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On 4, 2011, Watts Co. purchased 40,000 shares (40%) of the common stock of Adams Corp., paying $800,000. There was no goodwill or other cost allocation associated with the investment. Watts has significant influence over Adams. During 2011, Adams reported income of $200,000 and paid dividends of $80,000. On January 2, 2012, Watts sold 5,000 shares for $125,000. What was the balance in the investment account after the shares had been sold?
Federated fabrications leased a tooling machine on January 1, 2011, for a three-year period ending December 31, 2013. The lease agreement specified annual payment of $36,000 beginning with the first payment at the inception of the lease, and each ..
White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
EM Sales had $2,200,000 in sales last month. The contribution margin ratio was 30% and operating profits were $180,000. What sales volume does EM's need to yield a $240,000 operating profit? $600,000 $2,020,000 $2,400,000 $2,440,000
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explain the role of the fasb in monitoring and controlling business reporting and accounting practices in the modern
What accounts are debited and credited to record a partner's cash withdrawal in lieu of salary and what accounts are debited and credited to record the division of net income among partners?
Prepare an answer sheet with the following column headings. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected th..
the difference between the net present values of the two alternatives obtained using the total cost approach will be
discuss relative costs amp benefits for firms to mandatorily disclose information about their operating segments
Change if the passive loss is only 320,000 rather than 333,000?
During the first week in January of the current calendar year, major structural repairs are completed on the building at a $75,585 cost. The repairs extend its useful life for 7 years beyond the 20 years originally estimated. Determine the book va..
Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.
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