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Question - The accountant for HHH Ltd, Ms Stephanie, has sought your advice on an accounting issue that has been puzzling her. When preparing the acquisition analysis relating to HHH Ltd's acquisition of Orton Ltd, she calculated that there was an excess on acquisition of $10,000. Being unsure of how to account for this, she was informed by accounting acquaintances that this should be recognized as income. However, she reasoned that this would have an effect on the consolidated profit in the first year after acquisition date. For example, if Orton Ltd reported a profit of $50,000, then consolidated profits would be $60,000. She is unsure of whether this profit is all postacquisition profit or a mixture of pre-acquisition profit and post-acquisition profit.
Required - How should the excess be accounted for? What is the effect of its recognition on subsequent consolidated financial statements?
The personnel department trains new,Classify each of the activities as either a unit- level, batch- level, product- level, or organization- sustaining activity.
Discuss this statement in relation to the design and implementation of budgetary control systems.Motivation is the over-riding consideration
Determine the adjustments that Moxie would make in 2013 and 2014 to reconcile net incomeand stockholders' equity under U.S. GAAP to IFRS and determine the amount Moxie should recognize as research and development expense in2013 under
Compute the break-even point in sales dollars if fixed costs are $200,000 and the total contribution margin is 20% of revenue.
Calculate manufacturing overhead rates that would be applied to bicycles produced using activity-based costing, and explain how Brooklyn Cycles could achieve improved costing accuracy.
A partial listing of costs incurred during March at Febbi Corporation appears below: Factory supplies - P9,000. Find the total of the period costs listed
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What the raw materials purchased during the period is? Conversion cost (FOH is 50% of DL costs) 6,750,000. Prime costs 6,750,000
You will prepare a report that compares your findings on costs and changes to variable and indirect costs. Include the potential financial benefits the facility might realize if it incorporated changes to the revenue or cost structure.
Prepare an income statement for 2010 and prepare a statement of retained earnings for 2010
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