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1.Parrett Corp. bought one hundred percent of Jones Inc. on January 1, 2009, at a price in excess of the subsidiary's fair value. On that date, Parrett's equipment (ten-year life) had a book value of $360,000 but a fair value of $480,000. Jones had equipment (ten-year life) with a book value of $240,000 and a fair value of $350,000. Parrett used the partial equity method to record its investment in Jones. On December 31, 2011, Parrett had equipment with a book value of $250,000 and a fair value of $400,000. Jones had equipment with a book value of $170,000 and a fair value of $320,000. What is the consolidated balance for the Equipment account as of December 31, 2011?
2.Which of the following statements is true?
3.When a parent uses the equity method throughout the year to account for investment in a subsidiary, which of the following statements is false before making adjustments on the consolidated worksheet?
roberts company produces a single product. this year the companys net operating income under absorption costing was
What is the break-even point expressed in dollar sales? How many units must be sold to earn a net operating income of $100,000 per year? Prepare a formal income statement for the year ended December 31, 2011 under the following:
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Fast-Forward has beginning equity of $257,000, net income of $51,000, dividends of $40,000 and investments by owners in exchange for stock of $6,000. Its ending equity is:
Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating the allowance for doubtful accounts?
The Carlton Corporation has $4 million in earnings after taxes and 1 million shares outstanding. The stock trades at a P/E ratio of 20. THE firm has $3 million in excess cash.
Selected balances from a company's financial statements are shown below. Calculate the following (a) accounts receivable turnover (b) inventory turnover (c) days' sales uncollected
The Marx Company issued $100,000 of 12% bonds on April 1, 2010 at face value. The bonds pay interest semiannually on January 1 and July 1. The bonds are dated January 1, 2010, and mature on January 1, 2015. The total interest expense related to th..
For the most recent week (Big Bob's is open 7 days a week), Big Bob served 1,200 1-pound hamburgers using 1,250 pounds of ground beef for the 1,250 pounds of ground beef. In addition, Big Bob paid his supplier $3.20 per pound of ground beef for th..
Sony Goodwill and Segment Reporting
what is meant by horizontal vertical and conglomerate combinations? how do you distinguish the three types? what
Write a memo to the general manager describing what preventive, detective, and corrective management controls (procedures and policies) should be addressed and possibly changed to correct the issues found in the audit.
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