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Snow Cleaners, Inc,, had net income of $494,592 for its fiscal year ended November 30, 2012. During the year, the company had outstanding 64,000 shares of 12 percent $40 par value preferred stock, and 37,289 shares of common stock. Calculate the basic earnings per share of common stock for the 2012 fiscal year. Gwinnett Park Co. reported net income of $916,800 for its fiscal year ended September 30,2012. At the beginning of that year, 150, 000 shares of common stock were outstanding. On February 1, 2012, an additional 30,000 shares were issues. On August 1, 2012, 12,000 shares were purchased at treasury stock. During the year, the company paid the annual dividend of on 44,000 shares at 8%, $60 per value preferred stock that were outstanding during the entire fiscal year. Calculate the earnings per share of common stock for the year ended September 30, 2012.
The beginning balance in the work in process account was $19,000 and the ending balance was $12,000. The beginning balance in the finished goods account was $35,000 and the ending balance was $58,000. Sales totaled $240,000. Selling expense was $1..
What are the advantages and disadvantages of the US GAAP bright line approach versus the IFRS conceptual approach in determining the classification of a lease?
Bodin Company budgets on an annual basis. The following beginning and ending inventory levels (in units) are plannned for the year 20x1. One units of raw material are required to produce each unit of finished product.
Required: Prepare Income & Expenditure Account and Balance Sheet.
the balance sheets at the end of each of the first two years of operations indicate the following if net income is
you work for a local construction firm devry engineering group and your supervisor wants to test your knowledge and
the ledger of piper rental agency on march 31 of the current year includes the following selected accounts before
Farmer Corporation borrowed $280,000 on November 1, 2009. The note carried a 10 percent interest rate with the principal and interest payable on June 1, 2010. Prepare the journal entry to record the note on November. Prepare the adjusting entry to..
Rubarb farms depreciates its assets at a faster rate for tax purposes than to GAAP financial statement purposes, and invest heavily in municipal bonds. in its first year of operation, the year ended Dec 31, year 1.
Joe's boxed fruit expects sales of $1,800 next year. the profit margin is 6 percent and the firm has a 40 percent dividend payout ratio. What is the projected increase in retained earnings?
Circle Co. purchased a piece of equipment by paying $10,000 cash. Circle Co. also incurred a shipping cost of $600 to get the equipment back to its factory. The fair value of this equipment is $11,000. For what amount should Circle Co. record the ..
Compute the balance in the Prepaid Insurance account on January 1, 20X2
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