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Keefe, Incorporated, acquires 70% of George Company on September 1, 2005, and an additional 10% on April 1, 2006. Annual amortization of $5,000 relates to the first acquisition and $3,000 to the second. George reports the following figures for 2006:
Revenues $500,000 Expenses 400,000 Retained earnings 1/1/06 300,000 Dividends paid 50,000 Common Stock 200,000
Without regard for this investment, Keefe earns $300,000 in net income during 2006.
What is consolidated net income for 2006?
a) $365,000
b) $370,250
c) $372,000
d) $374,000
Calculate net operating income and residual income for each division. Compare the two divisions and discuss the usefulness of ROI and residual income for the purpose of comparing the divisions.
What are some typical types of transactions that appear in the financing section of the statement of cash flows?
Collegiate Tuxedo rents apparel throughout the year. They have experienced non-payment by about 15% of their customers with an average loss of $200. Collegiate wants to stem their losses by using an instant electronic credit check on the customer.
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Many individuals believe that trade deficits are troubling economic condition which points out weakness in economy while trade surpluses are sign of strength and rising prominence for economy.
Compute for the company's break-even point in unit sales using the equation method.
The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits?
How does the AICPA Code of Professional Conduct relate to ethics? Provide examples to support your response.
Why do most companies use normal or standard costing? After all, actual costing give the actual cost, so the firm could just wait until it knows what the cost will be.
Kelly issues $315,000 of 4%, 15 year bonds dated january 1, 2009, that pay interest semiannually on june 30 and december 31. They are issued at 253,263, and their market rate is 6% at the issue date.
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