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1. Potomac Inc. acquired 10% of the 500,000 shares of common stock of Maryland Corporation at a total cost of $11 per share on June 17, 2011. On September 3, Maryland declared and paid a $160,000 dividend. On December 31, Maryland reported net income of $550,000 for the year.
2. Andy Fisher Corporation obtained significant influence over Bandit Company by buying 30% of Bandit's 100,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2011. On May 15, Bandit declared and paid a cash dividend of $150,000. On December 31, Bandit reported net income of $270,000 for the year.
Prepare all necessary journal entries for 2011 for (1) Potomac and (2) Andy Fisher.
What was the correct cash balance at May 31, assuming the bookkeeper reported a balance of $12,475 after posting all 50 entries?
If beginning balance in prepaid insurance was $500 and$2,500 was paid for insurance premium during year, ending balance in prepaid insurance account (after the aboveadjusting entry) would be?
Of those started, 80,000 were finished and the remaining 40,000 were left 20% complete. Calculate the equivalent units of production for the year using the weighted average method.
Shipping expense is $9,000 for 8,000 pounds shipped and $11,250 for 11,000 pounds shipped. Assuming that this activity is within the relevant range, if the company ships 9,000 pounds, its expected shipping expense is closest to ??
the following selected transactions were completed by yukon supply co. which sells office supplies primarily to
which type of corporate information is not available to investors?dividend historyforecast of cash needs for the
Orchard Corporation"s capital stock at December 31 consisted of the following: (a) (b) Common stock, $2 par value; 100,000 shares authorized, issued, and outstanding.
Illustrate out the some contemporary trends in global value chain management? How does the use of a global monetary unit (e.g., Euro or single currency) affect global value chain management?
When discussing planned detection risk (PDR) and the audit risk model, which of the following statements is not true?
Cost Behavior when costs are semivariable: Data from the payroll department of Dominguez Company for the past two months follow: What is the apparent variable cost per employee paid?
Activity-based budgeting includes all the following steps EXCEPT:
Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for..
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