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In January 1, 2010, Richards Inc. had cash and common stock of $67,900. At that date the company had no other asset, liability or equity balances. On January 2, 2010, it purchased for cash $25,300 of equity securities that it classified as available-for-sale. It received cash dividends of $4,070 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $6,780 net of tax. Determine the following amounts for 2010:
(a) net income;
(b) comprehensive income;
(c) other comprehensive income; and
(d) accumulated other comprehensive income (end of 2010).
John has $55,000 net earnings from the sole proprietorship. John is also employed by a major corporation and is paid $25,000. John' self-employment tax in 2013 is:
What steps are needed to solve problems using present value techniques to evaluate alternative investment opportunities?
What are some journal entries that must be made at year-end to convert financial statements from accrual to cash basis?
Get a clear understanding of the (LIO) Localization Implementation options events that would trigger testing What type of testing is required manual/automated?
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Mayberry receive from the investors?
Cisco Systems, Inc., is the world's leading supplier of internetworking solutions targeted at corporate enterprise intranets and the internet. Using the instructions below, access Ciscos 2011 Annual Report.
The professor, who knew that Joe worked as a factory supervisor, had said that some of Joe's salary could end up on the company's balance sheet at the end of the month. This didn't make any sense to Joe since he gets the salary, not the company.
Stone Co. began operations in Year 1 and reported $225,000 in income before income taxes for the year. Stone's Year 1 tax depreciation exceeded its book depreciation by $25,000.
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
Red Corporation manufactures hand tools in the United States. For the current year, the QPAI derived from the manufacture of hand tools was $1 million. Red's taxable income for the current year was $1.5 million. Last year, Red had an NOL of $800,0..
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