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On January 1, 2014, Alison, Inc., paid $85,700 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $256,000 and liabilities of $83,500. A patent held by Holister having a $9,800 book value was actually worth $20,300. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2014, Holister earned income of $48,000 and declared and paid dividends of $16,000. In 2015, it had income of $52,000 and dividends of $21,000. During 2015, the fair value of Allison's investment in Holister had risen from $99,100 to $105,100. a. Assuming Alison uses fair-value accounting, what income from the investment in Holister should be reported for 2015?
Prepare the adjusting entry for Vizarro Co. to recognize bad debts under each of the following independent assumptions.
On November 1, a company established a $90 petty cash fund. On November 12, the petty cash fund contains $3 in cash and the following paid petty cash receipts: transportation-in on merchandise inventory
A trial balance that has total debits of $20,000 and total credits of $24,500. Which of error would cause the imbalance?
Determined the cost of jobs completed. Determine the cost of the unfinished jobs at January31
The City of San Jose built a new city hall and financed construction by issuing bonds due in installments over the next 30 years. The bond principal and interest will be paid by a special tax levied on property in the City. The revenue received fr..
During 2001, Company A actually repaired 4,100 players at an average cost of $11.50. What is te amount of product warranty expense that Company A should recognize in 2008?
Meese Paper Distributors, Inc. has before-tax earnings of $1,900,000. Using the corporate tax table found in the text, calculate the amount of the total tax liability for Meese.
The Reedy Company uses a standard costing system. The following data are available for November: The actual direct labor rate for November is:
Before the corporate expenses are allocated to the sales districts, what wholesale price will Krupsak pick for the Australian T-shirts and how many T-shirts will he sell? Show how you derived these numbers.
What characteristic of absorption costing caused the drop in net operating income for the second quarter and what could the controller have said to explain the problem?
Which one is not a main objective of financial reporting on SFAC 1?
Cash dividends paid by a corporation: a. reduces the net income of the corporation that declared the dividend. b. reduces the retained earnings of the corporation that declared the dividend.
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