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At the start of the year, SBC Corp. Purchased 30% of Sky Tech Inc. for $45 million. At the time of the purchase, the carrying value of Sky Tech's net assets was $75 million. The fair market value of Sky Tech's depreciable assets was $15 million in excess of their book value. For this year, Sky Tech reported a net income of $75 million and delacred and paid $15 million in dividends. What is the amount of purchased goodwill?
A review of the accounting records of Rayford Manufacturing indicated that the company incurred the following payroll costs during the month of August.
our friend owns a security that calls for the payment of $10,000 after 27 months. The security is just as safe as your bank deposit, and your friend offers to sell it to you for $8,000. If you buy the security, by how much will the effective annua..
Describe the following trade controls: Tariffs, subsidies, and quotas. How do these trade controls affect relationship of trading partners and what is their value in international business.
Actual selling price: $7.50, $10.50. Budgeted selling price: $5.50, $10.50. Actual Sales Mix: 69%, 31%. Budgeted Sales Mix: 75%, 25%. What is the total sales-volume variance of revenues?
On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
The chart below describes the § 1231 assets sold by the Tan Company (a sole proprietorship) this year. Compute the gain or loss from each asset disposition and determine the net § 1231 gain treated as long-term capital gain for the year. Assume th..
Sam and Drew are equal partners in SD, LLC, formed on June 1 of the current year. Sam contributed Land that he inherited from his Uncle in 2005. Sam's Uncle purchased the land in 1980 for $30,000. The land was worth $100,000 when Sam's uncle died...
Inventory is the most important asset for many merchandising companies. How are merchandising inventories accounted for under U.S. GAAP?
When one media company buys another, goodwill is often the most costly asset acquired. World media paid $700,000 to acquire-Journalize World Media's acquisition of The Dandy Dime.
Discuss the 6 principles of professional conduct. When working in the field of auditing, ethical situations will always arise. Should you ever violate your ethical beliefs under any circumstances?
Any plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newly acquired assets.
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