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1. Potomac Inc. acquired 10% of the 500,000 shares of common stock of Maryland Corporation at a total cost of $11 per share on June 17, 2011. On September 3, Maryland declared and paid a $160,000 dividend. On December 31, Maryland reported net income of $550,000 for the year.
2. Andy Fisher Corporation obtained significant influence over Bandit Company by buying 30% of Bandit's 100,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2011. On May 15, Bandit declared and paid a cash dividend of $150,000. On December 31, Bandit reported net income of $270,000 for the year.
Prepare all necessary journal entries for 2011 for (1) Potomac and (2) Andy Fisher.
now that operations for outdoor clinics and team events are running smoothly suzie thinks of another area for business
A potential control for managing the risk of employee fraud is to send employees on mandatory vacations. Explain the relation of that control with the payroll function.
Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. Prepare the journal entry to record the proceeds of the note.
why would a state or local government establish a capital projects fund? what type of project might be considered a
The buyer paid him $110,000 in cash, agreed to take the title subject to the $190,000 mortgage, and agreed to pay him $80,000 with interest at 9 percent one year from the date of sale. How much is Louis' recognized gain on the sale?
Cruz Company uses LIFO for inventory costing and reports following financial data. It as well recomputed inventory and cost of goods sold using FIFO for comparison purposes.
The return an investor earns on a bond over a period of time is known as the holding period return, defined as interest income plus or minus the change in the bond's price, all , all divided by the beginning bond price.
There are 5 primary bond portfolio management strategies: passive; laddering; indexing; immunization; and, active. Select one of these strategies and explain how it is used to effectively manage all or part of the portfolio.
the city of medina park operates a plumbing and electrical maintenance department responsible for maintaining all water
Generally accepted accounting principles
a. How many shares of common stock were issued during 2010? What was their average issue price? b. How many shares of preferred stock were issued during 2010? What was their average issue price?
Provide justification as to how far is this statement correct. Also state the needs for regulation in accounting and why free market for accounting information is not good.
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