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Petersen owns 80% of Seavoss, acquired several years ago at a price equal to book value. Petersen and Seavoss sell merchandise to each other. For 2014, unconfirmed profits in inventories are as follows: Petersen: Beginning Inventory- $20,000 Ending Inventory- $25,000. Seavoss Beginning Inventory- $10,000 Ending Inventory- $8,000. Total upstream sales in 2014 were $400,000; downstream sales were $600,000. Seavoss' reported income for 2014 was 100,000 Required: a) prepare the necessary consolidated working paper eliminations for 2014 b) Calculate Petersen's equity in Seavoss income for 2014, assuming the only intercompany eliminations are for merchandise sales. c) Calculate noncontrolling interest in consolidated net income for 2014, assuming the only intercompany eliminations are for merchandise sales.
requirements1post beginning balances in ledger accounts t-accounts from the december 31 2009 post-closing trial
What is the amount of the loss on impairment that Beehive should recognize at June 30, 2006?
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..
schuman corporation produces microwave units. the following per-unit cost information is available direct materials 37
A 14- year old girl is missing after having an argument with her parents. They call the police at midnight on May 28. A police investigator shows up within 30 minutes to interview them and finds out that the girl spent a lot of time on the interne..
Boulder City Hospital has just been informed that a private donor is willing to contribute $20,000 per year at the beginning of each year for 15 years. What is the current dollar value of this contribution if the discount rate is 8 percent?
You own 8% of the Standlee Corporation's common stock, which most recently sold for $98 before a two-for-one stock split announcement. Before the split, there are 30,000 shares of common stock outstanding. Relative to now, what will be your financ..
the relationship among the board of directors top management and shareholders is referred to as a. corporate synergy b.
When there is a significant increase in the estimated total contract costs but the increase does not eliminate all profit on the contract, which of the following is correct?
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park city boutique brewery management forecasts that if the firm sells each case of special homebrewed for 20 dollars
SNL corporation, a C corporation, reports $400,000 of taxable income in the current year. SNL's tax rate is 35 percent. Answer the following questions, assuming Keegan, SNL's sole shareholder, has a marginal tax rate of 28 percent on ordinary inco..
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