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In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000. What is the effect of this sale of land on consolidated net income assuming S Company still owns the land at the end of the year?
a) consolidated net income will be the same as if the sale had not occurred.
b) consolidated net income will be $50,000 less than it would had the sale not occurred.
c) consolidated net income will be $40,000 less than it would had the sale not occurred.
d) consolidated net income will be $50,000 greater than it would had the sale not occurred.
Explain the conditions under which job order cost accounting systems and process cost accounting systems are commonly applied. Name two companies that use each system?
Hungry Bites produces corn chips. The cost of one batch is below: Direct materials $18; Direct labor 13.00; Variable overhead; 11.00; and Fixed overhead 14.00.
Calculate the total indirect manufacturing costs for December from the information given above.
Explain how governments use fiduciary and permanent funds. The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program.
A corporation had 50,000 shares of $20 per value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:
a. Compute the selling price per unit. b. Compute the contribution-margin ratio.
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.
For the month of October, Pratt Corporation predicts total cash collections to be $1 million. Also for October, Pratt Corporation estimates its beginning cash balance will be $50,000 and that it will borrow cash in the amount of $70,000. If Pratt ..
Visit the Institute of internal auditors website and focus on the frequently asked questions section. Explain How internal and external auditors differ and how they relate. In addition, what is Enterprise Risk management(ERM) and what role in it d..
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
Assess the importance of free cash flow in a growth company. Provide a brief scenario of a specific type of business that would benefit from free cash flow.
prepare a Balance Sheet, given details attached below, Acid Test Ratio : 2.5, Current Ratio : 1.5, Net working capital Rs. 10, 00,000, Fixed Assets ?, Share holders fund Rs. 15, 00,000, Stock\ Inventory ?
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