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On January 1, 2005, StreetSmart Financial, Inc., purchased the assets of NIT Insurance Co. for $40,000,000, a price reflecting a$15,000,000 goodwill premium. On December 31, 2008,StreetSmart determined that the goodwill from the NIT acquisition was impaired and had a value of only $9,000,000.
Determine the book value of the goodwill on December 31, 2008, prior to making the impairment adjustment.
Illustrate the effects on the accounts and financial statements of the December 31, 2008, adjustment for the goodwill impairment.
A company issues 5% stock dividends, 15,000 shares, $2.00 par value, initially stock was $12, but current trading value is $20, what are the journal entries?
On December 31, 2012, the accountant had estimated the total tax for 2012 to be $123,600 and had recorded a liability of $3,600 for federal income tax payable.
The allowance for bad debts os contra to which one of the following accounts?
Motorcycle Manufacturers, Inc. projected sales of 76,000 machines for 2012. The estimated January 1, 2012, inventory is 6,500 units, and the desired December 31, 2012, inventory is 7,000 units.
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. Make all the journal entries on the books of Salen Company that are involved in the transactions above.
The buyer paid him $110,000 in cash, agreed to take the title subject to the $190,000 mortgage, and agreed to pay him $80,000 with interest at 9 percent one year from the date of sale. How much is Louis' recognized gain on the sale?
At the market close on February 19, 2010, McDonald's Corporation had a closing stock price of $64.74. In addition, McDonald's Corporation had a dividend per share of $2.05 over the previous year.
Gilbert expects to receive 70% of his revenues in cash during the month of sale and 30% in the following month. Gilbert receives his dolls on consignment, with the purchase price being due at the time of the sale. Thus, Gilbert's cash outflow for ..
Mile-High Foods, Inc., was formed in March 2011 to provide prepackaged snack boxes for a new low cost regional airline beginning on April 1.
Determine how the authoritative literature addresses comprehensive income and illustrate with an example.
During 2009, pension benefits paid were $40,000. The discount rate for the plan for this year was 10%. Service cost for 2009 was $80,000. Plan assets (fair value) increased during the year by $45,000. Required: Determine the amount of the PBO at D..
On May 11, 2009, Jarnigan Co. determined that Terry Freye's account was uncollectible and wrote off $1,100. On June 12, 2009, Frye paid the amount previously written off. Prepare the journal entries on December 31, 2008, May 11, 2009, and June 12,..
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