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Southern Materials owns 75% of Western furniture's common stock. On december 31 2005, southern sells a machine costing $65,000 with 15,000 accumulated depreciation at the date of sale to western for $36,000. What amount will be debited in the December 31, 2005 worksheet elimination for the machine account as a result fo this transaction?
For the month of October, Pratt Corporation predicts total cash collections to be $1 million. Also for October, Pratt Corporation estimates its beginning cash balance will be $50,000 and that it will borrow cash in the amount of $70,000. If Pratt ..
The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Given these facts, the number of units of product in the beginning inventory last year must have been:
At the date of transfer the land and equipment had fair values of $72,000 and $65,000, respectively. Gleason had been depreciating the equipment on a straight-line basis over ten years with no salvage value.
Explain the meaning of the increase or decrease in the LIFO reserve during the 2010. What does this tell you about inventory costs for the company? Are they rising or falling? Explain.
You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an important cash producer for the company.
Presented below are selected transactions at Thomas Company for 2006. Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
What are the primary securities market and the secondary securities market? Identify two securities exchanges and how they influence trading and the investor.
In your role as the financial manager, you routinely review your firm's financial statements and financial ratios to evaluate the financial health of your company.
If the contribution margin ratio for Ernie Company is 40%, sales were $750,000, and fixed costs were 225,000, what was the income from operations?
In May of 2011, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2011, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable.
Assuming a 30-day period in November, calculate November's interest. Also, calculate the interest Nancy would have paid with: a) the previous balance method, b) the adjusted balance method.
What is the income reported by Regal during 2012 pertaining to the Air investment?
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