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Weaver Company has the following data at December 31, 2010 for its securities.
Securities Cost Fair ValueTrading $90,000 $92,000Available-for-sale 74,000 71,000
Instructions
(a) Prepare the adjusting entries to report the securities at fair value.
(b) Indicate the statement presentation of the related unrealized gain (loss) accounts for each class of securities.
The preferred stock of Blue Sky Air pays an annual dividend of $7.25 a share and sells for $54 a share. The tax rate is 35 percent. What is the firm's cost of preferred stock?
a. What is the flexible-budget amount? b. What is the amount of fixed overhead allocated to production? c. What is the fixed overhead production-volume variance? d. Determine the fixed overhead's overallocated or underallocated amount.
Quest Tech, Inc. manufactures and sells specialized data storage equipment and services to entertainment and media companies.
In the most recent month, Product D99P had sales of $33,000 and variable expenses of $15,840. Product G71P had sales of $42,000 and variable expenses of $4,410. The fixed expenses of the entire company were $49,790.
What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way?
Hendrickson Corporation reported net income of $50,000 in 2010. Depreciation expense was $17,000. The following working capital accounts changed. Compute net cash provided by operating activities.
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.
Prepare the journal entry to record Zende Company's issuance of 75,000 shares of $5 par value common stock assuming the shares sell for
Bela and Ricky are married taxpayers who file a joint return. In 2009, they had AGI of $350,000 and their preliminary itemized deductions totaled $20,000. In 2010, they also had AGI of $350,000 and preliminary itemized deductions of $20,000. Which..
What is the usual tax treatment for a Passive Activity Loss.
At December 31, 2012, Vermont Industries reported three temporary differences between accounting and taxable income:
A company requires $1,020,000 in sales to meet its net income target. Its contribution margin is 30%, and fixed costs are $180,000. What is the target net income.
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