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Problem 1: On January 2, 2011, Polk borrowed P60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, 2011. The excess cost of the investment over Strass' book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, 2011, the fair value of Polk shares held by noncontrolling parties was P10,000. On Polk's January 2, 2011 consolidated balance sheet, Current liabilities should be
The cash generating unit reports goodwill of $130,000. What is the goodwill impairment loss that will be reported on the December 31 income statement
In early 20X1, Textron Inc. What amount should Textron recognize as gross profit (the profit element) for the December 31, 20X2, fiscal year?
Aviance produces two products: hammers and screw drivers. Demand for both products is almost equal; however, the company has only 50 hours of machine time remaining in the month before the machine must be shut down for maintenance.
Develop a variance analysis including a budget variance performance report and appropriate variances for materials and labor.- In your budget variance report, discuss each variance.
If the tax rate is 40%, what is Alpine's Free Cash Flow for year 1?
Calculate the Allowance and show the journal to establish the Bad Debt allowance at the end of the year. Turtle Island Tours uses the % of Accounts Receivable
On February 1, 2016, the company loaned $100,000 to a supplier and received a 5-year, 12% note. The first annual interest payment is due January 31, 2017. On November 15, 2016, the company received $50,000 from a customer for accounting services to b..
The contract calls for a payment of $0.6 million today, $0.8 million one year from today, and $0.8 million two years from today. Illustrate what is this contract worth today if the firm can earn 7.2 percent on its money?
Discuss the key differences between financing with accounts receivable as collateral and inventory as collateral.
Total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year?
Using semi-annual compounding, what is the yield to maturity on a 4.65 percent coupon bond with 18 years left to maturity that is offered for sale at $1,025.95?
On Jan 1, 2010, Morgan Company acquires 300,000 of Nicklaus, Inc, 9% bonds at 278,384. the interest is payable each December 31, and the bonds mature Dec 31, 2012. the investment will provide Morgan Company a 12% yield. The bonds are classified as..
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