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Quinn Co, had 2,400,000 shares of common stock outstanding on January 1 and December 31, 2010. In connection with the acquisition of a subsidiary company in June 2009, Quinn is required to issue 100,000 additional shares of its common stock on July 1, 2011, to the former owners of the subsidiary. Quinn paid $300,000 in preferred stock dividends in 2010, and reported net income of $5,100,000 for the year. Quinn's diluted earnings per share for 2010 should be:
a. $2.13
b. $2.04
c. $2.00
d. $1.92
Latisha owns a warehouse with an adjusted basis of $112,000. She exchanges it for a strip mall building worth $150,000. Which of the following statements is correct?
A taxpayer, who uses the cash method of accounting for tax purposes, received income in 1989, 1990, 1991 and 1992 for illegal espionage activities performed in 1985.
International Electronic Inc. invested $1,000,000 to build a plant in a foreign country. The labor and materials used in production are purchased locally.
Prepare journal entries to record the three dividend "events" that took place during 2011. If the company's common stock was value at $135 per share when the stock dividend was declared, what would the stock price be just after the dividend shares ..
Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?
Calculate the cost per equivalent unit for labor assuming that labor is added uniformly throughout the production process.
Which of the following statements is true regarding inventory transfers between a parent and its subsidiary, using the initial value method?
The Ambrosia Corporation's lead accountant shows the following information.
Transit Airlines provides regional jet service in the Mid-South. The following is information on liabilities of Transit at December 31, 2011. Transit's fiscal year ends on December 31. Its annual financial statements are issued in April.
Prepare the appropriate journal entry to record the award of SARs on January 1, 2006.
Why should the accounting for the lessor be different depending on whether the residual value is guaranteed or unguaranteed? Couldn't they just "adjust" the depreciation expense at the end of the term if the lessee does not pay the residual?
Newton Co. had installment sales of $1,000,000 and cost of installment sales of $700,000 in 2010. A 2010 sale resulted in a default in 2012, at which time the balance of the installment receivable was $30,ooo. The repossessed merchandise had a fai..
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