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December 2018

Which of the following events as part of an acquisitive reorganization require the target corpora…

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Which of the following events as part of an acquisitivereorganization require the target corporation to recognize? gain?Assume in all cases that the target corporation liquidates in thereorganization.For each? case, select if the target corporation is required torecognize gain, and select the reason why1. Transfer of appreciated target corporation assets inexchange for acquiring corporation stockand? short-termnotes.A. No, because excess liabilities assumed by the acquiringcompany do not affect gainB. No, liabilities are not tantamount to the receipt of cashC. No, providing the target corporation distributes the cash toit’s shareholdersD. No, providing the target corporation distributes the notes toit’s shareholdersE. No, since the cash is transferred to creditorsF. Yes, because short term notes are bootG. Yes, because excess liabilities assumed by the acquiringcorporation create boot and must be realizedH. Yes, gain is recognized when appreciated assets aretransferred2. Transfer of appreciated target corporation assets inexchange for acquiring corporation stock and the assumption of thetarget? corporation’sliabilities.A. No, because excess liabilities assumed by the acquiringcompany do not affect gainB. No, liabilities are not tantamount to the receipt of cashC. No, providing the target corporation distributes the cash toit’s shareholdersD. No, providing the target corporation distributes the notes toit’s shareholdersE. No, since the cash is transferred to creditorsF. Yes, because short term notes are bootG. Yes, because excess liabilities assumed by the acquiringcorporation create boot and must be realizedH. Yes, gain is recognized when appreciated assets aretransferred3. Assume the same facts as in Part b except the amountof liabilities assumed by the acquiring corporation exceeds theadjusted basis of the target corporation assetstransferred.A. No, because excess liabilities assumed by the acquiringcompany do not affect gainB. No, liabilities are not tantamount to the receipt of cashC. No, providing the target corporation distributes the cash toit’s shareholdersD. No, providing the target corporation distributes the notes toit’s shareholdersE. No, since the cash is transferred to creditorsF. Yes, because short term notes are bootG. Yes, because excess liabilities assumed by the acquiringcorporation create boot and must be realizedH. Yes, gain is recognized when appreciated assets aretransferred4. Transfer of appreciated target corporation assets inexchange for stock and cash. The target corporation distributes thecash to its shareholders.A. No, because excess liabilities assumed by the acquiringcompany do not affect gainB. No, liabilities are not tantamount to the receipt of cashC. No, providing the target corporation distributes the cash toit’s shareholdersD. No, providing the target corporation distributes the notes toit’s shareholdersE. No, since the cash is transferred to creditorsF. Yes, because short term notes are bootG. Yes, because excess liabilities assumed by the acquiringcorporation create boot and must be realizedH. Yes, gain is recognized when appreciated assets aretransferred5. Transfer of appreciated target corporation assets inexchange for stock and cash. The target uses the cash to pay offits liabilities.A. No, because excess liabilities assumed by the acquiringcompany do not affect gainB. No, liabilities are not tantamount to the receipt of cashC. No, providing the target corporation distributes the cash toit’s shareholdersD. No, providing the target corporation distributes the notes toit’s shareholdersE. No, since the cash is transferred to creditorsF. Yes, because short term notes are bootG. Yes, because excess liabilities assumed by the acquiringcorporation create boot and must be realizedH. Yes, gain is recognized when appreciated assets aretransferred

On Thursday, Justin flies from Baltimore (his home office) to Cadiz (Spain). He conducts business…

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On Thursday, Justin flies from Baltimore (his home office) to Cadiz (Spain). He conducts business on Friday and Tuesday; vacations on Saturday, Sunday, and Monday (a legal holiday in Spain); and returns to Baltimore on Thursday. Justin was scheduled to return home on Wednesday, but all flights were canceled due to bad weather. Therefore, he spent Wednesday watching floor shows at a local casino.a. For tax purposes, what portion of Justin’s trip is regarded as being for business?b. Suppose Monday had not been a legal holiday. Would this change your answer in (a)?c. Under either (a) or (b), how much of Justin’s airfare qualifies as a deductible business expense?View less »

The following events took place for Digital Vibe Manufacturing Company during March, the first mo…

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The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: Purchased $168, 500 of materials. Used $149, 250 of direct materials in production. Incurred $360,000 of direct labor wages. Incurred $120,000 of factory overhead. Transferred $600,000 of work in process to finished goods. Sold goods for $875,000. Sold goods with a cost of $525,000. Incurred $125,000 of selling expense. Incurred $80,000 of administrative expense. Using the information given, complete the following: Prepare the March income statement for Digital Vibe Manufacturing Company. Determine the inventory balances at the end of the first month of operations.

Which of the following is not an example of a control over cash sales? Select one: a…

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Which of the following is not an example of a control over cashsales?  Select one:a. Employees ring up all sales in the cash register.b. Large bills are slid through a slot into a locked safe.c. Employees ask for identification on all cheques fromcustomers.d. All payments are made by cheque.

Which of the following forms of evidence is least reliable? 1.Positive confirmation of custom…

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Which of the following forms of evidence is least reliable?1.Positive confirmation of customer’s balance2.A letter from the client’s attorney stating that there are noknown lawsuits pending against the client3.Monthly bank statement4.Client’s file copy of a purchase requisition

The following information was taken from the 2010 financial statements of Honey Factory Ltd: (in …

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The following information was taken from the 2010financial statements of Honey Factory Ltd:(inmillions)                  2010 2009 2008Accounts receivable $ 146.6 $ 104.3 $ 126.0Allowance for doubtful debts 6.3 5.7 8.2Sales                               1 113.0 899.3 756.9Total current assets     367.2 285.8258.7Required: Answer each of the following questions.(a) Calculate the receivables turnover and average collectionperiod for 2010 and 2009 for the entity, assumingall sales are on credit.(b) Calculate the credit risk ratio for the entity for 2010 and2009.(c) Comment on the entity’s credit and collection policies.

The following items are reported on a company’s balance sheet: Cash $231,200 Temporary inves…

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The following items are reported on a company’s balancesheet:Cash$231,200Temporary investments180,600Accounts receivable (net)140,700Inventory170,000Accounts payable425,000Determine (a) the current ratio and (b) the quick ratio. Roundto one decimal place.a. Current ratiob. Quick ratio

The following is a question I have. City of Boston Bonds, would be a municipal bond and if so, wo…

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The following is a question I have. City of Boston Bonds, wouldbe a municipal bond and if so, would be tax exempt. Is the latterfully correct? If they are a muncipal bond and are tax exempt,would the interest paid out on them, be left off of the taxpayersSchedule B ? It appears that all interest included on the topportion of Schedule B must also be placed in box 8a on Form 1040however, 8a is a line for taxable interest only. If City of BostonBonds are Municipal and are tax exempt would their interest be leftoff of schedule B entirely and simply placed in box 8b of thetaxpayers 1040 ? Thanks so much for any clarification offered onthis matter.

SCU university

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SCU university Attachments: ACC00106-S3-1….docx

Hi i have an assignment due on 18/12/17 of Accounting theory or contemporary issues is tgere any…

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Hi i have an assignment due on 18/12/17 of Accounting theory or contemporary issues is tgere any way that i can get help in the assingment