Finch, Inc., purchases 1,000 shares of Bluebird Corporation stock on October 3, 2017, for $400,000. On December 12, 2017, Finch purchases an additional 750 shares of Bluebird stock for $280,000. According to market quotations, Bluebird stock is selling for $400 per share on 12/31/17. Finch sells 500 shares of Bluebird stock on March 1, 2018, for $224,000. What is Finch's recognized gain or loss from the sale of Bluebird stock on March 1, 2018, assuming the shares sold are from the shares purchased on December 12, 2017? In your computations, round the per share amount to the nearest whole dollar, and use the rounded amount in subsequent computations.
Q: Using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system), find the annual report…
A: :Detailed explanation:Formula ; gross profit ratio = gross profit / sales 1.…
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: Detailed explanation: Let's break down the answer step-by-step for FAB Corporation, focusing on the…
Q: Leather Authentic Company is a manufacturer of leather cases for tablets. The following information…
A: Part A,Leather Authentic Company: Financial Analysis: Step 1: a) Calculate the raw material used by…
Q: Question 2 Partially correct Mark 6.00 out of 6.67 Flag question One objective of a municipal…
A: Step 1:Property tax collection rate = (Property taxes collected in year of levy / Property taxes…
Q: Give correct calculation
A: Step 1: Define Net IncomeThe net income is the surplus of revenue over the expenses incurred during…
Q: Don't Use AI
A: Prompt AnalysisThe prompt describes two transactions:Lob Corporation's Truck Purchase:Purchase…
Q: Managerial Accounting
A: We can apply the Rule of 72 to determine when Bob's investment will double. According to this…
Q: None
A: To find the net income, we need to use several financial formulas and relationships. Let's break it…
Q: Pacifico Company, a U.S.-based importer of beer and wine, purchased 1,700 cases of Oktoberfest-style…
A: Part 1: No HedgeAugust 15:Inventory (or Purchases) 459,000 EurosAccounts Payable 459,000…
Q: A comparative balance sheet for Wildhorse Corporation is presented as follows. December 31 Assets…
A: Detailed explanation: Cash Flow from Operating Activities :Net Income $ 128,460Adjustments to…
Q: Hi expart Provide solution
A: Step 1: Define Variable Costing MethodThe product costs and period costs for a firm may be…
Q: ??
A: Step 1: Definition of Dividend:A dividend means the amount that a company gives to the shareholders…
Q: Give true answer
A: Step 1: Introduction to the Book Value Per ShareIn accounting and finance, the book value per share…
Q: answer must be correct or i will give down vote
A: Step 1: Determine Adjusted Gross Income (AGI)Jerry's AGI (adjusted gross income) represents his…
Q: You are promised $450 one year from now. Assuming prevailing interest rates are at 4%, what is that…
A: In this case:Future Value = $450Interest Rate = 4% = 0.04Number of periods = 1 yearPlugging in the…
Q: Need help
A: Step 1: Define Cost of Goods Sold (COGS)The cost of goods sold or the cost of sales is the amount…
Q: None
A: Step 1:Allowance method of bad debts is the method where a reserve for estimated bad debts created .…
Q: Need answer please
A: Approach to solving the question: Analyze the question. Detailed explanation:To calculate Jorge's…
Q: Hello tutor provide solution
A: Step 1: Define Profit MarginProfit margin is a financial ratio used to measure the profitability of…
Q: Provide correct solution
A: The problem involves the determination of the profit margin. Profit margin is a common measure of…
Q: Question 6 Not complete Marked out of 7.14 Flag question eBook Print Preparation of fund financial…
A: Part 2: Explanation Step 1: Prepare the Governmental Funds Balance Sheet- Identify the assets,…
