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Question 1: On the 1 July 2013, Alma Ltd purchased 30% of the shares of Chelsea Ltd for $ 120000, at this date the equity of Chelsea Ltd consisted of 200000 share capital and 10000 retained earnings. At this date, all identifiable assets and liabilities of Chelsea Ltd were recorded at fair value except for inventory which its fair value 50000 and carrying value 35000. And plant that its fair value 100000 and carrying value 60000. If the useful life of plant 4 years and tax rate was 30%. Alma will recognize:
Select one:
a. None of the given choicesb. Bargain of 90000c. Goodwill of 40500d. Goodwill of 45450
During the month of February 2019, actual direct labor hours of 9,700 were incurred. Use this information to determine the amount of factory overhead
Given the inherit audit risks related to inventory valuation, design an effective auditing plan for this area that minimizes risk exposure for the auditing firm.
If the company borrows $14,000 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-test ratio be?
Either an amount based on a percentage of credit sales or an amount based on a percentage of accounts receivable after adjusting for any balance in the allowance for doubtful accounts.
Prepaid insurance, beginning, $700. Payments for insurance during the period, $2,100. Prepaid insurance, ending, $800. Journalize the adjusting entries
Determine and Show the journal entries to all necessary adjustments needed to adjust the balances of accounts of XYZ Berhad.
montana mining co. mmc paid 200 million for the right to explore and extract rare metals from land owned by the state
The value of the land was $325,000. Juan sold the apartment building and land on October 22, 2026. Determine his cost recovery for 2019
Units in ending work in process inventory 700. What the cost per equivalent unit for materials for the month in the first processing department is closest to
You buy an investment today for $9,000. You sell the investment in 120 days for $9,500. The effective annual rate on this investment is:
on november 1 of the current year richard simmons established a sole proprietorship. the following transactions
Should you accept a special sales order for 5,000 sails at a price of $100 per unit? Fixed costs will be increased by $10,000
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