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On January 1, 2006, Demers Company, an 80% owned subsidiary of Collins, Inc., transferred equipment with a 10-year life (six of which remain with no salvage value) to Collins in exchange for $84,000 cash. At the date of transfer, Demers records carried the equipment at a cost of $120,000 less accumulated depreciation of $48,000. Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006
$36,000
$34,000
$12,000
$10,000
What is the purpose of GAAP in the accounting cycle? Is it possible to deviate from GAAP and still prepare financial statements?
Net income for the year ended December 31,2008, was $6,000. Assuming an income tax rate of 50 percent what would be the company's diluted earnings per share for the year ended December 31, 2008?
During the current year JET Industries issued 5 million of its $1 par common shares to its underwriters for $25,000,000 less promotional and accounting services of $500,000 to effect the issue.
Speculate which regulatory changes will be the top priority for management. Then, suggest a timetable in which management should start getting ready for the change.
using the entity theory, at what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
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The role and process of recognising depreciation in accounting reports, and by identifying accounting concepts which provide the justification for recognising depreciation.
Without prejudice to your solution in part a, assume that the issue price was $884,000. Prepare the amortization table for 2008, assuming that amortization is recorded on interest payment dates.
What are some advantage of issuing common stock as opposed to bonds? What are some disadvantages?
Company ABC, is an exempt medical organization. XYZ, Inc., a sporting goods retailer, is a wholly owned subsidiary of Company ABC. Company ABC inherited the XYZ stock last year from a major benefactor of the medical organization. XYZ's taxable inc..
Brave Industries is considering buying a machine for $180,000 with an estimated life of ten years and no salvage value. The straight-line method of depreciation will be used. The machine is expected to generate net income of $12,000 each year. The..
The financial statements of the Nelson Manufacturing Company reports net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the receivables turnover ratio for Nelson..
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