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On January 15, 2010, National Star Inc. purchased 80,000 shares of Krypton Labs Inc. directly from one of the founders for a price of $55 per share. Krypton has 250,000 shares outstanding, including the National Star shares. On July 2, 2010, Krypton paid $217,000 in total dividends to its shareholders. On December 31, 2010, Krypton reported a net income of $735,000 for the year. National Star uses the equity method in accounting for its investment in Krypton Labs.
a. Provide the National Star Inc. journal entries for the transactions involving its investment in Krypton Labs Inc. during 2010.
Dolan Manufacturing Company's accounting records reflect the following inventories:
In the section on the yield to call, a bond pays annual interest of $80 and matures after ten years. The bond is valued at $1,147 if the comparable rate is 6 percent and the bond is held to maturity.
Future,Inc. reported the following results for the year: Future's taxable income for the year was:
There was no business purpose for Crow Corporation acquiring the land on April 12, 2009. As a result of the distribution what amount of Loss may Crow Corporation recognize on the distribution of the land?
Complete a common-sized income statement, a common-sized balance sheet, and a statement of cash flows for 2010. Interpret your results.
What is the amount of gain (loss) recognized by Rosa, Arvid, Pine, and Lodgepole on the organization?
Please provide an explanation of the strengths and weaknesses of the internal controls related to the payroll cycle.
Differentiate between accounting for restricted funds in nonprofits and governments. Examine some of the possible reasons GASB issued statement 54 clarifying the reporting and classification of funds for governmental accounting.
Can you provide me with some ideas for a project which entails choosing four companies that are in the same industry and similar in size (total revenues or total assets) from companies included on the Standard and Poor's (S&P 500)?
The following information pertains to Family Video Company. Prepare a bank reconciliation at July 31. (Round answers to 2 decimal places, e.g. 10.50.)
Cash flows from operating activities, as reported on the statement of cash flows under the indirect method, would include:
The Banner Mattress and Furniture Company wishes to study the number of credit applications received per day for the last 300 days. The information is reported below:
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