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Garfun, Inc., owns all of the stock of Simon, Inc. For 2014, Garfun reports income (exclusive of any investment income) of $480,000. Garfun has 80,000 shares of common stock outstanding. It also has 5,000 shares of preferred stock outstanding that pay a dividend of $15,000 per year. Simon reports net income of $290,000 for the period with 80,000 shares of common stock outstanding. Simon also has a liability for 10,000 of $100 bonds that pay annual interest of $8 per bond. Each of these bonds can be converted into three shares of common stock. Garfun owns none of these bonds. Assume a tax rate of 30 percent. What amount should Garfun report as diluted earnings per share?
calculation of gross margin in absorption and marginal costing.gregson enterprises in its 1stnbspyear of operations
Prepare journal entries, adjusting journal entries, and closing journal entries required on January 2, 2009, December 31, 2009, and December 31, 2010.(Omit the "tiny_mce_markerquot; sign in your response.)
A physical inventory count is taken when using which of the following inventory methods and Ending inventory is equal to the cost of items on hand
Prepare a reconciliation schedule to reconcile 2011 net income and December 31, 2011 stockholders equity from a U.S. GAAP basis to IFRS. Ignore income taxes. Prepare a note to explain each adjustment made in the reconciliation schedule.
Scheney Company uses the weighted-average method in its process costing system. The company's work in process inventory on March 31 consisted of 20,000 units. The units in the ending work in process inventory were 100% complete with respect to materi..
the regulatory environment for financial reporting you are a member of a large accounting firm which is responsible for
A business purchased merchandise for 12,000 on account; terms are 2/10 n/30. If 2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be:
How would your answer change if WQP was an unincorporated sole-proprietorship? Please give the taxable income generated by the business.
Find what are the possible differences that may occur between a state or local government's budgetary practices and GAAP?
2) Give all required consolidation adjustment entries needed to prepare the consolidated financial statements as at 30 June 2010. The balance sheets and income statement of ABC Ltd and XYZ Ltd can be found on the worksheet.
ABC Company is a retailer operating in an industry that experiences inflation. ABC wants the most realistic ending inventory. Which inventory costing method should ABC consider using?
XYZ Company is a retailer of widgets. XYZ pays $4.75 for each widget and sells them for $8.00. Monthly fixed costs are $26,000. The widget cost is the only variable cost. What is the contribution margin per unit?
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