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Paris, Inc. owns 80 percent of the voting stock of Stance, Inc. The excess total fair value over book value was $75,000. Stance holds 10 percent of the voting stock of Paris. The payment for that investment was in excess of book value and fair value by $15,000. Any excess fair value is assigned to trademarks to be amortized over a 10-year period. During the current year, Paris reported operating income of $200,000 and dividend income from Stance of $20,000. At the same time, Stance reported operating income of $40,000 and dividend income from Paris of $5,000.
Year 3 amortization of differences between current fair values and carrying amounts of Scooter's identifiable net assets at the date of the business combination was $45,000. The noncontrolling interest in net income of Scooter for Year 3 was:
How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance?
In the current year, Louise invests $50,000 for a 10% interest in a passive activity. Her share of the loss this year is $10,000. If this is her only passive activity, the $10,000 loss is suspended for use in a future year.
A savings account was opened for a baby on 1985 with a $100 deposit. No withdrawls or deposits occurred since the account was opened. The current balance of the account is $246.47.
Future cash flows are, in many cases, subject to change. List several events that could occur that might influence the cash flows in this situation.
Determine the equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory.
On January 1, 2012, the truck was overhauled at a cost of $20,000, which extended the useful life of the truck for an additional two years beyond that originally estimated (salvage value is still estimated at $24,000). In computing depreciation fo..
Prepare a table that illustrates how Unearned Revenue links Cash with Sales Revenue.
An employee's net pay consists of gross pay less mandatory and voluntary payroll deductions. Identify the mandatory payroll deductions and give two or three examples of common voluntary deductions. Are these deductions recognized as payroll expenses ..
On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available:
At the time Fisher Corporation became a subsidiary of Ashbury Corporation, Fisher switched depreciation of its plant assets from the straight-line method to the sum-of-the-years'-digits method used by Ashbury.
Prepare a combined statement of income and comprehensive income for 2011, beginning with net income.
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