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Rich, Inc. acquired 30% of Doane Corp.'s voting stock on January 1, 2010 for $400,000. During 2010, Doane earned $160,000 and paid dividends of $100,000. Rich's 30% interest in Doane gives Rich the ability to exercise significant influence over Doane's operating and financial policies. During 2011, Doane earned $200,000 and paid dividends of $60,000 on April 1 and $60,000 on October 1. On July 1, 2011, Rich sold half of its stock in Doane for $264,000 cash.
What should be the gain on sale of this investment in Rich's 2011 income statement?
On November 19, 2007, Albatross Corporation purchased 30,000 shares of ABC Corporation stock for $480,000, and 10,000 shares of Milken Corporation stock for $250,000. In Microsoft Excel format, please prepare a journal with Albatross's entries for ..
How much is debt service funds for payments of principal over the life of the bonds? How do you report the other?
A person received an inheritance of 500000 rs and want to invest a portion of it for future. His goal to accumulate 700000 rs in 12 year. How much of the inheritance should be invested if the money earns interest at 12% per year compounded semi an..
Some people have more taxes withheld from their paychecks than is needed in order to get a refund every spring. Why would they do this? Do you agree with this strategy for a taxpayer?
Giant produces consolidated financial statements to combine the two companies. Which of the following statements is correct about these consolidated statements?
The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination.
On December 16, 2008, the company's controller made a preliminary estimate of the predetermined overhead rate for the year 2009. The new rate was based on the estimated total manufacturing overhead cost of $3,402,000 and the estimated 63,000 total..
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
Is is important for a company to follow a strict budget even though they may be experiencing phenomenal profits. Do you think there will a bias towards greed when creating the budget for this company? Explain.
Sarah receives a $8,000 per year scholarship from City University. The university specifies that $2,000 is for tuition, books, supplies, and equipment for classes. The other $6,000 is for room and board. As part of the condition of the scholarship..
You believe that the market has changed so much that valuation of the underlying asset cannot be based on past performance. What rules and regulations would guide the actions that you would take? What actions would you take, and why?
The new management of YC Inc. has increased the amount of their year-end liability-expense accruals by over 35% compared to recent years, primarily in recording estimated future warranty expenses. The most likely reason for this action is to:
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