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In January 2007, Castro Corporation, a newly formed company, issued 10,000 shares of its $10 par common stock for $15 per share. On July 1, 2007, Castro Corporation reacquired 1,000 shares of its outstanding stock for $12 per share. The acquisition of these treasury shares:
a. decreased total stockholders' equity.
b. increased total stockholders' equity.
c. did not change total stockholders' equity.
d. decreased the number of issued shares.
Premium Corporation has two service departments whose direct department costs are $75,000 and $10,000, respectively, and two producing departments whose direct department costs are $60,000 and $250,000, respectively. What are the combined total de..
One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 20% of the following month's production needs. At the beginning of Month 1, 3,200 lb. of materials were on hand. Purchases o..
Define planning, organizing, and controlling and then explain why the phases of planning, organizing, and controlling are referred to as a continuous cycle?
Assuming a § 248 election, what is the Emerald's deduction for organizational expenditures for 2010?
Audrey, age 38 and single, earns a salary of $59,000. She has interest income of $1,600 and has a $2,000 long-term capital loss from the sale of a stock investment. Audrey incurs the following employment-related expenses during the year:
with no residual value. At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax, is
How do I find income of subsidiary, investment in subsidiary, and retained earnings using equity, initial value, and partial equity method?
The two main types of pension plans are defined benefit plans and defined contribution plans. Explain the difference between the two. How does the accounting for each differ?
Explain the rules for discharge of indebtedness income. When is it taxable, and when isn't it? Why? Do you think these rules make sense?
Describe weaknesses in internal control over information and data flows and the procedures for processing shipping notices and customer invoices, and recommend improvements in these controls and processing procedures.
On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
Compute Karen's net income for 2009 using cash-basis accounting. Compute Karen's net income for 2009 using accrual-basis accounting. Why is accrual-basis accounting normally used?
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