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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
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar). The December 31, 2010 balance sheet of Wolfe Co. included the following items:
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If economic depreciation refers to diminution in value because of obsolescence, physical wear and tear, technological advances in substitute goods, or changes in consumption behavior.
They also have a policy of maintaining a raw material inventory at the end of each month equal to 20% of the pounds needed for the following month's production. There were 3,920 pounds of raw material on hand at Dec. 31, 2010, For the first quarter o..
Determine the amount of dollars to be received, after deducting payment for the option premium.
Harna, Inc. uses a job order cost system. During the year the company decreased Manufacturing Overhead by $400,000. Which of the following most likely should be recorded at the same time?
On January 1, 20xx, alpha Corporation isuued $800,000 of 10%, 30-year bonds to lenders at par (100). Interest is to be paid semiannually on July 1 and January 1. Journalize the following entries.
Calculate the dividends per share on each class of stock for each of the four years. Round all answers to nearest whole cent. If no dividends are paid in a given year, enter 0.
The 10 Generally Accepted Auditing Standards (GAAS) provide the foundation for all other auditing standards and interpretations. What is the definition of the standard of "due professional care," and how might a court decide whether an audit firm ..
Prepare the necessary journal entries for Rich, Inc. from January 1, 2012 through July 1, 2013.
If a company follows a practice of isolating variances at the earliest point in time, what would be the appropriate time to isolate and recognize a direct material price variance?
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