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Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2007 for $90,000. On November 15, 2011, Pierson declared a property dividend of one share of Hunter for every ten shares of Pierson held by a stockholder. On that date, when the market price of Hunter was $14 per share, there were 90,000 shares of Pierson outstanding. What gain and net reduction in retained earnings would result from this property dividend? Gain Net Reduction in Retained Earnings a. $0 $126,000 b. $0 $ 81,000 c. $45,000 $ 81,000 d. $45,000 $ 36,000
Last year the Diamond Manufacturing Company purchased over $10 million worth of office equipment under its “special ordering” system, with individual orders ranging from $5,000 to $30,000. Describe the weaknesses relating to purchases and payments of..
Without taking pension expense into account, a company reports net income for Year One of $600,000. On January 1, Year One, the company started a defined benefit pension plan for its workers. No funding had taken place by the end of Year One. Which o..
Numerous timing concepts are discussed on pages 96 to 97. A list of concepts is provided on page 99, on the left, with a description of the concept on the right. There are more descriptions provided than concepts. Match the description of the conc..
Your company has been hired to act as a constructi... Your company has been hired to act as a construction manager for the construction of a bookstore for a fixed fee of $32,000. When the design was 90% complete, you prepared a budget for the project..
cash. Sid Meier's accountant is completing adjusting entries for fiscal 2015 on January 15,2016. The accountant expects the Ford to have a useful life of 5 years and will be using straight line depreciation. Sid Meier's construction crews drove the F..
At the high level of activity in August, 7,000 machine hours were run and power costs were $16,000. In April, a month of low activity, 3,000 machine hours were run and power costs amounted to $8,000. Using the high-low method, what is the estimated f..
Russet Corporation, a calendar year taxpayer, has alternative minimum taxable income (before the exemption amount) of $500,000 in 2016. Russet Corporation’s tentative minimum tax for 2016 is… Give an explanation for your answer.
Prepare an income statement for the year ended December 31. Prepare a statement of retained earnings for the year ended December 31. Prepare a balance sheet at December 31.
Excel Assessment: In this assignment, you will demonstrate your knowledge and competencies to use Excel to solve an accounting problem. Create a Statement of Cash Flows using both the direct and indirect methods.
LMN reported sales of $200,000 and an increase in accounts receivable of $30,000 during 2014. Under the direct method, what would be LMN's cash collected from customers during 2014?
Mighty Motors has no preferred stock. Calculate the return on equity (ROE) for MM for 2008. Make sure you use average shareholders' eq uity in your calculation.
on june 15 2011 sanderson construction entered into a long-term construction contract to build a baseball stadium in
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