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Rose Corporation stock is owned 85% by Pheasant Corporation and 15% by Crystal. In a liquidation subject to section 332, Rose distributies assets to Pheasant and Crystal in accordance with their ownership intersts. Discuss the tax consequences of the liquidation for Rose, Pheasant, and Crystal.
For the coming year, no changes are expected in revenues and costs, except that a new wage contract will increase variable costs by $6 per unit.
Palms, Inc. wants to sell enough palm trees to earn a profit of $20,000. If the unit sales price is $40, unit variable cost is $22, and total fixed costs are $120,400, how many trees must be sold to earn income of $20,000
Use T accounts to record transactions involving assets, liabilites and owners equity for the following:
What is the need for elimination in the consolidation process? What accounts must be eliminated? Why? What are the ramifications of not eliminating journal entries?
How many Japanese Maples must Mountain Maples sell in a year to break even? At this sales volume, how many Butterfly and Moonfire trees are sold?
There was no beginning inventory at 1/1/09. Production was 20 units per year in 2009-2011. Sales was 20 units in 2009, 16 units in 2010, and 24 units in 2011. Income under absorption costing for 2010 is:
Jaclyn is going to the company's primary bank to negotiate a line of credit and wants to show the maximum amount of income without actually changing last year's results. What costing method of inventory(variable or absorption) should she choose? W..
some disclosure notes are not always applicable to every business. However some are required to be included with financial statements. Which disclosures are required?
Compute the value added, nonvalue added, and the total lead time of the wreath process for both the old and the new manufacturing process.
Barnes and Miller manufacturing is trying to determine the equivalent units for coversion costs with 3000 units of ending work in process at 80% completion and 14000 physical units. there are no beginning units in the department.conversion costs o..
The January 1, 2010, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts.
if a company liquidates, which investment has priority? what if you had preferred stock?
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