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On January 1, 2010, Milton Company purchased at face value, a $1,000, 6% bond that pays interest on January 1 and July 1. Milton Company has a calendar year end.
The entry for the receipt of interest on July 1, 2010, is
a. cash............................ 30Interest Revenue............ 30
b. Cash............................ 60Interest Revenue............ 60
c. Interest Receivable............. 30Interest Revenue.......... 30
d. Interest Receivable............. 60Interest Revenue.......... 60
What is the minimum transfer price Division A should charge for internal transfers? What is the maximum price Division B would be willing to pay? Why should Division A reduce its price to Division B?
Yager and Boggs formed Y&B Company in 2012. Yager contributed a building with a fair market value of $97,000, a mortgage of $75,000 and an adjusted basis of $50,000 in return for 22 shares of Y&B Company stock.
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Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Prepare material and labor journal entries
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Pace Corporation had a taxable income of $300,000 in 2010. They had a taxable income of $1,200,000 in 2011. What is their federal income tax liability for the company for each year?
Explain what is meant by "Rate of Return." Why does a business owner need to understand rate of return. Your client has told you that he only cares about cash flow. As long as he can pay his bills and take out some capital form the business, he do..
The company applies overhead on the basis of 125% of direct labor costs. Calculate the amount of over- or underapplied overhead.
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