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On January 1, 2010, Doone corporation acquired 60 percent of the outstanding voting stock of Rockne company for 300,000 consideration. At the acquisition date, the fair value of the 40 percent noncontrolling interest was 200,000 and rockne’s assets and liabilities had a collective net fair value of 500,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of 160,000 in 2011. Since being acquired, Rockne has regularly supplied inventory to Doone at 25% more than cost. Sales to Doone amounted to 250,000 in 2010 and 300,000 in 2011. Approximately, 30% of the inventory purchased during any one year is not used until the following year:
a.What is the noncontrolling interest’s share of rockne’s 2011 income?
b.Prepare Doone’s 2011 consolidated entries required by the intra entity inventory transfers?
Using any information you can obtain about this company and industry, write a report explaining this abnormal trend between the net income and the cash flow numbers and whether this should be a red flag to investors and creditors.
Money from these accounts could be mixed or further divided and sent to other accounts or individuals, who, in turn, would do the same, until several checks for $1000 or less eventually arrive at party headquarters.
This year she received a state income tax refund of $170. What amount of the refund, if any, should Opal comprise in her gross income if last year her total itemized deductions exceeded the standard deduction by $350?
Cash Flow Computations - From the following selected data, evaluate the cash balance at the end of the year.
Evaluate the number of pans that must be sold for Prachi to break even. Conceptual Connection: Evaluate the unit variable cost? Determine the unit variable manufacturing cost?
Evaluate the total product cost for the year. Evaluate the total cost of the ending inventory. Evaluate the total of cost of goods sold.
If Eagle had sold only 9,000 tables in its first year, what total amount of cost would have been assigned to the 1,000 tables in finished goods inventory under absorption costing method?
Determine budgeted direct materials purchases for the third quarter and Calculation budgeted direct raw material purchased for the third quarter
Explain why the holding period return differs from the yield to maturity at the time of the purchase of the bond and identify all the sources of risk associated with holding this bond.
Based on this limited information and your own knowledge, how would you incorporate the above valuation results in your conclusion? Why? Prepare a one-page response for your answer.
If unexpected turnover in 2012 caused the company to estimate that 10% of the options would be forfeited, elucidate amount that should Doe recognize as compensation expense for 2012?
Evaluate the company's predetermined overhead rate for the year. Logan's actual manufacturing overhead for the year was $749,346 and its real total direct labor was 28,500 hours.
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