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On january 1, 2010 porter company purchased an 80% interest in the capital stock of salem company for 850000. at that time, salem company had a capital stock for %550,000 and retained earnings for $80,000. Differences between the fair value and the book value of the identifiable assets are salem company were as follows. Equipment $130,000
Land 65000, and inventory 40,000. The book values of all other assets and liabilities of salem company were equal to their fair values on january 1,2010. The equipment had a remaining life of five years n Jan1. The inventory was sold in 2010. 2010 net income $100,000; dividends declared of $25,000. 2011 net incoe $110,000; dividends declared $35,000
Prepare a computation and allocation schedule for the difference between book value of equity aquired and the value implied by the pruchase price.
Stan and Ollie are partners who share income in the ratio of 2:3 and have capital balances of $50,000 and $30,000 respectively. Ray is admitted to the partnership and is given a 40% interest by investing $20,000. What is Stan's capital balance aft..
If you are currently with a company that uses some elements of a balanced scorecard, post this information to the forum for this assignment. Discuss the advantages and disadvantages of the presented information..
Describe two ways that the auditors obtain evidence that there are no significant amounts of unrecorded retirements of property.
What results have empirical studies of the dividend theories produced? How does all this affect what we can tell managers about dividend payouts?
JC Accounting performs two types of services, Tax and Consulting. JC's overhead costs consist of computer support, $200,000; and legal support, $100,000. Information on the two services is:
Anyone who failed the test must take a retest. Since a greater percentage of students who took the morning test failed the test than students who took the afternoon test, more of Orlof's morning history students than afternoon history students wil..
When you use an aging schedule approach for estimating uncollectible accounts:
Indicate how much income Telephone Sellers should recognize in January, February, March, and April.
Prepare an appropriate journal entry to indicate the impact of the transactions on the city's fund financial statements for the year ending December 31, 2011.
A manual insertion process takes 30 minutes and eight pounds of material to produce a product. Automating the insertion process requires 15 minutes of machine time and 7.5 pounds of material.
The machine will have a 12-year useful life and no salvage value. Instructions (a) Calculate the cash payback period. (b) Calculate the machine's internal rate of return. (c) Calculate the machine's net present value using a discount rate of 10%.
The Red Car Division has excess capacity and the 1,000 units can be produced without interfering with the current outside sales of 5,000. The 6,000 volume is within the division's relevant operating range.
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