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An acquired entity has a long-term operating lease for an office building used for central management. the terms of the lease are very favorable relative to current market rates. however, the lease prohibits subleasing or any other transfer of rights. in its financial statements, the acquiring dirm should report the value assigned to the lease contract as:
a) an intangible asset under the contractual-legal criterion
b) a part of goodwill
c) an intangible asset under the separatability criterion
d) a building
One idea that the consultant had was to reduce prices to bring in more customers. If average prices were reduced ten percent (10%), and the number of sales tickets (unit sales) increased to 7,500, would the company's income be increased? With prices ..
Bailey,Inc.,buys 60 percent of the outstanding stock of Luebs,Inc.,in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth $500,00 at the acquisition date. What value should be at..
Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated. Prepare the journal entry recording the scrapping of the truck.
The Tiernan Gallery and Art Museum distributes to its visitors a printed guide to its collections. There are about 18000 visitors per year. Holding costs for the brochures are 20% and it costs $30 to place an order with the printer.
The return on investment measure of performance: Answer Is relevant only to business enterprises. a) Is used by individuals to compare investment performance.
Explain the problem with authority and resoning
Write a brief discussion commenting on the need for reconciling book income for a partnership to taxable income for that partnership for tax purposes.
Cassie owns a Rembrandt painting she acquired on June 1, 2009 as an investment. She exchanges the painting on September 5, 2011, for a Picasso sculpture and marketable securities to be held as an investment. On what date does the sculpture's holdi..
What is the difference between accrual-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis?
A city's Enterprise Fund issued revenue bonds with a face value of $10,000,000-the Enterprise Fund will report total other financing sources in the amount of
Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair value. Suppose that Got Em Co. had operating income of $64,300 and net assets with a fair market value of $184,000. Ta..
What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?
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