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Bullworks sponsors the establishment of BR corporation. Bullworks sells its receivables to BR which is a special purpose entity. Other information:
1) Bullworks owns 5% of the owners equity of BR. Rodeo Corporation owns the remaining 95%.2) Owners equity constitutes 3% of the total assets of BR, the remaining 97% of total assets is financed through debt securitized by the receivables that Bullworks sells to BR. Circumstance
Problem A. Explain if BR is a variable interest entity or not. Support your answers using the facts above.
Problem B. Explain whether Bullworks or Rodeo must consolidate BR? Support your explanation with facts.
Prepare journal entries to record the above inventory and the following events related to the estate principal and income: Final medical and funeral expenses of $22,000 are paid.
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Beginning inventory $110,000; ending inventory $70,000; cost of goods sold $1,100,000; and sales $1,600,000. Hoover's days in inventory in 2017 was
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If a corporation has dividends in arrears on non-cumulative preferred stock ($15,000 per year), and declares $40,000 of dividends during the current (second) year, how much will be paid to the common shareholders? Common stock shareholders get the ca..
The following are the job cost related accounts for the law firm of Marigold Associates and their manufacturing equivalents.
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