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Montgomery & Co., a well established law firm, provided 500 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Mitchell's usual billing rate is $700 per hour, and Fink's stock has a book value of $250 per share. By what amount will Fink's Paid-in capital-excess of par increase for this transaction?
A. $345,000.
B. $295,000.
C. $350,000.
D. $300,000.
Of the amount paid, $30,000 was for expenses incurred on account in 2010. In addition, Leno incurred $142,000 of expenses in 2011 which will not be paid until 2012.
What could explain Freda's willingness to spread her salary over a longer period of time?
On January 1, 2012, Water World issues $25 million of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
Inventory is the most important asset for many merchandising companies. How are merchandising inventories accounted for under U.S. GAAP?
Which of the following describes job order or process costing?
Show what effect did the expansion have on sales, net operating working capital, capital, net operating profit, and net income?
Explain why a firm like Grate Care might decide to use both residual income and return on investment as measures of performance.
The partnership paid office expenses of $100,000. In addition, KKM distributed $10,000 each to partners Kaylyn and Kristie, and the partnership paid partner Megan $20,000 for administrative services. Kaylyn reports the following income from KKM du..
Which of the following would not indicate possible asset impairment?
The actual sale was effected on December 15, 2011, at a price of $600,000. The book value of the division's assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale.
If Rumper Company decides to rework the ratchers, how much should the company be willing to invest to ensure that no additional loss occurs on the sale of the ratchers?
Lab Kennels, Inc. and Wolman Developers have agreed to exchange two parcels of land and each will assume the other's mortgage on the parcel acquired. Lab owns 500 acres within city limits that has a value of $750,000 and a basis of $300,000.
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