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Pepe, Incorporated acquired 60% of Devin Company on January 1, 2010. On that date Devin sold equipment to Pepe for $45,000. The equipment had a cost of $120,000 and accumulated depreciation of $66,000 with a remaining life of 9 years. Devin reported net income of $300,000 and $325,000 for 2010 and 2011, respectively. Pepe uses the equity method to account for its investment in Devin.
Compute the non-controlling interest in the net income of Devin for 2011.
Which of the following would be treated as an extraordinary item?
Allen invests $20,000 cash and Anne invests land that originally cost $20,000 in their new partnership. The land is now worth $35,000. Which of the following is the balance in Anne's capital account?
Charged itself for electricity consumption. The newly employed comptroller of CherokeeHills seeks your advice in this regard. What is your response?
(a) Compute the amount of gain or loss to Ludwig, Inc. on the transfer (disposition) of the land. (b) Compute the amount of gain or loss to Ludwig, Inc. on the settlement of the debt.
Find two annual reports from competing publicly traded companies of your choice. Prepare an overview of the two companies including a brief synopsis of the industry the companies are in, the market share each company holds, and the length of time ..
Lane included the entire $90,000 in its 2007 income tax return. What amount should Lane report in its 2007 income statement for subscriptions revenue?
Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. Prepare the journal entry to record the proceeds of the note.
Chancellor Ltd. sells an asset with a $1 million fair value to Sophie Inc. Sophie agrees to make 6 equal payments, one year apart, commencing on the date of sale. The payments include principal and 6% annual interest. Compute the annual payments.
Good Co. had a net loss of $75,000 from merchandising operations in 2007. Jane owns Good Co. and works 20 hours a week in the business.
If Allowance for Doubtful Accounts has a credit balance of $2,201 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 12% of accounts receivable.
The increase in ROI was attributed to a reduction in operating assets brought about by the sale of obsolete inventory at cost (the proceeds from the sale were used to reduce bank loans). By how much was inventory reduced?
Why aren't actual overhead costs traced to jobs just as direct materials and direct labor costs are traced to jobs? Also, how are overhead costs assigned to jobs?
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