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On January 3, 2009, Acme Corp. owned a machine that had cost $300,000. The accumulated depreciation was $180,000, estimated salvage value was $18,000, and fair market value was $480,000. On January 4, 2009, this machine was irreparably damaged by Reed Corp. and became worthless. In October 2009, a court awarded damages of $480,000 against Reed in favor of Acme. At December 31, 2009, the final outcome of this case was awaiting appeal and was, therefore, uncertain. However, in the opinion of Acme's attorney, Reed's appeal will be denied. As of December 31, 2009, do we have a loss contingency, a gain contingency, or both? How should this be accounted for in the financial statements? Be sure to use the requirements of Codification Section 450 (FASB 5) to explain your answer.
Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 20X1 after the acquisition transaction is completed.
on july 1 2010 linux corporation a wholesaler of electronics equipment issued 45000000 of 10-year 10 bonds at an
For each cost, explain whether all of the cost or only a portion of the cost would appear as an expense on the income statement for the period in which the cost was incurred. If not all of the cost would appear on the income statement for that per..
Although cost savings could justify this project, do you think they are the main reason for pursuing it? Should MediaMath go ahead with the system even if it does not promise direct savings?
1. proprty taxes on na manufacturing plant are an element of aproduct cost period cost1. yes no2. yes yes3. no yes4. no
newco inc. had current earnings and profits of 50000 when it made a nonliquidating distribution to an individual
assume that output can be produced only using processes a and b. process a requires inputs l and k to be combined in
XYZ wrote off uncollectible accounts totaling $20,000 during 2010. Under the cash basis of accounting XYZ would have reported 2010 sales of ?
The company's beta is 0.95, the required return on the market is 10.50%, and the risk free rate is 5.00%. What is the company's current stock price
Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Compute the value of the 2010 and 2011 inventories using the dollar-value LIFO method.
In January 2011, JIM, purchased $350,000 of new MACRS (Modified Accelerated Cost Recovery System) 5-year property in the United States. This equipment was placed in service May 1, 2011. JIM wants to take as much depreciation in 2011 as possible.
Cash Conversion Cycle. Calculate the accounts receivable period, accounts payable period, inventory period, and cash conversion cycle for the following firm.
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