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Goldman Company reports net income of $ 140,000 each year and pays an annual cash dividend of $50,000. The company holds net assets of $1,200,000 on January 1, 2008. On that date, Wallace purchases 40 percent of the outstanding stock for $600,000, which gives it the ability to significantly influence Goldman. At the purchase date, the excess of Wallace's cost over its proportionate share of Goldman's book value was assigned to goodwill. On December 31, 2010, what is the Investment in Goldman Company balance (equity method) in Wallace's financial records?
a. $600,000.
b. $660,000.
c. $690,000.
d. $708,000.
Wenger Company reported income before taxes of $600,000 and an extraordinary loss of $150,000. Assume that the company's tax rate is 30%. What amounts will be reported on the income statement for income before irregular items and extraordinary ite..
What are some journal entries that must be made at year-end to convert financial statements from accrual to cash basis?
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On January 1, 2011, Tonge Industries had outstanding 450,000 common shares (par $1) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100), convertible into 40,000 common shares.
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The Baldwin Company has just purchased $39,660,000 of plant and equipment that has an estimated useful life of 15 years. Suppose at the end of 15 years this plant and equipment can be salvaged for $3,966,000 (1/10th of its original cost). What wil..
Which audit procedure is most effective in testing credit sales for overstatement?
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