Question 1 Use the data below to answer Parts (a) through (c). Show all calculations in your solutions. On January 1‚ 20X2‚ Haika Inc. purchased 60% of the outstanding voting shares of Selina Co. for $3‚000‚000. On that date‚ Selina’s shareholders’ equity consisted of retained earnings of $2‚000‚000 and ordinary shares of $1‚000‚000. Selina’s identifiable assets and liabilities had fair values that were equal to their carrying values on January 1‚ 20X2‚ except for the following: | Fair value
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Boys & Girls Clubs of America is a program that was introduced in the 1860’s in Hartford Connecticut. “Believing that boys who roamed the streets should have a positive alternative‚ they organized the first Club. A cause was born.” Now made up of more than 4‚300 clubs and in their 103rd year‚ the goal of these clubs is “to enable all young people‚ especially those who need us most‚ to reach their full potential as productive‚ caring‚ responsible citizens.” Boys & Girls Clubs across the country
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costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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Research Project Company Name: Facebook‚ Inc. ACCT 5103-99 Mr. Fabrice SHEMA NGOGA Company Introduction and Business Description Reference to Mergent online and LexisNexis‚ Facebook Inc‚ located at 1601 Willow Road Menlo Park‚ CA 94025 United States‚ was created in July 2004‚ DE‚ United States by Harvard Computer Science student Mark Zuckerberg as an online version of the Harvard Facebook. The name comes from books of freshmen’s faces‚ majors‚ and hometowns that were distributed to students
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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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Tax Research Project #4-63 Facts: • Ann is a graduate economics student at State University. • State University awarded her a $1‚000 scholarship. • She works as a half-time teaching assistant in the Economics Dept. at State University and is paid $7‚000 per year and her tuition is waived; tuition is $8‚000 without waiver. • Her salary is equal to that paid to other part-time instructors. • Ann paid $500 for her books and supplies and she incurred living expenses of $7‚400. Issues: How
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Journal of Business Finance & Accounting‚ 32(3) & (4)‚ April/May 2005‚ 0306-686X Discussion of Accounting‚ Valuation and Duration of Football Player Contracts JOHN FORKER* Investment by football clubs in player contracts provides a natural experiment to evaluate the mandated accounting requirement that purchased intangible assets must be capitalised (ASB‚ FRS 10‚ 1997b). The study is well grounded for three reasons. First‚ the availability of industry level transaction price data for transfer
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One character in The Breakfast Club that most relates to me is Brian. We both want to keep our grades as high as we can‚ yet I am not the kind of person to join after school clubs unlike Brian did. Brian is classified as a nerd and proves to be cared about by his family unlike some other people that he his serving detention with. I can relate to this‚ although I don’t really classify myself as a nerd even though some people may. I can visualize myself as this character as he acts almost exactly like
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Tyler Thompson ENC 1101 Prof. Kennedy 13 March 2012 Fight Club: The Narrator vs. Tyler Durden The movie Fight Club is a very violent‚ satirical movie that centers around the main idea that modern culture makes men into cowards. That modern capitalist society turns men into mindless drones who have no individualism and no testosterone. The two main characters of the film‚ The Narrator (Edward Norton) and Tyler Durden (Brad Pitt)‚ illustrate the absolute polar ends of this main theme. The Narrator
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