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Tony Computer Services Corporation trades 50% of its common stock for the rights to certain computer programs of the Janet Corporation. Janet previously expensed such costs of developing these computer programs. Tony concurrently sold the other 50% interest in its stock to the Jeannette Company for $1,000,000. Tony later acquired another rights to the Udder Computer Company’s computer programs in exchange for stock valued at $1,500,000. Tony, thus, debited Investments in Subsidiaries and credited Earnings for $1.5 million to reflect this latest transaction. How should Tony’s consolidated financial statement reflect the value of the expensed computer programs?
toleman biochemicals decided to offer shares to the public for the first time on january 1stnbsp2007. toleman were
the bank notifies Wilma that if she pays back $75,000 immediately, they will forgive her $100,000 loan. What are tax implications to Wilma if she accepts the bank’s offer?
jamestown ltd balance of non-current assets total was 7.5 million at 1st january 2016 and closing balance was 6.4
Ralph Henwood was paid a salary of $64,600 during 2010 by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $48,000 on his income tax return for 2013.
Prepare an accrual-basis income statement for the 6 months ended April 30, 2012 and prepare the April 30, 2012, classified balance sheet.
Please give best answers to all questions on the exam with use of Excel, Excel sheets need to be attached when you submit the exam. The exam is open material, but you may not consult in any way with others.
A recent annual report for Target contained the following information (dollars in thousands) at the end of its fiscal year: Determine the bad debt expense for year 2 based on the preceding facts
Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 and giving a short-term note for $319,000. Legal fees paid were $2,070, delinquent taxes assumed were $10,200, and fees paid to remove an old building fro..
McBean Company has outstanding 18 million shares of $3 par value common stock and 1.8 million shares of $5 par value preferred stock. The preferred stock has a 8% dividend rate. The company declares $10,800,000 in total dividends for the year. Prefer..
Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decided to liquidate the partnership. Assume that if any capital deficits e..
The financial information has been accumulated into an Offering Memorandum that is currently being brokered to investors (for a 6% commission). What types of costs is the partnership likely to incur, and how will those costs be treated?
question 1how does goodwill arise and come to be reported on the balance sheet? how is the amount calculated? what does
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