Get college assignment help at uniessay writers The following journal entries are from the books of Kara Elizabeth Company: a. Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000 Mortgage Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000 b. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 Capital Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 c. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
Veronica Company: Compute overhead rate, total production costs for Jobs G and H Direct Materials: Job G $10,000 Job H $10,000 Direct labor costs: 28,000 32,000 Direct labor hours: 2,400 2,800
Period 0 1 2 3 4 5 6 7 8 Cash Flow (58,000) 21,000 18,000 15,000 13,000 6,000 4,000 – 15,000 Given the cash flows above, assume all cash flows occur at the end of the time period. What is the payback?
Pat, a Pizzeria manager, replaced the convection oven just six months ago. Today, Turbo Ovens Manufacturing announced the availability of a new convection oven that cooks more quickly with lower operating expenses. Pat is considering the purchase of this faster, lower-operating cost convection oven to replace the existing one they recently purchased. Selected information about the two ovens is given below:
Given the acquisition cost of product Z is $32.00, the net realizable value for product Z is $29.00, the normal profit for product Z is $2.50, and the market value (replacement cost) for product Z is $30.00, what is the proper per unit inventory price for product Z?
Pharma Co. is a U.S. subsidiary of a U.K. entity that prepares its financial statements in accordance with (1) U.S. GAAP for reporting to its U.S.-based lender and (2) IFRSs in reporting to its parent. Pharma Co. is in the process of restructuring a business line. As part of the restructuring, Pharma Co. is considering the relocation of a manufacturing operation from its present location to a new facility in a different geographic area. The relocation plan would include terminating certain employees. IAS 37 includes guidance for accounting for restructuring costs in accordance with IFRSs. Paragraph 10 of IAS 37 defines restructuring as follows: [A] programme that is planned and controlled by management, and materially changes either: a. the scope of a business undertaken by an entity; or b. the manner in which that business is conducted. Under IFRSs, emphasis is placed on the recognition of the costs of the exit plan as a whole, whereas under ASC 420-10 (Statement 146) in U.S. GAAP, each type of cost should be examined individually to determine when it should be accrued. As a result, there may be differences in timing of recognition of restructuring costs under IFRSs and U.S. GAAP. Pharma Co. has taken the following actions: 1. On December 15, 2008, Pharma Co. issued a press release announcing its intentions to terminate the lease of the old facility. The press release is included as Appendix A. Assume the terms of the lease are such that Pharma Co. accounts for the lease as an operating lease. Further, the lease agreement stipulates that written notice is required for early termination. 2. On December 27, 2008, Pharma Co. management communicated the main features of a one-time, nonvoluntary termination plan to its employees. The communication to the employees is included as Appendix B. 3. Pharma Co. will incur a relocation cost of $500,000 and staff training cost of $1.5 million. Further, Pharma Co. has entered into irrevocable contracts with certain other relevant parties to affect the restructuring plan over the following 18 months. 4. The cost to dismantle the existing manufacturing operation is estimated to be $1 million. In the jurisdiction in which Pharma Co. operates its current facility, there is no legal obligation for dismantling plants when abandoned. Pharma Co. has not historically dismantled its plants when abandoned but decided to make an exception. Copyright 2009 Deloitte Development LLC All Rights Reserved. Case 10-3: Restructuring Costs Page 2 The company has, in a press release, stated its intention to dismantle the existing operation. The costs to reassemble the operation in the new facility have not yet been finalized. Required: • In reporting to its U.K. parent under IFRSs, how should Pharma Co. account for the above restructuring program for the year ended December 31, 2008? • In reporting to its U.S.-based lender in accordance with U.S. GAAP, how should Pharma Co. account for the restructuring program for the year ended December 31, 2008? Copyright
continuing cookie Chronicles Chapter 13
What is the difference in treatment when an incoming partner purchases an interest by agreeing to perform services for the partnership and the partnership (1) gives a 25% interest in the capital of the partnership, (2) gives a 25% interest in the future income of the partnership, or (3) gives a 25% interest in the partnership’s future income which the incoming partner must forfeit if the partnership, as reconstituted after the incoming partner’s admission, is unable to earn an average of $100,000 profit for the ensuing five years?
Will a partnership under state law be taxed as a partnership under Internal Revenue Code?
List at least three items which will increase a partner’s basis in a partnership and at least three items which will decrease a partnership’s basis.
Get college assignment help at uniessay writers 4-5A HOGAN THRIFT SHOP PAYROLL REGISTER FOR PERIOD ENDING December 18 20 MARITAL STATUS NO. OF W/H ALLOW. DEDUCTIONS TOTAL ( a ) ( e ) EMPLOYEE NAME EARNINGS FICA ( b ) ( c ) ( d ) NET OASDI HI FIT SIT CIT PAY John, Matthew M 3 2,200.00 Smith, Jennifer S 1 275.00 Bullen, Catherine M 0 250.00 Matthews, Mary S 3 320.25 Hadt, Bonnie S 1 450.00 Camp, Sean S 2 560.50 Wilson, Helen S 1 475.50 Gleason, Jose M 3 890.00 Totals Compute the employer’s FICA taxes for the pay period ending December 18. OASDI taxes HI Taxes OASDI taxable earnings $ HI taxable earnings $ OASDI taxes $ HI taxes $
ojas Company purchased for $5,600,000 a mine estimated to contain 2 million tons of ore. When the ore is completely extracted, it was expected that the land would be worth $200,000. A building and equipment costing $2,800,000 were constructed on the mine site, and they will be completely used up and have no salvage value when the ore is exhausted. During the first year, 750,000 tons of ore were mined, and $450,000 was spent for labor and other operating costs. Compute the total cost per ton of ore mined in the first year. Show computations by setting up a schedule giving cost per ton
Collier borrowed $175,000 in cash on October 1, 2010 and is required to pay $180,000 on March 1, 2011. What would be the carrying value of the note payable on October 1, 2010 and how much interest is recognized from October 1 to December 31, 2010?
