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Question: It is now the end of 2018. Use the information below and the table provided to help Modern Witch prepare the consolidated income statement. You do not need to calculate the split of consolidated income between parent and NCI, you only need to complete the table below and show supporting calculations. All the information from Part One of this question is still applicable.- In 2017 Modern Witch sold Ravenclaw inventory with an original cost of $10,000 at the usual markup. Ravenclaw sold 40% of the inventory in 2017 and another 40% in 2018.- In 2018 Ravenclaw sold Modern Witch inventory for a price of $20,000 and an old truck for $2000. All of the inventory and the truck remained in the possession of Modern Witch at the end of 2018.- The truck had an original cost of $20,000 and was fully depreciated at the time of sale. Modern Witch bought it at the beginning of 2018 with the intention to use it for 2 years.- In 2018, the impairment testing process resulted in a write-down of the goodwill by $5000.- As they do every year, Modern Witch still charged Ravenclaw their annual management fee, which they booked to "other revenues". This fee has not changed since acquisition.
What journal entries are required when a cash dividend is declared.
Prepare the journal entry to record the purchase of these bonds on December 31, 2008, assuming the bonds are classified as held-to-maturity securities.
Your firm currently has $120 million in debt outstanding with a 6% interest rate. What is the present value of the interest tax shields from this debt
The accounting records of Bronco Company revealed the following information: Bronco's cost of goods manufactured is:
Allowances are made for significant increases in costs and volume if any. 2014 actual overhead costs included $1,500,000 of fixed costs and $600,000 of variable costs.Compute the overhead rate to be used for 2015.
Micro was incorporated last year. On its first tax return, it reported a $23,500 net operating loss. Compute Micro's taxable income
Compute its weighted average cost of capital (WACC). Can Peace Waterfront use the WACC computed for all of its future investment projects? Why?
The standard deviation of the market returns is 18%. Assume that the next dividend will be paid after one year, at t= 11. What is the expected rate of return
Royce Co. acquired 60% of Park Co. for $420,000 on December 31, 2014 when Park's book value was $560,000. The Royce stock was not actively traded. One year later, the following selected figures were reported by the two companies. Additionally, no div..
Appliances company, If the net income and total assets stay the same, but the total debt ratio increases to 60%, what would the return on equity be?
Correy Corp. and its divisions are engaged solely in manufacturing operations. How many reportable segments does Correy have?
The Howard Company purchased equipment on September 1, 2003, for $200,000. The residual value is $20,000 and the estimated life is 5 years or 60,000 hours. Compute depreciation expense for the year ending December 31, 2004, if the Howard Company uses..
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