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P Corporation acquired 80% of S Corporation on January 1, 2011 for $240,000 cash when S's stockholders' equity consisted of $100,000 of Common Stock and $30,000 of Retained Earnings. The difference between the price paid by P and the underlying equity acquired in S was allocated solely to a patent amortized over 10 years.
P sold merchandise to S during the year in the amount of $30,000. $10,000 worth of inventory is still on hand at the end of the year with an unrealized profit of $4,000. The separate company statements for P and S appear in the first two columns of the partially completed consolidated workpaper.
Required:
Complete the consolidated workpaper for P and S for the year 2011.
Prepare the estimated bad debts assuming that doubtful accounts are estimated to be (1) 7% of gross accounts receivable and (2) 1% of net sales
Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
How does a parent company account for a subsidiary organization in the years that follow the creation of a business combination?
Prepare an amortization table use the straight-line method to amortize the premium.
An accounting firm, provides consulting and tax planning services. A recent analysis found that 55% of the firm's billable hours to clients resulted from tax planning and for many years, the firm's total administrative cost (currently $270,000) ha..
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Equipment acquired under capital leases and used by activities accounted for in governmental funds should be recorded in the governmental activities accounts at the inception of the lease at:
Thus far in class we've talked about many interesting topics in international accounting including international accounting standards, the history of accounting, IFRS vs. US GAAP, the FASB Codification, convergence, harmonization, foreign currency..
How will the declaration and distribution of a 10 percent stock dividend affect the issuing corporation's balance of retained earnings and total stockholders' equity, respectively?
Barbara transfers $10,000 cash and machinery having a $!5,000 basis and a $35,000 FMV to Moore Corp. in exchange for 50 shares of Moore stock.
Rosa owns 30% of Pine Corporation's stock (basis of $50,000), and the other 70% was recently purchased by Arvid (basis of $620,000). Pine enters into a reorganization with Lodgepole Corporation.
Natali Vision sells 5,000 pairs of sunglasses per month at $40 each with a desired profit margin of 25%. Fixed costs are $20,000. What is the variable cost per unit?
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