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Jan 15 Exchanged 10,000 shares of common stock for equipment with a market value of $80,000. Feb. 1 Exchanged 500 shares of common stock for $3,000 of legal services incrueed during the company's or
Prepare a table of entities for the Erickson Inc. Erickson, Inc. sells pluming supplies to contractors in the northeast region of the United states.
He also invested an additional $20,000 in the partnership. For 2010, Wayne's gross income from the partnership is:
Based upon GAAP state how if at all the book value of the machine and the obligation should appear on the Dec 31-2007 balance sheet of Mills inc.
In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000. What is the effect of this sale of land on consolidated net income assuming S Company still owns the land
In years subsequent to the upstream intercompany sale of nondepreciable assets, the necessary consolidated workpaper entry under the cost method is to debit the:
In years subsequent to the year a 90% owned subsidiary sells equipment to its parent company at a gain, the noncontrolling interest in consolidated income is computed by multiplying the noncontrolli
Paige, Inc. owns 80% of Sigler, Inc. During 2011, Paige sold goods with a 40% gross profit to Sigler. Sigler sold all of these goods in 2011. For 2011 consolidated financial statements, how should t
In preparing consolidated working papers, beginning retained earnings of the parent company will be adjusted in years subsequent to acquisition with an elimination entry whenever:
In the preparation of a consolidated statements workpaper, dividend income recognized by a parent company for dividends distributed by its subsidiary is:
What is the amount needed to establish reciprocity under the cost method in the preparation of a consolidated workpaper on December 31, 2011?
The fair value of net identifiable assets exclusive of goodwill of a reporting unit of X Company is $300,000. On X Company's books, the carrying value of this reporting unit's net assets is $350,000
If an impairment loss is recorded on previously recognized goodwill due to the transitional goodwill impairment test, the loss should be treated as a(n):
If the value implied by the purchase price of an acquired company exceeds the fair values of identifiable net assets, the excess should be:
Which of the following situations best describes a business combination to be accounted for as a statutory merger?
Emerson electric common stock selling for $36.75 recently paid a $1.32 dividend and the firms earning per share has increased from $1.49 to $3.06 in the past five years. The expected rate of return
Mr. Sullivan is borrowing $2,000,000 to expand his business. The loan will be for ten years at 12% annual interest and will be repaid in equal quarterly installments. How much will each quarterly pa
Depreciation for the year is estimated to be $5,000. Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of t
Could you explain the importance of maintaining accurate records in regard to income, expenses, profit, budgeting, and forecasting for a restaurant?
Cooper Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent.
Assume that you are a consultant to Broske Inc., and you have been provided with the following data: D1 = $0.67; P0 = $27.50; and g = 8.00% (constant). What is the cost of common from retained earni
Total fixed costs $313,500 variable costs per unit $90 selling price per unit $150 If management has a targeted net income of $59,400, then sales revenue should be ____________.
(a) compute the break even point in dollars (b) compute the margin of safety in dollars and the margin of safety ratio
A manufacturing company makes the products that it sells. Briefly identify and define the cost elements that are incurred in making a product. After product cost elements are identified, how is the