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Lorikeet Corporation acquired an 80% interest in Nectar Corporation on January 1, 2000 at a cost equal to book value and fair value. In the same year Nectar sold land costing $50,000 to Lorikeet for $30,000. On July 1, 2005, Lorikeet sold the land to an unrelated party for $110,000. What will be the gain reported on the consolidated income statement for 2005?
Goerge owns a sole proprietorship and Kevin is the sole shareholder of a C (regular) corporation. Each business sustained a $16,000 operating loss and a $2,500 capital loss for the year. Evaluate how these losses will affect the taxable income of ..
After reading an article about activity-based costing in a trade journal for the furniture industry, Santana Rey wondered if it was time to critically analyze overhead costs at Business Solutions.
Financial interpretation No. 46R, "Consolidation of Variable Interest Entities," reference several FASB Concepts Statements in motivating the need to identify and consolidate variable interest entities.
What is inventory shrinkage? Please give an example or 2 and include how to minimumize shrinkage for that example.
Know the six steps of accounting analysis. Understand some of the key issues which are considered important for analysing firms in the biotechnology industry.
What benefits do you see for the U.S. economy in tax-sparing credits? Should it be expanded or reduced? Why or why not?
Lemay decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to record the redemption on July 1, 2008. (List multiple debit/credit entries in descending order of amount.)
Ronald needs $1,215,650 to cover next Friday's payroll. Its balance of outstanding accounts receivable totals $1,277,000. What might Ronald do to alleviate this cash crunch?
Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $80,000, the Macki's capital acc..
Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured and bad debt losses cannot be reasonably predicted.
High Ridge Merchandising Co. sold inventory that had a cost of $10,000. Assuming High Ridge uses the perpetual inventory method, the effect of the journal entry to record Cost of Goods Sold would:
What was the interest rate used to value the lease? What is the annual lease payment? What was the present value of the lease obligation on January 1, Year 6?
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