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Perch Co. acquired 80% of the common stock of Float Corp. for $1,600,000. The fair value of Float's net assets was $1,850,000, and the book value was $1,500,000. The non-controlling interest shares
How much is the "gross amount"? If this information is not shown on the Balance Sheet, you should be able to find it in the notes that follow the financial statements.
Banner Company manufactures flags of various countries. Each flag has a standard of eight square feet of fabric and three hours of direct labor time.
Assume that you have been consistently impressed by David and Tom Gardner of The Motley Fool (Fool.com) since you first heard of their rather improbable rise to prominence in financial circles.
Nova Manufacturing applies factory overhead to products on the basis of direct labor hours. At the beginning of the current year, the company's accountant made the following estimates for the forthc
The equipment's salvage value is zero, and Doug uses straight-line depreciation. Doug will not accept any project with a cash payback period over 2 years.
Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contributed cash of $25,000 to get things started. Ron was a bit short on cash but had a parcel.
It is further estimated that small lamp production will have 375,000 direct labor hours and desk lamp production will require 265,000 direct labor hours.
Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first three months of activity
Delicious Cake Factory normally sells their specialty cake for $22. An offer to buy 100 cakes for $18 per cake was made by an organization hosting a national event in the city.
A company has fixed costs of $90,000. Its contribution margin ratio is 30% and the product sells for $75 per unit. What is the company's break-even point in dollar sales?
Explain what type of audit report is used when The entity would not allow the CPA to confirm any of the accounts receivable.
Clarkston inc. has $400,000 of 12% bonds, callable at 102, with a remaining 10-year term, and interest payable semiannually. the bonds are currently valued on the books at $384,000.
Explain what typ of audit report is used when the company changes from LIFO to FIFO for inventory costing; this change was properly reported by restating prior financial statementsand all relevant i
Explain what type of audit report give the group auditiors' opinion on group financial statements is based partially on the report of component auditors.
Flyover Airlines leased a new airplane for a term of 10 years. The expected life of the airplane is 20 years. There are no rights to purchase the asset at the end of the term.
Assume your company sells chocolate chip cookies in bags of a dozen each. The cookies are made in your kitchen for now, as the company is just starting up.
The information results from a nonstatistical sampling routine used for a confirmation of accounts receivable. What is the estimate of the total misstatement?
The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in full in the month following the sale and the remainder the following month
A company had common stock with a total par value of $18,000,000 and fair value of $62,000,000; and 7% preferred stock with a total par value of $6,000,000 and a fair value of $8,000,000. The book v
The contribution margin ratio is 30% for the Honeyville Company and the break-even point in sales is $150,000. If the company's target net operating income is $60,000, sales would have to be.
Businesses often feel too busy to plan for the future. A study by Willard & Shullman Group Ltd. found that fewer than 14% of businesses with less than 500 employees do an annual budget or have a
Each unit requires 5 pounds of raw materials costing $3 per pound. On December 31, 2013, the ending raw materials inventory was 9,320 pounds.
Randolph is a 30% partner in the RD Partnership. On January 1, RD distributes $15,000 cash, an investment with a fair value of $20,000 (inside basis of $10,000), and a parcel of land with a fair val
With countries around the world adopting IFRS, many argue that the IASB should tailor its standards to meet the needs of small enterprises. One view is that the board should create standards for SME