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On January1 Kwum Corporation purchase 25% equity in ConnorsCorporation for $ 180,000. At December 31 Connors declared and paida
$ 60,000 cash dividend and reported net income of $200,000
Instructions
Journalize the transactions Determine the amount to be reported as an investment in Connorsstock at December 31.
In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not known. Losses may be accrued for unasserted claims and other potential unfiled lawsuits.
Furthermore, a small handful of your client's customers are experiencing financial difficulties because of slowing demand for your client's products.
During the last month of 2011, the first month of the offer, Funzy sold 12 million boxes of wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2011, income..
Springfield Express is considering offering a discounted fare of $ 120, which the company believes would increase the load factor to 80 percent. Only the additional seats would be sold at the discounted fare.
Show the journal entries in 2006. (Please be reminded the year-end for ABC Corporate is Dec 31, adjusting is required)
Emma Grace acquires three machines for $80,000 which have FMVs of $32,000 $28,000 and $20,000 respectively. The delivery cost is $500 and the installation costs amount to $2,500. What is the basis of each machine ?
Shelton Engineering completed the following transactions in the month of June. Prepare a trial balance as of the end of this month's operations
If Department K had 2,000 units, 45% completed, in process at the beginning of the period, 12,000 units were completed during the period, and 1,200 units were 40% completed at the end of the period, what was the number of equivalent units of produ..
When the fair market value of the assets acquired in a business purchase exceed the purchase price, negative goodwill (also called badwill) arises. When negative goodwill arises, GAAP requires that it be allocated to.
Allocate the overhead costs of the support departments to the producing departments using the reciprocal method. Bases for allocation are: maintenance-square footage, personnel- number of employees. (round to the nearest dollar)
The company closes its accounts and prepares financial statements at the end of each month.
During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
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