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Under the FASB-explain the disclosure requirements for share based compensation. This post should include an example of how the standard should be applied.
In the current year, Galaxy Corporation, a closely held C corporation that is not a personal service corporation, has $80,000 of passive losses, $60,000 of active business income, and $10,000 of portfolio income. How much of the passive loss may G..
A truck costs $16,000 with a residual value of $1,000. It has an estimated useful life of 5 years. If the truck was bought on July 3, what would be the book value at end of year 1?
Discuss whether direct labor is a fixed or a variable cost. What are the pros and cons of management treating direct labor as a variable cost?
During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%. Compute the proper earnings per share for 2010.
While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?
You are at a company picnic and the company president starts a conversation with you. The president says, "Since we use the perpetual inventory system, there is no reason to take a physical count of our inventory." What is your response to the pre..
Milton Company provides this information for the month of November, 2007: sales on credit $150,000; cash sales $50,000; sales discount $2,000; and sales returns and allowances $8,000. Prepare the sales revenues section of the income statement base..
On June 1, Year 5, the common stock split 3 for 1, and the company redeemed one-half of the preferred stock at par value. Cooper Inc.'s net income for the year ended May 31, Year 6 was 10% higher than in Year 5. Basic earnings per share in Year 6 ..
If a gain of $18,000 is incurred in selling (for cash) office equipment having a book value of $120,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is:
In taking a physical inventory on December 31, Jensen counted all goods on hand and priced the inventory on the basis of average cost. The total amount was $600,000. No goods in transit were included in this figure.
Describe financial statements users (internal and external) . Who will benefit the most from accounting?
Julio, age 50, is a U.S. citizen who has a 28% marginal tax rate. He has operated the A&B Automotive Parts Company for a number of years as a C corporation.
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