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Shine Corporation purchased 30 percent of the common stock of Ash Corporation on January 1, 2007, at $28,000 in excess of underlying book value. The excess is attributable to equipment with a remaining useful life of 2 years. The companies reported the following operating results and dividends for the three years following the date of purchase:
Ford county lieves for its general fund $2,000,000 in property taxes. In addition, the county is responsible for collecting $4,000,000 in property taxes for the consolidated school district and $1,000,000 in property taxes for a town within the co..
Lake Coffee Company reported net income of $54,000 and net sales totals $800,000. The company's asset turnover ratio is 4.5 times. How much was the company's return on assets?
Hornbeck Company issued 100,000 bonds payable with a 7% interest rate at a price of 97. The journal entry to record the issue of the bond includes what?
Dobbs Wholesale Antiques makes all sales under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping inventory to customers.
There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the firstin, first-out method, (b) the last-in, first-out method, and (c) the average cost method.
The individual stores in the Mark Goodwin convenience chain prepare two copies of goods requisition form (GRF) when they need to order merchandise from the central warehouse.
What is the amount of depreciation, using the double-declining-balance method, for the third year of use for equipment costing $9,000, with an estimated residual value of $600 and an estimated life of three years?
The Piedmont School of Music has hired you as a consultant to help in analyzing the behavior of the school's costs.
It is the end of the accounting period, and your boss asks you to help determine the inventory balance to place in the company's balance sheet. Explain which physical quantities of inventory that you will include, and which you will exclude.
Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments:
During the year, Krisiten holds two jobs. After an eight-hours day at the first job, she works three hours at the second job. On Fridays of each week, she returns home for dinner before going to the second job.
You have been asked to prepare an analysis of the overhead costs in the order processing department of a mail order company like Harriet Carter Corporation. As an initial step, you prepare a summary of some events that bear on overhead for the mos..
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