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In a business combination in which the total fair value of the identifiable assets acquired over liabilities assumed is greater than the consideration paid, the excess fair value is:
a) classified as an extraordinary gain.
b) allocated first to eliminate any previously recorded goodwill, and any remaining excess over the consideration paid is classified as an ordinary gain.
c) allocated first to reduce proportionately non-current assets then to non-monetary current assets, and any remaining excess over cost is classified as a deferred credit.
d) allocated first to reduce proportionately non-current, depreciable assets to zero, and any remaining excess over cost is classified as a deferred credit.
The Talley Corporation had a taxable income of $365,000 from operations after all operating costs but before (1) interest charges of $50,000, (2) dividends received of $15,000, (3) dividends paid of $25,000, and (4) income taxes. What are the firm..
Compute the following using the FIFO, LIFO and weighted average method.
Based on your readings and review of utilitarianism, categorical imperative, veil of ignorance and Aristotles Golden Mean, write a 3-4 page paper, double-spaced, applying each of the philosophies to the following ethical scenario using the IRAC me..
Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. Prepare Beka Company's journal entries to record the sale of the equipment in these four independent situations.
On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.
How could the foreign competitors profitably sell a similar product for less than manufacturing costs to Houston Electronic?
Calculate and write in general journal format any entries for accounts needing adjustment. Calculate and write in general journal format closing entries and post to "T" accounts. Complete an Income Statement and Balance Sheet for month end.
If correct working paper eliminations are prepared for Passey Corporation and subsidiary on November 30, 2007, the end of the fiscal year, Passey's net income to be included in consolidated net income is (disregarding income taxes):
Randall Company makes and distributes outdoor play equipment. Last year sales were $2,400,000, operating income was $600,000, and the assets used were $3,000,000.The return on investment (ROI) is:
Compute the company's total required production in units of finished product for the entire three month period ending September 30.
Fill in each of the blanks below with one of these: larger, smaller, unchanged, or insufficient (information given to answer question). Several years after the switch from FIFO to LIFO:
Write down the differences between traditional and derivative instruments. Why do companies use derivative instruments? Are derivatives a good investment?
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