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Question - The accountant for Bingo Ltd, Ms Diva, has sought your advice on an accountancy issue that has been mystifying her. When preparing the acquisition analysis relating to Bingo Ltd's acquirement of Tasha Ltd, she calculated that there was a gain on bargain purchase of $10,000. Being unsure of how to account for this, she was informed by accounting colleagues that this should be treated as income. However, she figured that this would influence the consolidated profit in the first year after acquisition date. For example, if Tasha Ltd reported a profit of $50,000, then consolidated profit would be $60,000. She is unsure of whether this profit is all post- acquisition profit or a mixture of pre-acquisition profit and post-acquisition profit.
Compile a detailed report on the nature of an excess, how it should be accounted for and the effects of its recognition on subsequent consolidated financial statements.
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Distribute the overheads based on an adequate basis and calculate the planned overhead absorption rates using the sequential method (use the most appropriate sequence regarding interrelationships - use book for help).
Three-fourths of the premium applies to factory operations and one-fourth applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage?
look at ford motor companys accounts receivable account.does ford have an accounts receivable balance?has it decreased
Prepare the journal entries related with the cost cycle. FINISHED GOODS jan Rs.12,000 DECRs.6,000. WORK IN PROCESS 8,000 3,000
What diary passage is set up by an organization's bookkeeper to mirror the inflow of money got from an advance? Assume $9,000 is acquired from neighborhood bank
The same ship owner advertises a tariff whereby the freight charged for all cargo will be the same. What kind of good can the ship owner expect to attract?
Prepare the current assets section of the balance sheet and compute the predetermined overhead rate AND the amount of applied manufacturing overhead
In addition to the expenses listed above, the company had $450,000 of common fixed expenses which it allocated to each division based on their percentage of total service revenue earned.
Explain the difference between variable and full costing. Explain why income calculated under full absorption costing will be greater than income calculated under variable costing when production exceeds sales.
What is its economic value added? The information relates to Black's Mount Ltd. After tax operating income $ 900 000.Total assets $ 6 000 000
What the expected contribution margin next month would be P? During the next month, the company expects to sell 450 units.
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