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During January 2012, Wells, Inc. acquired 30% of the outstanding common stock of Wilton Co. for $1,400,000. This investment gave Wells the ability to exercise significant influence over Wilton. Wilton's assets on that date were recorded at $6,400,000 with liabilities of $3,000,000. Any excess of cost over book value of Wells' investment was attributed to unrecorded patents having a remaining useful life of ten years. In 2012, Wilton recorded net income of $600,000. For 2013, Wilton reported net income of $750,000. Dividends of $200,000 were paid in each of these two years. What was the reported balance of Wells' Investment in Wilson Co. at December 31,2013?
You're an IT auditor working for $15 million sales per year speciality chocolate candy manufacturer. The company is planning to engage in e-commerce over Internet. What would be your five biggest concerns regarding risk and why?
Why is a knowledge of accounting concepts and terminology useful to anyone in a business activity? Is there a difference between bookkeeping and accounting? Discuss.
The greater the degree of homogeneity, a. the greater the number of needed cost pools. b. the fewer the number of needed cost pools. c. the less accurate the costs of a particular cost objet, d. greater the variety of cause and effect relationships w..
Prepare a new income statement for the year using variable costing. Comment on the differences between the absorption costing and the variable costing income statements.
The carrying amount of the asset surrendered by Scott exceeded both the fair value of the asset received and Dale's carrying amount of that asset. If the transaction lacks commercial substance, Scott should recognize the difference between the car..
As of December 31, 2011, it is desired to distribute $488,000 in dividends. Insructions: How much will the preferred and common stockholders receive under the following assumptions:
Babariga acquired the rights to run a quarry from a parcel of land owned by Ajonibode. Babariga's accounting year ends on 31 December and payment to Ajonibode is made on the 1 January following the year end.
roce measures return on assets after the fact. arr measures potential returns. why might a finance department be
calculate the amount of the child and dependent care credit allowed for 2008 in each of the following cases assuming
california surplus inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an
Suppose a risk-free asset has an expected return of 5%. By definition, its standard deviation is zero, and its correlation with any other assets is also zero. Using only Asset A and the risk-free asset, plot the attainable portfolios.
abc corporation ended its first year of operations with taxable income of 225000. at the time of abc corporations
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