Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 1, Problem 74.4C
Case 1-74 Comparative Analysis: Under Armour, lnc., versus Columbia Sportswear
Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com
Required:
Answer the following questions:
With regard to the income statement:
- What amounts did Under Armour report as revenues, expenses, and net income for the year ended December 3 l, 2016? What amounts did Columbia report as revenues, expenses, and net income for the fiscal year ended December 31, 2016?
- Compare any trends that you detect with regard to revenues‘ expenses. and net income.
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JH, Inc., is a calendar year, accrual basis corporation with Joe as its sole shareholder (basis in his stock is $90,000). On January 1 of the current year, JH Corporation has accumulated E & P of $200,000. Before considering the effect of the distribution described below, the corporation’s current E & P is $50,000. On November 1, JH distributes an office building to Joe. The office building has an adjusted basis of $80,000 (fair market value of $100,000) and is subject to a mortgage of $110,000. Assume that the building has been depreciated using the ADS method for both income tax and E & P purposes. What are the tax consequences of the distribution to JH and to Joe? (In your answer, be sure to describe the effects on taxable income for both JH and Joe, the impact of the distribution on JH’s E & P, and Joe’s basis in the building.)
Joe is the sole shareholder of JH Corporation. Joe sold his stock to Ethan on October 31 for $150,000. Joe’s basis in JH stock was $50,000 at the start of the year. JH distributed land to Joe immediately before the sale. JH’s basis in the land was $20,000 (fair market value of $25,000). On December 31, Ethan received a $75,000 cash distribution from JH. During the year, JH has $20,000 of current E & P and its accumulated E & P balance on January 1 is $10,000. Which of the following statements is true?
a. Joe recognizes a $110,000 gain on the sale of his stock. b. Joe recognizes a $100,000 gain on the sale of his stock. c. Ethan receives $5,000 of dividend income.d. Joe receives $20,000 of dividend income. e. None of the above.
Chapter 1 Solutions
Cornerstones of Financial Accounting
Ch. 1 - Define accounting. How does accounting differ from...Ch. 1 - Prob. 2DQCh. 1 - What is accounting entity?Ch. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Define the terms revenue and expense. How are...Ch. 1 - Name and briefly describe the purpose of the four...Ch. 1 - What types of questions are answered by the...Ch. 1 - Prob. 10DQ
Ch. 1 - Write the fundamental accounting equation. Why is...Ch. 1 - What information is included in the heading of...Ch. 1 - Define current assets and current liabilities. Why...Ch. 1 - Prob. 14DQCh. 1 - Name the two main components of stockholders;...Ch. 1 - Prob. 16DQCh. 1 - How does the multiple-step income statement differ...Ch. 1 - Explain the items reported on a retained earnings...Ch. 1 - Name and describe the three categories of the...Ch. 1 - Prob. 20DQCh. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - At December 31, Pitt Inc. has assets of $12,900...Ch. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Use the following information for Multiple-Choice...Ch. 1 - Use the following information for Multiple-Choice...Ch. 1 - Which of the following statements regarding the...Ch. 1 - Prob. 10MCQCh. 1 - Which of the following statements concerning...Ch. 1 - Which of the following sentences regarding the...Ch. 1 - Prob. 13MCQCh. 