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Fredo, Inc purchased 10% of Sonny Enterprises for $1,000,000 on January 1, 2011. Sonny recognized a total of $400,000 of income during 2011, paid $30,000 of dividends to Fredo during 2011, and at December 31, 2011 the market value of the Sonny investment increased to 1,040,000.
Required:
Prepare the journal entries necessary to account for the Sonny investment, assuming that Fredo accounts for that investment as (1) an available-for-sale investment, and (2) elects the fair value option.
Hill and Billy plan to marry either immediately before or immediately after year-end. Hill's taxable income for 2011 is $89,000 and Billy's is $85,000 before their exemptions and deductions.
Marshall Networks, Inc. has a total asset turnover of 2.5% and a net profit margin of 3.5%. The firm has a return on equity of 17.5%. Calculate Marshall's debt ratio.
During 2011, Milton Hanover was granted a divorce from his wife. The divorce decree stipulated that he was to pay both alimony and child support for a specified period of time.
What is the probability the selected employee is a production worker? What is the probability the selected employee is either a production worker or a supervisor? Refer to part (b). Are these events mutually exclusive?
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
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):
Determine what is the full disclosure principle in accounting and explain why has disclosure increased substantially in the last ten Years?
An amortization schedule for bonds issued at a premium: A. Summarizes the amortization of the premium, a contra-asset account with a credit balance. B. Is reported in the balance sheet.
How are managerial accounting concepts useful for a decision-maker at any level in an organization? Make sure to include different levels of decision-makers in your reply.
Conan Company's monthly activity level ranged from a low of 17,000 units in May to a high of 26,000 units in October. Average production was 20,000 units per month. Utilities cost was $8,250 in May and $10,500 in October. The variable utility cost..
A change from sum-of-the-years-digits to straight-line is what kind of situation? How do you know?
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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