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Catbird Corporation paid $240,000 on April 1, 2006 for all of the common stock of Bug Corporation in a business acquisition. Bug’s stockholders’ equity at April 1 consisted of the $195,000 January 1, 2006 stockholders’ equity of Bug plus first quarter income less dividends. Dividends are paid quarterly. Any excess cost over book value acquired is allocated to goodwill.Catbird sold equipment with a 5-year remaining useful life to Bug on Oct 1, 2006 for a gain of $10,000. Depreciation overcharged as result for period was $ 500. Bug’s accounts payable balance at December 31 includes $5,000 due to Catbird from the sale of equipment. Catbird accounts for its investment in Bug using the equity method as a one-line consolidation. Complete the working papers to consolidate the financial statements of Catbird and Bug Corporations for the year 2006.
The supervisor of the Logistic's Department has suggested to the plant manager that a new machine costing $285,000 be purchased to improve material handling operations for the plant's newest product line. How should the plant manager proceed with ..
The amount of the gift was $30,000. Gift taxes of $10,000 were paid. Evaluate Emma's adjusted basis in the necklace?
Asset cost allocation - Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, 2013 and use straight line method, prepare the December 31 adjusting entries to record depreciation for the 12 month..
Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. Illustrate what amounts should be considered product and period costs respectively for the first year of coverage?
Prepare a two column common size income statement and Comment specifically on difference between Camper's, Inc., and the industry average.
Illustrate what is the minimum transfer price that Twyla should accept? What is the potential loss to the corporation as a whole resulting from this forced transfer?
Further investigation showed that the department manager also was the timekeeper because the company could not afford a separate timekeeper. What actions might be taken to correct this problem?
Namiki, CPA, is auditing the financial statements of Taylor Corporation for the year ended December 31, 2011. Illustrate what subsequent events should be considered? What procueruse should be considered?
Calculation of cash break-even quantity and financial break-even quantity and find the financial break-even quanity
Calculate the amount Dennis may deduct as travel expenses for the trip. Dennis, the owner of Dennis Company, incurs the following expenses while away from home on a three-week business trip during the current tax year
Purpose the journal entries needed in the Capital Projects Fund to account for the above transactions. Manage closing entries.
The client had agreed up front that they would provide Spencer capital stock in lieu of cash for his service.
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