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The income statement for Roland Inc. shows income before income taxes $700,000, income tax expenses $210,000, and net income $490,000. If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstanding throughout the year, earnings per share is:
a. $5.50
b. $3.40
c. $1.5
d. $0.60
Blue Company sold machinery for $45,000 on December 23, 2010. The machinery had been acquired on April 1, 2008, for $49,000 and its adjusted basis was $14,200. The § 1231 gain, § 1245 recapture gain, and § 1231 loss from this transaction are:
Journalize the six entries that adjust the accounts at December 31. One of the accounts was affected by two different adjusting entries.
Write down a 3-5 pg paper comparing and contrasting Federal and state tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.
Determine how the costs in (a) and (b) should be presented on Erin's financial statements as of December 31, 2008. Also determine the amount of amortization of intangible assets that Erin should record in 2008 and 2009.
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells.
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
Rooney Inc. recently completed a 3-for-2 stock split. Prior to the split, its stock price was $90 per share. The firm's total market value was unchanged by the split.
During the year, Krisiten holds two jobs. After an eight-hours day at the first job, she works three hours at the second job. On Fridays of each week, she returns home for dinner before going to the second job.
Caravan Corporation has always been an S corporation. Caravan Corporation is 100% owned by Alan Merten. On January 1, Alan has an adjusted basis of $50,000 in his Caravan stock.
During the year, total liabilities increased $100,000 and owner's equity decreased $70,000 What is the amount of total assets at the end of the year?
What is possible "consequence" of using the allowance method rather than the direct write-off method? The method fits the matching principle, is GAAP, the SEC likes it better, sounds better for investors, what could be bad?
Network Communications has total assets of $1,400,000 and current assets of $600,000. It turns over its fixed assets 4 times a year. It has $300,000 of debt. Its return on sales is 5 percent. What is its return on stockholders' equity?
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