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On January 1, 2011, Race Corp. acquired 80% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow for $450,000 goods which cost $330,000. Gallow still owned 15% of the goods at year-end. Gallow's reported net income was $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
A. $3,600.
B. $22,800.
C. $30,900.
D. $32,900.
E. $40,800
What is an example of a potentially unethical accounting situation? Why is the situation unethical? What is meant by the statement, "You cannot teach ethics"? How do ethics affect the financial results of a company?
A factory worker earns $500 per week and will receive a $2,000 bonus at year-end, a 2-week paid vacation, and 5 paid holidays. The combined amount of the accruals for bonus, vacation, and holiday pay in the weekly payroll would be:
During 2013, Rachel Parkins, president of Mathieson Company, was paid a semimonthly salary of $6,800. Compute the amount of FICA taxes that should be withheld from her:
Discuss main objectives of non- profit-making organisations
Installment loans are used for longer-term loans. These require monthly payments throughout the duration of the loan. Loan repayments are made by an accounts payable clerk from one of its checking accunts. Create Big R's financing business process..
Gladys owns a retail hardware store in Tangipahoa. She is considering opening a business in Hammond, a community located 25 miles away. She incurs expenses of $60,000 in 2010 in investigating the feasibility and desirability of doing so. What amou..
evaluate the opportunity costs for Damien Chrysler for failure to accept a proposal from within to manufacture a vehicle for the Indian market and suggest ways that opportunity cost can be minimized.
In 2011, P Company sells land to its 80% owned subsidiary, S Company, at a gain of $50,000. What is the effect of this sale of land on consolidated net income assuming S Company still owns the land at the end of the year?
Preparing a list of pros and cons do not mean just giving a definition of three entities. Your information presented should be structured toward their prospective business. Please make sure your responsive comprise the necessary references and rule..
Determine Hassell's and Lawson's participation in the year's net income of $342,000 under each of the independent assumptions above.
In determining the initial accounting for leases for both the lessee and the lessor?
The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes was $688,000. In addition, the Shoe Market received $5,000 of corporate bond interest and $6,000 of interest on State of California bonds.
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