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Prince Corp. owned 80% of Kile Corp.'s common stock. During October 2006, Kile sold merchandise to Prince for $140,000. At December 31, 2006, 50% of this merchandise remained in Prince's inventory. For 2006, gross profit percentages were 30% of sales for Prince and 40% of sales for Kile. The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
a) $28,000
b) $56,000
c) $22,400
d) $42,000
a. What were Big Bob's ground beef price and quantity variance for the most recent week? b. What factor(s) could explain Big Bob's ground beef variances?
Caine Bottling Corporation is considering the purchase of a new bottling machine. The machine would cost $200,000 and has an estimated useful life of years with zero salvage value.
A machine that originally cost $25,000 and was depreciated on a straight line basis has one year of its expected 5-year life remaining. Its current value is $12,000. The corporate tax rate is 34%.
Portsche Snow Removal's cost formula for its vehicle operating cost is $2,310 per month plus $317 per snow-day. For the month of November, the company planned for activity of 18 snow-days, but the actual level of activity was 20 snow-days. The act..
An investor in common stock received dividends in excess of the investor's share of investee's subsequent to the date of the investment. How will the investor's investment account be affected by those dividends under each of the following accounti..
Wood Incorporated factored $150,000 of accounts receivable with Engram Factors Inc. on a wotkout-recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for ..
What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries?
At the formation of the BD Partnership, Betty contributes land with a basis of $10,000 and a FMV of $30,000 and Dick contributes cash of $30,000. Betty and Dick share profits and losses equally. When the land is sold two years later for $50,000, B..
Rey uses the method prescribed in Part 1b, what adjusting journal entry must be made to recognize bad debts expense on June 30, 2012? (Round your intermediate calculation to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your re..
Prepare any necessary adjusting journal entries in Contemporary Designs accounting records as of December 31.
The following data are accumulated by Eco-Labs, Inc. in evaluating two competing capital investment proposals:
William received his bank statement from Trader's Bank indicating an ending balance of $6,206.55. William's checkbook showed a balance of $5,549.30. William noticed that $759.00 in checks were outstanding.
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