COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 9, Problem 3.3SRQ
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Statement of Financial position as at September 30 for 2023 and 2024                    Assets                                                                                              2023                        2024 Cash and equivalents……………………………………….                 $56,100              $37,694 Receivables, Trade, less allowances of $1,104 and $991 respectively    47,753                 37,645 Other Receivables……………………………………………………          233                     516 Inventories……………………………………………………………    29,587                23,202 Prepaid expenses and other…………………………………………..       4,739                  4,143 Total current assets…………………………………………………...   138,412              103,200   Property, plant and equipment, at cost……………………………….    314,880              298,609 Less accumulated depreciation……………………………………….  (225,406)            (211,494) Property, plant and equipment net……………………………………      89,474                87,115 Other assets Goodwill……………………………………………………………...…
Swifty Corporation had 2025 net income of $1,169,000. During 2025, Swifty paid a dividend of $2 per share on 87,850 shares of preferred stock. During 2025, Swifty had outstanding 301,000 shares of common stock. Compute Swifty's 2025 earnings per share. (Round answer to 2 decimal places, e.g. 3.56.) Earnings per share GA $ per share
GFH Decorators, a partnership, had the income and expenses shown in the spreadsheet below for the current tax year. Identify whether each item is an "Ordinary Business Income" item (reported on Page 1, Form 1065), a "Separately Stated Item" (reported on Schedule K, Form 1065), or both. Enter the value of ordinary income items in column C and the value of separately stated items in column D. Note that not all the cells in either column C or D will have values. If a response is zero, leave the cell blank.Use a minus sign to enter negative values.   A B C D 1     Ordinary Business Income Separately Stated Items 2 Fee revenue $600,000     3 Dividend income $2,000     4 Capital gain distributions $10,000     5 Charitable contributions (cash) ($500)     6 Salaries to employees ($150,000)     7 Partner guaranteed payments ($75,000)     8 MACRS depreciation on office furniture ($3,000)     9 Total ordinary business income   $0

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COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<

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