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In a transaction accounted for using the acquistion method where conseration transferred exceeds book value of the acquired company, which statement is true for the acquiring company with regard to its investment?
a) Net assets of the acquired company are revalued to their fair value and any excess of consideration transferred over fair value of net assets is allocated to goodwill.
b) Net assets of the acquired company are maintained at book value and any excess of consideration transferred over book value of net assets acquired is allocated to goodwill.
c) Acquired assets are revalued to their fair values. Acquired liabilities are maintained at book values. Any excess is allocated to goodwill.
d) Acquired long-term assets are revalued to their fair values. Any excess is allocated to goodwill.
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
Winrow Co. purchased 50, 6% Johnston Company bonds for $50,000 cash plus brokerage fees of $500. Interest is payable semiannually on July 1 and January 1. The entry to record the December 31 interest accrual would include:
Explain what a Flat Income Tax System is and how it differs from progressive tax system?.What are advantages and disadvantages of a Flat Income Tax?
During 2010, Shirley Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2009, her stock basis was $4,000.
Discuss situations in wihc the auditor should use accounts paayable confirmations and discuss wheter the auditor is required to use them.
Which of the following statements is false regarding involuntary conversions?
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $30,000 and $50,000 respectively. Ramsey is admitted to the partnership and is given a 10% interest by investing $20,000. What is Orton's capital balan..
Spoiled Baby Corp sells baby buggies and has begun an equipment replacement project. You are required to determine the Book Value of each of its fixed assets and make decisions regarding the purchases, trades, and disposition of various assets.
Suppose the sorority encouraged its members to drive to the hotel and did not charter the buses. Further, a planned menu change will reduce the cost per meal by $2. If each member will still be charged $40, compute the contribution margin per pers..
Michaels Company segments its income statement into its East and West Divisions. The company's overall sales, contribution margin ratio, and net operating income are $620,000, 57%, and $57,000, respectively.
Determine the direct labor rate and time variance for the (1) Cutting Department and (2) Sewing Department.
Many professionals believe it is impossible to regulate ethics. Yet, the SEC and other federal agencies provide rules, regulations, and laws surrounding corporate governance. How effective are the legal processes in regulating corporate governance..
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