Get college assignment help at uniessay writers 5. Which of the following statements is true regarding a statutory merger? a. The original companies dissolve while remaining as separate divisions of a newly created company. b. Both companies remain in existence as legal corporations with one corporation now a subsidiary of the acquiring company. c. The acquired company dissolves as a separate corporation and becomes a division of the acquiring company. d. The acquiring company acquires the stock of the acquired company as an investment. 6. A statutory merger is a(n) a. Business combination in which only one of the two companies continues to exist as a legal corporation. b. Business combination in which both companies continues to exist. c. Acquisition of a competitor. d. Acquisition of a supplier or a customer. e. Legal proposal to acquire outstanding shares of the target’s stock. 7. According to SFAS No. 141, the pooling of interest method for business combinations a. Is preferred to the purchase method. b. Is allowed for all new acquisitions. c. Is no long allowed for business combinations after June 30, 2001. d. Is only allowed for business combinations after December 31, 2002. e. Is only allowed for large corporate mergers like Exxon and Mobil. 8. Which of the following statements is true regarding the pooling of interests method of accounting for a business combination? a. Net assets of the acquired company are reported at their book values. b. Net assets of the acquired company are reported at their fair value. c. Any goodwill associated with the acquisition has an indefinite life. d. Subsequent amounts of cost in excess of fair value of net assets are amortized over their useful lives.
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Turner, Inc. uses straight-line depreciation for its equipment. Turner purchased equipment for $500,000 and estimated its useful life at 8 years. The bookkeeper failed to consider the residual value of $50,000. What is the impact on earnings per share and operating income of failing to consider the residual value?
suppose gap purchased T-shirts on account for $15000. Credit terms are 2/10, n/30. Gap paid for the purchase a week later. Journalize the following transactions for gap. a) purchase of inventory. b) payment on account
a company has net sales of 1,700,000 beginning net receivables of 240,000 and ending net receivables of 180,000. what is the days sales in accounts receivable
Czeslaw Corporation’s research and development department has an idea for a project it believes will culminate in a new product that would be very profitable for the company. Because the project will be very expensive, the department requests approval from the company’s controller, Jeff Reid. Reid recognizes that corporate profits have been down lately and is hesitant to approve a project that will incur significant expenses that cannot be capitalized due to the requirements of the authoritative literature. He knows that if they hire an outside firm that does the work and obtains a patent for the process, Czeslaw Corporation can purchase the patent from the outside firm and record the expenditure as an asset. Reid knows that the company’s own R
Gates Co. purchased machinery on January 2, 2005, for $440,000. The straight-line method is used and useful life is estimated to be 10 years, with a $40,000 salvage value. At the beginning of 2011 Gates spent $96,000 to overhaul the machinery. After the overhaul, Gates estimated that the useful life would be extended 4 years (14 years total), and the salvage value would be $20,000. The depreciation expense for 2011 should be
Stone Company is considering introducing a new line of cell phone/iPod/ twitter/Facebook/MySpace electronic devices, targeting the preteen population, since this age group needs to stay relatively unencumbered, not having access to vehicles to cart around stuff. Stone believes that if the devices can be priced competitively at $45, approximately 500,000 units can be sold. The controller has determined that an investment in new equipment totaling $4,000,000 will be required. Stone requires a minimum rate of return of 16% on all investments. Compute the target cost per unit of the device.
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Bob and April own a house at the beach. The house was rented to unrelated parties for 8 weeks during the year. April and the children used the house 12 days for their vacation during the year. After properly dividing the expenses between rental and personal use, it was determined that a loss was incurred as follows:
“Preparing production and direct materials budgets see pdf attached Problem 7-6AA Preparing production and direct materials budgets L.O. C3, P3 Black Diamond Slope Company produces snow skis. Each ski requires 2 pounds of carbon fiber. The company’s management predicts that 5,000 skis and 6,000 pounds of carbon fiber will be in inventory on June 30 of the current year and that 150,000 skis will be sold during the next (third) quarter. Management wants to end the third quarter with 3,500 skis and 4,000 pounds of carbon fiber in inventory. Carbon fiber can be purchased for $15 per pound. Requirement 1: Prepare the third-quarter production budget for skis. (Amounts in parentheses does not require a minus sign.) BLACK DIAMOND SLOPE COMPANY Production Budget (in units) Third Quarter Budgeted ending inventory (skis) Required units of available production ( ) Units to be manufactured Requirement 2: Prepare the third-quarter direct materials (carbon fiber) budget; include the dollar cost of purchases. (Omit the “$” sign in your response. Amounts in parentheses does not require a minus sign.) BLACK DIAMOND SLOPE COMPANY Direct Materials Budget (in lbs, except where noted) Third Quarter Materials (carbon fiber) needed for production Total materials (carbon fiber) requirements ( ) Units of materials (carbon fiber) to be purchased Materials cost per pound $ Total cost of materials purchases $ Problem 7-6AA Preparing production and direct materials budgets L.O. C3, P3 Black Diamond Slope Company produces snow skis. Each ski requires 2 pounds of carbon fiber. The company’s management predicts that 5,000 skis and 6,000 pounds of carbon fiber will be in inventory on June 30 of the current year and that 150,000 skis will be sold during the next (third) quarter. Management wants to end the third quarter with 3,500 skis and 4,000 pounds of carbon fiber in inventory. Carbon fiber can be purchased for $15 per pound. Requirement 1: Prepare the third-quarter production budget for skis. (Amounts in parentheses does not require a minus sign.) BLACK DIAMOND SLOPE COMPANY Production Budget (in units) Third Quarter Budgeted ending inventory (skis) Required units of available production ( ) Units to be manufactured Requirement 2: Prepare the third-quarter direct materials (carbon fiber) budget; include the dollar cost of purchases. (Omit the “$” sign in your response. Amounts in parentheses does not require a minus sign.) BLACK DIAMOND SLOPE COMPANY Direct Materials Budget (in lbs, except where noted) Third Quarter Materials (carbon fiber) needed for production Total materials (carbon fiber) requirements ( ) Units of materials (carbon fiber) to be purchased Materials cost per pound $ Total cost of materials purchases $” – Sent to Accounting Expert Tutor on 11/8/2010 at 12:54pm
“”Phantasy, Inc. is a research and development company that primarily develops and patents products. Phantasy, Inc. then licenses other companies to produce and sell the products. In return, Phantasy, Inc. receives royalties from these companies. In 2009, Phantasy, Inc. developed and patented a product and then licensed Thurber Company to produce and sell it. Thurber Company will pay royalties to Phantasy, Inc. based upon the amount of sales. Phantasy, Inc. and Sumi, Inc., another independent company, have agreed to the following: Sumi, Inc. will pay Phantasy, Inc. $5,000,000 in 2009. This payment is non-refundable. In return, Phantasy, Inc. will give Sumi, Inc. 17% of the royalties Phantasy, Inc. receives during the years 2010-2015 from Thurber Company for the above product. In the case that the total amount paid by Phantasy, Inc. to Sumi, Inc. exceeds $7,500,000, the percentage of royalties paid by Phantasy, Inc. will drop from 17% to 5% on future royalties. Phantasy, Inc. does not guarantee any payments to Sumi, Inc. Sumi, Inc. estimates its expected rate of return to be approximately 35%. Phantasy, Inc. will assume all responsibility and costs of protecting the patent against patent infringement and against all law suits asserting patent infringement. Phantasy, Inc. expects these costs to be minimal. This is a case of the “sale of future revenues” and there are three possible ways for Phantasy to account for the $5,000,000 in 2009: 1. Full and immediate recognition as revenue in 2009. 2. Accounted for as “unearned revenue.” 3. Accounted for as debt. REQUIRED: 1. State whether the $5,000,000 should be recognized as revenue in 2009. Explain your answer. 2. Assuming that immediate recognition is NOT appropriate, find, quote and cite the criteria used to determine whether it should be recognized as unearned revenue or debt. 3. Based upon the criteria, should the $5,000,000 be recognized as unearned revenue or debt? Explain your answer.”
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A company reports its cost of goods sold as $15.0 billion in 2009. It has $2.9 billion in inventory and reports accounts payable at $1.2 billion at the end of 2009. At the end of 2008 ending inventory was reported at $3.1 billion and accounts payable was $1.4 billion. How much cash was paid to suppliers for 2009?
Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of $9,000 and Common Stock of $9,000. April 2 Purchased merchandise on account from Dakota Supply Co. $6,900, terms 1/10, n/30. 4 Sold merchandise on account $5,500, FOB destination, terms 1/10, n/30.The cost of the merchandise sold was $4,100. 5 Paid $240 freight on April 4 sale. 6 Received credit from Dakota Supply Co. for merchandise returned $500. 11 Paid Dakota Supply Co. in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash $3,800. 16 Received refund from supplier for returned goods on cash purchase of April 14, $500. 18 Purchased merchandise from Skywalker Distributors $4,500, FOB shipping point, terms 2/10, n/30. 20 Paid freight on April 18 purchase $100. 23 Sold merchandise for cash $6,400.The merchandise sold had a cost of $5,120. 26 Purchased merchandise for cash $2,300. 27 Paid Skywalker Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $90. The returned merchandise had a scrap value of $30. 30 Sold merchandise on account $3,700, terms n/30.The cost of the merchandise sold was $2,800. Olaf Company’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-out Journalize the transactions using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.) Prepare the income statement through gross profit for the month of April 2008. (List amounts from largest to smallest e.g. 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.) OLAF DISTRIBUTING COMPANY Income Statement (Partial) For the Month Ended April 30, 2008
Farmer Corporation borrowed $280,000 on November 1, 2009. The note carried a 10 percent interest rate with the principal and interest payable on June 1, 2010. Prepare the journal entry to record the note on November 1. Prepare the adjusting entry to record accrued interest on December 31.
rater Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2011
Please see the attached file for a question about cost activity drivers.
Please see the attached excel file for a question about cost activity drivers.
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