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Bell Company purchases 80% of Demers Company for $500,000 on January 1, 2006. Demers reported common stock of $300,000 and retained earnings of $200,000 on that date. Equipment was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. Any excess cost over fair value was attributed to goodwill with an indefinite life. Based on an annual review, goodwill has not been impaired.
Demers earns income and pays dividends as follows: 2006 2007 2008 Net income $100,000 $120,000 $130,000 Dividends 40,000 50,000 60,000
Assume the equity method is applied. Compute Bell's income from Demers for the year ended December 31, 2008.
a) $50,400
b) $56,000
c) $98,400
d) $124,400
Amy works as an auditor for a large major CPA firm. During the months of September thru and November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and r..
Amos could borrow $100,000 from its bank to finance the purchase at an annual rate of 8%. Should Amos borrow from the bank or use the manufacturer's payment plan to pay for the equipment?
Garner has sufficient unused capacity to produce the 2,000 scales. If the special order is accepted, what will be the effect on net income?
If a check correctly written and paid by the bank for $428 is incorrectly recorded on the company's books for $482, the appropriate treatment on the bank reconciliation would be to:
Calculate the amount of the final price adjustment because of defective pricing based on the Contractor unintentionally overpriced their material costs by $75,000 and under-priced their direct manufacturing labor costs by $50,000. Overhead rates u..
Ashton Fleming has decided to document and analyze the accounts payable process at S&S so the transition to a computerized system will be easier.
The Loebuck grocery sells milk. The grocer orders milk from a local farmer fro $13 per case and sells for $16 per case. Unsold cases are disposed for $1.5 per case, and each case of shortage causes $3.7 loss of profit.
Sarah transfers property with an $80,000 adjusted basis and a $100,000 FMV to Super Corporation in a Sec. 351 transaction. Sarah receives stock with an $85,000 FMV and a short-term note with a $15,000 FMV. Sarah's basis in the stock is:
Define the term expenditure and distinguish between that term and the following terms: expense, disbursement, encumbrance and other financing use.
Evaluate the amount of goodwill or others intangible assets derived from the transaction and explain whether you support that this value was created as a result of the business combination.
Determine how the authoritative literature addresses comprehensive income and illustrate with an example.
the company is large, she is only requisitioning a small amount of material compared to total company operations and she does have documentation of the cost.
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