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Up owns 80% of Down. During 2009 Down began selling merchandise to Up at gross profit margin of 20%. Sales by Down to Up for the year totaled $80,000, of which $10,000 remain unsold. In 2010 Down sold $100,000 merchandise to Up at gross margin of 40%. Up's Ending inventory balance at the end of 2010 is $25,000. Prepare the journal entries for 2009 and 2010 to eliminate and adjust for the intercompany transaction.
One of your audit clients has a material investment in a privately-held biosciences company. Your audit firm engaged a business valuation specialist to assist in evaluating the client's estimation of the investment's fair value. You conclude that ..
When one media company buys another, goodwill is often the most costly asset acquired. World media paid $700,000 to acquire-Journalize World Media's acquisition of The Dandy Dime.
How does the auditor's responsibility for detecting errors differ from their responsibility to detect fraud?
Compute the predetermined overhead rate. Compute the overhead applied. Find out the amount of overhead that is over or under applied.
Rosa owns 30% of Pine Corporation's stock (basis of $50,000), and the other 70% was recently purchased by Arvid (basis of $620,000). Pine enters into a reorganization with Lodgepole Corporation.
Jason borrows $50000 from his father and promises to pay it back over the next 10 yrs making equal annual end of the year payment .Calculate the amount of each payment if the annual interest rate is 9%.
Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.
a. What is the probable role of the monthly report? b. What is the controller's responsibility with respect to a president who doesn't know much accounting?
On April 3, 2001, the client asked the CPA to audit the client's financial statements for the year ended December 31, 2001. Is the CPA considered independent with respect to the audit of the client's December 31, 2001, financial statements?
Differentiate the accrual basis of accounting from the cash-basis of accounting. Determine which method is acceptable for most business enterprises and justify your selection.
Make a brief response in which you outline some examples of accounting report criteria (regulatory environment, issues with foreign currency, differences in GAAP, etc.) employed by a U.S.
Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2012, 2013, 2014.
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