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Question - Jones Inc. had the following transactions during 2012:
1. Purchased 10,000 shares of XYZ Inc. for $4 each. The investment was accounted for as trading securities.
2. Purchased 5,000 shares of ABC Inc. for $7.50 each. The investment was accounted for as available-for-sale securities.
During 2012, XYZ paid $0.20 in dividends per share and ABC paid $.50 in dividends per share. As of December 31, 2012 the fair market value of XYZ Inc. was $4.25 per share and the fair market value of ABC Inc. was $6.75 per share.
Required:
1. What will be reported on the Income Statement?
2. What will be reported as the balance in the investment accounts?
3. What amount will be reported as other comprehensive income?
What was the correct cash balance at May 31, assuming the bookkeeper reported a balance of $12,475 after posting all 50 entries?
Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year.
B Company was formed on July 1, 2013. Prepare the shareholders equity statement for the balance sheet for June 30, 2018
current year depreciation expense of $28,000 and accumulated depreciation
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Lisa has a $25,000 basis in her partnership interest before receiving a current distribution of $4,000 cash and land with a $30,000 FMV and $14,000 basis to the partnership.
For each AICPA Trust Services Principles category shown list a potential risk and a corresponding control that would lessen the risk. An example is provided. In a similar manner,
Hilltop sells its rock climbing shoes worldwide. Hilltop expects to sell 4000 pairs of shoes for $165 each in January and 2,000 pairs of shoes for $220 each in February. All sales are cash only. Prepare the sales budget fro January and February. S..
a firm has the capacity to produce 1000000 units of a product each year. at present it is operating at 70 percent of
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