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Staffing Company purchased the net assets (i.e., assets minus liabilities) of Time Management, Inc. for $390,000. Time Management, Inc. is a retailer of software, books, seminars and related items. Its net assets have been carried on its own books at a total of $183,000. An appraisal of all of Time Managements assets and liabilities revealed a net fair market value of $229,000. Staffing Company is willing to pay extra because of Time Managements very loyal retail customers, most of whom have dealt exclusively with the company for many years and also their loyal employees who have also been with the company for many years. What is the amount of goodwill that Staffing Company should record at acquisition of Time Management, Inc.?
under the definition of accounting which of the following is not one of the activities performed on the transactions of
Orchard Corporation's common stock was selling at $52 per share at the end of its fiscal year. All dividends for the year had been paid, including $4.80 per share to common stockholders.
The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
A study of a company's practice regarding payment of invoices revealed that an invoice was paid an average of 20 days after is was received. The standard deviation equaled five days.Assuming that the distribution is normal, what percent of the inv..
Compute an estimated fair value for any goodwill associated with Kivi purchasing Gas N' Go. Base your computation upon an assumption that Kivi's management expects excess earnings to continue for four years.
Richman Company for $30,000,000. The following details pertain to the contract: Percentage of completion Estimated total cost of contract Gross profit recognized to date At December 31, 2007 25% $22,500,000 1,875,000 At December 31, 2008 60% $25,0..
Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess's break even point.
The company expects to incur $56,400 of total inspecting costs this year. How much of the inspecting costs should be allocated to the Beginner model using ABC costing?
How should Victoria account for the sale of securities from each portfolio? And Why? (What is the justification for the recommended accounting treatment).
XYZ Company's sales are $750,000 with operating profits of $130,000. If the contribution margin ratio is 40%, what did the fixed costs amount to?
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31, 2010 balance sheet of Wolfe Co. included the following items:
a. Calculate the predetermined overhead allocation rate. b. Calculate the overhead cost applied during the year.c. Determine the amount of over- or underapplied overhead.
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