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For the year ended on December 31, 2010, XYZ had net income of $90,000 and paid dividends of $40,000. Prepare the journal entries to record the result using EQUITY METHOD of accounting. Show your calculation for the adjustments of net income.
The BV-FV difference in Plant Assets is as follows:
Land...............................$60,000Building (20-yr life)..........80,000Machinery (5-yr life).........50,000Total.............................190,000
Wecker Company's year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be 1.5% of accounts receivable.
A U.S. firm has a Canadian subsidiary that remits some of its earnings to the parent on an annual basis. The firm has no other foreign business. The firm could best reduce its exposure to exchange rate risk by issuing bonds denominated in:
Western State University uses job-cost records for various research projects. A major reason for such records is to justify requests for reimbursement of costs on projects sponsored by the federal government.
Determine operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)
If the budgeted direct labor time for November is 7,100 hours, then the total budgeted factory overhead for November is:
Innovation, Inc., a 501(C) (3) medical research organization, makes lobbying expenditures of $1.1 million. Innovation incurs exempt purpose expenditures of $15 million in carrying out its medical research mission.
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is ?
Compute the value added, nonvalue added, and the total lead time of the wreath process.
Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
Up to three standard deviations above or below the centerline is the amount of variation that statistical process control allows for
Prepare journal entries necessary for Crane during 2007 and 2008 to account for the transactions described above.
At the formation of the BD Partnership, Betty contributes land with a basis of $10,000 and a FMV of $30,000 and Dick contributes cash of $30,000. Betty and Dick share profits and losses equally. When the land is sold two years later for $50,000, B..
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