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Red Corporation, which owns stock in Blue Corporation, had net operating income of $400,000 for the year. Blue pays Red a dividend of $60,000. Red takes a dividends received deduction of $48,000. Which of the following statements is correct?
a. Red owns less than 20% of Blue Corporation.
b. Red owns 20% or more, but less than 80% of Blue Corporation.
c. Red owns 80% of Blue Corporation.
d. Red owns 80% or more of Blue Corporation.
e. None of the above.
At an activity level of 7,900 machine-hours in a month, Manchester Corporation's total variable maintenance cost is $430,550 and its total fixed maintenance cost is $417,120.
If fixed costs are $1,500,000, the unit selling price is $250, and the unit variable costs are $130, what is the amount of sales required to realize an operating income of $200,000?
The company's cost formula for variable overhead is $9.50 per MH. During the month, the actual total variable overhead was $51,300 and the actual level of activity for the period was 5,700 MHs. What was the variable overhead rate variance for the ..
Hardy Inc. has an investment in available for sale securities of $50,000. This investment experienced an unrealized loss of $3,000 during the current year. Assuming a 35% tax rate, the effect of this loss on comprehensive income will be:
Kentucky Enterprises purchased a machine on January 2, 2010, at a cost of $120,000. An additional $50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a sal..
Compare and contrast the characteristics features of the securities of money market with those of the capital market.
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system.
Silvia receives all 1,000 shares of Leaf Corporation stock worth $50,000 and a two-year note with a $5,000 FMV. What is the amount and character of the recognized gain or loss?
What are the two primary ways for a company to finance its business? Which would you choose if you were forming a corporation and trying to raise funds and why?
in performing financial ratio analysis, what the do the results mean? do the answers provide conclusions on their own, or do we have to pt them in perspective by comparing them to prior periods, other companies or competitiors or industry standard..
Ringler Corporation exchanges one plant asset for a similar plant asset and gives cash in the exchange. The exchange is not expected to cause a material change in the future cash flows for either entity. If a gain on the disposal of the old asset ..
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