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Author Archives: Anonymous

During its first year of operations, ABC Co. reported income…

During its first year of operations, ABC Co. reported income before taxes of $550,000 and taxable income of $600,000.  The difference was due solely to book depreciation of $250,000 and tax depreciation of $200,000.  The effective tax rate for the current and future years is 25%.  Assuming this is the only temporary or permanent difference in book and taxable income, what amount of Deferred Tax Asset (DTA), or Deferred Tax Liability (DTL), would ABC record at year end?  

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Which of the following is the proper placement of dividends…

Which of the following is the proper placement of dividends received and dividends paid on the statement of cash flows?

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Smith, Inc. issued $20,000,000 of its 5% bonds at par. Two w…

Smith, Inc. issued $20,000,000 of its 5% bonds at par. Two weeks later the bonds were trading on the exchange at 102 (102% of face value.)  Which explanation of a change in the market rate between the issue date and two weeks later is most likely?

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Which of the following is true of defined contribution (DC)…

Which of the following is true of defined contribution (DC) pension plans?

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Which statement about the Statement of Cash Flows is incorre…

Which statement about the Statement of Cash Flows is incorrect?

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Which of the following would be a cash flow from investing a…

Which of the following would be a cash flow from investing activities?

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A company reported total Stockholders’ Equity of $540,000 at…

A company reported total Stockholders’ Equity of $540,000 at December 31, 2019, with 120,000 common shares outstanding.  During the year ended December 31, 2020, the company reported the following: 3/31/2020- Issued 10,000 shares of $3 par value common stock at $42 per share. 7/1/2020- Purchased for treasury 1,000 shares of $3 par value common stock at $10 per share. 8/31/2020- Incurred an Other Comprehensive Loss of $12,000. 9/30/2020- Paid a cash dividends of $.50 per common share. Net Income for the year $58,900. What is the amount of Stockholders’ Equity as of December 31, 2020?

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XYZ Company provided the following data about its common sto…

XYZ Company provided the following data about its common stock: Par value is $1 per share. 12,000,000 shares are authorized. 3,900,000 shares are outstanding. 4,800,000 shares are issued. How many shares of treasury stock are there?

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A company provided the following data: sales, $150,000; sale…

A company provided the following data: sales, $150,000; sales returns, $8,000; ending inventory, $40,000; net purchases of inventory, $85,000; and gross profit, $37,000. What was the amount of beginning inventory?

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A company uses the periodic inventory system. Ending invento…

A company uses the periodic inventory system. Ending inventory was overstated at the end of year 1. Which of the following statements is true about the effects of this error on year 2 financial statement elements if the error is detected in year 2? There were no other inventory errors.

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