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On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000. Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire.
Lawton Company collected $8,400 in May of 2006 for 4 months of service which would take place from October of 2006 through January of 2007. The revenue reported from this transaction during 2006 would be:
Compute 2008 cash-basis net income. Compute 2008 accrual-basis net income.
There were 7,500 units in the department's beginning work in process inventory, two thirds complete with respect to conversion costs. During March, 52,500 units were started and 50,000 were completed and transferred out of the department. The endi..
If Hoffman accepts the special order, the company would not have to pay its salespeople their normal commission of $2 per unit, but the company would incur a shipping cost of $3 per unit on the items in the special order. If Hoffman accepts the sp..
At Dec 31, Year 1, Grey, Inc. owned 90% of Winn Corp, a consolidated subsidiary, and 20% of Carr Corp., an investee in which Grey cannot exercise significant influence on the same date
Your client, Totally Toys, is a toy manufacturer. For several years, the company buried empty paint cans on its property. The paint was used in the production process.
By how much must the assets be reduced to bring the TATO to the industry average, holding sales constant?
Holligan Publications established the following standard price and costs for a hardcover picture book that the company produces.
Tapley Inc. currently has assets of $5 million, zero debt, is in the 40% federal-plus-state tax bracket, has a net income of $1 million, and pays out 40% of its earnings as dividends.
Koel corporation acquired all the voting stock of Rain company for $500,000 on January 1, 2005 when Rain had capital stock of $300,000 and retained earnings of $150,000.
Assuming that the trend of sales indicated in part (1) is to continue in 2009, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 2009. Place your answer in a columnar table similar to that in ..
What GASB statement requires government wide statements and why? This answer should include a comment on the measurement focus and basis of accounting used.
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