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Composition of equity investment account
Several years ago, a parent company acquired all of the outstanding common stock of its subsidiary for a purchase price of $275,000. On the acquisition date, this purchase price was $68,000 more than the subsidiary’s book value of Stockholders’ Equity. The AAP was entirely attributable to Goodwill. On the date of acquisition, the parent company management believes that the goodwill only has a 10-year useful life. Since the date of acquisition, the subsidiary has reported cumulative net income of $234,000 and paid $97,000 of dividends to its parent company.
Compute the balance of the Equity Investment account on the parent’s balance sheet assuming that the Goodwill asset has not declined in value subsequent to the date of acquisition.
Dims dale Sports cash sales and credit sales represent 25% and 75% respectively, of total sales. Of the credit sales, 60% is collected in the first month after the month of sales and 40% in the second month after the month of sales
Lucy lives in Comfort and makes a living selling specialized items during various seasons of the year. This winter she plans to sells certain hand-crafted winter outfit. She will buy the outfit from a farmers’ cooperative (“the Co-op”) in a border to..
Which of the following accounts would appear only in an accrual basis accounting system, and which would appear in either a cash basis or accrual basis accounting system? (a) Capital Stock, (b) Fees Earned, (c) Accounts Receivable, (d) Land, (e) Util..
prepare the production budget and direct materials purchase budget for the quarter from the data given below.production
Determine the total cost allocation and departmental overhead rate for the producing departments using the direct method. Show your work and producing departments using the step-down method.
Prepare a classified balance sheet with a proper heading on a spreadsheet. For assets, use the classifications of current assets, plant and equipment, intangibles, and other assets. For liabilities, use the classifications of current liabilities a..
CASE A: Fred ’ s Electrical, Inc. (Cash Receipts Process) Fred ’ s Electrical, Inc. sells electrical parts to electrical contractors in the northwest-ern United States. Prepare an annotated table of entities and activities. Indicate on thistable the ..
Which of the following is true about stock-based compensation?
asset cost allocation straight line depreciationin january 2013 mitzu co. pays 2600000 for a tract of land with two
The Wrapping Department’s output during the period consists of 17,000 units completed and transferred out, and 900 units in ending work in process that were 75% complete as to materials and conversion costs. Beginning inventory was 1,200 units that w..
Answer each of the following independent questions concerning supplies and the adjustment for supplies. a) the balance in the supplies account, before adjustment at the end of the year, is 3175$. What is the amount of the adjustment if the amount of ..
Distinguish between the substance and form of financial statements. Estimate variable and fixed costs for a publicly traded company.
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