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Oslo Corporation decided to issue common stock and used the $400,000 proceeds to retire all of its outstanding bonds on January 1, 2010. The following information is available for the company for 2009 and 2010.
2010 2009Net income $175,650 $155,020Average stockholders' equity 956,210 609,730Total assets 1,003,770 1,003,270Current liabilities 100,000 100,000Total liabilities 242,550 426,380
Compute the return on stockholder's equity ratio for both years. (Round all answers to 1 decimal place, e.g. 12.2.)Compute the debt to total assets ratio for both years. (Round all answers to 1 decimal place, e.g. 12.2.)
Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
What makes a CPA license valuable? a. Time, effort and education it takes to get the license. b. Continuing education after receiving the license. c. Monopoly on public accounting services.
Robert Huft retires in 6 years. He would have to purchase equipment costing $590,000 to equip the outlet. Other outlets in the fast food chain have an annual net cash inflow of about $140,000. Mr. Anders would close the outlet in 6 years. He estim..
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Which of the following accounting treatments is proper for a change in reporting entity?
Beige Company has approximately $400,000 in net income in 2008 before deducting any compensation or other payment to its sole owner, Janet (who is single). Assume that Janet is in the 35% marginal tax bracket. Discuss the tax aspects of each of th..
Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006:
Casey owned stock in Jupiter Corporation that he donated to a university (a qualified charitable organization) on December 30, 2009. What is the amount of Casey's deduction assuming that he had purchased the stock for $10,000 on January 3, 2009, a..
Assume for 2011 that Don made one transfer involving his granddaughter as follows: Don opened a joint checking account with his granddaughter, with right of survivorship, for her college expenses.
How is an auditors examination affected when a client has engaged in significant related party transactions? What measures should an auditor take to determine that such transactions have been properly recorded by the client?
What amount will be debited in the December 31, 2005 worksheet elimination for the machine account as a result fo this transaction?
Explain the difference between the cash basis and accrual basis of accounting. Explain the difference between the cash basis and accrual basis of accounting?
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