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Red Co. acquired 100% of Green, Inc. on October 1, 2009. On January 1, Green had inventory with a book value of $42,000 and a fair value of $52,000. This inventory had not yet been sold at December 31, 2009. Green had a building with a book value of $200,000 and a fair value of $390,000. Green had equipment with a book value of $350,000 and a fair value of $280,000. The building had a 10-year remaining useful life and the equipment had a 5-year remaining useful life. How much amortization expense will be on the consolidated financial statements for the year ended on December 31, 2009 related to the acquisition of Green?
Polaris Ltd is a public company which is listed on the Australian Securities Exchange and has numerous small shareholders. Polaris Ltd owns 35% of the issued ordinary shares of Beta Ltd. The remaining shares of Beta Ltd are widely distributed among n..
The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale:
Which of the following best describes the auditors' approach to the audit of the ending balance of property, plant and equipment for a continuing nonpublic client?
The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance.
Also, a 90-day put option with an exercise price of $.73 and a premium of $.01 is available. FAB plans to purchase options to hedge its payable position. Assuming that the spot rate in 90 days is $.71, what is the net amount paid, assuming FAB wis..
Describe the fiduciary activities of a state or local government and explain how accounting and financial reporting for fiduciary activities differ from those for governmental and business-type activities.
A company acquires land by issuing 10,000 shares of its $10 par value common stock currently trading at $20 per share and the appraised value of the land is $250,000. We would record the land by:
Sarah owns 100 shares of Drake,Inc. (adjusted basis of $50,000). On October 11, 2010, she sells the 100 shares for their fair market value of $45,000. On November 5, 2110, she purchases 125 shares of Drake stock for $57,000. a) What is Sarah's rea..
The Internal Revenue Code allows some accountable events to be considered differently for income tax reporting purposes and financial accounting purposes, while other accountable events must be reported the same. Identify an event related to inve..
On January 30, Tensing Corporation bought supplies of $2,000. The supplies were all consumed in February. Determine which of the following statements is true regarding the accounting for these supplies.
Rica's Fleet Feet, Inc., produces dance shoes for stores all over the world. While the pair of shoes are boxed individually, they are crated and shipped in batches. What is the static budget and flexible budget number of crates for 2008?
Based on the following data for the current year, what is the accounts receivable turnover? Net sales on account during year $500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, e..
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