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Mortar Corporation acquired 80 percent of Granite Corporation's voting common stock on January 1, 2007. On December 31, 2008, Mortar received $390,000 from Granite for a equipment Mortar had purchased on January 1, 2005, for $400,000. The equipment is expected to have a 10-year useful life and no salvage value. Both companies depreciate equipments on a straight-line basis.
Required:
Based on the preceding information:
A) Calculate the amount to be debited or credited for equipment during the preparation of the 2008 consolidated financial statements.
B) Calculate the amount to be debited or credited for depreciation expense to be shown in the preparation of the 2009 consolidated income statements
C) Calculate the amount of accumulated depreciation to be debited or credited in the preparation of the 2009 consolidated balance sheet.
On July 31, 2010, Fenton Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the cash account revealed the following facts.
Spectre Chemicals produces Zaloff in a two department process. Information on the two departments for March and April, 2011 are as follows
In the current year, Orion Corporation (E & P of $2 million) distributes all of its property in complete liquidation. Allie, a shareholder, receives land having a market value of $300,000.
For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during September are:
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
Are there any provisions that a company can take to avoid a big hit from audit findings for income taxes in future financial reporting periods - sort of a temporary holding accounts?
You have been employed as an entry level management accountant for little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of companys assets to personal use.
which has very large E&P, distributes $540,000 in redemption of 300 shares of XYZ Company stock from Ed's estate. What is the estate's income from the redemption?
A machine which cost $300,000 is acquired on October 1, 2012. Its estimated salvage value is $30,000, and its expected life is eight years.
Which of the following best describes assurance services.
Garza Co. had the following transactions during the current period. Journalize cash dividends; indicate statement presentation.
Segregation of Duties (SoD) and other classic internal controls such as management oversight have been adapted to consider technology. Compare/contrast the classic controls with their adaptations for technology.
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