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Point 1: On 1 January 2018, Gamma, Inc. paid $225,000 for a 20 percent interest in Subsidiary Corporation's common stock. This investee had assets with a book value of $890,000 and liabilities of $650,000. A patent held by subsidiary having a $55,000 book value was actually worth $200,000. This patent had a 5-year remaining life. Any further excess cost associated with this acquisition was attributed to Goodwill. During 2018, subsidiary earned income of $24,000 and paid dividends of $4,800. In 2019, it had income of $65,000 and paid dividends of $13,000.
Question 1. Calculate the excess of Cost over BV acquired.
Seiko’s current salary is $118,000. Her marginal tax rate is 30 percent and she fancies European sports cars. She purchases a new auto each year. Seiko is currently a manager for an office equipment company. What before-tax salary would Seiko need to..
The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) selling, (b) administrative, or (c) other?
Explain the company's existing policy regarding dividends and/or share repurchases Has the policy changed considerably over time?
Parker and Jones is a leading retailer of casual apparel for men, women, and children. Assume that you are employed as a stock analyst and your boss has just completed a review of the new Abercrombie annual report. Determine the amount of purchases f..
Briefly explain why TD remains the same. - If the auditor is planning to confirm accounts, does the extent increase, decrease, or remain the same?
Describe the reasons why corporations invest in securities. Discuss how the market would be affected if they stopped this practice?
Colfax company incurred production labor costs of $5,400 in Feb(payable in march) for work requiring 1,100 standard hours, at a standard rate of $15.00 per hour: 1,200 actual direct labor hours were worked. Based on this information, which one of the..
Laboda's Smart? Shawls, Inc., is a small business that Laboda developed while in college. She began hand-knitting shawls for her dorm friends to wear while studying. Calculate the price and efficiency variances for the wool, and the price and efficie..
Interim reports. A few years ago, a publishing company in the fourth quarter had a net profit figure that exceeded sales for that quarter. Such a situation as this suggests that some difficult accounting issues are involved in interim reporting. What..
Wildwood Township entered into the following transactions during 20X6: The township entered into a contract for construction of the fountain at an estimated cost of $4,850,000. Prepare the journal entries (budgetary and actual) required in the variou..
1.Determine the missing amounts in each of these four separate situations a throughd.
What is the new equilibrium price level and level or real output? I need answers with charts
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