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Exercise
Langley Corporation has 43,600 shares of $12 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $16. The dividend shares are issued on December 31.
Prepare the entries for the declaration and payment of the stock dividend.
Compute the following amounts: Cash collected from clients during the year, Cash paid for advertising expense and Cash paid to suppliers for inventory
A corporation has income of $62,000 from operations and a long term capital loss of $5,000 and long term capital gain of $4,000. What is the corporation's taxable income?
Although a number of countries have adopted International Financial Reporting Standards (IFRS), the United States has not yet decided to adopt IFRS into the financial reporting practices. Hail et al. (2010a, 2010b) argue that the adoption of IFRS is ..
What should you do? What if you really believe lower profitability is caused by factors outside your control? Would this make the false reporting acceptable?
Computation of total cash received from the selling of merchandise - What was the total cash received from second during July
The Heating Division of KLM International produces a heating element that it sells to its customers for $45 per unit. Its variable cost per unit is $20, and its fixed cost per unit is $10. Top management of KLM International would like the Heating Di..
Fischer Company has decided to begin accumulating a fund for plant expansion. The company deposited $20,000 in a fund on January 2, 2012. Fischer will also deposit $60,000 annually at the end of each year, starting in 2012. The fund pays interest at ..
Seattle Best Company common stock is currently selling for $40 per share. Security analysts at Goldman Sachs have assigned the following probability distribution to the price of (and rate of return on) Seattle Best stock one year from now: Assuming t..
Macintosh Inc. was opened for business on August 1, 2014. The following events and transactions. Prepare the general journal entries, in proper format, required to record all of the August transactions.
Originally purchased 3 years ago at an installed cost of $400,000, it is being depreciated under MACRS using a 5 year recovery period. The old press has a remaining economic lif of 5 years. Recommend which, if either, of the presses the firm should a..
Assuming a rental house will produce $9,000 in rental cash flow each year perpetually (forever) and the rate of return for similar investments is 12%, what is the present value of the house today (basically, what should you pay for it)?
A worksheet is being developed to consolidate Williams, Incorporated, and Brown Company. These two organizations have made considerable intercompany transactions. How would the consolidation process be affected if these transfers were downstream? How..
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