Q: Not use ai please don't
A: Step 1: Introduction to the Financial StatementsFinancial statements are the documents legally…
Q: Don't Use Ai
A: Step 1: Define Contribution Margin:The contribution margin is the surplus of the selling price over…
Q: Need help with this question
A: Step 1: Introduction to the SharesThe smallest unit which represents the capital of the company is…
Q: Provide Correct option from Given
A: The cost of goods sold (COGS) must be ascertained first, and then deducted from sales in order to…
Q: I need to save $5000 for building an emergency fund in 5 years. How much do I need to save every…
A: The problem is asking us to find out how much money needs to be saved each year in order to…
Q: I want the answers in the same blank organzation please
A: AssetsThe balance sheet starts by detailing Total Assets, which sum to $13,655. This is broken down…
Q: Required information George Caloz & Frères, located in Grenchen, Switzerland, makes luxury custom…
A: 2-a.Least-squares regression method formulas:Σy = na + bΣxn = number of weeksa = fixed costb =…
Q: A manufacturer reports the following per unit cost information. The company uses absorption costing,…
A: Step 1:Under absorption costing method product cost is calculated by using all variable cost and…
Q: None
A: 1. Understanding the Question:The question is asking for the estimated global loss businesses face…
Q: not use ai please
A: Introduction:A balance sheet is a critical financial statement…
Q: Please use excel to complete the work, be sure to show your work and state any assumptions that you…
A: Explanation:Acquisition Details:Aylmer is proposing to issue 91,200 common shares at $19.25 per…
Q: Need help
A: To calculate the return on equity (ROE) for Home Depot for the year ended January 31, 2016, we need…
Q: Consider this journal entry: Dr. Cash $5,000 Cr. Unearned Service Revenue $5,000 What is the most…
A: In the given journal entry, there are two accounts involved - Cash and Unearned Service Revenue. The…
Q: The following transactions relate to Newport City's special revenue fund. 1. In 2024, Newport City…
A: Detailed explanation: Step 1: Journal Entries (Req A1 & A2)Transaction 1: Creating the Special…
Q: Need help
A: Step 1: Define Cash FlowsThe cash flows of a firm during a given year can be categorized into cash…
Q: The income statement disclosed the following items for the year: Depreciation expense $…
A: Let's prepare the "Cash flows from operating activities" section of the statement of cash flows…
Q: General accounting
A: The gross profit is calculated as the selling price minus the cost of the product. In this…
Q: please provide correct answers. i will upvote.
A:
Q: get solution
A: Step 1: Define Cash Receipts:Cash receipts to the seller come from cash sales and collection of…
Q: None
A: Step 1: Introduction to the Loan RepaymentsIn the view to increase the borrowing power of customers…
Q: Not use ai please don't
A: Given That :Direct labor: $540,000Direct materials: $223,000Factory overhead: $148,0001.…
Q: Standard Cost Variance Analysis - Direct Materials Standard Quantity Allowed for Actual Output at…
A: 1. Materials Quantity VarianceFormula:Materials Quantity Variance=(Actual Quantity of Input−Standard…
Q: estion 4 - Chapter 3 Homew X b Home | bartleby x +…
A: Step 1:To solve this question, we have to first find closing balances.For it a ledger account can be…
Q: point(s) possible Individual Q donated $40,000 to a Canadian registered charity. Q's taxable income…
A: To determine the federal donation tax credit for a charitable donation in Canada, it's essential to…
Q: which of the following would be inappraited for an auditor to asek a client when exhibiting an…
A: An auditor's role is to examine the financial records and business transactions of a company to…
Q: Don't use AI.
