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1. Parent Company owns 90% of the stock of Subsidiary company.
2. On 1/1/02, Subsidiary company purchased equipment at a cost of $24,000. Subsidiary company depreciates this asset over a 12 year life using straight-line depreciation and no salvage value.
3. 1/1/04 Subsidiary company sold the equipment to parent company for $25,500. Parent company depreciates this equipment over its remaining 10 year life using straight-line depreciation with no expected salvage value.
REQUIRED: Prepare the appropriate eliminating entries for this transaction which would appear on the year-end December 31, 2005 worksheet. (Note the date asked for 12/31/05)
Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10 percent, compounded annually.
During the first year of coperations,Shapiro tool accumulated the following manufacturing costs: Raw materials puschased on account 8000 factory labor accrued 6000 incurred manufacturing overhead on account 4000 Prepare separate journal entries for e..
The amount of the purchases would probably be about $10,000 per month, and the terms would require National to make payment in full within 30 days. Would you recommend that your company grant credit to National under these terms? Explain the reaso..
Given the quantity and total fixed and variable costs, compute the remaining costs the complete the following table.
Please provide a flexible budget performance report for March. Please omit headings other than descriptive columnar headings.
What happens to the fundamental accounting equation when the sole proprietor of a business invests more cash in it
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A business makes a principle payment of cash on a note payable. The note payable was originally issued for the purchase of equipment. Which of the following occurs?
Kevin and Nicole form Indigo Corporation with the following transfers: inventory from Kevin (basis of $360,000 and fair market value of $400,000) and improved real estate from Nicole (basis of $320,000 and fair market value of $375,000). Nicole, a..
In light of the business scandals of the last few years, does the AICPA's Code of Professional Conduct work? What is the area of greatest concern?
Calculate the book value of machinery for the year ended June 30, 2004. Calculate the depreciation expense of machinery for the year ended June 30, 2005.
The property was also encumbered by a $50,000 nonrecourse debt, which was transferred to te partnership on that date. Another partner, Sylvia, shares 1/3 of the partnership income, gain, loss, deduction, and credit. Under IRS regulations, Sylvia's..
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