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1. Parent Company owns 90% of the stock of Subsidiary company.
2. On 1/1/02, Subsidiary company purchased equipment at a cost of $24,000. Subsidiary company depreciates this asset over a 12 year life using straight-line depreciation and no salvage value.
3. 1/1/04 Subsidiary company sold the equipment to parent company for $25,500. Parent company depreciates this equipment over its remaining 10 year life using straight-line depreciation with no expected salvage value.
REQUIRED: Prepare the appropriate eliminating entries for this transaction which would appear on the year-end December 31, 2005 worksheet.
the account balance was transferred to a bank paying 10%, and annual deposits of $6,000 were made at the end of each year from the seventh through the tenth years. What was account balance at the end of the tenth year?
Determine the earnings per share on common stock, assuming that the income before bond interest and income tax is (a) $10,000,000, (b) $12,000,000, and (c) $14,000,000.
Cost allocation theory through cost drivers - Why do they allocate costs anyway in a government (City Government) setting -- aren't cost allocation methods mostly for manufacturing companies?
Include substantive tests of transactions, analytical procedures, and tests of account balances in your audit program. Be sure to identify the procedures necessary to analyze the income statement accounts related to your selected business cycle.
The future value of one for five periods at 8% is 1.46933. The future value of an ordinary annuity for five periods at 8% is 5.8666. The present value of an ordinary annuity for five periods at 8% is 3.99271. What was cost of the machine to Jenks?
What are the maturities on Intel's Long-term debt and what are Intel's projected obligations on Long-Term Debt and Payments due by period?
A review of the prior year's financial statements, the present year's budget, and January's source documents- Write in the missing amounts a through o above in the T-accounts above.
Problem being, over the last five years, they never used 100% of that budget. What steps would you take to help that manager come to a more realistic budget?
What principles of accounting for intangibles would cause Hilton to record brands as assets while Marriott does not? How will these differences in accounting for brands generally affect the net income and return on assets of these two competitors..
Illustrate what is the factory overhead rate for Factory 1 (dollar amount per machine hr), Factory 2 (dollar amount per direct labor hr),balances of the factory accounts for each factory as of November 30.
Illustrate what is the working capital, current ratio, quick ratio, accounts recivable & inventory turnover, number of day's sales in receivables & inventory, ratio of fixed assets to long term liabilities? Assume 365 days a year.
Under the lease agreement, a security deposit of $500 is required with the deposit to be returned at the expiration of the lease, with 10% interest compounded semiannually. Illustrate what amount will the student receive at the time the lease expi..
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