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Adler Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2008, the first year of the corporation's existence:
Sold 5,000 shares of common stock for $18 per share.
Issued 5,000 shares of common stock in exchange for a patent valued at $100,000.
At the end of the Adler's first year, total paid-in capital amounted to:
a. $40,000.
b. $90,000.
c. $100,000.
d. $190,000.
Xenon Corporation has $112,000 of regular taxable income, $68,000 of preference items, $98,000 of positive adjustments, and $36,000 of negative adjustments that affect its determination of alternative minimum taxable income. What is Xenon's altern..
On May 1, Battery, Inc. factored $800,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Battery was to handle disputes concerning service, and Quick Finance was to make the collections
Shawn, who is single and has no dependents, has a regular tax liability of $15,820, taxable income of $70,000, tax preferences of $25,000, and positive adjustments attributable to limitations on itemized deductions of $15,000. Shawn's alternative ..
Beginning inventory for September is expected to be $4,000 suits. What is the dollar amount of purchase of suits? Each suit has a cost of $75.
Depreciation of general capital assets is not recorded in the accounts of any of the governmental funds. If a building is transferred from the General Fund to an internal service fund because the character of its use changes, should the internal s..
The following facts apply to TinyPart Toy Company's pending litigation as of December 31, 2011:
Leon Tyler's VISA balance is $793.15. He may pay it off in 12 equal end-of-month payments of $75 each. What interest rate is Leon paying?
If a gain of $18,000 is incurred in selling (for cash) office equipment having a book value of $120,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is:
On January 1, 2009, Boston Company purchased a heavy duty machine having an invoice price of $13,000; Boston paid transportation and installation costs totaling $3,000.
On November 28, 2010, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares of $188, What was her recognized gain or loss?
List the advantages and disadvantages of Public versus Private Financing.
In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.
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