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On December 31, 2006, Giant-Petrel Corporation's Investment in Penguin Corporation account had a balance of $525,000. The balance consisted of 80% of Penguin's $600,000 stockholders' equity on that date and $45,000 of goodwill. On January 2, 2007, Penguin increased its outstanding common stock from 15,000 to 18,000 shares.
Assume instead that Penguin sold the additional 3,000 shares to outside interests for $150,000 on January 2, 2007. Giant-Petrel's percentage ownership immediately after the sale of stock would be:
66-2/3%.
75%.
80%.
83-1/3%.
Clifford Company's comparative balance sheet included dividends payable of $80,000 at December 31, 2009, and $100,000 at December 21, 2010. Dividends declared by Clliford during 2010 amounted to $400,000.
Classic Corporation borrowed $90,000 from the bank on November 1, 2011. The note had an 8 percent annual rate of interest and matured on April 30, 2012. Interest and principal were paid in cash on the maturity date.
Which of the following is not considered a measure of liquidity?
The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of $50,000 in 2011 after paying $20,000 cash dividends in..
On december 15, 2010 pascal declared a cash dividend of $2.00 per share to stockholders of recordon december31. The dividend is payyable on january 15 2011 pascal has issued 1,000,000 shares of common stock, of which 50,000 shares are held in trea..
The product promises an initial payment of $20,000 at the end of this year and subsequent payments that will thereafter grow at a rate of 3.4 percent annually. If you use a 9 percent discount rate for investment products, what is the present value..
Jim Bingham is considering starting a small catering business. He would need to purchase a delivery van and several equipment costing $125,000 to equip the business and another $60,000 for inventories
Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its fin..
Quest Tech, Inc. manufactures and sells specialized data storage equipment and services to entertainment and media companies.
Define the concepts of present value, payback method, internal rate of return, or net present value and elaborate on your interpretation of their value as assessment tools for an accountant.
Explain how shaving 5% off the estimated direct labor hours in the base of the predetermined overhead rate usually results in a big boost in the net operating income at the end of the year.
When a parent uses the equity method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is false before making adjustments on the consolidated worksheet?
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