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Powell Corporation acquired 90% of the voting stock of Santer Corporation on January 1, 2014 for $11,700 when Santer had Capital Stock of $5,000 and Retained Earnings of $4,000. The amounts reported on the financial statements approximated fair value, with the exception of inventories, which were understated on the books by $500 and were sold in 2014, land which was undervalued by $1,000, and equipment with a remaining useful life of 5 years under the straight-line method, which was undervalued by $1,500. Any remainder was assigned to goodwill.
Financial statements for Powell and Santer Corporations at the end of the fiscal year ended December 31, 2015 appear in the first two columns of the partially completed consolidation working papers. Powell has accounted for its investment in Santer using the equity method of accounting. Powell Corporation owed Santer Corporation $100 on open account at the end of the year. Dividends receivable in the amount of $450 payable from Santer to Powell is included in Powell's net receivables.
Complete the consolidation working papers for Powell Corporation and Subsidiary for the year ended December 31, 2015.
Prepare an income statement for the year ended 31 st December, 20X8, by using direct costing. Prepare an income statement for the year ended 31 st December, 20X8, by using absorption costing.
Compute the correct amount for the ending inventory. Explain the basis for your treatment of each of the preceding items.
During the year, Morley, a single taxpayer, had an AGI of $30,000 before considering the following items: Determine amount of Morley itemized deduction
Found to be the best choice with the Net Present Worth (NPW), must it also be the best choice based on the discounted payback method
If a resource has been consumed but a bill has not been received at the end of the accounting period,
Flop Company manufactures 10,000 units of widgets for use in its annual production. Costs are direct materials $20,000, direct labor $55,000, variable overhead $45,000, and fixed overhead $70,000. Floozy Company has offered to sell Flop 10,000 units ..
Wendell’s Donut Shoppe is investigating the purchase of a new $34,100 donut-making machine. The new machine would permit the company to reduce the amount of part-time help needed, at a cost savings of $5,600 per year. What would be the total annual c..
The appropriate value for the stag horn buttons inventory in total and per 100 buttons- show calculations to justify your answer.
Division B has received an offer from an outsider vendor to supply all the widgets it needs (20,000 widgets) at a cost of $45. The manager of Division B is considering the offer but wants to approach Division A first. What is the maximum transfer pri..
$10,000 deposited in the bank on January 1 at 7% interest compounded annually. You will keep this money in the bank for 5 years. Please set up the calculation for Future Value of this deposit
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method.
questiona calculate the taxable income for 2012 for aiden on the basis of the following information. aiden is married
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