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On April 1, 2004, Guns, Inc., purchases 70 percent of the outstanding stock of Roses Corporation for $430,000. The subsidiary's book value on that date was $500,000. Any excess cost was attributable to goodwill. During 2004, Roses generates revenues of $600,000 and expenses of $360,000.
Both figures occur evenly throughout the year. On a December 31, 2004 consolidated income statement, what should be reported as the noncontrolling interest in the subsidiary's net income and as preacquisition income?
You read in the wall street journal that 30 day US treasury bills are currently yielding 8%. your brother in law, a broker, a broker at Kyoto Securities, has given you the following estimates of current interest rate premiums:
As a financial adviser to individual investors, your boss has asked you to write a memo to him analyzing a choice of two bonds for a client seeking to invest $350,000.
An apartment house was purchased on July 8 of last year, by a taxpayer who computes her taxes on a calendar basis. Her depreciation deduction last year was $7,902.
Record the journal entries for each year using the % of completion method. Show the partial accounts on the December 31 balance sheet for each year. Show the January 1 to Dec 31 Income statement for each year.
Define the management's discussion and analysis. Describe in a memo, the major items disclosed in this section of the financial report.
Transparency and Disclosure: A company's overall policy for controlling and disseminating inside information must meet the standards for transparency and disclosure. What would the company's specific financial reporting objectives be with respect t..
Explain how your position changes if the employer reports to the IRS the value of the employees' frequent-flyer mileage.
Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
What types of information must be disclosed in the management discussion and analysis? Explain.
Calculate the multifactor productivity composed of labor and capital units shipped plus finished goods for PCCorp. In place of fixed costs use (sales + finished goods)
You are the vice president of operations for a small manufacturing company that uses the absorptive method of accounting for fixed manufacturing overhead, and you are approaching the end of the year.
Hutch Corporation finished their fiscal year ending March 31, 2010, with $88,000 of net income. They issued dividends of $22,000 at year end. At the end of the year on March 31, 2010, they had a net loss of ($46,000) and did not distribute any div..
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