you have a motorcyle shop and decide to computerize your records, and you need an explaination of basics accounting so it can be entered as computerized data. need examples of a journal entry that would record impacts of the balance sheets. also a journal entry that would be recorded affecting the income statement
uly 1…….Beginning inventory…….10 units at $120 each July 5…….Purchases……………….60 units at $112 each July 14……Sale………………………40 units July 21……Purchases………………30 units at $116 each July 30……Sale………………………28 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis? 1. $7,696 2. $7,728 3. $7,736 4. $3,672
Q1) Michael received land as a gift from his father in 2008. At the time of the gift, the land had a FMV of $185,000 and an adjusted basis of $210,000 to Michael’s father. There was no gift tax due with respect to this transfer. A year and a day later, Michael sold the land for $180,000. What was his realized gain or loss on this transaction? Q2 Maria and Tia form a corporation in a transaction governed by Code Section 351. Tia transfers real estate to the corporation. The real estate has an adjusted basis to Tia of $150,000 and a FMV of $200,000 on the date of the transfer. Tia also transfers cash of $40,000. In exchange for the transfer of the real estate and cash, Tia receives one-half of the stock of the corporation. The property is subject to an $180,000 mortgage, which the corporation assumes. The corporation’s adjusted basis in the real estate immediately after the contribution is a. $200,000. b. $180,000. c. $150,000. d. $130,000. e. $190,000. Q3 During 2009, Henry reported the following income and loss: Activity X……………………………………..$50,000 loss Activity Y……………………………………..$20,000 income Both Activity X and Activity Y are passive activities as to Henry. Henry purchased Activity X in 1988 and Activity Y in 1994. How much, if any, passive activity loss will be carried over to 2010? a. $50,000. b. $30,000. c. $20,000. d. 0. e. none of the above.
how do you solve case 2 and 3?
Parent Corporation acquired some of its subsidiary’s bonds on the open bond market, paying a price $40,000 higher than the bonds’ carrying value. How should the difference between the purchase price and the carrying value be accounted for?
On January 1, 2010, Glenville Co. acquired an 80% interest in Acron Corp. for $500,000. There is no active trading market for Acron’s stock. The fair value of Acron’s net assets was $600,000 and Glenville accounts for its interest using the acquisition method. 16. Determine the amount of goodwill to be recognized in this acquisition. 17. Determine the value assigned to the noncontrolling interest as of the date of the acquisition.
1) What is the total of consolidated revenues $7,00,000 2) What is the total of consolidated operating expenses $42,000 3) What is the total of consolidated cost of goods sold $203000 4) What is the total of noncontrolling interest appearing in the balance sheet $100800 5) What is the consolidated total for equipment (net) at December 31,2011 $ 1064000 6) What is the consolidated total for inventory at December 31,2011 $280000 this was the answer what i got from couse hero but i got wrong all of them except#5. Can you retry it pleasE? here is questions.. On January 1, 2011, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Strong’s stock. Of this payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Strong’s books by $35,000. Any remaining excess was attributable to goodwill which has not been impaired. As of December 31, 2011, before preparing the consolidated worksheet, the financial statements appeared as follows: During 2011, Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of this purchase had been paid for by Strong by the end of the year. 60% of these goods were still in the company’s possession on December 31. (information is attatched 1.value: 5 points You did NOT receive full credit for this question in previous attempt. What is the total of consolidated revenues? $588,000. $644,000. $700,000. $840,000. $560,000. References Multiple Choice Difficulty: Medium Learning Objective: 05-02 Prepare the consolidation entry to eliminate the sales and purchases balances that are created by the intraentity transfer of inventory. 2.value: 5 points You did NOT receive full credit for this question in previous attempt. What is the total of consolidated operating expenses? $53,200. $47,600. $35,000. $42,000. $49,000. References Multiple Choice Difficulty: Medium Learning Objective: 05-01 Understand that intra-entity asset transfers often create accounting effects within the financial records of affiliated companies that must be eliminated or adjusted in preparing consolidated financial statements. 3.value: 5 points You did NOT receive full credit for this question in previous attempt. What is the total of consolidated cost of goods sold? $212,800. $168,000. $196,000. $203,000. $184,800. References Multiple Choice Difficulty: Medium Learning Objective: 05-02 Prepare the consolidation entry to eliminate the sales and purchases balances that are created by the intraentity transfer of inventory. 4.value: 5 points You did NOT receive full credit for this question in previous attempt. What is the consolidated total of noncontrolling interest appearing in the balance sheet? $117,040. $97,440. $100,800. $120,400. $93,800. References Multiple Choice Difficulty: Medium Learning Objective: 05-05 Understand the difference between upstream and downstream intra-entity transfers and how each affects the computation of noncontrolling interest balances. 5.value: 5 points correct in your previous attempt What is the consolidated total for equipment (net) at December 31, 2011? $1,066,800. $1,058,400. $1,069,600. $1,064,000. $952,000. References Multiple Choice Difficulty: Medium Learning Objective: 05-01 Understand that intra-entity asset transfers often create accounting effects within the financial records of affiliated companies that must be eliminated or adjusted in preparing consolidated financial statements. 6.value: 5 points You did NOT receive full credit for this question in previous attempt. What is the consolidated total for inventory at December 31, 2011? $347,200. $280,000. $349,300. $364,000. $336,000. References
Receipts from cash sales of 7,500 was recorded incorrectly in the cash receipts journal as 5,700. This item would be included on the banks reconciliation as an?
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