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Top Company holds 90 percent of Bottom Company's common stock. In the current year, Top reports sales of $800,000 and cost of goods sold of $600,000. For this same period, Bottom has sales of $300,000 and cost of goods sold of $180,000. During the current year, Top sold merchandise to Bottom for $100,000. The subsidiary still possesses 40 percent of this inventory at the current year end. Top had established the transfer price based on its normal markup. What are the consolidated sales and cost of goods sold?
At December 31, 2012 and 2013, Funk & Noble Corporation had outstanding 1,000 million shares of common stock and 13 million shares of 4%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock..
Design a proposal for the appropriate controls to cover accounts receivable. The proposal must be based on the Apollo Shoes case. Your reading of the Apollo Shoes case should include board minutes and auditor messages and notes.
Bayani Company is planning to sell 100,000 units for $3 a unit and will just breakeven at this level of sales. The contribution margin ratio is 40%. How much are the company's fixed costs?
What is the income tax owed by or refunded to an investor in the 35 percent income tax bracket. The current tax rate is 15 percent tax rate on long-term capital gains and dividend income?
Analyze the special partnership issues and determine which you would be most likely to encounter in the business venture you described above (please feel free to be creative here). Determine and discuss the best way to address the special issue yo..
During July, wage expense of $25,000 was reported on the income statement. If wages payable at July 1st was $2,000, and wages of $20,000 were paid during July, how much was accrued wages payable on July 31st?
Prepare a cost of goods manufactured statement. Compute the cost of producing one floor lamp last year. Prepare an income statement on an absorption-costing basis
Conan Industries also paid $71,411 for expenses in 2010. Of the amount paid, $33,331 was for expenses incurred on account in 2009. In addition, Conan incurred $42,259 of expenses in 2010, which will not be paid until 2011.
Listed below are transactions dealing with various stock benefit plans of Fortune-Time Corporation during the period 2009-2011. The market price of the stock is $45 at January 1, 2009. Prepare the Journal entries that Fortune-Time recorded for each..
What are the most important risks for the audit of the acquisition and payment cycles in the automotive industry?
Selected balances from a company's financial statements are shown below. Calculate the following (a) accounts receivable turnover (b) inventory turnover (c) days' sales uncollected
Firm X needs to net $7,800,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $22 per share, and that the firm will receive $19 per share. Out-of-pocket costs are $100,000. How many shares ..
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