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P Company purchased 80% of the outstanding common stock of S Company on May 1, 2011, for a cash payment of $1,272,000. S Company's December 31, 2010 balance sheet reported common stock of $800,000 and retained earnings of $540,000. During the calendar year 2011, S Company earned $840,000 evenly throughout the year and declared a dividend of $300,000 on November 1. What is the amount needed to establish reciprocity under the cost method in the preparation of a consolidated workpaper on December 31, 2011?
(a) Common stock of E Company (10% ownership) held as available-for-sale securities, cost $120,000, fair value of $115,000 & (b) common stock of F Company (30% ownership) cost $215,000, equity of $250,000. Prepare the investments section of the ba..
A machine costing Rs. 10.0 million and having book value of Rs. 6.5 million was traded-in with another machine having a fair market value of Rs. 7.0 million with an additional cash payment of Rs. 1.0 million. what will be the accounting entry?
Determine the equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory.
Fred and Wilma exchanged equipment in a qualifying like-kind exchange. Fred gives up equipment with an adjusted basis of $14,000 (FMV = $15,000) in exchange for Wilma's equipment with a fair market value of $12,000 plus $3,000 cash. How much gain ..
Madison Industries has equivalent units of 2,000 for materials and for conversion costs. Total manufacturing costs are $160,000. Total materials costs are $120,000. How much is the conversion cost per unit?
If you had been an analyst evaluating Bethlehem's 2001 third-quarter 10-Q, explain whether or not you would have downgraded Bethlehem's stock.
For the basic cost categories of direct labor and overhead, provide examples of the types of costs that would fall into each category for Liberty Tax Service.
Relative to corporate formation, how can one contribute appreciated property without gain recognition to the transferor?
During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.
What per-member per month (PMPM) rate would be required to break even, ignoring any co-payments? What advice would you provide the primary care group?
How much income must Dave report for the tax year and what is the character of the income? What is Dave's basis in his partnership interest at the end of the tax year?
One drawback of the payback criterion for evaluating projects is that this method does not properly account for the time value of money. Why do you think this is a correct statement?
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