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Question 1
In 2011, Jeffrey Company disposed of a segment of its business and incurred a pretax loss on the disposal of $40,000. In the same year, a flood caused $15,000 of damages to the building. The flood damage qualified as an extraordinary item. Income from continuing operations before taxes was $100,000 for 2011 and the 20 percent tax rate applied to all of the items above. Prepare a partial income statement starting with income from continuing operations before taxes for the year 2011 and concluding with net income.
Question 2
Carolina Company computed the following ratios for a two year period:(refer to image) Required: Comment on the trend of each of the ratios from 2009 to 2010. State concerns or possible implications for the future of each.
Assuming that Mark's adjusted gross income was $60,000, how much of a medical-expense deduction may Mark claim on his return?
Prepare journal entries for the above transactions and any refund owing with respect to the forfeited shares was refunded to the former shareholders on 20 January 2014.
Holmgren's insurance policy of $9,000,000 has a deductible clause of $500,000. Explain how should Holmgren Chemical report this information in its financial statements at December 31, 2012?
Cost of Capital - WACC - Theory - What is Coleman's overall, or weighted average, cost of capital (WACC)? Ignore flotation costs and What factors influence Coleman's composite WACC
What is the value of stock transferred from Lime to Lemon? What is the amount of gain (loss) realized and recognized by Lea from the merger? What is Lea’s basis in her Lime stock?
How many additional shares of common stock could Carnival Corporation sell? How are shares that have not yet been issued included in the company’s balance sheet? Do they represent an asset of the company?
How does BA account for “other current interest-bearing deposits”? Is that consistent with U.S. GAAP? What is amount of those investments that are maturing after three months, as of March 31, 2009?
Create normal costing journal entries for each of the subsequent events. You will also need the subsequent information: Overhead was evaluated at $50,000 for the year and direct labor hours
Identify which cost item above is fixed and variable and why and determine the cost per unit of each? what would be the total annual cost and unit cost of fixed and variable costs?
Evaluate the amount of goodwill that resulted from the Harman acquisition. Evaluate the amount of goodwill impairment loss that Pesky should recognize at the end of 2013.
Explain the Purpose of Production report in Process Costing and Determine the main function of the process costing production cost report?
Determine the total bond interest expense to be recognized over the bonds' life. (Omit the "$" sign in your response.)
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