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On February 18, 2011, Union Corporation purchased 10,000 shares of IBM common stock as a long-term investment at $60 per share. On December 31, 2011, and December 31, 2012, the market value of IBM stock is $58 and $61 per share, respectively.
Required:
1. What is the appropriate reporting category for this investment? Why?
2. Prepare the adjusting entry for December 31, 2011.
3. Prepare the adjusting entry for December 31, 2012.
Accounting for Income Taxes-Company accounting policies: 1. Mr.Speakers rounds all transactions to the nearest dollar.
On January 1, Gull Corporation (a calendar year taxpayer) has accumulated E & P of $200,000. During the year, Gull incurs a net loss of $280,000 from operations that accrues ratably. On June 30, Gull distributes $120,000 to Sharon, its sole shareh..
Short term debt has a few advantages such as the economical advantages of obtaining it at a short notice, the flexibility of being able to meet financial needs, and the possibility of renewal by extension.
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The appropriate working paper elmination for pong and subsidiary for the fiscal year ended March 31, 2007, includes a credit to depreciation expense pong in the amount of how much
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Find the contribution margin per haircut. Assume that the barbers' compensation is a fixed cost. Show calculations to support your answer.
A. Calculate the number of pounds completed during May. B. Calculate equivalent units of materials and conversion for May.
Perform the quantitative analysis of profitability and risk ratios
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