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Acc124Exam3FALL06SOLN

# Acc124Exam3FALL06SOLN - NAME COMPREHENSIVE FINAL EXAM FALL...

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NAME____________________ COMPREHENSIVE FINAL EXAM FALL 2006 Solutions Short Answer Questions - 5 points each; 30 points total 1. Deferred Taxes \$145,000 – (\$42,000-\$35,000) - \$60,000 = \$78,000 2. Equity Method \$240,000 +30%(\$100,000) -30%(\$60,000) -30%(\$20,000) -30%(\$30,000) \$237,000 3. EPS (\$2,400,000+\$5,000,000*6%*70%)/((600,000*8/12+720,000*4/12)+240,000)= \$2,610,000/930,000 = \$2.81 4. Leases (\$6,000,000 - \$828,000) * 8% * ½ = \$206,880 5. Treasury Stock \$75,000 – 2000*\$35 – 500*\$20 = \$5,000 6. Bonds with warrants 60,000 bonds * 10 warrants per bond * \$5 per warrant = \$3,000,000 7. Retained earnings and dividends \$90,000 - \$10,000 loss - \$9,000 stock dividend = \$71,000 8. Revenue recognition / Construction \$240,000 9. Revenue recognition / Installment sales \$300,000*40% + \$340,000*35% = \$239,000 10. NOLs (\$360,000) + \$40,000*30% + \$320,000*40% = \$220,000 FINAL EXAM / FALL 2005 / Page 1 of 5

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NAME____________________ PROBLEM 1 - Statement of Cash Flows (25 points) Brahms Corporation
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Acc124Exam3FALL06SOLN - NAME COMPREHENSIVE FINAL EXAM FALL...

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