• Accounting testbank
    reorganization." b. stock to defer the taxable gain as a "tax-free reorganization." c. cash to create a taxable gain. d. stock to create a taxable gain. ANS: B DIF: E OBJ: 1 3. A controlling interest in a company implies that the parent company a. owns all of the subsidiary's stock. b. has influence...
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  • Accounting midterm 2
    Improvements or expansions 3. Measuring and Recording Acquisition Cost a. Acquisition cost includes purchase price and all expenditures needed to prepare asset for intended use (freight, installation, etc.) b. Acquisition cost does not include financing charges and is net of cash discounts c. What...
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  • Accounting Quick Study
    earnings resulting from operations c. Dividends: Distributions of assets to shareholders decreases R.E. BALANCE SHEET ACCOUNTS ASSETS LIABILITIES & OWNERS EQUITY DEBIT CREDIT DEBIT CREDIT Increases Decreases Decreases Increases JOURNAL ENTRY Date 2003 May 1 INCOME STATEMENT ...
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  • EXAM 1 ACCT SG
    customers Not when ordered Service revenue earned with completion of service Expenses recognized in same period as the revenue with which they are associated Inventory expense is recognized when the inventory is sold to customers, not when inventory is purchased by company Accounting Rules GAAP: Generally...
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  • Accounting Ch15
    1. Shareholders’ rights; corporate form. 1, 2, 3 2. Equity. 4, 5, 6, 16, 17, 18, 29, 30, 31 3 7, 10, 16, 17 1, 2, 3, 9 3. Issuance of shares. 7, 10 1, 2, 6 1, 2, 4, 6, 9 1, 3, 4 4. Noncash share transactions; lump sum sales. 8, 9 4, 5 3, 4, 5, 6 1...
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  • Chapter 16 Accounting
    Problems Concepts for Analysis 1. Convertible debt and preferred stock. 1, 2, 3, 4, 5, 6, 7 1, 2, 3 1, 2, 3, 4, 5, 6, 7, 24, 25, 2 1 2. Warrants and debt. 2, 3, 8, 9 4, 5 7, 8, 9, 28 1, 3 3. Stock options, restricted stock. 1, 10, 11, 12, 13, 14, 15 6, 7, 8 10, 11, 12, 13,...
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  • Assignment Classification Table
    1 3. Issuance of shares. 4. Noncash share transactions; lump sum sales. 5. Treasury share transactions, cost method. 6. Preference stock. 7. Equity accounts; classifications; terminology. 8. Dividend policy. 9. Cash and share dividends; share splits; property dividends; liquidating dividends. 10. Restrictions...
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  • Intermediate Accounting
    | | | | | | | | | | | |3. Issuance of shares. | |7, 10 | |1, 2, 6 | |1, 2, 4, | |1, 3, 4 | | | | ...
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  • Sdsdfdsfdsfdsfsd
    |1, 2, 3, 4, |1, 2, 3 |1, 2, 3, 4, 5, 6, 7, |2 |1 | | |and preferred stock. |5, 6, 7 | |24, 25, | | | | 2. |Warrants...
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  • Finance
    Earnings – Treasury stock PART A: Invested Capital Articles of Incorporation ADVANTAGES of a CORPORATION -limited liability -ability to raise capital -lack of mutual agency DISADVANTAGES of a CORPORATION -double taxation -SEC regulation requirements COMMON STOCK Number of Shares ...
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  • Document
    source journal. For example, the credit sale would likely get recorded in a sales journal. Other journals are: purchases journal, cash receipts journal, cash disbursements journal, payroll journal and the general journal. Note that this is by no means a comprehensive listing. 4. Posting: the journals get...
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  • Chapter 13
    Organization expenses (costs) are incurred in creating a corporation. Examples include: legal fees, promoter fees, accountant fees, costs of printing stock certificates, and fees paid to obtain a state charter. 2. Organization expenses (costs) are reported as expenses when incurred—as part of operating...
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  • Accounting Review
    Chapter 18 Treasury Stock (Pg. 963-966) * Shares repurchased and not retired. * We view the purchase of treasury stock as a temporary reduction of shareholders’ equity, to be reversed later when the treasury stock is resold. * The cost of acquiring the shares is “temporarily” debited to...
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  • Casebook 2008
    2006? Prepare the journal entry to record Abbott Laboratories’ share of TAP’s 2007 earnings. What amount did Abbott include on its 2007 and 2006 balance sheets for the TAP joint venture? Where does this appear on Abbott Laboratories’ balance sheet? Prepare the journal entry to record the dividends that...
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  • Intermediate Accounting Test 2
    on plant assets (70% selling, 30% administrative) | 65,000 |   | Dividends declared | 16,000 | There were 20,000 shares of common stock outstanding during the year. (a) | Prepare a multiple-step income statement. | (b) | Prepare a single-step income statement. | Armstrong Corporation reported...
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  • Advanced Accounting
    from the University of Nebraska, and a Ph.D. from the University of Illinois. He published actively in journals including The Accounting Review, Journal of Accounting, Auditing and Finance, Journal of Accountancy, The Atlantic Economic Review, Management Accounting, and others. He was a member of the...
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  • Shareholder's Equity
    2,344   2,128 Long-term liabilities:         Total long-term liabilities   2,232   2,539 Stockholders' equity:         Common stock $0.05 par value         Authorized 2,300 shares and Issued 1,106 shares for all periods presented; Outstanding 463 and 485 shares   55 ...
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  • acct 331 study guide
    3. Prepare all necessary journal entries, from issuance through the January 1, 2011 bond retirement. (14 points) Date Account Debit Credit PROBLEM 2 (10 POINTS) Prepare a schedule (i.e. a logical...
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  • FInancial Tests
    Quiz 1 12. Examples of assets include cash, inventory, and capital stock issued to investors. a. True b. False 13. Inventory is goods held by a company for the purpose of sale to customers, and is considered a liability on the balance sheet. a. True b. False 14. A balance sheet is...
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  • Acc 100 Exam Review
    Activities: Purchase and sale of long-term assets Financing: Money needed to start a business Retained Earnings Equation: Beginning RE + Net Income – Dividends = Ending Retained Earnings Cost Principle: Assets are recorded at the cost to acquire them Going Concern: That a company will continue to operate...
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