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On January 3, 2008, Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation, paying $1,500,000. There was no goodwill or other cost allocation associated with the investment. Roberts has significant influence over Thomas. During 2008, Thomas reported income of $300,000 and paid dividends of $100,000. On January 4, 2009, Roberts sold 15,000 shares for $800,000.
What was the balance in the investment account before the shares were sold?
$1,560,000
$1,600,000
$1,700,000
$1,800,000
$1,860,000
Accounts receivable arising from sales to customers amounted to $40,000 and $35,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, t..
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Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:
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In Xan's Year 2 statement of cash flows, net cash used in financing activities should be:
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Frenchy's Company needs to determine the variable utilities rate per machine hour in order to estimate cost for August. Relevant information is as follows: determine the expected costs for Utilities in August. B. Using the data calculated above, e..
A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007.
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