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During the past several years the annual net income of Avery Company has averaged $540,000. At the present time the company is being offered for sale. Its accounting records show the book value of net assets (total assets minus all liabilities) to be $2,800,000. The fair value of Avery's net identifiable assets, however, is $3,000,000.
An investor negotiating to buy the company offers to pay an amount equal to the fair value for the net identifiable assets and to assume all liabilities. In addition, the investor is willing to pay for goodwill an amount equal to the above-average earnings for five years.
On the basis of this agreement, what price should the investor offer? A normal return on the fair value of net assets in this industry is 15 percent.
Which method is generally accepted? Why do you think this method is generally accepted? Explain your position.
The number of cars arriving at Joe Kelly's oil change and tune-up place during the last 200 hours of operation is observed to be the following: Determine the probability distribution of car arrivals.
Quigley co. bought a machine in January 1, 2009 for $875,000. It had a $75,000 estimated residual value and ten year life. The repairs and maintance expense account was incorrectly debited on the purchase date. Quigley uses straight-line depreciat..
You have been hired as a consultant for Jones Inc. The company manufactures high-density compact disks and sells them to a wide variety of business clients.
An asset purchased by A Corporation for $15,000 ON 01/01/1997 also incurred freight charges of $200 and installation cost of $1,000.The asset had a life expectancy of eight years and a salvage value of $2,800.
Carly Manufacturing Company's accounting records reflect the following inventories:
Smelling Company declared a 2-for-1 stock split on its common stock in order to intentionally reduce the market value of its stock so that it would be an attractive investment for a larger set of investors.
How should internal auditors help, if at all, with forensic accounting investigations?
Suppose the two firms act as perfect competitors and try to out compete each other and do not collude, what would be the optimal industry price and output?
Company A, a calender year corporation, has a deficit in current E & P of $100,000 and a $290,000 positive balance in accumulated E & P.
The corporation owns a building with a $160,000 adjusted basis and a $120,000 fair market value. The company has earnings and profits of $200,000.
High-volume retailers generally use the retail method for valuing inventories Instead of the various cost methods. Identify and evaluate the conditions that may distort the results under the retail method.Compare the advantages of using the retail..
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