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Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. Total annual amortization of $6,000 relates to the first acquisition. George reports the following figures for 2010:
Revenues $500,000
Expenses $400,000
Retained Earnings 1/1/10 $300,000
Dividends Paid $50,000
Common Stock 200,000
Without regard for this investment, Keefe earns $300,000 in net income during 2010.
All net income is earned evenly throughout the year.
What is the controlling interest in consolidated net income for 2010?
Assume that any distribution involving Sec. 751 property is pro rata and that any precontribution gains have been recognized before the distribution.
Jensen Company forecasts a need for 200,000 pounds of cotton in May. On April 11, the company acquires a call option to buy 200,000 pounds of cotton in May at a strike price of $0.3765 per pound for a premium of $814.
What was the amount of the projected benefit obligation at year-end? (Enter your answer in millions. Omit the "tiny_mce_markerquot; sign in your response.)
ABC Corp distributed land to its sole shareholder, DEF Corp, in a liquidating distribution. At the time of the distribution, the land had a fair market value of $240,000 and ABC Corp's adjusted basis in the land was $200,000.
Assume that a company purchases land for $1,000,000, paying $400,000 in cash and borrowing the remainder with a long-term notes payable. How should this transaction be reported on a statement of cash flows?
At the beginning of the year, Addison Company's assets are $212,000 and its equity is $159,000. During the year, assets increase $80,000 and liabilities increase $58,000. What is the equity at the end of the year?
SDJ, Inc. has net working capital of $1,570, current liabilities of $4,380, and inventory of $1,875. What is the current ratio? What is the quick ratio?
Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2005 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Prepare a journa..
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2011 financial statements are issued on March 15, 2012.
Yaro Company owns 30% of the common stock of Dew Co. and uses the equity method to account for the investment. During 2011, Dew reported income of $250,000 and paid dividends of $80,000
The property was also encumbered by a $50,000 nonrecourse debt, which was transferred to te partnership on that date. Another partner, Sylvia, shares 1/3 of the partnership income, gain, loss, deduction, and credit. Under IRS regulations, Sylvia's..
Among its 5,000 employees were 165 youngsters aged 14 and 15 who worked full-time during the day and were paid at a rate less than the minimum wage. Which statement is true in accordance with the general rules of the Fair Labor Standards Act?
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