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Buyco holds 25 percent of outstanding shares of Marqueen and appropriately applies the equity method of accounting. Excess cost amortization (related to a patent) associated with his investment amounts to $10,000 per year. For 2012, Marqueen reported earnings of $100,000 and pays cash dividends of $30,000. During that year, Margueen acquired inventory for $50,000, which it then sold to buyCo for $80,000. At the end of 2012, BuyCo continued to hold merchandise with a transfer price of $32,000. A) What equity in Investee income should BuyCo report for 2012? . B) how will intra-entry transfer affect BuyCo's reporting in 2013 ?. C) if BuyCO had sold the inventory to Marqueen, whether the answers to (a) and (b) would change ?
Compute the unit cost for each department. Compute the total unit cost for the Milo Company order. The selling price for this order was $14 per unit. Was the selling price adequate? Compute the prime costs and conversion costs per unit for each depa..
Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold is $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700.
Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.
Willow Creek Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor hours for the upcoming year at 38,500 labor ho..
Kentucky Enterprises purchased a machine on January 2, 2010, at a cost of $120,000. An additional $50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a sal..
William's basis in the WAM Partnership interest was $100,000 just before he received a proportionate liquidating distribution consisting of investment land (basis of $30,000, fair market value $40,000), and inventory (basis of $30,000, fair market..
The Pension Trust Fund maintained by the City of Linden had the following transactions during 2012. Record each transaction in the Pension Trust Fund. Ignore any other funds that may be involved in a transaction.
Louie Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary.
What is the impact of accounting errors on the balance sheet and income statement? How are errors handled?
Juanita, who is single, is in an automobile accident in 2012 and her car sustains $6,200 in damages. Because both drivers received tickets in the accident, Juanita does not expect to recover any of the loss from her insurance company.
Define the major problem or problems. Indicate how the problems are related to one another: What has happened to the key players since the events in this case?
Evaluate whether the Dodd-Frank legislation can prevent a financial crisis in the future. Provide your rationale.
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