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On Jan1, 2009, Nana Co. paid $100,000 for 8000 shares of Papa Co. common stock. These securities were classified as trading securities. The ownership in Papa Co. is 10%. Papa reported net income of $52,000 for the year ended Dec 31, 2009. The fair value of the Papa stock on that date was $45 per share. What amount will be reported in the balance sheet of Nana Co. for the investment in Papa at Dec 31, 2009?
In 2004, Parrot Company sold land to its subsidiary, Tree Corporation, for $12,000. It had a book value of $10,000. In the next year, Tree sold the land for $18,000 to an unaffiliated firm. The 2004 unrealized gain
E-commerce creates its own risks and therefore special internal controls. Identify and explain one pitfall and one security measure for an online business and provide examples of how your selected security measure will strengthen internal control.
Company began operations on January 1, 2010, and appropriately uses the installment method of accounting. The following data are available for 2010:
Determine the direct materials price variance, assuming that all materials costs are the responsibility of the materials purchasing manager. Determine the direct materials price variance, assuming that all materials costs are the responsibility of..
The XYZ Company billing department has decided to assign one employee to each of its customers. This employee will be responsible for granting credit to the client and then handling the billing.
Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. Show the year-end balance sheet presentation for accounts receivable.
Profit, charges, and break-even without and with overhead. A number of years ago, at the request of its employees, Jack Winslow and Company converted one of its small rooms to house a small pharmacy for its employees in which they can buy a few po..
The goal is to apply learned concepts and later build a strategic marketing plan for your product or service. You will not be allowed to mimic plans or ideas from larger or already "in-place" campaigns. You must think on your own two feet.
Swan a calendar year corporation has a deficit in current E & P of 200,000 and a %580,000 positive balance in accumulated E&P. If Swan determines that a $1 million distribution to its shareholders is appropriate at some point during the year, what..
Wilton held land with a book value of $50,000 and fair value of $600,000. Using the parent company theory, at what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
Record all of the transactions related to the common stock of LifePath Fitness during the years 2009 and 2010.
Renee's Rings manufactures college rings. Two models are produced: The Spirit model with a budgeted price of $660 and a standard variable cost of $360.
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