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On January 1, 2010, Reston Co. purchased 25% of Ace Corp.'s common stock; no goodwill resulted from the purchase. Reston appropriately carries this investment at equity, and the balance in Reston's investment account was $720,000 at December 31, 2010. Ace reported net income of $450,000 for the year ended December 31, 2010, and paid common stock dividends totaling $180,000 during 2010. How much did Reston pay for its 25% interest in Ace?
a) $652,500.
b) $765,000.
c) $787,500.
d) $877,500.
Adler Corporation has 50,000 shares of $10 par common stock authorized. The following transactions took place during 2008, the first year of the corporation's existence:
A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue?
There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:
Assuming that the company's $490,000 ending finished goods inventory account for 2011 had $250,000 of direct materials costs, determine the inventories direct labor costs and its overhead costs.
A $142 petty cash fund has cash of $24 and receipts of $121. Which of the following would be the credit in the journal entry to replenish the account?
Determine how the company Coca cola could best allocate costs to divisions, plants, departments, contracts, and / or products. Explain your rationale.
At the end of its first year, the trial balance of Eaton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?Equipment and in Depreciation Expense ?Equipment. Depreciation for the year is estimated to be $6,000.
How does a parent company account for a subsidiary organization in the years that follow the creation of a business combination?
Net loss is $130,000 and the partners have no written partnership agreement.
Suppose the Quick Towing Company purchases a new tow truck. The old truck had a book value of $1,000 and was sold for $1,420. If Quick Towing is in the 34 percent marginal tax bracket, what is the tax liability on the sale of the truck?
Hart Company's labor standards call for 500 direct labor hours to produce 250 units of product. During October the company worked 625 direct labor hours and produced 300 units. The standard hours allowed for October would be:
Also explain how the cash budget can impact the timing of certain decisions such as when to invest in capital projects or seek additional financing.
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