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ABC Corp. had accumulated earnings and profits as of January 1, 2019 equal to $20,000. For the calendar year ending December 31, 2019 its current earnings and profits were equal to $15,000. On March 31, 2019, ABC Corp. distributed $30,000 to Smith its sole shareholder. On December 31, 2019, ABC Corp. distributed another $20,000 to Smith. Smith had purchased his ABC Corp. stock from Grey on September 15, 2009, paying $11,000 for his shares.
Question 1: What is the amount and character of the March 31, 2019 distribution received by Smith?
Define Factors that affect demand
Operating expenses are paid during the month incurred. How much is the budgeted amount of cash to be paid for operating expenses in November
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It will hold the shares in the treasury until resold. On November 1, the corporation sells 1,000 shares of treasury stock for cash at $70 per share. Journalize the treasury stock transactions.
wires inc. sells telephone poles to utility and telephone companies across the united states. there are four regions
How does the recovery of a previously written-off account affect the statement of cash flows when the allowance method is used?
Consider the linear regression of loaf volume on the amount of potassium bromate. Do the data appear to meet the assumptions required by the simple regression model?
.Prepare journal entries for the transactions described above, using the date of each transaction as its reference. Assume BSS uses perpetual inventory accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in ..
Prepare Kincaid's contribution margin income statement for the year ended December 31, 2007, for sales of 70,000 flags
What are some potential reasons why we might decide to decline an audit engagement? What are some elements or factors that might increase our risk of fraud
karise repairs adjusted trial balance december 31 2013no.account titledebitcredit101cash16000124office
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