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ABC Corporation had 100,000 shares of common stock outstanding on January 1, 2010. ABC also had 10,000 shares of 6%, $100 par value convertible preferred stock outstanding throughout 2010. Each share of preferred stock is convertible into three shares of common. Additionally, ABC had $500,000 of 8% convertible bonds outstanding throughout the year. Each $1,000 bond is convertible into 30 shares of common stock. ABC reported earnings before interest and taxes $600,000 for 2010 and was subject to a 40% tax rate. ABC paid dividends to all common and preferred stock shareholders during the year. Calculate ABC's basic earnings per share for 2010. Show your work.
The sales price that is stated in the agreement for this combined product is $500,000 and is to be paid upon delivery of the software.
A company shows the following balances: sales: 800,000, sales returns and allowances: 125,000, sales discounts: 25,000, cost of goods sold: 481,000. What is the gross profit rate?
Elton, Inc., which owes Boston Co. $900,000 in notes payable, is in financial difficulty. To eliminate the debt, Boston agrees to accept from Elton land having a fair market value of $680,000 and a recorded cost of $510,000.
Assuming that the long-term tax-exempt rate is 5%, what is the maximum amount Soft should be willing to pay Hard for its NOL, if Soft uses a 10% discount factor (which is 6.145) for this decision?
Choose a public company financial statement - 10k or annual report. Review the footnote disclosures related to intercompany activity. How important is this activity to the consolidated group? Where do you find this information? Be sure and post a ..
What amount of the refund, if any, should Grace include in her gross income if last year her total itemized deductions exceeded the standard deduction by $350?
You will be asked to address a accounting failure from AMERICAN INSURANCE GROUP. Overview of the situation/accounting issue
The cost of the 500 units in process at the end of the period in the first-in, first-out method is used to cost inventories was which of the following:
What is the Uniform Partnership Act of 1997 and what is the relevance to partnership accounting and what types of items are typically included in the partnership agreement? Explain.
Watters umbrella corp issued 12 year bonds 2 years ago at a coupon rate of 7.8%. The bonds make semiannual payments. If these bonds currently sell for 105% of par value, what is the YTM?
Which one is not a technique of earnings management?
Compute price, and quantity materials variances for Tile Company for March. Indicate amount ($) and favorable (F) or unfavorable (U) effects.
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