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On March 1, 2011, the board of directors declared a 15% stock dividend, and accordingly 1,500 additional shares were issued. On March 1, 2011, the fair market value of the stock was $6 per share. For the two months ended February 28, 2011, Gunkel sustained a net loss of $10,000.
What amount should Gunkel report as retained earnings as of March 1, 2011?
Briefly describe the advantages and disadvantages of stating a code of conduct using general statements of ideal conduct as opposed to specific rules that define unacceptable behavior.
Orange has a $20,000 charitable contribution carryover to 2010 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.
Discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. If an entity was perceived to be short term, what effect would that have on the accounting system?
Identify the five components that comprise pension expense. Briefly explain the nature of each component. What is a private pension plan? How does a contributory pension plan differ from a noncontributory plan.
On August 1, it reissued the remaining treasury shares at $49 per share. What is the balance in the Paid-in Capital, Treasury Stock account on August 2?
Prepare the journal entry to record Fogelberg's transaction, under the following conditions. (Round answers to 0 decimal places, e.g. $38,487. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit ac..
Mary and Bob have been married for 25 years. They are both college professors. Mary makes $65,000 annually and Bob makes $75,000 annually.
Vincent's gifts for the year before considering the annual gift tax exclusion total
Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $320,000, and $410,000, respectively, for September, October, and November.
The fair value of which of the following was determined using a Level 3 input? A building whose price per square foot is derived from prices in observed transactions involving similar buildings in similar locations.
Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Cash collections for the third quarter are budgeted at:
For the most recent year, Wilson Enterprises had sales of $689,000, cost of goods sold of $470,300, depreciation expense of $61,200, and additions to retained earnings of $48,560.
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