Preceeding post balance sheet events

Assignment Help Accounting Basics

Reference no: EM13149344

Keystone corporation issued its fiunancial statments for the year ended december 312010 on March 102011. The following events took place early 2011.

A. On January 10, 10000 shares of $5 par value common stock were issued at $66 per share.

B. On MArch 01 Keystone determined after negotiations with the internalrevenue service that incometaxespayable for 2010 shoul be $1320000. At Dec 31 2010 income taes payable were recorded at 1100000.

Discuss how the preceeding post balance sheet events shoul be reflkected in the 2010 financial statments.

Reference no: EM13149344

Questions Cloud

Basics of determining operating profit : A firm operated at 90% of capacity for the past year, during which fixed costs were $320,000, variable costs were 60% of sales, and sales were $1,000,000. Operating profit was:

Evaluate the institutionalist economists : Evaluate the institutionalist economists. Determine which economist you feel made the most significant contribution to economic theory. Justify your selection.

Money demand does not depend on the expected rate : Can you see any practical problems that might arise in following such a policy? How do your previous answers change in the special case where money demand does not depend on the expected rate of inflation?

Find lower confidence bound for mean wall thickness : The sample mean was x=4.05 mm, and the sample standard deviation was s= 0.08 mm. Find a 95% lower confidence bound for mean wall thickness. Interpret the interval you obtained.

Preceeding post balance sheet events : Keystone corporation issued its fiunancial statments for the year ended december 312010 on March 102011. The following events took place early 2011. Discuss how the preceeding post balance sheet events shoul be reflkected in the 2010 financial stat..

Conclude that proportion of health system exceeds : Is there sufficient evidence at the 0.05 level of significance to conclude that the proportion of women physicians at the university health system exceeds 27.9%?

Calculate the number of atp equivalents for the conversion : Calculate the number of ATP equivalents for the conversion of 3 glucose molecules (18 carbons) under aerobic conditions to CO2.

What can it be sold for now if a buyer desired return : What can it be sold for now if a buyer's desired return is 4 percent per 6 months?

Lowest cost of goods sold for the income statement : Determing ending inventory, cost of goods sold under FIFO, LIFO and Average. Which cost flow method results in lowest inventory amount for the balance sheet, and the lowest cost of goods sold for the income statement.

User Account

All Pages