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Fenwicke Company began operating a subsidiary in a foreign country on January 1, 2013, by acquiring all of its common stock for LCU 80,000, which was equal to fair value. This subsidiary immediately borrowed LCU 200,000 on a five-year note with 6 percent interest payable annually beginning on January 1, 2014. The subsidiary then purchased for LCU 280,000 a building that had a 10-year anticipated life and no salvage value and is to be depreciated using the straight-line method. The subsidiary rents the building for three years to a group of local doctors for LCU 7,500 per month. By year-end, payments totaling LCU 75,000 had been received. On October 1, LCU 4,400 was paid for a repair made on that date. The subsidiary transferred a cash dividend of LCU 5,900 back to Fenwicke on December 31, 2013. The functional currency for the subsidiary is the LCU. Currency exchange rates for 1 LCU follow
Prepare an income statement, statement of retained earnings, and balance sheet for this subsidiary in LCU and then translate these amounts into U.S. dollars.
brecker company leases an automobile with a fair value of 10906 from emporia motors inc. on the following
How is tax basis calculated and what effect does tax depreciation have on the computation of the gain or loss on the disposition of a capital asset?
micro chip corporation mcc has a special po box for customer payment. jane is responsible for going to the post office
Robins Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company's financial statements.
Mancini manufactures embroideered jackets. The company prepares flexible budgets and uses standard cost system to control manufacturing costs. The standard unit cost of a jacket is based on static budget volume of 14,000 jackets per month.
a company has a decision to make between two investment alternatives. the company requires a 10 return on investment.
the greek company has two divisions beta and gamma. gamma division produces a product at a variable cost of 6 per unit
1.In your own words, please distinguish between direct and indirect expensesand identify bases for allocating indirect expenses to departments.
If 800 shares of $40 par common stock are sold for $43,000, the $43,000 would be reported in the cash flows from financing activities section of the statement of cash flows.
the president of univax inc. has just approached the companys bank seeking short-term financing for the coming year
If Department K had 2,000 units, 45% completed, in process at the beginning of the period, 12,000 units were completed during the period, and 1,200 units were 40% completed at the end of the period, what was the number of equivalent units of produ..
autocar company manufactures automobiles. the red car division sells its red cars for 25000 each to the general public.
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