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In August 1, 2010, Volmar Corporation purchased a new machine on a deferred payment basis. A down payment of $4,000 was made and four annual instalments of $6,000 each are to be made beginning on September 1, 2010. The cash equivalent price of the machine was $25,000. Due to an employee strike, Volmar could not install the machine immediately, and thus incurred $300 of storage costs. Costs of installation (excluding the storage costs) amounted to $800. The amount to be capitalized as the cost of the machine is ??
In computing the noncontrolling interest's share of consolidated net income, how should the sub- sidiary's income be adjusted for intercompany transfers?
Custom, canned, and modified canned software all have advantages and disadvantages. In this age of increasing computerization, which do you feel will become predominant? Will any of methods be phased out? Does your response vary depending on the t..
Ponderosa acquired 100% control of Sumac on January 1, 2009. The purchase differential included $30,000 attributable to undervaluation of Sumac's inventory. Both Ponderosa and Sumac account for inventory using LIFO. Sumac's December 31, 2009 inven..
An oil and gas investor is considering the acquisition of two fields.
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.
Until recently, governments were not permitted to recognize increases in the value of investments as revenue. What arguments might you present in support of the current position that investments.
In addition, Otter has tax-exempt interest income of $250,000 and makes distributions to Ellie and Linda of $50,000 each. Discuss the impact of this information on the taxable income of Otter, Ellie, and Linda if Otter is:
Write down a 3-5 pg paper comparing and contrasting Federal and state tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.
In a step acquisition, which of the following statements is false? A. Obtaining control through a step acquisition is a significant re-measurement event B. The acquisition method views a step acquisition essentially the same as a single step acquisit..
The bonds mature on January 1, 2019. Solo paid $50,000 in bond issue costs. Solo uses straight-line amortization. The amount of interest expense for the year is:
If variable overhead is applied on the basis of direct labor-hours and the variable overhead rate variance is favorable, then?
Calculate the predetermined overhead rate using direct labor costs as the allocation base. Calculate the predetermined overhead rate using machine hours as the allocation base. Which of the allocation bases is preferred? Why?
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