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Question - On January 1, 2009, Plymouth Corporation acquired 80 percent of the outstanding voting stock of Sander Company in exchange for $1,200,000 cash. At that time, although Sander's book value was $925,000, Plymouth assessed Sander's total business fair value at $1,500,000. Since that time, Sander has neither issued nor reacquired any shares of its own stock. The book values of Sander's individual assets and liabilities approximated their acquisition-date fair values except for the patent account, which was undervalued by $350,000. The undervalued patents had a 5-year remaining life at the acquisition date. Any remaining excess fair value was attributed to goodwill. No goodwill impairments have occurred. Sander regularly sells inventory to Plymouth.
A) Prepare a schedule that calculated the Equity in Earnings of Sander account balance.
B) Prepare a worksheet to arrive at consolidated figures for external reporting purposes.
Mosbey Inc. is working on its cash budget for June. The budgeted beginning cash balance is $31,000. Budgeted cash receipts total $183,000 and budgeted cash disbursements total $182,000.
Direct labor hours are estimated to be 70,000. Determine the predetermined factory overhead rate and the amount of factory overhead
Last company predicts that the dividend will increase by 3.5 percent each year indefinetely. What is the firm's cost of equity if the stock is selling for $43
From the e-Activity, identify the company, the accounting impropriety or illegality, how it was detected, the outcome, and propose a strategy that might have prevented the situation. Indicate how the strategy should be implemented.
Assume the stock distribution was in satisfaction of an $11,000 pecuniary bequest to M. What basis will M have in the Acme shares
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Refer to the information in RE14 5. Assume Corley, Inc., uses the effective interest method to amortize the discount.
Calculate Profit Margin, Asset Turnover and ROI Ratios for the following; In addition, according to this problem, how do you explain these ratios
Calculate the amount of overhead costs applied to production if the predetermined overhead rate is $4 per direct labor hour and 1,200 direct labor hours were worked.
c. The company expects to produce 10,000 caps this month. Would you expect each type of cost to increase or decrease? Why? Can the total cost of 10,000 caps be determined? Explain.
What are possible objections to this practice as a means of obtaining job applicants. What advantages may the firm that uses in-house referrals realize
Which of the following is accounted for as a change in accounting principle?
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