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Barkley Corp. obtained a trade name in January 2013, incurring legal costs of $36,000. The company amortizes the trade name over 8 years. Barkley successfully defended its trade name in January 2014, incurring $9,800 in legal fees. At the beginning of 2015, based on new marketing research, Barkley determines that the fair value of the trade name is $30,000. Estimated total future cash flows from the trade name are $32,000 on January 4, 2015. Prepare the necessary journal entries for the years ending December 31, 2013, 2014, and 2015.
Prepare a schedule indicating cash collections from sales for May, June, and July.
Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 15 percent.
on january 1 20x8 transport corporation acquired 75 percent interest in steamship company for 300000. steamship is a
Burich Co. reported proceeds from short-term (non-payables) notes of $2.5 million, proceeds from long-term borrowings of $6.8 million,
Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.
Calculate the overhead allocation rate. Compute the amount of under- or overallocated overhead. Calculate the ending balances in work in process, finished goods and cost of goods sold if under overallocated overhead is:
The auditors compare information on canceled checks with information contained in the cash disbursement journal. The objective of this test is to determine that:
Webb Co. acquired 100% of Rand Inc. on January 5, 20011. During 2011, Webb sold goods to Rand for $2,400,000 that cost Webb $1,800,000. Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,40..
Kelly is single. Her dependent child, Barbara, lives with her. After her divorce, Kelly was awarded the permanent custody of Barbara and has not agreed to waive her right to claim Barbara as a dependent. Kelly has the following items as income and..
Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated. Prepare the journal entry recording the scrapping of the truck.
A goodwill impairment test is done as part of the year end closing process. Grier estimates the fair value of Walters to be $1.4 million. The fair value of Walters identifiable net assets, excluding goodwill, is $1.3 million.
Discuss fully the accounting treatment and disclosures that should be accorded the casualty and related contingent losses in the financial statements dated December 31, 2003.
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