Monthly Archives: July 2015

Amado Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5

Amado Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2010, the following accounts were included in stockholders’ equity. Preferred Stock, 150,000 shares   $ 3,000,000 Common Stock, 2,000,000 shares    10,000,000 … Continue reading

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Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc

Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2008. The purchase price was $1,200,000 for 50,000 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 … Continue reading

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Arantxa Corporation made the following cash purchases of securities during 200X

Arantxa Corporation made the following cash purchases of securities during 200X, which is the first year in which Arantxa invested in securities. 1. On January 15, purchased 10,000 shares of Sanchez Company’s common stock at $33.50 per share plus commission … Continue reading

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Trenton Co. incurred a net operating loss of $850,000 in 2014

Trenton Co. incurred a net operating loss of $850,000 in 2014. Combined income of 2012 and 2013 was $650,000. The tax rate for all years is 30%. Trenton elects the carry back option. Required: a.Prepare the journal entries to record … Continue reading

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California Surplus Inc. qualifies to use the installment-sales method

California Surplus Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is … Continue reading

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Allison Co. has the following postretirement benefit plan balances on January 1, 2012

Allison Co. has the following postretirement benefit plan balances on January 1, 2012. Accumulated Postreitrement benefit obligation    $2,535,000 Fair value of plan assets                                             2,535,000 The interest (settlement) rate applicable to the plan is 8% On January 1, 2013, … Continue reading

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On January 1, 2012, Harrington Company has the following

On January 1, 2012, Harrington Company has the following defined benefit pension plan balances. Projected benefits obligation            $5,600,000 Fair value of plan assets                     6,400,000 The interest (settlement) rate applicable to the plan is 9%. On January … Continue reading

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ACC 555 Final Exam (A+ Guaranteed)

ACC  555 FINAL EXAM 1.    The 10,000 accounts receivable of DEF Company have a total book value of $120,000. A CPA has selected and audited a sample of 100 accounts with a total book value of $1,000 and an audited … Continue reading

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Devry ECO 312 Midterm Exam (A+ Guaranteed)

Devry ECO312 Midterm Exam Question Question 1.(TCO 1) As a consequence of the condition of scarcity there is never enough of anything. production has to be centrally planned. things which are plentiful have relatively high prices. individuals and communities have … Continue reading

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Strayer LEG 100 Midterm Exam (A+ Guaranteed)

Strayer LEG 100 Mid Term Exam Question 1 Which of the following is a theory that recognizes that firms have relationships with many constituent groups which both affect and are affected by the actions of the firm? A.  Stakeholder B.  … Continue reading

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