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A company has bonds outstanding with a par value of $400,000. The unamortized premium on these bonds is $2,000. The company retired these bonds by buying them on the open market at 97. What is the gain or loss on this retirement?
Crystal, Inc. is owned equally by John and his wife Arlene, each of whom own 500 shares in the company. Arlene wants to reduce her ownership in the company, and it was decided that the company will redeem 200 of her shares for $5,000 per share on ..
Assume an activity-based costing system is used and that the number of setups and the number of components are identified as the activity-cost drivers for overhead.
Which type of business organization will meet Desean's needs best and why? Discuss possible issues and/or limitations Desean may encounter as a result of choosing this business organization compared with others.
In August of this year, when the home had a fair market value of $550,000 and he owed $225,000 on the mortgage, he took out a home equity loan for $350,000. David used the funds to purchase a yacht to be used for recreational purposes. What is the..
The scrap value of the project's assets at the end of the project would be $28,000. The payback period of the project is closest to:
On January 3, 2011, Willis Company purchased 3,000 of the 10,000 outstanding shares of Demi Corp for $300,000. On October 31, 2011, Demi Corp declared dividends of $40,000 and on December 31, Demi Corp had net income of $800,000. What entry would ..
Determine the amount of the bundled product sell price that should be allocated to each individual software item using the incremental method with individual sales items ranked as follows: (1) word processing (2) spreadsheet (3) accounting.
In 2010, Richard, a single taxpayer, has adjusted gross income of 40,450. His AGI includes $4000 of qualified dividends. Richard has no dependents and does not itemize deductions. What is his 2010 federal income tax?
The company expects to incur $56,400 of total inspecting costs this year. How much of the inspecting costs should be allocated to the Beginner model using ABC costing?
You have been asked to speak at a career fair for high school students in your home town. Specifically, you are making a presentation about your role as an accountant.
Tony estimates that 4% of the grape concentrate is wasted, 10% of the sugar is lost, and 20% of the lemons cannot be used. Compute the standard cost of the ingredients for one gallon of wine.
Hazel purchased a new business asset (five-year asset) on September 30, 2012, at a cost of $100,000. On October 4, 2012, Hazel placed the asset in service. This was the only asset Hazel placed in service in 2012. The only election with respect to ..
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