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Milton's bonds pay interest semi annually on July 1 and January 1. If its fiscal year ends on September 30, which statement is true for Milton's year-end adjusting journal entry for bond interest?
Describe depreciation methods employed by the company. Describe principles and methods peculiar to the industry in which the company operates when these principles and methods are predominately followed in that industry.
Gallow's reported net income was $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
On April 3, 2008, Mark filed his 2007 income tax return, which showed a tax due of $80000. On June 1, 2010, he filed an amended return for 2007 that showed an additional tax of $10000. Mark paid the additional amount. On May 18, 2011, Mark filed a..
Based upon the above information, a change to the LIFO method in 2008 would result in net income for 2008 of
the standard cost of product X includes 2 units of direct materials @ $6/unit. During october, the company bough 29,000 units of materials @ $6.20/unit and used those materials to produce 15,000 units. what is the total material variance? what is ..
Truson company paid a 8% taxable wages of $108,500. the taxable wages under FUTA were $89,400. what was the net FUTA tax of truson company?
Describe how operating cash flows can serve as one indicator of earnings quality.
On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require semi-annual payments of $20,000 every six months for ten years beginning on June 30, 2004. The annual interest rate on the lease is..
The bonds mature on January 1, 2015. Novotna Company uses the effective-interest method to amortize discount or premium. On January 1, 2012, Novotna Company sold the bonds for $370,726 after receiving interest to meet its liquidity needs.
Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate.
Stone Co. began operations in Year 1 and reported $225,000 in income before income taxes for the year. Stone's Year 1 tax depreciation exceeded its book depreciation by $25,000.
What is your estimate for 2008 sales($)? What is your estimate of 2008 profits after tax? What is the percentage increase in 2008 profits after tax vs 2007 profit after tax of $110 Million?
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