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Ms. Clara Crayola, a teacher, received a cash award of $5,000 from the Chamber of Commerce in recognition of her past accomplishments in the field of education. She was chosen without action on her part and is not expected to perform any future services. The $5,000 award is the same as any other prize and must be reported by Clara as income this year?
Also, during the current year, the company earned net income of $12,000 and declared cash dividends of $5,000. Compute the year end retained earnings balance
The representatives are paid no salary, but they receive 20 percent of the sales price of every boat sold, and they have the authority to negotiate the boats' prices as far down as their wholesale cost if necessary. Is this plan in the dealership'..
A barn, destroyed by fire, had a basis of $40,000. The owner received $50,000 in insurance proceeds. The barn was replaced by another barn costing $45,000. The basis of the new barn is:
Booth Financial Services, LLC has two revenue producing departments, Financial Planning and Business Consulting. The accounting department is trying to determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception ..
Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
Compute the company's total required production in units of finished product for the entire three month period ending September 30. (Do not round intermediate calculations. Round your final answer to the nearest unit.)
Sherman Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction.
Prepare a statement of cash flows (indirect method)for walker corportion for 2010. The 2010 and 2009 balanccer sheets of walker corporation follow. the 2010 income statement is also provided.
Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Prepare material and labor journal entries
Discuss the benefits of maximization of stock price to the society, focusing on three groups of stakeholders: owners, consumers and employees.
There were no other transactions which affected the companies' land accounts during 2006. What is the consolidated balance for land on the 2006 balance sheet?
If Primrose could lower its inventories and receivables by 10 percent each and increase its payables by 10 percent, all without affecting either sales or cost of goods sold, what would the new CCC be, how much cash would be freed up, and how would..
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