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On March 15, My Corp. BOD declared a 2 percent stock dividend applicable to the outstanding shares of its $10 par value common stock, of which 400,000 shares are authorized, 260,000 are issued, and 40,000 are held in the treasury. The stock dividend was distributed on April 15 to stockholders of record on April 1. On March, the market value of the common stock was $15 per share. On April 30, the BOD declared a $.50 per share cash dividend, for stockholders of record on May 1. On May 10, the My Corp paid the cash dividend to stockholders of record. No other stock transactions have occurred. Prepare the entries for the situation above.
Compute the depreciation deduction for the computer system in 2006 and the cost recovery recapture. Assume that in 2004, Elaine had instead expensed under Section 179 the cost of the computer system. Compute the cost recovery recapture in 2006.
During 2010, Hopkins purchased $760,000 of raw materials, incurred direct labor costs of $100,000, and incurred manufacturing overhead totaling $128,000. How much is total manufacturing costs incurred during 2010 for Hopkins?
during its assessment of the accounts payable department the internal audit function identified the following
factory 2 has 20 fluorescent lighting tubes throughout the factory which runs for 14 hours every day for operational
for each of the following items calculate the amount of revenue or expense that should be recognized on the income
hank possessed a life insurance policy worth 32000 that will pay his two children a total of 515000 upon his death. in
abc enterprises has budgeted sales for the next four months as follows budgeted sales in units january 7400 units
Discuss what GAAP requires in class. (Note this question asks your opinion and does not affect your grade on this assignment.)
what is the present equivalent of a year-end series of receipts starting with a first-year base of 1 million and
for the following taxpayers compute 1 taxable income and 2 the income tax liability.be sure to include the new medicare
What impact would the differences in the methods allowed to determine fair value have on the financial reports? Differences from Fair value measurement AASB13
ignoring any salvage value to the nearest whole dollar how large would the annual cash inflow have to be to make the
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