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When the fair market value of the assets acquired in a business purchase exceed the purchase price, negative goodwill (also called badwill) arises. When negative goodwill arises, GAAP requires that it be allocated toChoose one answer.a. an extraordinary gain.b. all periods benefited on an equitable basis.c. reduce proportionately the values assigned to noncurrent assets.d. reduce proportionately the values assigned to both current and noncurrent assets.
Describe the direct and indirect technique in quoting foreign currencies. Provide some examples.
Find what are the two methods of accounting for treasury stock and fill the journal entry to record the purchase of treasury stock by the cost method.
You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
The fixed manufacturing overhead variance caused by actual activity being different from the estimated activity used in calculating the predetermined overhead application rate is called the:
Someone purchased 320 shares of DNA at 35 3/4 from broker. He charges 1.6% for the transaction. Odd lot carry 1/8 of a dollar brokerage differential.
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: Determine the amount of cost of goods sold using:
Manufacturing overhead is allocated to products based on the number of machine hours required. In a year when 20,000 machine hours were anticipated, costs were budgeted at $125,000.
Using the retail method (this method estimates lower-of-average-cost-and-market), compute the ending inventory at cost as of January 31, 2005. Make sure your answer is in good form with clearly labelled amounts.
The standard hours allowed for actual output of month totaled 7,070 machine-hours. What was the variable overhead efficiency variance for the month?
You are an accounting tutor. One of your students is confused about impairment because the student has learned earlier that all assets are recorded at their historical cost. The student has the following list of questions for you:
Provide the following (and support ALL of your work)- c) Reconcile and explain the difference between Deep Space's Net Operating Income using variable costing and absorption costing.
During 20x8, Voss declared and paid dividends of $80,000 on its common stock. Net income for 20x8 amounted to $500,000. The earnings per share (rounded to the nearest cent) for 20x8 are
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