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Dodge, Incorporated acquires 15% of Gates Corporation on January 1, 2011, for $105,000 when the book value of Gates was $600,000. During 2011 Gates reported net income of $150,000 and paid dividends of $50,000. On January 1, 2012, Dodge purchased an additional 25% of Gates for $200,000. Any excess cost over book value is attributable to goodwill with an indefinite life. The fair-value method was used during 2011 but Dodge has deemed it necessary to change to the equity method after the second purchase. During 2012 Gates reported net income of $200,000 and reported dividends of $75,000. The income reported by Dodge for 2012 with regard to the Gates investment is
A. $80,000. B. $30,000. C. $50,000. D. $15,000. E. $75,000.
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their averag..
Bateman Light began operations in 20X1. The company sometimes sells used warehouses on an instalment basis. In those cases, Bateman Light reports income in its income statement in the year of the sale, In its income tax return, though Bateman Light r..
What industries are most severely impacted by this increase? What projects would go forward as a result, what projects would be hindered?
Long and Short, CPAs, were auditing Island Corporation for the year ended December 31, 2014. On January 11, 2015, a major customer of Island Corporation declared bankruptcy as the result of an uninsured loss due to a major fire in their warehouse on ..
What should be the salvage value of the DEF model at the end of 10 years so that you would be indifferent between the two models?
Why is it important to do the kind of due diligence testing and risk assessment review conducted by Cardinal & Coyote prior to determining whether to make a bid for the audit of a potential client?
determined with absorption costing amp direct costing.1. the shift in the amount of manufacturing overhead costs
Use the Work in process inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.
Evaluate the gross profits to be identifies for each of the three years. If the outcome of the construction contract can't be reliably estimated, evaluate the gross profit for each year be?
Mars investments acquired $150,000 of pluto corp., 8% bonds at their face amount on September 1, 2014. the bonds pay interest on September 1 and march 1. on march 1, 2015 mars sold $75,000 of pluto corp. bonds at 102.
Develop a thorough understanding of accounting standards and principles and fulfill the core accounting educational requirement to sit for the CPA exam.
Assume Kader Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15,000,Cost of goods sold $330,000, and Operating Expense: $110,000.
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