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On January 1, 2014, Alison, Inc., paid $85,700 for a 40 percent interest in Holister Corporation's common stock. This investee had assets with a book value of $256,000 and liabilities of $83,500. A patent held by Holister having a $9,800 book value was actually worth $20,300. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2014, Holister earned income of $48,000 and declared and paid dividends of $16,000. In 2015, it had income of $52,000 and dividends of $21,000. During 2015, the fair value of Allison's investment in Holister had risen from $99,100 to $105,100. a. Assuming Alison uses fair-value accounting, what income from the investment in Holister should be reported for 2015?
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates?
Red Wing Company applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $637,500; direct labor costs, $2,500,000; and factory overhead costs applied, $1,000,000.
Leon Tyler's VISA balance is $793.15. He may pay it off in 12 equal end-of-month payments of $75 each. What interest rate is Leon paying?
(a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of$200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate w..
Bonner Collision has shareholders' equity of $141,800. The firm owes a total of $126,000 of which 60 percent is payable within the next year. The firm net fixed assets of $161,900. What is the amount of the net working capital?
Compute the amount of call center support costs allocated to each product line under the current system.
The sausage system will save the firm $256,800 per year in pretax operating costs, and the system requires an initial investment in net working capital of $59,920.
In addition to the foregoing information, use the following data in determining the acceptability in this situation: Income from Net Cash Year Operations Flow 1 $100,000 $180,000 2 40,000 120,000 3 20,000 100,000 4 10,000 90,000 5 10,000 90,000 Th..
What are the combined total department costs for the producing departments after allocating the service department costs?
Hazel purchased a new business asset (five-year asset) on September 30, 2012, at a cost of $100,000. On October 4, 2012, Hazel placed the asset in service. This was the only asset Hazel placed in service in 2012. The only election with respect to ..
Discuss how the authoritative literature addresses comprehensive income. Define three classifications within net income and give an example of each. Define three classifications within other comprehensive income and give an example of each.
Hillard manufacturing sold an issue of bonds with a 10-year maturity, a $1000 par value, a 10% coupon rate, and semiannual interest payments. Two years after bonds were issued the going rate of interest on bonds fell to 6%. At what price would the..
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