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Reese Co. had 300,000 shares of common stock issued and outstanding at December 31, 2003. No common stock was issued during 2004. On January 1, 2004, Reese issued 200,000 shares of nonconvertible preferred stock. During 2004, Reese declared and paid $125,000 cash dividends on the common stock and $100,000 on the preferred stock. Net income for the year ended December 31, 2004 was $775,000. What should be Reese's 2004 earnings per common share?
a. $2.59
b. $2.25
c. $2.16
d. $1.84
Your friend, Mark, has opened a movie theater. Mark states that he does not have time to develop and implement a system of internal controls. a. Provide Mark with the objectives of a system of internal control.
Ingram Co. manufactures office furniture. During the most productive month of the year, 3,500 desks were manufactured at a total cost of $84,400. In its slowest month, the company made 1,100 desks at a cost of $46,000.
For each independent situation above, prepare the appropriate journal entry for the redemption or conversion of the bonds. (For multiple debit/credit entries, list amounts from largest to smalest
What balances would need to be considered in order to prepare the consolidation entry in connection with these intercompany bonds at December 31, 2008, the end of the first year of the intercompany investment?
William Stevenson sold his warehouse to a public utility for $24,000 under a threat of condemnation. He paid $25000 for the property and spent an addition $1000 for a new roof. He had claimed $3600 depreciation in conjunction with the condemnation..
Bernice dies, and under a will, passes real estate to her surviving husband. The real estate is subject to a mortgage. For estate tax purposes, how will any marital deduction be determined? Can Bernice's estate deduct the mortgage under 2053? Expl..
A company issued 3%, 16-year bonds with a par value of $560,000. The current market rate is 3%. The journal entry to record each semiannual interest payment is ??
The income statement for Roland Inc. shows income before income taxes $700,000, income tax expenses $210,000, and net income $490,000. If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstand..
Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)
During an entity's lifetime, accountants produce financial statements at arbitrary moments in time in accordance with which basic accounting concept?
Dee Corporation's profits on the land will be ordinary income. What are the tax consequences of the asset transfer and land sales if Gene contributes the land to Dee Corporation in exchange for all of its stock? What alternative methods can be use..
What is the amount of contract costs incurred during the year ended December 31, 2012?
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