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Grant, Inc. acquired 30% of South Company's common stock for $350,000 on January 1, 2011. During 2011, South Company reported a net income of $120,000 and paid dividends totaling $30,000. For 2012, South Company earned a $160,000 net income and paid dividends totaling $50,000. Grant, Inc. sold one-half of its investment in South Company on December 31, 2012 for $230,000 cash.
Calculate the investment revenue reported in Grant's 2011 income statement. Do not use decimals in your answer.
Prepare the journal entries for the rework, assuming the following: The rework is related to a specific job, The rework is common to all jobs and The rework is considered to be abnormal.
Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the seven internal control procedures (10 points) and (2) provide examples of how your two selected intern..
On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory?
1 a compound known to be a pain reliever had the empirical formula c9h8o4. when a mixture of 5.02 mg of the unknown and
BBAC502 - Assignment Identify a current controversy in Accounting in Australia and demonstrate your understanding of the issue
Wright corporation issued $4,000,000 of 8% bonds on October 1,2014, due on October 1,2019. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold for $3,691,117 to yield 10% effective interest. Prepare the initial entry..
There may be instances of incorrect recording of inventory data in the books of account. As closing inventory is carried forward in the general ledger of the next accounting period, as opening inventory, an incorrect recording of inventory in one acc..
Does the FAS 157 prohibition of the use of blockage factors when measuring the fair value of a financial instrument that trades in an active market (i.e., Level 1 inputs) also apply to Level 2 and Level 3 inputs?
Adjusting Entries: Accumulated depreciation-equipment at 1/1/1X was $230,000. At 12/31/1X the balance of the account was $480,000. During 201X, one piece of equipment was sold. The equipment had an original cost of $40,000 and was 3/4 depreciated whe..
For its inspecting cost pool, Noah Company expected overhead cost of $69,822 and 1,178 inspections. The actual overhead cost for that cost pool was $57,797 for 1,870 inspections. The total cost that would be assigned to the inspecting cost pool to pr..
On its income statement for a recent year, Twin Cities Airlines, Inc. reported a net loss of $68 million from operations. On its statement of cash flows, it reported $457 million of cash flows from operating activities. Explain this apparent contradi..
Nature’s Own manufactures organic fruit preserves sold primarily through health food stores and on the Web. The company closes for two weeks each December to enable employees to spend time with their families over the holiday season. What are the adv..
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