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88.West, Inc. determined the following information concerning its common stock during 2016: January 1 80,000 shares outstanding April 1 Issued a 20% stock dividend July 1 Issued an additional 2,900 shares October 1 Issued a 2-for-1 stock split December 1 Reacquired 5,000 shares ? Required:What should West, Inc. use as the denominator for its basic earnings per share calculation for 2016? 89.On January.

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  • 88.West, Inc. determined the following information concerning its common stock
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86.Rutger was organized at the beginning of 2016. It had the following income items for the year ended December 31, 2016: Sales $10,000,000 Gain on sale of assets 250,000 Unrealized gain available for sale securities 140,000 Unrealized gain on trading securities 100,000 Cost of goods sold 5,000,000 Operating expenses 4,000,000 As a new company, Rutger issued 50,000 shares of $1 par common stock.

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  • 86.Rutger was organized at the beginning of 2016. It had
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136.A partial listing of accounts and ending balances for Carver, Inc., on December 31, 2016, is shown below: Investments in long-term notes receivable $ 40,000 Bonds payable 300,000 Temporary investment in equity securities available for sale 120,000 Premium on bonds payable 26,000 Common stock 180,000 Subscriptions receivable: common stock 120,000 Additional paid-in capital from preferred stock conversion 24,000 Retained earnings 650,000 Preferred stock 300,000 Long-term investment in equity securities.

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  • 136.A partial listing of accounts and ending balances for Carver,
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138.Given the following information for Jumping Johns Bounce Company: Bonds payable $150,000 Common stock 25,000 Premium on preferred stock 19,000 Long-term investments in equity securities held for sale 10,000 Preferred stock subscribed 32,000 Retained earnings 53,500 Premium on common stock 38,460 Common stock subscribed 2,800 Subscriptions receivable: preferred stock 17,000 Premium on bonds payable 4,000 Preferred stock 55,000 Temporary investments in equity securities held for sale 25,000 Subscriptions receivable: common stock 15,600   Required:Compute the total amount of.

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  • 138.Given the following information for Jumping Johns Bounce Company: Bonds payable $150,0
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152.U.S. GAAP and IFRS utilize similar accounting for shareholders’ equity but there are some differences. ? Required: Explain the differences between U.S. GAAP and IFRS in their accounting for shareholders’ equity. 153.Current GAAP recommends that the fair value method be used to account for compensatory stock option plans. From a conceptual point of view,.

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  • 152.U.S. GAAP and IFRS utilize similar accounting for shareholders’ equity
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102.What three items rarely affect retained earnings? 103.Other Comprehensive Income or loss might include what four items? 104.Describe the two types of corporate capital structures. 105.What is the basic earnings per share calculation? What is the weighted average shares calculation? 106.What are the steps necessary to compute diluted earnings per share? .

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  • 102.What three items rarely affect retained earnings? 103.Other Comprehensive Income or
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21.The Partial Billings account is a contra account of the Construction in Progress account. a.True b.False 22.Construction in Progress is an inventory account typically valued at on the balance sheet at net realizable value. a.True b.False 23.The FASB and the IASB jointly issued a comprehensive principles-based revenue recognitionModel entitled a.Revenue Recognition. b.Revenue from Contracts with Customers. c.Principles of Revenue.

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  • 21.The Partial Billings account a contra account of the Construction
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42.Which of the following items would not be included in a basic earnings per share calculation? a. undeclared dividends on noncumulative preferred stock b. declared dividends on noncumulative preferred stock c. undeclared dividends on cumulative preferred stock d. declared dividends on cumulative preferred stock 43.On January 1, 2016, Wade Corporation had 24,000 shares of common stock outstanding. On April.

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  • 42.Which of the following items would not be included in
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1.When a property dividend is declared, fair value is determined on the ex-dividend date. a. True b. False 2.A small stock dividend is accounted for by transferring from retained earnings to contributed capital an amount equal to the par value of the additional shares issued. a. True b. False 3.A board of directors may decide to restrict retained earnings to.

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  • 1.When a property dividend declared, fair value determined the ex-dividend
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105.Revenue is recognized for accounting purposes when a performance obligation is satisfied. In some situations, revenue is recognized over time as the fair values of assets and liabilities change. In other situations, however, accountants have developed guidelines for recognizing revenue at the point of sale. ? Required: Explain and justify why revenue is.

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  • 105.Revenue recognized for accounting purposes when a performance obligation satisfied.
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71.A construction project is expected to take two-and-a-half years to complete. Partial Billings exceeds Construction in Progress. The two accounts are reported together on the balance sheet in the a.current assets section. b.long-term assets section. c.current liabilities section. d.long-term liabilities section. 72.A construction project is expected to take two-and-a-half years to complete. Partial Billings is.

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  • 71.A construction project expected to take two-and-a-half years to complete.
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12.When a company is determining its dividend policy, the company must adhere to legal requirements. The legal requirements are determined by a. theFinancial Accounting Standards Board (FASB). b. thestate in which the company was incorporated. c. theSecurities and Exchange Commission (SEC). d. theFederal Trade Commission (FTC). 13.How will a company's retained earnings and total stockholders' equity be affected by.

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  • 12.When a company determining its dividend policy, the company must
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94.During 2016, Stewart, Inc. had the following convertible securities outstanding: A. $220,000 of 10%, $100 par, cumulative preferred stock. Each share is convertible into 5 shares of common stock. B. $200,000 of 9.5% convertible bonds. Each $1,000 bond is convertible into 45 shares of common stock. C. $100,000 of 8% convertible bonds. Each $1,000 bond is.

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  • 94.During 2016, Stewart, Inc. had the following convertible securities outstanding: A. $22
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149.List four componentsthat comprise a corporation’s contributed capital. 150.Corporate shareholderscan only lose the amount of their investment, in accordance with the concept of limited liability. State laws have established protection for a corporation's creditors with the concept of legal capital. ? Required: ?Explain how legal capital protects a corporation's creditors and discuss two different.

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  • 149.List four componentsthat comprise a corporation’s contributed capital. 150.Corporate shareholderscan only
  • Accounting
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88.The Orlando Company is involved in a three-year long-term contract. The following data relate to this contract: ? 2016 2017 2018 Total Contract price ? ? ? $160,000 Cost incurred each year $24,000 $24,000 $ 56,000 104,000 Cost incurred to date 24,000 48,000 104,000 ? Estimated cost to complete ? 96,000 ? 48,000 ? 0 ? Partial billings each year 12,000 48,000 100,000 ? Cash collected from billings ? 8,000 ? 52,000 ? 100,000 ? ? Required: Prepare the journal entries for each of the following assuming Orlando satisfies its performance obligation over time: 2017.

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  • 88.The Orlando Company involved in a three-year long-term contract. The
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92.Major Corporation had 50,000 shares of common stock outstanding during 2016 with the following characteristics: Par value per share $10 Average market value per share 50 Market value per share on 12/31/2016 60 The company also has compensatory share options to purchase 5,000 shares of common stock at $40 a share during the year. The unrecognized compensation.

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  • 92.Major Corporation had 50,000 shares of common stock outstanding during
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