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Dorchester Corporation purchased one thousand shares of Winchester Corporation stock in 2006 for $800 per share and classified the investment as securities available for sale. Winchester's market value was $400 per share on December 31, 2007, and $300 on December 31, 2008. During 2009, Dorchester sold all of its Winchester stock at $350 per share. On its 2009 income statement, Dorchester would report:
A. A realized gain of $50,000.
B. A recognition of unrealized losses of $400,000.
C. A loss on the sale of investments of $450,000.
D. A trading gain of $50,000 and an unrealized loss of $500,000.
E. None of the above is correct.
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
On January 1, 2004, Bigler Corporation had 800,000 shares of common stock outstanding. On March 1, the corporation issued 120,000 new shares to raise additional capital.
Which type of accounting change should always be accounted for in current and future periods?
Jimmy's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000. Stockholders' equity at the end of the..
Assume that actual cash inflows turn out to be $91,000 per year. Determine the amount of Mr. Holt's bonus if the original computation of net present value were based on $90,000 versus $70,000.
What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance in a for-profit and not-for-profit organization? How do these differences and similarities affect the c..
Why aren't actual overhead costs traced to jobs just as direct materials and direct labor costs are traced to jobs? Also, how are overhead costs assigned to jobs?
Tax professional to decide on the best course of action from a tax perspective on their issues. make a three page memo (at least 300 words per page) to John and Jane Smith addressing the issues presented.
Based on your research, determine the types and methods of transfers that will most likely trigger a taxable event for your client. Indicate how you are likely to present this information to your client.
No additional fixed manufacturing overhead will be incurred because of this order. The only additional selling expense on this order will be a $0.50 per unit shipping cost. There will be no additional administrative expenses because of this order...
Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year.
Diane, the tool crib attendant, works eight hours a day, five days a week. Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins. What is the average waiting time, in minutes?
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