A: Step 1: Calculate the depreciable cost.Depreciable cost = Cost of the truck - Salvage…
Q: None
A: Here are the details for Activision Blizzard's consolidated shareholders' equity based on the 2022…
Q: For Ruth, one of the most exciting aspects of landing a full-time job was being able to buy a…
A: Here's a detailed explanation for better understanding. To calculate the total average monthly cost…
Q: Algebraic method The following chart indicates the percentage of support department services used by…
A: Detailed explanation: Certainly! Let's walk through the entire solution in more detail, explaining…
None
Step by step
Solved in 2 steps
- Provide answer this questionMahan purchases 1,000 shares of Bluebird Corporation stock on October 3, 2022, for $280,000. On December 12, 2022, Mahan purchases an additional 750 shares of Bluebird stock for $196,000. According to market quotations, Bluebird stock is selling for $280 per share on 12/31/22. Mahan sells 500 shares of Bluebird stock on March 1, 2023, for $156,800. a. What is the adjusted basis of Mahan's Bluebird stock on December 31, 2022? Feedback Check My Work b. What is Mahan's recognized gain or loss from the sale of Bluebird stock on March 1, 2023, assuming the shares sold are from the shares purchased on December 12, 2022? In your computations, round the per share amount to the nearest whole dollar and use the rounded amount in subsequent computations. Mahan's recognized gain ✓is $ Feedback Check My Work Partially correct c. What is Mahan's recognized gain or loss from the sale of Bluebird stock on March 1, 2023, assuming Mahan cannot adequately identify the shares sold? Mahan has a recognized…Kindly help me with general accounting question
- Center, Inc., purchases 24,000 shares of Bruce Corporation, which equates to an 80% interest, on January 1, 2015.The following determination and distribution of excess schedule is prepared: (attached)Bruce Corporation reports net income of $35,000 for the six months ended July 1, 2018. Center’s simple-equity-adjusted investment balance is $864,000 as of December 31, 2017. Prepare all entries for the sale of the Brown Corporation shares on July 1, 2018, for each of the following situations:1. 24,000 shares are sold for $890,000.2. 12,000 shares are sold for $455,000.3. 6,000 shares are sold for $232,500.Provide answer accounting question with calculationOn December 31, 2016, Akron, Inc. purchased 5 Percent of Zip Company’s common shares on the open market in exchange for $16,000. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company’s outstanding common stock for $95,000.During the next two years, the following information is available for Zip Company:At December 31, 2017, Zip reports a net book value of $290,000. Akron attributed any excess of its 30 percent share of Zip’s fair over book value to its share of Zip’s franchise agreements. The franchise agreements had a remaining life of 10 years at December 31, 2017.a. Assume Akron applies the equity method to its Investment in Zip account:1. What amount of equity income should Akron report for 2018?2. On Akron’s December 31, 2018, balance sheet, what amount is reported for the Investment in Zip account?b. Assume Akron uses fair-value accounting for its Investment in Zip account:1. What amount of income from its investment in Zip should Akron report for…
- On January 4, 2018, Watts Co. purchased 40,000 shares (40%) of the common stock of Adams Corp., paying $800,000. There was no goodwill or other cost allocation associated with the investment. Watts has significant influence over Adams. During 2018, Adams reported income of $200,000 and paid dividends of $80,000. On January 2, 2019, Watts sold 5,000 shares for $125,000. What was the balance in the investment account after the shares had been sold?Hepl me give solutionOn January 1, 2015, James Company purchases 70% of the common stock of Craft Company for $245,000. On this date, Craft has common stock, other paid-in capital in excess of par, and retained earnings of $50,000, $100,000, and $150,000, respectively. On May 1, 2016, James Company purchases an additional 20% of the common stock of Craft Company for $92,000.Net income and dividends for two years for Craft Company are as follows: 2015 2016Net income for year. . . . . . . . . . . . . . . . . . . . $60,000 $90,000Dividends, declared in December . . . . . . . . 20,000 30,000In 2016, the net income of Craft from January 1 through April 30 is $30,000.On January 1, 2015, the only tangible asset of Craft that is undervalued is equipment, which is worth $20,000 more than book value. The equipment has a remaining life of four years, and straight-line depreciation is used. Any remaining excess is goodwill. In the…
- Stinson Corporation owned 40,000 shares of Matile Corporation. These shares were purchased in 2017 for $360,000. On November 15, 2021, Stinson declared a property dividend of one share of Matile for every ten shares of Stinson held by a stockholder. On that date, when the market price of Matile was $28 per share, there were 360,000 shares of Stinson outstanding. What gain and net reduction in retained earnings would result from this property dividend? Net Reduction in Gain Retained Earnings a. $0 $ 324,000 b. $0 $1,008,000 c. $684,000 $ 324,000 d. $684,000 $ 144,000ABC Corp. had accumulated earnings and profits as of January 1, 2021 equal to $17,000. For the calendar year ending December 31, 2021 its current earnings and profits were equal to $10,000. On May 31, 2021, ABC Corp. distributed $32,500 to Smith its sole shareholder. On November 30, 2021, ABC Corp. distributed another $17,500 to Smith. Smith had purchased his ABC Corp, stock from Grey on September 15, 2015, paying $19,500 for his shares. a) What is the amount and character of the May 31, 2021 distribution received by Smith? b) What is the amount and character of the November 30, 2021 distribution received by Smith?Please show the proper solution in a good accounting form.