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At December 31, year 1, Rama Corp. had 20,000 shares of $1 par value treasury stock that had been acquired in year 1 at $12 per share. In May year 2, Rama issued 15,000 of these treasury shares at $10 per share. The cost method is used to record treasury stock transactions. Rama is located in a state where laws relating to acquisition of treasury stock restrict the availability of retained earnings for declaration of dividends. At December 31, year 2, what amount should Rama show in notes to financial statements as a restriction of retained earnings as a result of its treasury stock transactions?
What minimum volume of sales dollars is required to earn an after tax net income of $70,000?
Gabby’s Wedding Cakes creates elaborate wedding cakes. Each cake sells for $600. The variable cost of making the cakes is $250, and the fixed cost per month is $8,750. Calculate the break-even point for a month in units.
Discuss the controversy among sociologists concerning the issue of neutrality versus value commitment in approaching social problems
Sunland Inc. has issued three types of debt on January 1, 2017, the start of the company’s fiscal year. (a) $12 million, 12-year, 13% unsecured bonds, interest payable quarterly. Prepare a schedule that identifies the following items for each bond: (..
Acquiree Co is a 90% owned subsidiary of Acquirer Co. The carrying amounts of the non controlling interest and the subsidiary are $1,000 and $10000,000 respectively The subsidiary's fair value is $15,000,000. How must Acquirer account for this transa..
Starting at age 25, Jim saves $1200 a year for 8 years then stops saving (leaves his money in the retirement account to accumulate interest). Starting at age 35, John saves $1200 a year for the next 30 years.
Kao Tiles is a specialized producer of ceramic tiles. Its production process involves highly skilled workers and top-quality ceramic crafters. Work in Process is relatively large because each tile is in process for up to 3 weeks because of art, mold ..
Clemens Cars' job cost sheet for job A40 shows that the cost to add security features to a car was $19,500. The car was delivered to the customer, who paid $24,200 in cash for the added features. What journal entries should Clemens record for the com..
The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) selling, (b) administrative, or (c) other?
What is the future value at the end of year 10 of a series of 8 deposits? the first deposit occurs at the end of year 3 and is $400. the remaining deposits increase by $100/year (so the last deposit will be $1100 and will occur at the end of year 10)..
The fair value of the equipment at December 31, 2013, is $5,100. Prepare the journal entry (if any) necessary to record this increase in fair value.
A company sells a product which has a unit sales price of $10, unit variable cost of $2 and total fixed costs of $30,000. Calculate the number of units the company must sell in order to break even.
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