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On January 1, 2006, Demers Company, an 80% owned subsidiary of Collins, Inc., transferred equipment with a 10-year life (six of which remain with no salvage value) to Collins in exchange for $84,000 cash. At the date of transfer, Demers records carried the equipment at a cost of $120,000 less accumulated depreciation of $48,000. Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively. Compute the gain recognized by Demers Company relating to the equipment for 2006:
a) $36,000
b) $34,000
c) $12,000
d) $10,000
Display Labs Inc recently began production of a new product, flat panel displays, which required the investment of $1,800,000 in assets.
1. Prepare the journal entry to record the issuance of the bonds on July 1, 2010 2. Prepare the adjusting journal entry on December 31, 2010, to accrue the interest expense. 3. Prepare the journal entry to record the interest payment on January 1, 20..
How can you use CAATs to detect fraud? What do you gain by using CAATs to detect fraud
Variable selling and administrative expenses are $1 per unit, and fixed selling and administrative costs are $3,000 in total. According to generally accepted accounting principles, inventoriable cost per unit of Big would be:
A company requires $1,020,000 in sales to meet its net income target. Its contribution margin is 30%, and fixed costs are $180,000. What is the target net income?
Jay´s Trucking Inc., has issued an 8%, 20 year bond paying interest semiannually. The bond has a face value of $1,000. If the yield of the bond is 10% (effective annual yield), what is the price of the bond?
Identify the process the company would use to identify the liability for postretirement drug benefits. Assume this was done prior to the new federal law. Identify how the auditor might audit the data.
Record the transactions on page 8 of a general journal. You can Omit descriptions. You can use any General Journal template or the one attached.
What is meant by the forensic-type fieldwork phase of an audit?
Assuming all sales were made on account, compute the ending accounts receivable balance that should appear in the ledger, noting any apparent shortage. Then, draft a memo dated October 3, 2010, to Mark Price, the branch manager, explaining the fac..
What are the equivalent units of production (EUP) for the conversion costs in the month of September assuming ALG uses weighted-average process costing?
In May of 2009, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2009, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable.
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