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Up and its 80% owned subsidiary (down) reported the following figures for the year ending Dec. 31, 2011. Down paid dividens of $30,000 during this period. UP Down Sales $(600,000) $(300,000) COGs 300,000 140,000 Operating expenses 174,000 60,000 Dividen Income (24,000) 0 Net Income $(150,000) $(100,000) In 2010, unrealized gains of $30,000 on upstream transfers of $90,000 were deferred into 2011. In 2011, unrealized gains of $40,000 on upstream transfers of $110,000 were deferred into 2012. Question:
a. What figures appear in a consolidated income statement?
b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 30 percent.
How many pupils do Molly and Kathleen need to enroll in their class to break even and If Molly and Kathleen want to make a profit of $5,000 for the summer, how many pupils do they need to enroll?
Loon, Inc. reported taxable income of $600,000 in 2011 and paid federal income taxes of $202,000. Calculate the company's current E&P.
Hazel Holden and Cedric Dalton are organizing Calgary Metals Unlimited Inc. to undertake a high-risk gold-mining venture in Canada. Discuss whether Hazel and Cedric are behaving in a professional manner.
Prepare the year-end entries for any amounts that could be recorded as a result of each of the above contingencies.
the physician's net cash flow is $80,000 and Eastern University receives none of the fees. Critically evaluate the existing compensation plan and recommend any changes.
A Corp. reported $120,000 of net income and has outstanding 10,000 shares of $1 preferred stock, par of $50, and 50,000 shares of $100 par common stock. Illustrate what is the earnings per share?
What is the current yield on the bonds?
What consolidation entry could be needed for these bonds on December 31, 2012?
Elucidate how the choice of the type of responsibility center affects behaviour. You should support your discussion by using real world examples.
Find out the amount of depreciation expense for the years ended Dec 31, 2009, 2010, 2011 and 2012 by the straight-line method,
Game theory "seeks to predict behavior based on an individual's best response given that individual's motivations and the individual's beliefs regarding the likely behavior" of others. A good example is the prisoner's dilemma. Explain how does th..
Determine break even in dollars for 2011. Determine the required sales in dollars to meet the target net income during 2011. List at least two ways Pitre Company could earn their target net income of $175,000:
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