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Porter Corp. purchased its own par value stock on January 1, 2010 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000. The $8,000 difference between the cost and sales price should be recorded as a deduction from
a. additional paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein; otherwise, from retained earnings.
b. additional paid-in capital without regard as to whether or not there have been previous net "gains" from sales of the same class of stock included therein.
c. retained earnings.
d. net income.
during 2009 the ellis corporation had 370000 shares of 20 par common stock outstanding. on january 1 2009 2000 8
What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Compute the value of the 2010 and 2011 inventories using the dollar-value LIFO method.
in the current economic environment how can an accountantauditor use financial ratios to determine the financial health
On February 1, 2010, Katz corp. purchased a small lot and unusable building for $12,000, including back taxes of $1,000. On March 1, 2010, the lot was cleared, paved, and fenced to provide additional parking for employees.
In addition, Austin estimates that the new machine will increase the company's annual net cash inflows by $35,000. The machine will have a 12-year useful life and no salvage value.
If your new strip mall will have 15,000 square feetof retail space available to be leased, to which businesses should you lease and why?
The 2010 standard deduction amount is $11,400 and each exemption is $3,650. What is the total amount of from AGI deductions they are allowed to claim on their 2010 tax return?
Ethical Code in cost & Management Accounting, CIMA has provided the following as elements of code of conduct to be followed by cost and management accounts. Define and explain them in relation to cost and Management Accounting.
What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries?
How much amortization expense will be on the consolidated financial statements for the year ended December 31, 2009 related to the acquisition of Green?
Prepare an income statement, statement of changes instockholders' equity, balance sheet, and statement of cashflows
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