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Completed-contract method. Janis Company contracted with its 80%-owned subsidiary, Essuman Equipment Company, for the construction of two stamping machines. The ?rst machine was completed and put into operation on July 1, 20X1. It cost Essuman $60,000 and has a 5-year estimated life with no salvage value. The contract price was $75,000. The machine is being depreciated on a straight-line basis. The second machine, with an estimated total cost of $90,000 and a contract price of $120,000, was 80% complete on December 31, 20X1. To date, costs on the second contract total $72,000. By the statement date, Janis had completely paid for the ?rst machine and still owed $3,000 of the $60,000 billed to date on the second machine. Essuman uses the completed-contract method to account for its long-term construction contracts.
1. Prepare the necessary eliminations for the consolidated worksheet on December 31, 20X1.
2. What are the effects of these contracts on the income distribution schedules?
Assume that you want to make annual deposits in order to save $2million in 30 years, and you can achieve a 10% annual interest rate. Also assume that you can increase your annual deposit by 5% each year. What is your initial deposit amount
Which of the following statements best describes the process of tax planning?
Tree, Inc., has held a 10 percent interest in the stock of Limb Company for several years. Because of the level of ownership, this investment has been accounted for using the fair-value method. At the beginning of the current year, Tree acquires an a..
Each of these items must be considered in preparing a statement of cash flows for Irvin Co. for the year ended December 31, 2014. For each item, state how it should be shown in the statement of cash flows for 2014. (a) Issued bonds for $200,000 cash...
Assume Down.com was organized on May 1,2010 to compete with Despair.com-a company that sells de-motivational posters and office products. The following events occurred during the first month of Down. coms operations.
preparation of closing entries and statement of retained earnings.the adjusted trial balance for china tea company at
Calculate the gain recorded on the sale-Enter your answer as a number-Do not use a minus sign, decimals, or type the word gain after your answer.
Find out the balance of the unearned revenue liability to be reported in the December 31, 2010, balance sheet. Show the relevant T-account information to support your answer.
Information is relevant in business decisions if it is a (n). In perfect competition, the profit maximizing volume is the quantity at which. The amount of actual operating income may differ from the static budget amount for operating income because
1 which answer is false?a. the concept of working capital is a basis for determining liquidityb. the working capital is
Prepare the following adjustments in good journal entry format. The beginning balance of the Supplies account was $315. During the month the company bought additional supplies in the amount of $830. At the end of the month a physical inventory showed..
Calculation of good will - Total Shareholders' Equity of Little
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