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Yukon Co. purchased 75% percent of the voting common stock of Ontario Corp. on January 1, 2006. During the year, Yukon made sales of inventory to Ontario. The inventory cost Yukon $260,000 and was sold to Ontario for $390,000. Ontario still had $60,000 of the goods in its inventory at the end of the year. The amount of unrealized intercompany profit which should be eliminated in the consolidation process at the end of 2006 is:
$15,000
$20,000
$32,500
$30,000
Are there any other regulatory controls or mechanisms (other than internal controls) that could prevent management fraud in Australia? If so, briefly discuss the ability of these mechanisms to prevent fraud?
Sepracor, Inc., a drug company, reported the following information. The company prepares its financial statements in accordance with GAAP.
Last year, Twins Company reported $750,000 in sales (25,000 units) and a net operating income of $25,000. At the break-even point, the company's total contribution margin equals $500,000. Based on this information, the company's:
Mancini Corporation sells a single product. Budgeted sales for the year are anticipated to be 640,000 units, estimated beginning inventory is 98,000 units, and desired ending inventory is 80,000 units. The quantities of direct materials expected t..
What is the recorded net value of this machine on December 31, 2009 and 2011 using US GAAP?
Which section of the IRC describes the forms of substantiation a taxpayer must maintain in order to claim valid business-related entertainment expense deductions?
Choose a public company financial statement - 10k or annual report. Review the footnote disclosures related to intercompany activity. How important is this activity to the consolidated group? Where do you find this information? Be sure and post a ..
Mason was shocked to learn that the current Code is the Internal Revenue Code of 1986. He thought that U.S tax change more frequently. What is wrong with Mason's perception?
SNL corporation, a C corporation, reports $400,000 of taxable income in the current year. SNL's tax rate is 35 percent. Answer the following questions, assuming Keegan, SNL's sole shareholder, has a marginal tax rate of 28 percent on ordinary inco..
The land contributed by Stephanie was encumbered by a $250,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, the basis of Stephanie's partnership interest is:?
Wade's outstanding stock consists of 40,000 shares of noncumulative 7.5% preferred stock with a $10 par value and also 100,000 shares of common stock with a $1 par value.
Change in estimated amount of ore to be mined from year one to year 2. year 1 is 400000 and year 2 is 487500 tons. mined 50000tons in first year and mined 80,000 tons second year of which 60000 tons sold residual or salvage value of the land is $1..
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