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On January 2, Todd Company acquired 40% of the outstanding stockof McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000.
Required:
Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire.
In the second situation, the exchange lacks commercial substance. Please explain to Stan, in your own words, the differences in accounting for these two situations.
Could we use managerial accounting "tools" to assess the profitability of an organization other than a manufacturing business, or are the topics we are learning only related to manufacturing?
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Actual production in November was 3,100 units of Titactium. There was a favourable materials price variance of $380 and an unfavourable materials quantity variance of $120. Based on these variances, what could one assume?
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