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P Company owns 80% of the outstanding stock of S Company. On January 1, 2011, S Company sold land to P Company for $400,000. S had originally purchased the land on June 30, 2007, for $150,000.
P Company plans to construct a building on the land bought from S in which it will house new production machinery. The estimated useful life of the building and the new machinery is 20 years.
To solve: Prepare the w/p entry to eliminate the intercompany sale of land.
Construct a trial balance for Harlech Health Food from the following list of balances, calculating the figure for purchases:
Maria invested $5500 in two mutual funds. One fund earned an 8% profit, while the other earned a 1.5% profit. Between the two accounts, Maria made a profit of $180. How much was invested in each account?
Revenue recognition: using the accrual basis of accounting and follows THE U.S GAAP. indicate the amount of revenue the firm recognizes during the months of february, march, and april. Collects $800 cash from a customer during March for custom- made ..
The income tax rate for that year was 26%. Bodily had an unused $110,000 net operating loss carryforward from 2009 when the tax rate was 33%. Bodily's income tax payable for 2011 would be?
weakness in internal controls and measures to implement better internal controls.the following control procedures are
Yashar, Inc., planned and actually manufactured 400.000 units of its single product in 2015, its first year of operation. Variable manufacturing cost was 40 USD per unit produced. Variable operating (nonmanufacturing) cost was 20 USD per unit sold. P..
Prepare the journal entry to record this transaction by Killarny Enterprises, if the company's stock is not publicly traded and the land has an appraised value of $110,000 - Prepare the journal entries for two transactions by Killarny Enterprises.
At January 1, 2012, Lance Link Corporation had 100,000 shares of $1 par common stock and 1,000 shares of $100 par, 6%, cumulative preferred stock outstanding. Compute the total dividend to be paid to the preferred shareholders. Compute the total divi..
What is the companys net income for the year ending December 31, 2010 and financial statements of Dinkel Company for the year ending December 31, 2010
Assume that Kirsten Corporation could use the facilities presently devoted to production of B345 gaskets to expand production of another product that would yield an additional contribution margin of $10,000 annually. What is the maximum unit price Ki..
Calculate the (a) flexible-budget variance, and (b) the production-volume variance for the month. Provide the journal entry to record the two overhead variances for the month.
What is the market value of 10% bonds sold on bond issue date; 10 yr life; interest payable semiannually; effective rate,12% and what formulas do I use ? PV = FV x IF with my present value of a single payment
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