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Ponderosa acquired 100% control of Sumac on January 1, 2009. The purchase differential included $30,000 attributable to undervaluation of Sumac's inventory. Both Ponderosa and Sumac account for inventory using LIFO. Sumac's December 31, 2009 inventory was greater than the beginning balance. Consolidated net income for 2009 will be:
a. $30,000 greater than if FIFO had been used.
b. $30,000 less than if FIFO had been used.
c. The same as if FIFO had been used.
d. Different under FIFO only if there had been a non-controlling interest
Wecker Company's year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be 1.5% of accounts receivable.
Suppose a US corporation (tax rate 34%) with $2,500,000 of domestic income sets up a branch in Japan earning $800,000, where the tax rate is 50%. Also, assume I earned another $100,000 in interest revenue in a country with a 10% income tax rate.....
During the last month of 2011, the first month of the offer, Funzy sold 12 million boxes of wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2011, income..
The parent company acquires all of a subsidary's common stock but only 70 percent of its preferred shares. This preferred stock pays a 7 percent annual cumulative dividend. No dividends are in arrears at the current time. How is the noncontrolling..
There are 300 packages in the beginning inventory on the first of January. Also, the company wishes to maintain an ending inventory of 10 percent of the next month's sales.
In a recent month a CPA provided ten hours of volunteer time to the Society for the Visually Impaired. He devoted seven hours to maintaining the organization's financial records and three to recording tapes of newspapers and magazine articles.
Product-cost cross-subsidization is more likely to occur when:
What did you learn about an entity's expenditure cycle? How many components are part of this cycle? What did you learn in your audit of Apollo's expenditure cycle? Did you not any errors or findings? If yes, how do you think these errors or findin..
Compute the net present value and internal rate of return to determine the financial feasibility of this project.
Explain the objectives of the two standards boards and how they are similar and different. Describe how the modified accrual basis of accounting differs from full accrual accounting.
Barry's Steroids Company has $1000 par value bonds outstanding at 12 percent interest .The bonds will mature in 50 years. Compute the current price of the bonds if the percent yield to maturity is:
In 2011, Hoffmann Company had a break-even point of $332,000 based on a selling price of $8.00 per unit and fixed costs of $112,880. In 2012, the selling price and the variable cost per unit did not change, but the break-even point increased to $4..
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