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On November 8, 2006, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
a) Proportionately over a designated period of years.
b) When Wood Co. sells the land to a third party.
c) No gain can be recognized.
d) When Wood Co. begins using the land productively.
On January 1, 2010, NWK, Inc.'s assets were $300,000 and its stockholders' equity was $140,000. During the year, assets increased $15,000 and liabilities decreased $10,000. What was the stockholders' equity on December 31, 2010?
Assuming that the company uses the percentage of receivables allowance method, prepare the adjusting entry on December 31, 2001, to recognize bad debts expense.
Troy (single) purchased a home in Hopkinton, Massachusetts, on April 6, 2005, for $300,000. He sold the home on October 6, 2012, for $320,000.
Sara Shoppe has invested $100,000 in an account at her local bank. The bank will pay her a constant amount each year for 6 years, starting one year from today, and the account's balance will be 0 at the end of the sixth year. If the bank has promi..
Ignoring income taxes, the amount reported in Horton's 2010 income statement as a result of Horton's available-for-sale investment in Lopez was:
What is the purpose of the Statement of Cost of Goods Manufactured?
The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale:
Capitalized asset cost and first year depreciation, and identifying depreciation results that meet management objectives
Dogwood City's water enterprise fund received interest of 10,000 on long term investments. How should this amount be reported on the statement of cash flows?
Kim owns 100% of the stock of Cardinal Corporation. In the current year Kim transfers an installment obligation, tax basis of $30,000 and fair market value of $200,000, for additional stock in Cardinal worth $200,000.
Jennifer Company reports the following amounts for 2010: Net income $135,000 Average stockholder's equity 500,000 Preferred dividends 35,000 Par value preferred stock 100,000 The 2010 rate of return on common stockholders' equity is ?
Carson Inc., a retail establishment, expects sales of $500,000 of a particular item in March. Its gross profit percentage is 60 percent.
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