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On January 1, 2011, Brendan, Inc., reports net assets of $760,000 although equipment (with a four year life) having a book value of $440,000 is worth $500,000 and an unrecorded patent is valued at $45,000. Hope Corporation pays $692,000 on that date for an 80 percent ownership in Brendan. If the patent is to be written off over a 10-year period, at what amount should it be reported on consolidated statements at December 31, 2012?
Better Food Company recently acquired an olive oil processing company that has an annual capacity of 2,000,000 liters and that processed and sold 1,400,000 liters last year at a market price of $4 per liter.
Auditing standards discuss fraud in details. What is your impression of the auditor's responsibility to discover it? Do you make a distinction between responsibility regarding management fraud versus employee fraud?
A company entered into the following material contracts at the beginning of the year: For each of the above contracts, prepare any necessary journal entries and notes to be included in the financial statements.
On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the rece..
Weaver Company's predetermined overhead rate is $18.00 per direct labor-hourand its direct labor wage rate is $12.00 per hour.
a finance professor and a marketing professor were recently comparing notes on their perceptions of corporations. The finance professor claimed that the goal of corporation should be to maximize the valur to the shareholders. The marketing profess..
Write down a 3-5 pg paper comparing and contrasting Federal and state tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.
At the date of transfer the land and equipment had fair values of $72,000 and $65,000, respectively. Gleason had been depreciating the equipment on a straight-line basis over ten years with no salvage value.
Freddy purchased a certificate of deposit for $20,000 on January 1, 2010. The certificate's maturity value in two years (December 31, 2011) is $22,050, yielding 5% before-tax interest.
the balance sheet of the Indian River Electronics Corporation as of December 31, 2012, included 12.25% bonds having a face amount of $90 million.
Innova also incurs 5% sales commission ($0.35) on each disc sold. Mudd Corporation offers Innova $4.75 per disc for 5,000 discs. Mudd would sell the discs under its own brand name in foreign markets not yet served by Innova.
Although her records of the expenses incurred in the breeding activity are spotty, she can establish that in year 10 she spent $1,000 on transportation and lodging to attend cat shows, $400 on cat food, $700 on veterinary expenses, and $300 on gro..
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