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Point 1: At the beginning of the current year, Ronald Company purchased 40% of the outstanding ordinary shares of New Company, paying P6,400,000 when the carrying amount of the net assets of New Company equaled P12,900,000. The difference was attributed to equipment which had a carrying amount of P3,000,000 and a fair market value of P5,000,000 and to building which had a carrying amount of 2,500,000 and a fair market value of P4,000,000. The remaining useful life of the equipment and building was 4 years and 12 years, respectively. During the current year, New Company reported net income of 2,300,000 and paid cash dividend of P2,500,000.
Question 1: What amount should be reported as investment income for the current year?
Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $1.50 per gram. Prepare a direct materials budget for musk oil, by quarter and in tota..
ABC bought company car for 35,000 which will be replaced in 4 years with a salvage value of 10,000. Prepare the depreciation table using the straight line method the double declining balance method. What will the depreciation expense be if the car wi..
Prepare an analysis showing what the impact will be on company profits if this tour is discontinued - The company's tour director has been criticized because only about 50% of the seats on the company's tours are being filled as compared to an aver..
Prepare a segmented variable costing (behavioral) income statement for the company in good format. Prepare a second variable costing statement assuming 90% of all the books in each category purchased were actually sold.
Corio Corporation reports that at an activity level of 4,800 units, its total variable cost is $328,224 and its total fixed cost is $128,919. For the activity level of 4,900 units, compute: the total variable cost; the total fixed cost; the total cos..
as industries has on january 1st20x1 purchased a new production facility - a factory building. you are given the
multiple choice questions-amortization and valuation of intangibles.1.nbspwriglee inc. went to court this year and
No single system can adequately answer the demands made by diverse functions of cost systems. While companies can use one method to capture all their detailed transactions data, the processing of this information for diverse purposes and audiences de..
Showcase Co. issues a credit memo for $5,600 for merchandise returned prior to Balboa Co. paying the original invoice.
The St. Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September, which was a particularly busy month due to a powerful h..
If a check correctly written and paid by the bank for $754 is incorrectly recorded in the company's books for $745, how should this error be treated on the bank reconciliation?
What were the sources of these changes? Would potential lenders prefer the debt to total assets ratio to be larger or smaller? Why?
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