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Mountain Corporation forms Hill Corporation, and acquires Mound Corporation by merging Mound into Hill Corporation, with the former Mound Corporation shareholders receiving solely voting stock of Mountain Corporation.
a. What type of reorganization has taken place? Describe the tax consequences to Mound Corporation, its former shareholders, and Mountain Corporation.
b. How would your answers change if the former Mound shareholders instead received only nonvoting stock of Mountain Corporation?
Kinnion Medical Clinic has budgeted the following cash flows, Kinnion Medical had a cash balance of $8,000 on January 1. The company desires to maintain a cash cushion of $5,000. Funds are assumed to be borrowed, in increments of $1,000,
What are the advantages of loan agreements that contain covenants tied to accounting numbers? Are there any disadvantages? Please explain.
Oxford Corporation began operations in 2012 and reported pretax financial income of $220,800 for the year. Oxford's tax depreciation exceeded its book depreciation by $36,800. Oxford's tax rate for 2012 and years thereafter is 30%.
Why is it so subjective and what are the implications to the quality of the income statement?
Often Board and other committee volunteers for nonprofit organizaations are compensated for expenses during travel and meetings. Some think that this attracts volunteers for the wrong reasons.
In 2011 a company report earning per share of $10.00 when its stock was selling for $220. In 2012, its earning increased by 14%. If all the relationship remains constant, what is the price of stock for 2012?
Distinguish between a debt security and an equity security.
On February 1, 2010, Katz corp. purchased a small lot and unusable building for $12,000, including back taxes of $1,000. On March 1, 2010, the lot was cleared, paved, and fenced to provide additional parking for employees.
Oatly is concerned about the collectability of outstanding loan and whether the trucks still exist. He thus engages Susan Virms, CPA, to count the trucks, using registration information held by Oatly.
If a company has a return on equity of 25% and wants a growth rate of 10%, how much of ROE should be retained.
Product-cost cross-subsidizations more likely to occur when:
Prepare a paragraph of explanation/interpretation of the data as if this were a small part of a lengthy report to potential investors.
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