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Kestral's accountant mistakenly assumed considerable influence and used the equity method instead of the cost method. What is the impact on the investment account and net earnings, respectively?
How should BG account for the offsetting entry relating to the $50,000 downward adjustment recorded to the ARO in its balance sheet for the first quarter ending March 31, 20X9?
Prepare journal entries to record issuance of the stock options, termination of stock options, exercise of the stock option and the charges compensation expense for year ending 12/31/2010, 12/31/201
On January 1, the soldering department had 689 units in inventory. The department transferred 7,449 units to the next department during January and there were 892 units in inventory on January 31.
Leo uses the equity method to account for its investment. On a consolidation worksheet, having used the equity method, what adjustment would be made for 2010 regarding the land transfer?
Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2009, for $75,000. The land originally cost Leo $60,000. Stiller reported net income of $125,000 and $140
To settle the debt Doran agrees to accept from Mann equipment with a fair value of 570,000, an original cost of $840,000 and accumulated depreciation $195,000. Compute the gain or loss to transfer o
Devin reported net income of $300,0000 and $325,000 for 2009 and 2010, respectively. Pepe uses the equity method to account for its investment in Devin. What is the gain or loss on equipment reporte
In Kirk's December 31, 2010 financial statements, for which the auditor's fieldwork was completed in April 2011, how should this casualty be reported?
Devin reported net income of $300,000 and $325,000 for 2009 and 2010, respectively. Pepe uses the equity method to account for its investment in Devin. What is the consolidated gain or loss on equip
Straight-line depreciation is used. Smeder reported net income of $28,000 and $32,000 for 2009 and 2010, respectively. Compute Collins' share of Smeder's net income for 2009.
Lyndon, age 24, has a nonworking spouse and earns wages of $36,000. He also received rental income of $5,000 and dividend income of $900 for the year. What is the maximum amount Lyndon can deduct fo
Straight-line depreciation is used. Smeder reported net income of $28,000 and 432,000 for 2009 and 2010, respectively. For consolidation purposes, what net debit or credit will be made in 2009 relat
As of December 31, 2011, it is desired to distribute $488,000 in dividends. Insructions: How much will the preferred and common stockholders receive under the following assumptions:
During 2009, Von Co. sold inventory to its wholly-owned subsidiary, Lord Co. The inventory cost $30,000 and was sold to Lord for $44,000. From the perspective of the combination, when is the $14,000
Would that mean we should divide overhead dollars by a larger number, reducing the standard overhead rate? Why or why not?
Notrek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2009, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000. The
At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the non-controlling interest in Kent's net income?
Compute the cost of the inventory on December 31, 2010, assuming that the inventory at retail is (a) $294,300 and (b) $359,700.
Devin reported net income of $137,000 for 2009. Bauerly decided to use the equity method to account for the investment. What is the non-controlling interest's share of Devin's net income for 2009?
What predetermined overhead rates would be used in Dept A and Dept B, respectively?
Chain sold to Shannon a parcel of land with a book value of $65,000. The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2010. What is
During the period, labor costs incurred on account amounted to $250,000 including $200,000 for production orders and $50,000 for general factory use.
On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be:
State Corporation is a 30%-owned equity investee of Pico Corporation. During 2003, State declared $50,000 in dividends to be paid in 2004. How does the dividend declaration affect Pico's balan