In November and December 2005, Dorr Co., a newly organized
magazine publisher, received $72,000 for 1,000 three-year
subscriptions at $24 per year, starting with the January 2006
issue. Dorr elected to include the entire $72,000 in its 2005
income tax return. What amount should Dorr report in its
2005 income statement for subscriptions revenue?
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ACC 577 Week 4 Quiz (100 % Correct Answers)
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Week 4 Quiz
All Questions Details given below (Please Check)
Question 1
Treasury stock was acquired for cash at a price in excess of its
original issue price. The treasury stock was subsequently
reissued for cash at a price in excess of its acquisition price.
Assuming that the par value method of accounting for treasury
stock transactions is used, what is the effect on total
stockholders' equity of each of the following events?
Question 2