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Joyful Sound Music Company purchased the net assets (i.e.,assets minus liabilities) of Metrodome Company for $845,000.Metrodome is a retailer of music,instruments, and related items. Its net assets have been carried on its own books at atotal of $530,000. An appraisal of all of Metrodome's assets and liabilities revealed a netfair market value of $783,000. Joyful is willing to pay extra because of Metrodome's very loyalretail customers, most of whom have dealt exclusively with the company for more than 30 years. (a)What is the amount of goodwill that Joyful should record at acquisition of Metrodome? (b) What might cause the purchased goodwill in this situation to become impaired?
Elk, a C corporation, has $500,000 operating income and $350,000 operating expenses during the year. In addition, Elk has a $20,000 long-term capital gain and a $52,000 short-term capital loss. Elk's taxable income is:
The company would require $475,000 of assets, and it would be financed entirely with common stock. The investor will go forward only if she thinks the firm can provide a 13.5% return on the invested capital, which means that the firm must have a R..
john wayne company is a major employer in the town in which you live. you have always had a high opinion of the
The local garden club, an exempt organization, had gross unrelated business income during the year of $15,000. Its costs associated with this income were $9,800. What is its unrelated business income tax?
on january 1 2013 calloway company leased a machine to zone corporation. the lease qualifies as a direct financing
a the following schedule shows cash and credit sales. 40 of credit sales are collected in the current month after a 2
Richard was required to pay Alice $1,500 per month of which $600 was designated as child support. He made 12 such payments in 2009. Assuming that Alice has no other income, her tax return for 2009 should show gross income of:
assume do it corp. is taxed at 25 on all of its income. they are considering buying a large amount of new equipment
Treasury regulations would represent a temporary regulation?
baliga co. produces and sells high-quality audio equipment. to finance its operations baliga co. issued 18000000 of
Assume that you are Sam. Write Blair a memo explaining teh follwoin financail statemnt itemsto her. in your explanation, describe each of the two financial statemnts and explain the fiancial information each contains.
melody manufacturing produces a hip-hop cd that is sold for 10. the contribution margin ratio is 40. fixed expenses
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