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1. What is the definition of unrealized intercompany profit?
2. What happens if the subsidiary sells the parent its Assets?
Prepare all journal entries in all funds and the GCA and GLTL accounts to record the following transactions and events.
You have been elected president of your university's newly chartered accounting honor society. The society is a chapter of a national organization that has the following mission: "To promote the profession of accountancy as a career and to imbue m..
Jill reported a net loss of $6 million for the year. What amount of loss should Jack report in its income statement for 2011 relative to its investment in Jill?
The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
The average remaining service period for employees expected to receive benefits is ten years. What is the amount of amortization to pension expense for year?
Each year the supervisor prepares an operating budget for the motor pool. The budget informs university management of the funds needed to operate the pool. Depreciation on the automobiles is recorded in the budget in order to determine the costs p..
On a multiple-step income statement, gain or losses on sale of equipment would be shown:
Review the financials and the notes to the statements. Briefly report to the class what you found interesting.
In 400 words describe brainstorming risk management techniques and the rationale behind selecting brainstorming risk management technique.
Explain the product and the production process. Describe how you would find out the quantity of spoiled units that are normal versus abnormal. Explain how you would determine the cost of good units, normal spoilage and abnormal spoilage.
Kim owns 100% of the stock of Cardinal Corporation. In the current year Kim transfers an installment obligation, tax basis of $30,000 and fair market value of $200,000, for additional stock in Cardinal worth $200,000.
If the current assets in 2010 were 112,004 and in 2009 the current assets were 113,030 the change is -1,026. That would mean the percent of change is -.009%. Is this correct? Can a percent of change be negative? If so, is this the proper way to wr..
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