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Indiana Co. began a construction project in 2011 that will provide it $150 million when it is completed in 2013. During 2011, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project.
Using the percentage-of-completion method, Indiana:
a. Recognized no gross profit or loss on the project in 2011.
b. Recognized $6 million loss on the project in 2011.
c. Recognized $9 gross profit on the project in 2011.
d. Recognized $36 million loss on the project in 2011.
Bass Lake Eatery borrowed $10,000 from the bank on April 1. The note is a 1-year, 12% note, with both principal and interest to be repaid on March 31, 2011.
On March 1, 2009, Warren sold 30 million common shares. In keeping with its long-term share repurchase plan, 2 million shares were retired on June 30. Warren's net income for the year ended December 31, 2009, was $1,050,000,000. The income tax rat..
Business combinations have become an important strategic move by corporations for various reasons. Discuss the various types of business combinations. Why may companies seek to engage in business combinations?
Stock Options, Prepare the necessary entries from 1/1/10-2/1/12 for the following events using the fair value method. If no entry is needed, write "No Entry Necessary."
Describe the areas in which the Adelphia communications engaged in fraudulent financial reporting and the circumstances that led to this. Evaluate the specific accounting principles (GAAP).
On November 1, 2015, Archangel Services issued $200,000 of 10-year bonds with a stated rate of 3%. The bonds were sold at discount for $191,000, and make semiannual payments on April 30 and October 31.
Hart Company's labor standards call for 500 direct labor hours to produce 250 units of product. During October the company worked 625 direct labor hours and produced 300 units. The standard hours allowed for October would be:
Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate transactions.
Brain Drain is about to launch a new product. Depending on the success of the new product, there are three possible outcomes for value next year-What is Brain's total value with leverage?
Suburban Lifestyles, Inc. has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers' lots. Suburban Lifestyles expanded into the precut housing market when it acquired Fairmont Com..
A machine which cost $300,000 is acquired on October 1, 2012. Its estimated salvage value is $30,000, and its expected life is eight years.
What is the return on common stockholders' equity?
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