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Harold Stevenson purchased substantially all of the business assets of the Troy Creamery on January 17. As part of the purchase price he paid $200,000 for the patent on an ice cream making process. Harold also pays $20,000 for the business's goodwill and another $20,000 for the seller's covenant not to compete for the next five years. Compute Harold's amortization deduction for the year of purchase.
Compute the following variances and indicate whether the variance is favorable or unfavorable. 1. Direct material price variance, Direct materials quantity variance, Direct labor price variance, Direct labor quantity variance
Both figures occur evenly throughout the year. On a December 31, 2004 consolidated income statement, what should be reported as the noncontrolling interest in the subsidiary's net income and as preacquisition income?
Compute the gain or loss Howard must recognize on the distribution? Calculate Howard's basis in the stock he received in the distribution?
A physical inventory taken on December 31, 2010, resulted in an ending inventory of $700,000. Keen"s gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At Decembe..
prepare an income statement showing revenues, expenses, pretax income, income tax expense, and net income for the year ended december 31,2012.
For Savage Inc. variable manufacturing overhead costs are expected to be $20,000 in the first quarter of 2005 with $2,000 increments in each of the remaining three quarters. Fixed overhead costs are estimated to be $35,000 in each quarter. Prepare..
Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her supervisor at the sales office located four miles from her home. Sally works under a one-year contract
The return on investment measure of performance: Answer Is relevant only to business enterprises. a) Is used by individuals to compare investment performance.
Write a 700-to 1050 word paper, which describes current trends in business communication. Be sure to address the following questions in your paper:
Its average product sells for $28 a unit. the variable cost per unit is $18. the store experiences a 45 percent tax rate. What are the store's fixed costs expected to be next year? Calculate the store's break-even point in both units and dollars.
American leases various types of equipment and property, primarily aircraft and airport facilities. The future minimum lease payments required under capital leases
You have been engaged to review the financial statements of Water Sync Inc. In the course of your investigation you find a number of irregularities during the current year.
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