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Koel corporation acquired all the voting stock of Rain company for $500,000 on January 1, 2005 when Rain had capital stock of $300,000 and retained earnings of $150,000. Rain asstes and liabilities were fairly valued expect for the plant assets. The entire cost-book differential is allocated to plant assets and is fully depreciated on a straight line basis over a 10 year period. During 2005, Koel borrowed $25,000 on a short term non-interest bearing note from Rain, and on December 31, 2005, Koel mailed a cheque to Rain to settle the note. Rain deposited the cheque on January 5, 2006 but receipt of payment of the note was not refelected in Rain's December 31, 2005 Balance Sheet. Complete the consolidation working papers.
The following journal entries are from the books of Kara Elizabeth Company: For each of the journal entries, prepare an explanation of the business event that is being represented.
Compute the sales level that would generate a 20% return on investment. Supposing the rate of return is 15%, determine the level of sales that would generate $200,000 of residual income.
Company A hired Q to perform its year end audit. Subsequent to the compleation of field work, but prior to the issuance of the finicial statements, A discovers that one of its customers has filed for bankruptcy protection.
Seton Company manufactures a single product that sells for $360 per unit and whose total variable cost are $270 per unit. The company's annual fixed costs are $1,125,000. (1) Use this info to compute the company's (a) contribution margin, (b)contribu..
Philly Corp's stock recently paid a dividend of $2 per share (Do = $2), and the stock is in equilibrium. The company has a constant growth rate of 5% and a beta of 1.5. The required rate of return on the market is 15%
Find out a franchisee's breakeven sales in dollars. Is franchising good idea for Wong if franchisees want a minimum monthly operating income of $6,000 and Wong believes that most locations could generate $26,000 in monthly sales?
If Michelle purchased 100 shares of Home Depot common stock at the beginning of January for $25. She received a $1.25 dividend payment from the company at the end of December. At that time, the stock was selling for $27.50 per share. What is the d..
In AT&Ts 2000 annual report, the company reported long-term deferred tax assets of $4,523,000,000 and current deferred tax assets of $1,791,000,000. What might contribute to AT&Ts need to record a valuation allowance?
What is the monthly interest rate if the lease payments are $24,000 per month for twenty-four months? What is the monthly interest rate if the lease payments are $24,000 per month for thirty-six months? What is the monthly interest rate if the lease ..
Explain the overall accounting cycle of an organization. Include a description of the people, processes, and systems that are integral to the cycle.
Assume that the real risk-free rate, r, is 3 percent and that inflation is expected to be 8 percent in Year 1, 5 percent in Year 2 and 4 percent thereafter.
Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis?
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