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Paige, Inc. owns 80% of Sigler, Inc. During 2011, Paige sold goods with a 40% gross profit to Sigler. Sigler sold all of these goods in 2011. For 2011 consolidated financial statements, how should the summation of Paige and Sigler income statement items be adjusted?
a) Sales and cost of goods sold should be reduced by the intercompany sales.
b) Sales and cost of goods sold should be reduced by 80% of the intercompany sales.
c) Net income should be reduced by 80% of the gross profit on intercompany sales.
d) No adjustment is necessary.
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
Travelers Aids most recent income statement follows Total Per Unit Sales (3,000 units) $90,000 $30.00 Variable expenses $54,000 $18.00 Contribution margin $36,000 $12.00 Fixed Expenses $22,000 Net operating income $14,000.
The spot rate of exchange, S(MXN/USD), between the Mexican peso (MXN) and U.S. dollar (USD) is MXN 11.95/USD and the 6-month futures rate is MXN 12.4328/USD. If U.S. interest rates are 5% per annum then the annual interest rate in Mexico must be
Tosco Co. paid $540,000 for 80% of the stock of Martz Co. when the book value of Martz's net assets was $600,000. For all of Martz's assets and liabilities, book value and fair value were approximately equal.
CGT Reliable Accounting Firm purchased some property on December 31, 2009, for $ 170,000, paying $ 40,000 in cash and obtaining a mortgage loan for the other $ 130,000. The interest rate is 9% per year, with $ 8055 payments made at the end of Marc..
Also, a 90-day put option with an exercise price of $.73 and a premium of $.01 is available. FAB plans to purchase options to hedge its payable position. Assuming that the spot rate in 90 days is $.71, what is the net amount paid, assuming FAB wis..
Under the lease agreement, a security deposit of $15,000 is made, with the deposit to be returned at the expiration of the lease, with interest compounded at 10% per year. What amount will the company receive at the time the lease expires?
The finance managers of Long Bow, Inc. collected the following information for their firm: Total Assets = $60,000; Current Assets = $20,000; Long-term Liabilities = $200,000; Current Liabilities = $10,000. The Current Ratio = ___
Which of the following statements is true regarding an intercompany sale of land?
If the balance shown on a company's bank statement is less than the correct cash balance, and neither the company nor the bank has made any errors, there must be:
Typically U.S. corporations record and report most changes in accounting principle retrospectively, but sometimes report the changes prospectively. Explain when it is appropriate to report the changes prospectively. Provide examples.
Post to the stockholders' equity accounts. Prepare the paid-in capital section of stockholders' equity at December 31, 2006.
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