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Problem 1: Kim Company acquired 30% of Kourtney Company's voting stock for $200,000 on January 2, 2019. During 2019, Kourtney earned $80,000 and paid dividends of $50,000. Kourtney reported earnings of $100,000 for the six months ended June 30, 2020, and $200,000 for the year ended December 31, 2020. On July 1, 2020, Kim sold half of its stock in Kourtney for $150,000 cash. Kourtney paid dividends of $60,000 on October 1, 2020. In its 2020 income statement, how much should Kim report as gain from the sale of half of its investment?
Wiki Wiki Company has determined that the variable overhead rate is $4.50 per direct labor hour in the Fabrication Department. The normal production capacity for the Fabrication Department is 10,000 hours for the month. Fixed costs are budgeted at $6..
Patricia Leather Company is a small private company located in Montreal. Discuss the financial reporting issues involved in the three alternatives
Bencorp issues a $90,000, 6-month, noninterest-bearing note that the bank discounted at a 10% discount rate. Determine the effective interest rate
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They would love to buy a Hummer, but it is just too expensive and too small for their needs, so they settle on a used Suburban. The cost of the Subur..
Experience has shown that 15 percent of sales, Do a schedule of cash receipts for the company covering the fourth quarter (October through December).
How much is the carrying value of the investment in associate at year-end? On April 1, 2020, UY Corporation purchased 30% of the voting rights
Prepare a journal entries to record the 2021 transactions.Upon reveiving its accounting records on december 31, 2021 , the threatre noted that the telephone
The following data concerns selected inventory items. Description Quantity Unit Cost Market Value Department
Does the organization have an adequate fraud risk management plan in place? Support your response. Fraud risk management plans are essential for an organization
Prepare to bank reconciliation statement showing the corrected balance of cash at bank as on December 31, 1998. Balance as per cash book Rs.6, 000
Would you prefer to invest in stocks or in corporate bonds? Explain fully when making the comparison between stocks and bonds and clearly show
Chain Gang mass produces beaded necklaces. Production occurs in three sequential production? departments: Stringing,? Clasping, and Packaging. At the beginning of the period in? Clasping, 1,400 physical units were in beginning inventory. What percent..
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