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Rich, Inc. aquired 30% of Doane Corp.'s voting stock on January 1, 2012 for $600,000. During 2012, Doane earned $240,000 and paid dividends of $150,000. Rich's 30% interest in Doane gives Rich the ability to exercise significant influence over Doane's operating and financial policies. During 2013, Doane earned $300,000 and paid dividends of $90,000 on April 1 and $90,000 on October 1. On July 1, 2013, Rich sold half of its stock in Doane for $396,000 cash.
Prepare the necessary journal entries for Rich, Inc. from January 1, 2012 through July 1, 2013.
S Corp uses the following activity rates from its activity-bases costing to assign overhead costs to products.
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Indicate increase (+), decrease (-), or no effect (NE). Make sure your answer is CLEAR in terms of all items below (1-13) and that you make an entry for EACH column (Net Income, Cash From Operations, and Cash Position).
The second was furniture with an original basis of $24,000 placed in service during the first quarter, currently in the fourth year of depreciation, and under the mid-quarter convention. What is Bonnie Jo's depreciation expense for the current yea..
Please describe the accounting treatment when a company purchases less than 20% of another company's stock. Please describe how revenue and dividends are treated when the equity method is used.
What is the current financial reporting requirement for charity care? Do you agree or disagree with the current financial reporting requirement?
A company estimates that ordering costs are $2.00 per order, picking costs are $1.00 per unique item ordered, packing costs are $0.07 per item, and return costs are $40.00 per return.
Prepare a segmented income statement in the contribution format for last month,showing both "amount and percent" columns for the division as a whole and for each product.
How is UPS performing? What factors are driving this performance? Is the current performance likely to be sustained? Why or why not?
Sydney Corporation, an Australian-based multinational, borrowed 10,000,000 euros from a German lender at the beginning of calendar year when exchange rate was EUR.60 = AUD1.
Role of financial information for continuous improvement Consider an organization that has empowered its employees, asking them to improve the quality, productivity, and responsiveness of their processes that involve repetitive work.
What are the main characteristics of intangible assets? How are they presented in the balance sheet? How do you estimate their useful life? Why is there a distinction between purchased and internally created intangibles?
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