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Catbird Corporation paid $240,000 on April 1, 2006 for all of the common stock of Bug Corporation in a business acquisition. Bug’s stockholders’ equity at April 1 consisted of the $195,000 January 1, 2006 stockholders’ equity of Bug plus first quarter income less dividends. Dividends are paid quarterly. Any excess cost over book value acquired is allocated to goodwill.Catbird sold equipment with a 5-year remaining useful life to Bug on Oct 1, 2006 for a gain of $10,000. Depreciation overcharged as result for period was $ 500. Bug’s accounts payable balance at December 31 includes $5,000 due to Catbird from the sale of equipment. Catbird accounts for its investment in Bug using the equity method as a one-line consolidation. Complete the working papers to consolidate the financial statements of Catbird and Bug Corporations for the year 2006.
Purpose entries in general journal form to record the transactions for the quarter ended June 30, 2013. Set up T-accounts, and post the entries to the T-accounts. Show that an account has been posted by placing a check mark in the reference, col..
One area of exacting concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the subsequent.
Calculate Monaco accounts receivable turnover ratio for the year. The company does not believe it will have any bad debts. Use the turnover ratio computed in (b) to analyze Monaco’s liquidity. The turnover ratio last yearwas 8.0.
Which costs are relevant and which are not relevant in the choice between these two alternatives and find the differential cost between the two alternatives?
Illustrate what amount should be reported as Unamortized Bond Issue Costs?
It has detachable warrant that allows purchaser to buy 20 shares of stock. Price of bond right after issue is 96 and detachable warrant is 2$. What is journal entry for issuing this bond?
For your response discussion need, critically observe the budget and currency calculations of another student.
The most noteworthy item on the income statement is net income. The most noteworthy item on the cash flow statement is not net cash flow." Explain this comment and if you agree, what might be?
What is the future value of investment cash flows 6 years from today?
Estimate the companys weights of capital and estimate the companys before-tax and after-tax component cost of debt.
Determine the standard cost per unit and determine material, labor, and overhead variances, List a possible cause for each variance.
Explain tests that you would perform to test the correctness of pricing of raw materials, work in progress, and finished goods. Determine the amount of projected population misstatement based on your sample.
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