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Little Company, a 70 percent-owned subsidiary of Giant Corporation, sold a building to Giant on May 1, 2005, for $480,000. The building had a cost of $850,000 and accumulated depreciation of $430,000 at the date of sale. The building is depreciated using the straight-line method and an estimated remaining life of 10 years. In the preparation of the 2006 consolidated financial statements, what is the dollar amount of the worksheet elimination to 2006 Retained Earnings with respect to this transaction?
On January 1, 2010, Carla Industries issued 10% bonds dated January 1, 2010, which has a face amount of 25 million. The bonds mature in 2020. The market rate of interest 12%. The interest is paid on June 30 and December 31.
What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents?
the balance sheet of the Indian River Electronics Corporation as of December 31, 2012, included 12.25% bonds having a face amount of $90 million.
Cisco Systems, Inc., is the world's leading supplier of internetworking solutions targeted at corporate enterprise intranets and the internet. Using the instructions below, access Ciscos 2011 Annual Report.
Williams Inc reports total net income of $130,000 during 2012. This includes $10,000 of income from 5.5% Orange County municipal bonds. Thus the Corporation's taxable income is equal to $120,000.
Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..
Using the retail method (this method estimates lower-of-average-cost-and-market), compute the ending inventory at cost as of January 31, 2005. Make sure your answer is in good form with clearly labelled amounts.
On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the rece..
A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2009, for 100,000 pesos each. It pays for both items on June 1, 2009
What amount of interest expense will be displayedon the 2013 income statement? c) What amount of liability for the note will be displayed on the balance sheet on December 31, 2013?
Are there any provisions that a company can take to avoid a big hit from audit findings for income taxes in future financial reporting periods - sort of a temporary holding accounts?
The Wei Corporation expects next year's net income to be $15 million. The firm's debt ratio is currently 40 %. Wei has 12 million of profitable investestment opportunites, and it wishes to maintain its existing debt ratio.
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