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Knight Co. owned 80% of the common stock of Stoop Co. Stoop had 50,000 shares of $5 par value common stock and 2,000 shares of preferred stock outstanding. Each preferred share received an annual per share dividend of $10 and is convertible into four shares of common stock. Knight did not own any of Stoop's preferred stock. Stoop also had 600 bonds outstanding, each of which is convertible into ten shares of common stock. Stoop's annual after-tax interest expense for the bonds was $22,000. Knight did not own any of Stoop's bonds. Stoop reported income of $300,000 for 2011.
What was the amount of Stoop's earnings that should be included in calculating consolidated diluted earnings per share?
a) $300,000.
b) $240,000.
c) $257,600.
d) $322,000.
e) $201,250.
Barkley Company uses a periodic inventory system and has the following account balances: Beginning Inventory $50,000, Ending Inventory $70,000, Freight-in $12,000, Purchases $450,000, Purchase Returns and Allowances $8,000, and Purchase Discounts ..
The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256.
It is estimated that variable manufacturing costs will be reduced from $26,000 to $23,500 annually if the new machine is purchased. The total net increase or decrease in cost for the new equipment for the entire five years is ??
Explain the difference between the role of the Account Executive and the Account Planner within an agency Define the following persons' role in an agency
how much would this action save Antonella in today's tax dollars? If Antonella's tax rate increased to 32% next year, would receiving the bonus in January still be advantageous?
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Many states base their estate tax laws on the federal tax system. Since the end of 2004 some states have decoupled from the federal estate tax.
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Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:
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What are the chances that a company will have 20 years of losses to actually use a loss carryforward (and still be in business)? How do accounting principles support holding an asset on the balance for this long?
What are the steps involved in the preparation of an advance plan for the distribution of cash in a partnership liquidation to determine which step is the most difficult to execute correctly. Discuss possible ways to address the difficulties you i..
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