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On January 1, 2012, the Regal Company purchased 30% of the outstanding voting stock of the Air Corporation for $300,000; the book value of Air's net assets at the date of purchase was $900,000. Regal was willing to pay more than the book value of the acquired shares because Air's depreciable assets with a ten-year remaining life was undervalued. Regal uses straight-line depreciation. During 2012, Air reported net income of $75,000 and paid dividends of $30,000. What is the income reported by Regal during 2012 pertaining to the Air investment?
Bob and Elizabeth, both 55 years old and married, sell their personal residence to Wolfgang in 2011. Wolfgang pays $660,000 and assumes their $90,000 mortgage. To make the sale they pay $20,000 in commissions and $10,000 in legal costs.
Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. Prepare T-accounts for Manufacturing Overhead and Work on Process. Post the relevant items from your journal entries to these T-accounts.
How would applying a flat tax decrease errors, when the progressive tax rates is just a simple formula? How would you measure gross income? Do you think that deductions should be eliminated? Which ones and why?
Discuss the differences between a probability and a non-probability sample. Under what circumstances would each be used?
Griffith Delivery Service purchased a delivery truck for $33,600. The truck has an estimated useful life of six years and no salvage value. For the purpose financial statements, Griffith is planning to use straight-line depreciation.
Prepare the journal entries to record the depot (consider a plant asset) and the asset retirement obligation for the depot on Jan 1, 2012. Based on an effectieve-interest rate of 6% the fair value of the asset retirement obligation on Jan 1, 2012 ..
How should you account for the difference between the carrying value and the purchase price in the consolidated financial statements for 2011?
Prepare a tabular summary of the effects of the alternative actions on the components of stockholders' equity, outstanding shares, and book value per share. Use the following column headings: Before Action, After Stock Dividend, and After Stock Sp..
Describe the differences between the three types of audits in terms of their scope and taxpayer type.
George Fine, owner of Fine Manufacturing, is considering the introduction of a new product line. George has considered factors such as costs of raw materials, new equipment, and requirements of a new production process.
Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect cont..
Jimmy owns a trucking business. During the current year he incurred the following:
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