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Keefe, Incorporated, acquires 70% of George Company on September 1, 2005, and an additional 10% on April 1, 2006. Annual amortization of $5,000 relates to the first acquisition and $3,000 to the second. George reports the following figures for 2006:
Revenues $500,000 Expenses 400,000 Retained earnings 1/1/06 300,000 Dividends paid 50,000 Common Stock 200,000
Without regard for this investment, Keefe earns $300,000 in net income during 2006.
What is consolidated net income for 2006?
a) $365,000
b) $370,250
c) $372,000
d) $374,000
Pelican'W s Investment in Crustacean account for 2003 should increase by:
If all the current assets were liquidated today, the company would receive $855,000 cash. What is the book value of Klingon's assets today?
Assuming that a prevailing interest rate of 8% applies to this contract, how much should Fishbone record as the cost of the machine?
If the beginning balance in OAA is $3,900, and the following transactions occur, what is the ending OAA balance?
If economic depreciation refers to diminution in value because of obsolescence, physical wear and tear, technological advances in substitute goods, or changes in consumption behavior.
When one media company buys another, goodwill is often the most costly asset acquired. World media paid $700,000 to acquire-Journalize World Media's acquisition of The Dandy Dime.
Provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
(1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.
A corporation had stockholders' equity on January 1 as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; Contributed Capital in Excess of Par Value, Common Stock, $1,000,000; Retained Earnings, $3,000,000. Prepa..
If the company decides to use 40% debt what is the new cost of equity? Note, the company's marginal tax rate is 35%. (Hint: calculate the levered beta and then re-calculate the cost of equity with that.)
On January 1, Year 1, Jayco purchased a machine for $6,000. It had an estimated salvage value of $1,200 and a life of six years. The straight-line method of depreciation was used. At, midyear in Year 4, Jayco sold the machine for $4,500 cash.
Henry's is a chain of 45 coffee shops. The standard amount of ground coffee per cup is .75 ounces. During the month of October, the company sold 320,000 cups of coffee (reported via electronic cash registers), and the 45 shops reported using 15,80..
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