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Fanner, Inc., owns 30 percent of Watkins and applies the equity method. During the current year, Panner buys inventory costing 554,000 and then sells it to Watkins for 590,000. At the end of the year, Watkins still holds only $20,000 of merchandise. What amount of unrealized grass profit must Panner defer in reporting this investment using the equity method?
a. $2,400.
b. $4,800.
c. $8,000.
d. $10,800.
Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
What are the three conditions behind contingent liabilities and give an example of each case.
On December 1, 2007 Gates Company borrowed $45, 00 cash from FirstBank on a 90-day, 9% note payable. Prepare Gate's general journal entry to record the insurance of the note payable.
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
Damons uses the allowance method to account for uncollectible receivables. At the beginning of the year, allowance for doubtful accounts had a debit balance of $100. During the year you recorded bad debt expense of $1,800 and wrote off bad receiva..
Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.
Net present value: Blanda Incorporated management is considering investing in two alternative production systems. The systems are mutually exclusive.
why are the assets contributed by each partner recorded at their fair market values?
The cash budget is especially important to a firm when: a. there is not a lot of confidence in the sales forecast. b. it has a relatively large amount of operating cash.
Analyze the impact to CPAs who practice within a very litigious environment in the U.S. Suggest what you believe to be the most effective way for CPAs to protect themselves from liability.
On January 3, 2011, Jenkins Corp. acquired 40% of the outstanding common stock of Bolivar Co for $1,200,000. This acquisition gave Jenkins the ability to exercise significant influence over the investee.
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