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Company A buys 25% of the outstanding stock of Company B on January 1, 19X1, for $45,000. The book value of Company B's stock is $100,000.
During 19X1, Company B distributed a total dividend of $80,000 and earned net income of $150,000. Any difference between the cost of the investment and book value is due equally to an understatement of the plant building and to unrecorded goodwill. The life of the building is 5 years; the life of the goodwill is unknown. Prepare all necessary journal entries.
Spock Corporation's unadjusted trial balance at Dec 31, 2007, included the following accounts. Spock Corporation estimates its bad debt expense to be 1.5% of net sales.
1.a company had sales of 699000 and cost of goods sold of 280000. its gross profit
1. discuss the difference between accounting and finance?2. how does financial accounting and financial management
In 2013 Lake also repossessed $200,000 of jet skis that were sold in 2011. Those jet skis had a fair value of $75,000 at the time they were repossessed.In 2010, Lake would recognize realized gross profit of:
What Amount will the proprietors of the inn be required to pay the bank at the end of 5yrs. Hint find the present value of the 1st two loans.
1. Problem 10- 4B Computing and revising depreciation; selling plant assets C2 P1 P2 York Instruments completed the following transactions and events involving its machinery. 2012 Jan. 1 Paid $ 107,800 cash plus $ 6,470 in sales tax for a new..
utilizing a public policy of your choice from a local government where you reside prepare a paper assessing that
What happens when a taxpayer experiences a net loss from a rental home?
connecticutinc. had the following long-term receivable account balances atdecember 31 2006. note receivable from sale
What are ways for valuing stocks? Do you believe these valuation techniques could actually lead the average investor to make a profit buying and selling stock? Why or Why not?
Identify the limitation of the internal control system. Provide at least 3 limitations. Provide at least 2 examples of internal control procedures and explain how these procedures can be implemnted. Identify symptoms of a lack of internal control.
What types of costs are included in raw material inventory, work-in-process inventory, and finished goods inventory?
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