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13. Gibson Corp. owned a 90% interest in Sparis Co. Sparis frequently made sales of inventory to Gibson. The sales, which include a markup over cost of 25%, were $420,000 in 2009 and $500,000 in 2010. At the end of each year, Gibson still owned 30% of the goods. Net income for Sparis was $912,000 during 2010. What was the non-controlling interest's share of Sparis' net income for 2010?
Equestrain Roads sold $50,000 of goods and accepted the customer's $50,000 10% 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
Justin and Tiffany form the equal TJ Partnership, Justin contributes cash of $20,000 and land (fair market value of $80,000, adjusted basis of $65,000), and Tiffany contributes the assets of her sole proprietorship (value of $100,000, adjusted bas..
Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion? (100 words)
John Smith, age 31, is single and has no dependents. At the beginning of 2013, John started his own excavation business and named it Earth Movers. John lives at 1045 Center
In the financial statements for its fiscal year ended December 31, Year 2, Investor should report a realized loss on disposal of the Investee Co. shares equal to:
In 2004, Parrot Company sold land to its subsidiary, Tree Corporation, for $12,000. It had a book value of $10,000. In the next year, Tree sold the land for $18,000 to an unaffiliated firm. Which of the following is correct?
Assuming the present value of an annuity due of 1 for 6 years at 10 percent is 4.7908 and the present value of an annuity due of 1 for 6 years at 12 percent is 4.6048, what is the lease liability that Stockton should report on the balance sheet at..
Describe how investors report investments in equity securities when investor has controlling influence over an investee. (US GAAP)
What should be the amount of the unamortized bond discount on April 1, 2011 relating to the bonds converted?
Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.
Use the accounting equation to show how Enron abused good accounting. Use a separate accounting equation to demonstrate WorldCom's error.
Which of the following is a correct statement of one of the capitalization criteria?
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