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Up and its 80% owned subsidiary (down) reported the following figures for the year ending Dec. 31, 2011. Down paid dividens of $30,000 during this period. UP Down Sales $(600,000) $(300,000) COGs 300,000 140,000 Operating expenses 174,000 60,000 Dividen Income (24,000) 0 Net Income $(150,000) $(100,000) In 2010, unrealized gains of $30,000 on upstream transfers of $90,000 were deferred into 2011. In 2011, unrealized gains of $40,000 on upstream transfers of $110,000 were deferred into 2012. Question:
a. What figures appear in a consolidated income statement?
b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 30 percent.
What is amount of net income during 2008, assuming that as of December 31, 2008, assets were $980,000, and liabilities were $255,000?
Interest upon explain how much of the mortgage can they deduct for regular tax purposes and where is it deducted if it is deductible ? Interest upon how much of the mortgage can they deduct for AMT tax purposes ??
Carol owns 40% of CJ Partnership. The partnership reports $170,000 of revenue, $60,000 cost of goods sold, and $70,000 of other expenses that include $1,500 of doctor bills paid for Carol, a $2,000 charitable contribution, and a $5,000 Section 17..
Prepare a cash budget for Rotor Products, Inc. for the second quarter of 2006, based on the following information. The marketing department has provided you with the following sales estimates.
Illustrate what amount of the joint costs will be assigned to Product A if joint costs are allocated on the basis of number of units produced?
Prepare the journal entry necessary to record the depreciation expense on the building in 2011. Compute depreciation expense on the machinery for 2011.
Business combinations historically have been accounted for as either a purchase or a pooling of interests. Now, with SFAS 141(R), the acquisition method is required. Explain why did FASB change the rules? Did VIEs have a role in that decision?
Evaluate the investing cash flows - consider there were no other non-current assets sold during the period or revalued.
Prepare a brief memo (no more than 120 words) giving the arguments for and against offering this preferred stock. In the memo also briefly describe other methods of obtaining the cash.
Which costs are relevant and which are not relevant in the choice between these two alternatives and find the differential cost between the two alternatives?
Purpose a statement of cash flows, using the direct method to show cash flows from operating activities.
Using financial statements from a company of your choice, categorize the expenditures on operational assets of the company based on whether they give future benefits.
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