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Poster Inc. owns 35 percent of Elliott Corporation. During the calendar year 2011, Elliott had net earnings of $300,000 and paid dividends of $36,000. Poster mistakenly accounted for the investment in Elliott using the cost method rather than the equity method of accounting. What effect would this have on the investment account and net income, respectively?
a. Understate, overstate
b. Overstate, understate
c. Overstate, overstate
d. Understate, understate
Star Services, Inc., a manufacturer of telescopes, began operations on October 1 of the current year. During this time, the company produced 50,000 units and sold 35,000 units at a sales price of $500 per unit. Cost information for this year is sh..
The master manufacturing overhead budget for the month based on normal productive capacity of 15,000 direct labor hours (7,500 units) shows total variable costs of $90,000 ($6 per labor hour) and total fixed costs of $45,000 ($3 per labor hour). N..
Williams, CPA intends to use probability-proportional-to-size sampling. He has properly selected and audited a sample of 100 accounts receivable from his client's population of 3000 accounts. He calculated a sampling interval of $5,000 and the tol..
Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income:
August 31 falls on a Thursday. On Friday, September 1, the part-time employee John J. Jones was paid $250 or $50 per day for a five-day work week which ended that Friday.
Kelso Co. receives $479,000 when it issues a $479,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2010. The terms provide for semiannual installment payments of $30,660 on June 30 and December 31.
Violeen Corporation (VC), a private Canadian company with a December 31 year end, applies ASPE in preparing its financial statements.
During the last week of August, Apache Arts Company's owner approaches the bank for an $107,500 loan to be made on September 2 and repaid on November 30 with annual interest of 14%, for an interest cost of $3,763.
Hawkeye Enterprises runs a chain of drive-in ice cream stands in Iowa City during the summer season. What is the appropriate transfer price?
If the cost of an item of inventory is $75, the current replacement cost is $64, and the selling price is $95, the amount included in inventory according to the lower of cost or market concept is?
In 2011, Father sold land to Son for $150,000 cash and an installment note for $450,000 due in 2015. Father's basis was $240,000. In 2012, after paying $27,000 interest but nothing on the principal, Son sold the land for $600,000 cash. As a result..
Determine the number of statues that must be sold in order to have a profit of at least $2000. Show all supporting work (graphs, etc.).
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