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Aedion Company owns control over Breedlove, Inc. Aedion reports sales of $300,000 during 2004 while Breedlove reports $200,000. Inventory costing $20,000 was transferred from Breedlove to Aedion (upstream) during the year for $40,000. Of this amount, 25 percent is still in ending inventory at year's end. Total receivables on the consolidated balance sheet were $80,000 at the first of the year and $110,000 at year-end. No intercompany debt existed at the beginning or ending of the year. Using the direct approach, what is the consolidated amount of cash collected by the business combination from its customers?
Quest Tech, Inc. manufactures and sells specialized data storage equipment and services to entertainment and media companies.
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries?
Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important.
Prepare any journal entries you consider necessary, including year-end entries (December 31), assuming these are available-for-sale securities.
What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle?
Draw Jim's budget line (throughout, please put coffee on the vertical axis)-Use a budget line-indifference curve map analysis to explain which pricing scheme Jim prefers.
What is" balance sheet exposure". When converting a balance sheet from one currency to another currency what rate do we use? Are all balance sheet accounts adjusted as of the balance sheet date?
Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well.
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
On December 31, Year One, the Haynie Company is producing financial statements. How is this forward exchange contract reported?
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
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