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On January 1, 2004, Harry Co. redeemed its 15-year bonds of $1,500,000 par value for 102. They were originally issued on January 1, 1992 at 98 with a maturity date of January 1, 2007. The bond issue costs relating to this transaction were $90,000. Harry amortizes discounts, premiums, and bond issue costs using the straight-line method. What amount of loss should Harry recognize on the redemption of these bonds (ignore taxes)?
a. $54,000
b. $36,000
c. $30,000
d. $0
Angel's net income for the year ended December 31, 2009, was $6 million. The income tax rate is 20%. What is Angel's basic earnings per share for 2009, rounded to the nearest cent?
The main trouble with variable costing is that it ignores the increasing importance of fixed costs in manufacturing companies. Do you agree? Why?
Transit Airlines provides regional jet service in the Mid-South. The following is information on liabilities of Transit at December 31, 2011. Transit's fiscal year ends on December 31. Its annual financial statements are issued in April.
What is the FASB Accounting Standards Codification (FASB ASC)? What is the purpose of FASB ASC? How do you think it can be used to make better accounting decisions? Do these standards apply to fund accounting (non profit)?
Sanchez Co. sells flags with team logos. Sanchez has fixed costs of $ $602,000 per year plus variable costs of $5.50 per flag. Each flag sells for $12.50.
For the basic cost categories of direct labor and overhead, provide examples of the types of costs that would fall into each category for Liberty Tax Service.
In addition, Dan reported $5,000 in long-term capital gains from the sale of a stock and $3,000 of income from another real estate partnership. What is Dan's tax basis in XYZ, LP?
Which one of the following items is not necessary in preparing a statement of cash flows?
The Director of Golf for the Links Group wishes to study the number of rounds of golf played by members on week days. He gathered the following sample information for 520 rounds.
Compute the equivalent units of the weighted average method? Beginning inventory, 8000 partially completed Transferred out, 42000 gallons Ending inventory (materials are 10% complete; conversion costs are 20% complete) Started this month, 48000 gallo..
An accounting firm's independence is most likely to be impaired when:
Firm has forecasted sales of $3,000 in April, $4,500 in May and $6,500 in June. All sales are on credit. 30% is collected the month of sale and the remainder the following month. What will be balance in accounts receivable at the beginning of J..
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