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On january 1, 2010 porter company purchased an 80% interest in the capital stock of salem company for 850000. at that time, salem company had a capital stock for %550,000 and retained earnings for $80,000. Differences between the fair value and the book value of the identifiable assets are salem company were as follows. Equipment $130,000
Land 65000, and inventory 40,000. The book values of all other assets and liabilities of salem company were equal to their fair values on january 1,2010. The equipment had a remaining life of five years n Jan1. The inventory was sold in 2010. 2010 net income $100,000; dividends declared of $25,000. 2011 net incoe $110,000; dividends declared $35,000
Prepare a computation and allocation schedule for the difference between book value of equity aquired and the value implied by the pruchase price.
Before the corporate expenses are allocated to the sales districts, what wholesale price will Krupsak pick for the Australian T-shirts and how many T-shirts will he sell? Show how you derived these numbers.
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
What is meant by the concept of reasonable assurance in terms of internal controls?
Aedion Company owns control over Breedlove, Inc. Aedion reports sales of $300,000 during 2004 while Breedlove reports $200,000. Inventory costing $20,000 was transferred from Breedlove to Aedion (upstream) during the year for $40,000.
On July 1, 2010, an interest payment date, $60,000 of Parks Co. bonds were converted into 1,200 shares of Parks Co. common stock, each having a par value of $45 and a market value of $54. There is $2,400 unamortized discount on the bonds. Using th..
Hardouin Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 22,000 units in its beginning work in process inventory that were 20% complete with re..
What is your conclusion about the fairness of the recorded balance in accounts payable for pinnacle manufacturing as it affects the income statement and balance sheet?
The production department has met all production requirements for the current month and has an opportunity to produce additional units of product with its excess capacity. Unit selling prices and unit costs for three different drill models are as ..
Quinn paid $300,000 in preferred stock dividends in 2010, and reported net income of $5,100,000 for the year. Quinn's diluted earnings per share for 2010 should be:
Providing language and cultural training for employees is big business. If you were going to write a class on how language affects intercultural business communications, what would your lesson plan look like?
What financial instruments (financial assets and financial liabilities) are not eligible for an entity to use the fair value option of accounting?
Green Systems sold and delivered modems to the Blue Computers for $660,000 to be paid by Blue in 3 equal instalments over the next 3 months. The journal entry made by the Blue Computers to record the last of 3 instalment payments will include:
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