What amount of the acquired earnings and profits deficit

Assignment Help Financial Accounting

Reference no: EM13135238

"Shipyard Corp. acquired Boatworks Corp. in a Type A reorganization on October 19, 2011. On the date of acquisition, Boatworks had a deficit in its earnings and profits of $30,000. Although Shipyard had no accumulated earnings and profits, its current earnings and profits from its calendar-year 2011 operations totalled $40,000. What amount of the acquired earnings and profits deficit of $30,000 can be used to offset Shipyard's current earnings and profits for 2011?"

Reference no: EM13135238

Questions Cloud

What is the deduction for wages for the year : black company paid wages of 360,000 of which 80000 was qualified wages for the work opportunity tax credit under general rules. what is the deduction for wages for the year?

Determine the required sales in dollars to meet the target : Determine break even in dollars for 2011. Determine the required sales in dollars to meet the target net income during 2011. List at least two ways Pitre Company could earn their target net income of $175,000:

Calculate the operating income for july : Preppy Co. makes and sells a single product. The current selling price is $30 per unit. Variable costs are $21 per unit, and fixed expenses total $90,000 per month. Sales volume for July totaled 12,000 units.

How many moles remain unused : if 7.0 moles of sulfur atoms and 10 moles of oxygen molecules are combined to form the maximum amount of sulfur trioxide, how many moles of which reactant remain unused at the end?

What amount of the acquired earnings and profits deficit : What amount of the acquired earnings and profits deficit of $30,000 can be used to offset Shipyard's current earnings and profits for 2011?"

Calculate the variable costs, fixed costs : XYZ Company incurred the following costs for the month of August when it observed an activity level of 10,000 units.

How much travel costs can jackson deduct per year : Jamison owns a cabin in Mammoth and travels there for maintenance three times a year. The round trip to Mammoth from San Diego where Jamison lives, is approximately 450 miles. How much travel costs can Jackson deduct per year related to his renta..

Diameter sphere is embedded in insulation : A 4 m diameter sphere is embedded in insulation. The sphere contains a liquid-ice mixture maintained at 0 deg C. The ambient temperature surrounding the insulation is 25 deg C.

Financially acceptable investment : How large would the annual net cash inflows from the intangible benefits have to be to make this a financially acceptable investment?

User Account

All Pages