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Pelican Corporation acquired a 30% interest in Crustacean Incorporated at book value several years ago. Crustacean declared $100,000 dividends in 2005 and reported its income for the year as follows:
Income from continuing operations$700,000
Loss on discontinued division(100,000)
Net income$600,000
Pelican'W s Investment in Crustacean account for 2003 should increase by:a) $ 150,000
b) $ 160,000
c) $ 180,000
d) $ 210,000
The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000.
What are the major classifications of inventory? Why would someone choose to use a perpetual over a period inventory system, or vice versa?
The machine would reduce labor and other operating costs by $76,000 per year. The internal rate of return on the investment in the new machine is closest to:
Assume that the risk-free rate is 6 percent and the expected return on the market is 13 percent. What is the required rate of return on a stock that has a beta of 1.2?
For 2010 Kuhlman Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?
Summary balance sheet data for Greener Gardens Co. is shown below (in thousands of dollars). The company is in a highly seasonal business, and the data show its assets and liabilities at peak and off-peak seasons:
Sydney Corporation, an Australian-based multinational, borrowed 10,000,000 euros from a German lender at the beginning of calendar year when exchange rate was EUR.60 = AUD1.
Godert pharmaceutical company has several scientists working in the labs trying to prepare an anti-aging drug. The cost of this research and development
The total of the individual customer account balances should equal the balance in accounts receivable, which is the
All adjustments affect one balance sheet account and on income statement account. For each of these situations, Preparation of a Work Sheet, Financial Statements, and Adjusting and Closing Entries.
O'malley Corp. uses a weighted average process costing system. Material is added at the beginning of the production process and overhead is applied on the basis of direct labor.
Conan Industries also paid $71,411 for expenses in 2010. Of the amount paid, $33,331 was for expenses incurred on account in 2009. In addition, Conan incurred $42,259 of expenses in 2010, which will not be paid until 2011.
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