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A company's retained earnings on December 31, 2011 was $2,190,000 and its shareholders equity was $8,760,000. During 2012 the company reported the following: net income of $225,000; a sale of treasury stock costing $75,000 for $79,750; a treasury stock purchase costing $125,700; a cash dividend declaration of $73,200; a 10,000 share "small" common stock ($10 par value) dividend was declared and distributed when the market value was $12.75 per share. What is the owner's equity balance on December 31, 2012?
Mary (Who is single with no dependants and who does not itemize) owns 100% of Beezer Tweezer Co, which is organized as a C-Corporation. Beezer Tweezer has $400,000 of taxable income in 2011 and Mary has $34,500 of outside taxable income before any..
Determine the number of statues that must be sold in order to have a profit of at least $2000. Show all supporting work (graphs, etc.).
How much should she invest in the money market account each year for the next 8 years to achieve her objective? How much would she need as a lump sum payment to compound to $20,000 in 8 years at 6.35% annual rate?
Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair value. Suppose that Got Em Co. had operating income of $64,300 and net assets with a fair market value of $184,000. Ta..
In the perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28, its marginal cost is $20, and its average variable cost is $20.
Current social trends in corporate taxation have a tremendous impact on how corporations run their business activities. For instance, tax liabilities will affect where a corporation runs its activities-in the United States or in a foreign country-..
Analyze the difference between discretionary and nondiscretionary fiscal policy. Explain the effects of discretionary and nondiscretionary fiscal policy on governmental revenue and expenditures.
Your company has a pension plan. At the end of the year your company reports an ABO of $250,000, PBO of $300,000 and Plan Assets of $230,000 for the year ended December 31, 2011.
If a division is reporting losses, does that necessarily mean that it must be closed? Was the reallocation of the fixed costs across divisions unethical?
On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:
Discuss the differences between temporary and permanent accounts. What will happen if the temporary accounts like revenue, expense and dividend accounts are not closed in the ledger?
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
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