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Included among Gleason Company's assets is land purchased for $50,000 and equipment for $100,000. After using the equipment for three years, Gleason transferred the equipment to a newly created subsidiary, Bromiley Company, along with the land plus cash of $25,000 in exchange for 20,000 shares of Bromiley's $5 par value common stock. At the date of transfer the land and equipment had fair values of $72,000 and $65,000, respectively. Gleason had been depreciating the equipment on a straight-line basis over ten years with no salvage value.
Can you distinguish between accuracy of tests of gross accounts receivable and tests of the realizable value of receivables?
Firms A and B are identical except for their level of debt and the interest rates they pay on debt. Each has $2 million in assets, $400,000 of EBIT, and has a 40% tax rate.
McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year?
What is the distinction between equivalent units under the FIFO method and the equivalent units under the weighted-average method?
How is the auditor's assessment of control risk affected if a documented control procedure is not operating effectively? Explain the effect of such an assessment on the nature of audit tests of account balances.
Jackson Corporations have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1000 par value and the coupon interest rate is 8%. The bonds have a yield to maturity of 9%.
Betty Products Inc. manufactures three products on two machines. In a typical week 40 hours are available on each machine. The profit contribution and production time in hours per unit follows:
A small business owner holds $4,000 in cash; $1,200 in materials; $10,000 in land and $32,000 in plant and equipment. His accounts payable total $9,000 and he has an outstanding bank loan totaling $18,800. what is the owners equity?
The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. (a) Record the purchase of marketable securities on December 4.
If the effective interest method is used, by how much should the bond discount be reduced for the 6 months ended December 31, 2009?
he ledger of Elburn Company at the end of the current year shows the following: If Elburn uses the direct write-off method to account for uncollected accounts, journalize the adjusting entry at December 31, assuming Elburn determines that Copp's $..
Examine the variable "diamond." What does this measure? How do you think this variable will relate to GDP per capita and GDP growth?
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