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Keefe, Incorporated, acquires 70% of George Company on September 1, 2005, and an additional 10% on April 1, 2006. Annual amortization of $5,000 relates to the first acquisition and $3,000 to the second. George reports the following figures for 2006:
Revenues $500,000 Expenses 400,000 Retained earnings 1/1/06 300,000 Dividends paid 50,000 Common Stock 200,000
Without regard for this investment, Keefe earns $300,000 in net income during 2006.
What is consolidated net income for 2006?
a) $365,000
b) $370,250
c) $372,000
d) $374,000
Three kilos of raw materials are needed to produce each unit of finished product. If Tripod Exports plans to produce 280,000 units during the 2008-2009 fiscal year, how many kilos of materials will the company need to purchase for its production d..
Simon is the majority shareholder and managing director of Slowgo Pty Ltd which operates a chain of discount stores.
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Identify the authoritative literature that provides guidance on the zero-interest-bearing note. Use some of the examples to explain how the standard applies in this setting.
Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim's AGI for the year is $50,000, determine his deductible loss on the car.
Remy's lawyers were successful, and the remaining years of benefit from the patent were estimated to be six years. The patent amortization expense for 2014 is
Bunting Corporation had net income of $250,000 and paid dividends to common stockholders of $50,000 in 2007. The weighted average number of shares outstanding in 2007 was 50,000 shares.
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