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On January 1, 2006, Demers Company, an 80% owned subsidiary of Collins, Inc., transferred equipment with a 10-year life (six of which remain with no salvage value) to Collins in exchange for $84,000 cash. At the date of transfer, Demers records carried the equipment at a cost of $120,000 less accumulated depreciation of $48,000. Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006
$36,000
$34,000
$12,000
$10,000
what where the total balances after adding and subtracting the adjustments giving you the adjusted trial balance totals for the month of may? for the generals favorite fishing hole comprehensive promblem.
During the year, Xero, Inc., experienced increase in net fixed assets of $300,000 and had depreciation of $200,000. If operating cash flow (OCF) for the year was $700,000, compute firm's free cash flow (FCF) for the year.
The market price of a bond issued at a discount is the present value of its principal (face) amount at the market (effective) rate of interest:
A company is considering the purchase of a new piece of equipment for $90,000. Predicted annual cash inflows from this investment are $36,000 (year 1), $30,000 (year 2), $18,000 (year 3), $12,000 (year 4) and $6,000 (year 5). The payback period is..
Write a 700- to 1,050-word paper in which you differentiate between managerial and financial accounting.
Conversion costs related to the beginning work-in-process inventory amounted to $231,000, and amounts incurred during the current month totaled $900,000. If conversion is incurred uniformly throughout manufacturing, Flagston's equivalent-unit cost..
How are managerial accounting concepts useful for a decision-maker at any level in an organization? Make sure to include different levels of decision-makers in your reply.
Pierce had no restrictions on the use of the advance rental payments and renders no services connection with the rental income. What amount of gross income should Pierce report on its 2009 tax return?
Real estate magnate Donald Trump once proposed a one-time tax of 14.25 percent on the net wealth of every American with more than $10 million. Would this be an efficient way to raise tax revenue? Why or why not?
Which is better for preventing or detecting fraud a rules based system like US GAAP or a principles based system like IFRS? Please provide the reasons for your opinion.
On June 1, Year 5, the common stock split 3 for 1, and the company redeemed one-half of the preferred stock at par value. Cooper Inc.'s net income for the year ended May 31, Year 6 was 10% higher than in Year 5. Basic earnings per share in Year 6 ..
When the financial vice president determines that early implementation of the standard will adversely affect the reported net income for the year, he discourages Hoger from implementing the standard until it is required.
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