. Listed below are common types of current liabilities, contingencies, and commitments: For each of the following statements, identify the category above to which it gives ri..
Our long-term debt represents the remaining balance on a 30-year loan taken out in 1991 at 13 percent with options to refinance every 10 years. If we refinance for the remaining 10 years at 7 percent, how much interest expense will we save over t..
The company is faced with the option of when to harvest the lumber. Whatever harvest cycle the company chooses, it will follow that cycle in perpetuity. Since the forest was planted 20 years ago, the options available in the case are 40-, 45-, 50, an..
Prepare a multiple-step income statement, a retained earnings statement, and a classified balance sheet and calculate the profit margin ratio and the gross profit rate.
Fig Newton Industries is considering a project and has developed the following estimates: unit sales = 7,300, price per unit = $149, variable cost per unit = $91, fixed costs = $216,400. The depreciation is $94,700 a year and the tax rate is 40 perce..
you have to read the report understanding its purpose and then discuss why individual has different way of choosing
Department 7 of the Arbia Company manufactures a variety of components for products, one of which is Part No. 211. Data on this part are as follows.
Why would a company decide to change its depreciation, depletion, or amortization method? What are some circumstances that could cause an asset to become impaired?
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