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Barkley Corp. obtained a trade name in January 2009, incurring legal costs of $15,000. The company amortizes the trade name over 8 years. Barkley successfully defends its trade name in January 2010, incurring $4,900 in legal fees. At the beginning of 2011, based on new marketing research, Barkley determines that the fair value of trade name is $12,000. Estimated total future cash flows from the trade name are $13,000 on January 4, 2011.
Instructions:
Prepare the necessary journal entries for the years ending December 31, 2009, 2010, and 2011. Show all computations.
Which of the following statements is incorrect regarding the taxation of C corporations? a. The highest corporate marginal tax rate is 39%. b. Taxable income of a personal service corporation is taxed at a flat rate of 39%.
On December 31, 2010, Albacore Company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30, 2011. On September 30, 2011, 12,000 shares of common stock were reacquired as treasury stock. What i..
Arnold purchased interests in two limited partnerships 6 years ago. During 2010, Arnold had income of $22,000 from one of the partnerships. He had a loss from the other partnership of $32,000, salary income of $35,000 and dividend income of $2,000..
Define the term expenditure and distinguish between that term and the following terms: expense, disbursement, encumbrance and other financing use.
The infrastructure has a basis of $400 million and would be depreciated over a 40 year life, if depreciation were charged. The amount that would be shown as expense in the Statement of Activities would be:
5-year Treasury bonds yield 5.5%. The inflation premium (IP) is 1.9%, and the maturity risk premium (MRP) on 5-year bonds is 0.4%. What is the real risk-free rate, r*?
A substantive test of transactions to test the completeness assertion includes?
Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Mayberry receive from the investors?
Lance Brothers Enterprises acquired $750,000 of 1% bonds, dated July 1, on July 1, 2011, as a long-term investment. Management has the positive intent and ability to hold the bonds until maturity.
Are there times when the values of the tangible assets are actually less than the value of the intangible assets, such as Goodwill?
After reading an article about activity-based costing in a trade journal for the furniture industry, Santana Rey wondered if it was time to critically analyze overhead costs at Business Solutions.
The company does not break overhead into fixed and variable components. The bases for allocation are: power-machine hours, general factory-square feet, and personnel-number of employees. 1. Allocate the overhead costs to the producing departments ..
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