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Keefe, Incorporated, acquires 70% of George Company on September 1, 2005, and an additional 10% on April 1, 2006. Annual amortization of $5,000 relates to the first acquisition and $3,000 to the second. George reports the following figures for 2006:
Revenues $500,000 Expenses 400,000 Retained earnings 1/1/06 300,000 Dividends paid 50,000 Common Stock 200,000
Without regard for this investment, Keefe earns $300,000 in net income during 2006.
What is consolidated net income for 2006?
a) $365,000
b) $370,250
c) $372,000
d) $374,000
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.
Speculating with Currency Futures: Suppose that a March futures contract on Mexican Peso was available in January for $.09 per unit. Also suppose that forward contracts were available for same settlement date at a price of $0.092 per peso.
if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager...
Why is the SEC reluctant to accept IAS, now very willing to allow firms using IFRS to issue securities in the US stock market without reconciling to US GAAP?
What kind of situation would make guaranteed payments a logical way of starting a two-person partnership?
Assume that the company computes variances at the earliest point in time. Taylor's direct-material price variance was:
In 2001, Donna sells 100 of these shares to Walter (a family friend) for $100,000. In 2007, Egret Corporation files for bankruptcy, and its stock becomes worthless.
Explain the activity-based costing (ABC) and traditional two-stage method cost allocation for overhead. Why would a firm use activity-based costing (ABC) rather than traditional two-stage methods of cost allocation for overhead?
Jennifer Company reports the following amounts for 2010: Net income $135,000 Average stockholder's equity 500,000 Preferred dividends 35,000 Par value preferred stock 100,000 The 2010 rate of return on common stockholders' equity is ?
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
Tandum Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $150,000 for March and $200,000 for April, what are the budgeted cash receipts from sales on a..
Suppose that nominal output rises from $12.5 trillion in 2005 to $13 trillion in 2006. Assume also that the GDP deflator rises from 100 to 105.
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