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Russell owns 30 percent of the outstanding stock of Thacker and has the ability to significantly influence the investee’s operations and decision making. On January 1, 2013, the balance in the Investment in Thacker account is $335,000. Amortization associated with this acquisition is $9,000 per year. In 2013, Thacker earns an income of $90,000 and pays cash dividends of $30,000. Previously, in 2012, Thacker had sold inventory costing $24,000 to Russell for $40,000. Russell consumed all but 25 percent of this merchandise during 2012 and used the rest during 2013. Thacker sold additional inventory costing $28,000 to Russell for $50,000 in 2013. Russell did not consume 40 percent of these 2013 purchases from Thacker until 2014. a. What amount of equity method income would Russell recognize in 2013 from its ownership interest in Thacker? b. What is the equity method balance in the Investment in Thacker account at the end of 2013?
Beginning December 31, 2014, five equal annual withdrawals are to be made.
Economical house painting company painted for houses in June at $500 each at the end of June 3 homeowners had paid economical cash for the jobs under the accrual basis what amounts will be reported on the income statement and the statement of cash fl..
Assets 2014 2013 Cash $ 2,800 $ 1,800 Accounts receivable 7,800 5,800 Inventory $ 28,000 $ 29,000 Assuming that net credit sales for the year 2014 totaled $153,000, what is the company's most recent accounts receivable turnover
Demand curve: When potatoes and butter cost $0.75 and $4 per pound, and an average income of $40,000 per year, At what price does the amount demanded equal 15 billion bushels per year?
How much revenue will San report in its 2011 and 2012 income statement related to this contract using the percentage-of completion method?
SCENARIO: The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight to remote areas of the southwest. This year the PSRR needs to replace a 30- mile section of its track. The PSRR has bids fro..
What is the inventory turnover ratio - Inventory turnover ratio times per year
Develop an Excel spreadsheet that is able to produce a profit-variance report similar to the one presented in text Exhibit.
Berkshire Inc. uses a periodic inventory system. At the end of 2012, it missed counting some inventory items, resulting in an inventory understatement by $600,000. Assume that Berkshire has a 30% income tax rate and that this was the only erro..
Hinshaw Company purchased a new machine on October 1, 2014, at a cost of $85,120. The company estimated that the machine has a salvage value of $7,490. The machine is expected to be used for 62,110 working hours during its 8-year life. Declining-bala..
Today Thomas deposited $130,000 in a three-year, 8% CD that compounds quarterly. What is the maturity value of the CD? A company issued $ 100,000 5-year, 7.00% bonds and received $ 101,137 in cash. The market rate of interest when the bonds were issu..
Identify the depreciation method used for each of the preceding comparative balance sheet presentations (items a-c). If a declining-balance method is used, be sure to indicate the percentage (150% or 200%).
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