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Problem 1: During the current period, a subsidiary entity sold inventories to a parent entity for $40 000. The inventories had previously cost the subsidiary entity $36 000. By reporting date the parent entity had sold 75% of inventories to a party outside the group. The company tax rate is 30%. What is the adjustment entry in the consolidation worksheet at reporting date?
DR Sales Revenue 40,000CR Cost of Sales 39,000CR Inventories 1,000
DR Deferred Tax Asset 300CR Income Tax Expense 300
Prepare Journal Entries and financial statements. With excess cash, Tom purchased a 30% (30,000 shares) investment in Board Books, Inc
Mary Martin, the owner of Martin Consulting, Inc., started the business by investing $40,000 cash. Identify the general journal entry below that Martin Consulting, Inc. will make to record the transaction. Cash 40,000 Common Stock 40,000 Common Stock..
You correctly competed the coefficient of determination to be .96. What can you conclude about Maintenance Expense and Direct Labour costs?
Describe how the following business transactions affect the three elements of the accounting equation.
The price of a European put option on a non-dividend-paying stock with a strike price of $100 is $5. What is the price of a European call option on the stock
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Kim transfers property with a tax basis of $1,120 and a fair market value of $810 to a corporation in exchange for stock with a fair market value of $620 in a transaction that qualifies for deferral under section 351. The corporation assumed a liabil..
Shortly thereafter, Brenda sells 10 shares to Aquarius for $200.00 in an exchange that had been agreed to in the preceding year. What result to both Ann and Brenda? What if Brenda sold 11 shares versus 10 shares?
In what circumstances is a company's quick assets ratio greater than its current ratio on the same date? Explain in detail with an example.
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The bonds issued by North & South bear a coupon rate of 7.5 percent, payable semiannually. The bonds mature in 6.5 years, sell at par, and have a $1,000 face value. What is the yield to maturity?
What the Profitability Index (PI) is? ABC Company is considering the purchase of a new machine that would cost $500,000. The machine would have a useful life
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