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Using the information from RE12-9, assume that three years later the fair value of America's Sweethearts is $720,000. Of this fair value, $350,000 is attributable to identifiable assets and liabilities. Calculate the impairment loss (if any) and record the appropriate journal entry.
In RE12-9, Grand Champion, Inc., purchased America's Sweethearts Corporation on January 1, Year 1. At the time, America's Sweethearts had $750,000 of identifiable assets and $525,000 of liabilities. Grand Champion, Inc., paid $900,000 for America's Sweethearts Corporation. Record the purchase by Grand Champion, Inc.
What is the difference between cash and accrual accounting? Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why?
the following transactions were incurred by dimasi industries during january 2010 1. issued 800000 of direct material
cash flows from operating activities-direct method the cash flows from operating activities are reported by the direct
the balance sheet of world foods at december 31 2011 reported 100000 shares of no-par common stock authorized with
Brick Company's direct labor is 30% of it's conversion cost. If the direct materials cost last week was $52,500 and the manufacturing overhead cost was $21,000, compute the cost of direct labor for the week.
Mary is buying several items that cost $128.25 total. She is using a store coupon for 35% off her purchases. She has to pay 4% sales tax. Calculate the total cost of the items.
If the stock currently sells for $65, what is your best estimate of the company's cost of equity?
freeman company uses a predetermined overhead rate based on direct-labor hours to apply manufacturing overhead to jobs.
Thirty flasks, 10 full, 10 half empty and 10 entirely empty, are to be divided among 3 sons so that flasks and content should be shared equally.
Why are noncash transactions, such as the exchange of common stock for a building, included on a statement of cash flows? How are these noncash transactions disclosed?
poole corporation has collected the following information after its first year of sales. net sales were 2000000 on
The prepaid insurance involves a 3-year fire insurancepolicy that was purchased (and went into effect) on January 1,2007. By the end of the year, apportion of the insurance policy had been used up.
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