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Problem 1: Mr. Mercury, Inc. bought 25% of Hermes Corp.'s outstanding common stock on January 2, 2018, for $500,000. The carrying amount of Hermes' net assets at the purchase date totaled $1,500,000. Fair values and carrying amounts were the same for all items except for plant and inventory, for which fair values exceeded their carrying amounts by $80,000 and $40,000, respectively. The plant has a ten-year life. All inventory was sold during 2018. During 2018, Hermes reported net income of $200,000 and paid a $20,000 cash dividend. There is no impairment of goodwill during 2018. Assume that Mr. Mercury uses the equity method to account for this investment. What amount should Mr. Mercury report in its income statement from its investment in Hermes for the year ended December 31, 2018?
Albertville applies overhead based on direct labor hours. The variable overhead standard is 2 hours at $12 per hour. During July, Albertville spent $116,700 for variable overhead. 8,890 labor hours were used to produce 4,700 units. What is the variab..
What does it mean when someone says "You get what you measured"? How is the concept of incremental analysis used in decision making?
When it comes to accounting, do you think the same person who receives cash payments should also prepare the bank reconciliation?
Calculate the average return on both the Fund and the index, and the standard deviation of the returns on each. (Do not round intermediate calculations)
You are in the process of assigning costs to a specified cost object. You have determined which costs you will assign and are now in the process of deciding which costs to assign directly and which to assign indirectly.
question 1 you are an investor seeking an investment opportunity. you have obtained the financial statements of two
Critically appraise the extent, Discuss whether or not this poses a serious problem for the international financial reporting community and why.
What are non-controlling interests? How to measure non-controlling interests at the date of acquisition? How to account for goodwill arising from a business
Before the passage of the 1986 Act, Congress attempted to impose restrictions on the abuses associated with the at-risk provisions of 1976 as set out in Code Section 465. In summary, the at-risk rules disallowed losses in excess of the investment. Di..
What will be the new COGM and computation of Cost per unit: COGM/units produced, calculate the cost in ending finished goods inventory at the end of the year.
Compute What is the sensitivity of the NPV to changes in the quantity of the new clubs sold? McGilla Golf has decided to sell a new line of golf clubs.
Martin sells the product at the following prices. Toasted Pastillas 120/pack: Yema Balls 100/pack: What is Martins sale budget for the fourth quarter
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