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On January 1, 2009, Nichols Company acquired 80% of Smith Company's common stock and 40% of its non-voting, cumulative preferred stock. The consideration transferred by Nichols was $1,200,000 for the common and $124,000 for the preferred. Any excess acquisition-date fair value over book value is considered goodwill. The capital structure of Smith immediately prior to the acquisition is: Common Stock, $10 par value (50,000 shares outstanding) = 500,000 Preferred Stock, 6% cumulative, $100 par (3,000 shares outstanding) = 300,000 Additional Paid-In Capital = 200,000 Retained Earnings = 500,000 Total Stockholders Equity = 1,500,000 (A) Compute the goodwill recognized in consolidation (the answer is $310,000) (B) Computer the non-controlling interest in Smith at the date of acquisition (the answer is 486,000) (C) If Smith's net income is $100,000 in the year following the acquisition, what is the non-controlling interest balance (the answer is 27,000) Please show every step of calculations
Starr Company purchased a depreciable asset for $150,000. The estimated salvage value is $10,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the..
Why would you select the percentage of sales method of calculating doubtful accounts as opposed to the percentage of receivables method?
Mutual Funds What is the function of a mutual fund? Why are mutual funds popular among investors? How does a money market mutual fund differ from a stock or bond mutual fund?
Determine the amount of annual depreciation by the straight-line method. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method.
A new textbook is published in the spring of 2011. Your campus bookstore buys 400 copies at $70 each in June, an additional 1,000 copies in August at $72 each, and 600 copies in December at $75 each. At the end of December 2011, the bookstore has ..
Carlos owes Gord Motors 20k and in default. Rick pays Gord Motors the entire amount. In the absence of an agreement to the contrary, Rick can recover from peter.
If fixed costs are $300,000, the unit selling price is $31, and the unit variable costs are $22, what is the break-even sales (units) if fixed costs are reduced by $30,000?
Determine the denominators to be used in the calculations of cost per equivalent unit for materials and conversion costs.
Discuss whether direct labor is a fixed or a variable cost. What are the pros and cons of management treating direct labor as a variable cost?
What is the controller's responsibility with respect to a president who doesn't know much accounting?
Carson Company on July 15 sells merchandise on account to Tayler Co. for $1,000, terms 2/10, n/30. On July 20 Tayler Co. returns merchandise worth $400 to Carson Company. On July 24 payment is received from Tayler Co. for the balance due. What is ..
You are thinking of hiring 10 more salespeople. The annual cost per salesperson (including salary and benefits) is $120,000. In addition, each salesperson receives as a bonus 10% of the sales he or she generates. How much should your market share ..
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