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X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2006, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the noncontrolling interest in Kent's net income?
a) $90,000
b) $88,560
c) $85,200
d) $77,700
Cash dividends of $85,000 were declared during the year. Cash dividends payable were $10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is ?
Given the facts presented, discuss the various factors that affect the reli- ability of (1) the comparable uncontrolled price method, (2) the resale price method, and (3) the cost-plus method.
Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
On creating a new 100 percent-owned corporation, Ben was advised by his tax consultant to treat 50 percent of the total amount that was invested as a loan and 50 percent as a purchase of corporate stock.
Betty dies on February 20 of the current year. Her estate consisted of the following assets, all valued as of her date of death:
Why is data security important now more than ever? What are some of the steps that we can take to ensure that our database is protected and secure? How can you use user views to enhance security and restrict access?
In terms of the question above, do you think SOX has achieved or approached the desired effect within the accounting and financial world? Please explain why or why not.
If the standard deviation was .67 and at the 0.025 significant level, has the shelf life of the cupcake mix increased?A. Yes, because computed t is greater than the critical value.
Calculate the cost per equivalent unit for labor assuming that labor is added uniformly throughout the production process.
Compute the amount to be reported as research and development expense by Martinez on its income statement for 2010. Assume equipment is purchased at beginning of year.
King Co. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $76,000. Purchases since January 1 were $144,000; freight-in, $6,800; purchase returns and allowances, $4,800.
Sue ask for you to prepare a well organized and formatted schedule showing what the variable manufacturing cost is as a percentage of total sales for each of the three product sales for 2007.
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