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you are told that a company has a 20% profit margin and the discovered fraud has caused $1,400,000 more needed revenue to cover the fraud. How much was stolen?
Cable's net income and dividends for 2011 were $86,000 and $24,000, respectively. Required: Assuming that Jumper decided to use the partial equity method, prepare a schedule to show the balance in t
NWC requirements at the beginning of each year will be approximately 20 percent of the projected sales during the coming year. The tax rate is 34 percent and the required return on the project is 10
On that date, Hanson had buildings with a book value of $1,878,000 and a fair value of $2,160,000. Required: What amount should be shown for buildings on the consolidated balance sheet dated Decembe
Prepare the journal entries necessary to account for the Neo investment, assuming that Matrix accounts for that investment as (1) an equity method investment, and (2) elects the fair-value option
May 1, 2010 Purchased $250,000 par value of GLF Company bonds at 97 plus accrued interest. The bonds pay interest annually at 9% each December 31. Broker's commission was $2,500.
what amount should Janes report as interest expense at December 31, 2009?
If Utah paid $300,000 in cash for Trimmer, what allocation should have been assigned to the subsidiary's Building account and its Equipment account in a December 31, 2011 consolidation?
The information provided below is related to equipment owned by Collier Company at December 31, 2007.
On January 10, 2006, Maxim Corporation acquired equipment for $124,000. The estimated life of the equipment is 3 years or 24,000 hours. The estimated residual value is $10,000. What is the balance o
Assume Candy Company accounts for accumulated depreciation by eliminating the accumulated depreciation against the gross carrying amount of the asset and restating the net amount to the revalued amo
The Ryder's Uptown Grill received a bill of $400 from the Erml Advertising Agency. The owner, John Ryder, is postponing payment of the bill until a later date. The effect on specific items in the ba
1. What does the term noncontrolling interest mean? 2. Where should the noncontrolling interests claims be reported in a consolidated set of financial statements?
Journalize- Declared a 2% stock divided on common stock and a $1.80 cash dividend per share on preferred stock. On the date of record, 120,000 shares of common stock had been issued, 9,500 shares of
Klingon Widgets, Inc. purchased new cloaking machinery three years ago for $4.3 million. The machinery can be sold to the Romulans today for $6.5 million. Klingon's current balance sheet
Journalize- Purchased 340,000 shares of Amigo Co. stock directly from the founders for $21 per share. Amigo has 1,000,000 shares issued and outstanding. Jordan Products Inc. treated the investment a
which had originally colt $13,200 and had a book value of $11,200. Walker did not issue any notes payable during the year but did issue Common stock for $23,000.
The bonds mature on March 1, 2015, and pay interest on March 1 and September 1. Hauke sells 1,000 bonds on September 1, 2012, for $988,000, after the interest has been received. Hauke uses straight-
Determine the ending balance in Tigrob, Inc's deferred tax liability at December 31, 2010. Show all computations.
It is estimated that variable manufacturing costs will be reduced from $26,000 to $23,500 annually if the new machine is purchased. what is the total net increase or decrease in cost for the new equ
Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.
What is the defining distinction between for-profit businesses and not-for-profit entities, including governments? What are the implications of this distinction for financial reporting?
How much of her estate is subject to federal estate tax after considering the estate tax exemption?
An investor purchases 200 shares of XYX stock for $55.00 a share and immediately sells 2 covered call contracts at a strike price of $60.00 a share. The premium is $3.00 a share. What are the maximu
A small business owner holds $4,000 in cash; $1,200 in materials; $10,000 in land and $32,000 in plant and equipment. His accounts payable total $9,000 and he has an outstanding bank loan totaling $