1 - Prob. 14CECh. 1 - Cornerstone Exercise 1-15 Using the Accounting...Ch. 1 - Cornerstone Exercise 1-16 Financial Statements...Ch. 1 - Prob. 17CECh. 1 - Cornerstone Exercise 1-18 Balance Sheet An...Ch. 1 - Cornerstone Exercise 1-19 Income Statement An...Ch. 1 - Cornerstone Exercise 1-20 Retained Earnings...Ch. 1 - Prob. 21BECh. 1 - Prob. 22BECh. 1 - Brief Exercise 1-23 Business Activities Marni...Ch. 1 - Brief Exercise 1-24 The Accounting Equation...Ch. 1 - Prob. 25BECh. 1 - Brief Exercise 1-26 Income Statement An analysis...Ch. 1 - Retained Earnings Statement Listed below are...Ch. 1 - Brief 1-28 Statement of Cash Flows Listed are...Ch. 1 - Prob. 29BECh. 1 - Prob. 30BECh. 1 - Exercise 1-31 Decisions Based on Accounting...Ch. 1 - Prob. 32ECh. 1 - Prob. 33ECh. 1 - Exercise 1-34 Business Activities Bill and Steve...Ch. 1 - Exercise 1-35 Accounting Concepts OBJECTIVE 06° A...Ch. 1 - Exercise 1-36 The Fundamental Accounting Equation...Ch. 1 - Exercise 1-37 Balance Sheet Structure The...Ch. 1 - Exercise 1-38 Identifying Current Assets and...Ch. 1 - Exercise 1-39 Current Assets and Current...Ch. 1 - Exercise 1-40 Depreciation OBJECTIVE 0° Swanson...Ch. 1 - Exercise 1-41 Stockholders Equity OBJECTIVE o On...Ch. 1 - Prob. 42ECh. 1 - Prob. 43ECh. 1 - Prob. 44ECh. 1 - Prob. 45ECh. 1 - OBJECTIVE 6 Exercise 1-46 Income Statement ERS...Ch. 1 - Exercise 1-47 Multiple-Step Income Statement The...Ch. 1 - Exercise 1-48 Income Statement The following...Ch. 1 - Prob. 49ECh. 1 - Exercise 1-50 Statement of Cash Flows OBJECTIVE o...Ch. 1 - Exercise 1-51 Relationships Among the Financial...Ch. 1 - Exercise 1-52 Relationships Among the Financial...Ch. 1 - Exercise 1-53 Relationships Among the Financial...Ch. 1 - Prob. 54ECh. 1 - Prob. 55ECh. 1 - Problem 1-56A Applying the Fundamental Accounting...Ch. 1 - Problem 1-57A Accounting Relationships Information...Ch. 1 - Prob. 58APSACh. 1 - Prob. 59APSACh. 1 - Problem 1-60A Income Statement and Balance Sheet...Ch. 1 - Problem 1-61A Retained Earnings Statement Dittman...Ch. 1 - Problem 1-62A Retained Earnings Statements The...Ch. 1 - Problem 1-63A Income Statement, Retained Earnings...Ch. 1 - Problem 1-64A Stockholders' Equity Relationships...Ch. 1 - Problem 1-65A Relationships Among Financial...Ch. 1 - Problem 1-563 Applying the Fundamental Accounting...Ch. 1 - Problem 1-57B The Fundamental Accounting Equation...Ch. 1 - Problem 1-583 Arrangement of the Income Statement...Ch. 1 - Prob. 59BPSBCh. 1 - Problem 1-60B Income Statement and Balance Sheet...Ch. 1 - Problem 1-61B Retained Earnings Statement Magical...Ch. 1 - Problem 1-62B Retained Earnings Statements The...Ch. 1 - Problem1-63B Income Statement, Retained Earnings...Ch. 1 - Prob. 64BPSBCh. 1 - Problem 1-65B Relationships Among Financial...Ch. 1 - Prob. 66CCh. 1 - Prob. 67.1CCh. 1 - Prob. 67.2CCh. 1 - Prob. 68.1CCh. 1 - Prob. 68.2CCh. 1 - Prob. 69.1CCh. 1 - Prob. 69.2CCh. 1 - Case 1-70 Financial Statement Analysis Reproduced...Ch. 1 - Prob. 70.2CCh. 1 - Case 1-70 Financial Statement Analysis Reproduced...Ch. 1 - Prob. 71CCh. 1 - Prob. 72CCh. 1 - Prob. 73.1CCh. 1 - Prob. 73.2CCh. 1 - Prob. 73.3CCh. 1 - Case 1-73 Research and Analysis Using the Annual...Ch. 1 - Prob. 73.5CCh. 1 - Prob. 73.6CCh. 1 - Prob. 73.7CCh. 1 - Prob. 74.1CCh. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Prob. 74.3CCh. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Prob. 75.1CCh. 1 - Prob. 75.2CCh. 1 - Case 1-75 CONTINUING PROBLEM: FRONT ROW...
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