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On January 1, 2012, the Regal Company purchased 30% of the outstanding voting stock of the Air Corporation for $300,000; the book value of Air's net assets at the date of purchase was $900,000. Regal was willing to pay more than the book value of the acquired shares because Air's depreciable assets with a ten-year remaining life was undervalued. Regal uses straight-line depreciation. During 2012, Air reported net income of $75,000 and paid dividends of $30,000. What is the income reported by Regal during 2012 pertaining to the Air investment?
Consider that the Millers' adjusted gross income was $50,000, how much of a medical expense deduction may the Millers claim on their joint return
What is the best way to explain accounting to a non-accountant? Analyze the importance of having a good understanding of accounting, and the implications of a lack of understanding have for business?
You read in the wall street journal that 30 day US treasury bills are currently yielding 8%. your brother in law, a broker, a broker at Kyoto Securities, has given you the following estimates of current interest rate premiums:
You have been employed as an enty-level management accountant for a little year. You suspect that your immediate supervisor is invloved in a significant fraud involving diverting of company assets to personal use.
Assume that a company purchases land for $1,000,000, paying $400,000 in cash and borrowing the remainder with a long-term notes payable. How should this transaction be reported on a statement of cash flows?
Assess the role of GASB and its effectiveness with achieving its mission. Explain if the GASB"s oversight of governmental accounting is as effective as the FASB's over financial standards for-profit entities.
Discuss why a buyer may want to order on a bill and hold basis. Why might a seller want to classify an order as bill and hold if it does not meet the above criteria?
When a fast food chain store, say Wendy's, chooses to acquire the largest cattle ranch in Nebraska, this is said to be a clear example of vertical integration.
Differentiate between the various rates of pay among the different major groups of employees, and include information about the differences between exempt and nonexempt employees. Discuss how wage and hour legislation has affected employment prac..
Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?
M. Rozow of Covington Manufacturing Co. is paid at the rate of $20 an hour for an 8 hour day with time and a half for over time and double time for Sundays and holidays.
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