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A parent company acquires all of the outstanding common stock of its subsidiary for a cash purchase price of $265,000. On the acquisition date, the subsidiary reported $60,000 for Common Stock and $45,000 for Retained Earnings. An examination of the subsidiary's Balance Sheet revealed that book values were equal for fair values for all asset, except for an unrecorded patent, which the parent values at $95,000.
1) Prepare the entry that the parent makes to record the investment.
2) Prepare the (E) Elimination and (A) Acquisition Accounting Premium Consolidation entries.
The contribution margin ratio is 25% for Grain Company and the break-even point in sales is $196,800. To obtain a target net operating income of $78,000, sales would have to be: (Do not round intermediate calculations.)
q1. which is not reported as an operating activity on a cash flow statement prepared using the indirect method?a.
A taxpayer is about to receive a $1,000 bonus payment from his employer. He would like to put this bonus into a retirement account. He has come to you for advice as to whether he should put the $1,000 into a traditional deductible IRA or a Roth IRA a..
This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month's depreciation is taken for the month in which equipment is purchased.
Prepare the July income statement for Bridger Bikes Inc. Assume that Bridger Bikes uses the perpetual inventory method. Determine the inventory balances at the end of the first month of operations.
Phan Mai is a single taxpayer with two dependent children under 17. Phan estimates her wages for the year will be $36,000 and her itemized deductions will be $11,000. Assuming Pha files as head of household. What is the number of withholding allowanc..
question bling sound inc. casejonathan milley the accountant for bling sound inc. has just finished a review of the
Calculate the loan proceeds made available to Powell and use the horizontal model (or write the journal entry) to show the effect of signing the note and the receipt of the cash proceeds on April 15, 2013.
Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that ensure ..
You own an automobile parts company and have been approached by a leading car manufacturer to supply parts to the company. How would you determine that the car manufacturer has a good record of servicing sales and paying its suppliers?
Presented below is the trial balance of the Crestwood Golf Club, Inc. as of December 31. The books are closed annually on December 31. Prepare an adjusted trial balance. Prepare an income statement. Prepare statement of retained earnings. Prepare a b..
Calculate the ending balance of Raw Materials.- Calculate the ending balance of Work in Process.- Calculate the ending balance of Finished Goods.
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