Answer:
A) Bruce's basis in the land at the time of the sale = $100,000 (same as his father's)
B) When computing his realized gain, what amount does Bruce use as the selling price and as the contract price?
Selling price= $360,000.
Contract price = $360,000 (selling price) - $120,000 (assumed mortgage) = $240,000.
C) Bruce's total realized gain on the sale = $360,000 - $10,000(selling costs) - $230,000(land + improvements) = $120,000
But his recognized gain in the year of the sale is = ($120,000 / $240,000) x $90,000 = $45,000
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Strategic Planning Process: Strategic planning is the process of identifying long-term organizational goals, strategies, and resources, focusing on the horizon more than three years away.
Most large companies rely on one person to evaluate system requirements rather than relying on a system review committee. When assessing the feasibility of a schedule, systems analysts need to consider the trade-off between time and cost.
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Answer:
2.75, elastic.
Explanation:
Measure labor supply elasticity of Individual T's as follows :
Therefore, the elasticity of the labour supply of Individual T's is approx. of earnings per hour. <u>2.75</u>, meaning that the work supply of Person T's is <u>elastic</u> across this wage range
Answer:
The importance of stocktaking is clear. It allows you to regularly monitor and increase gross profit, reduce loss, improve control of allowances, and reduce waste
Explanation:
Answer:
Part A)
The eliminating entries are recorded only in the consolidation work paper and therefore do not change the balances recorded on the company's books. Each time consolidated statements are prepared the balances reported on the company's books serve as the starting point. Thus, all the necessary eliminating entries must be entered in the consolidation work paper each time consolidated statements are prepared.
Part B)
For acquisitions prior to the application of FASB 141R, the balance assigned to the non-controlling shareholders at the beginning of the period is based on the book value of the net assets of the subsidiary at that date and is recorded in the work paper in the entry to eliminate the beginning stockholders' equity balances of the subsidiary and the beginning investment account balance of the parent. For acquisitions after the effective date of FASB 141 R, the non-controlling interest at a point in time is equal to its fair value on the date of combination, adjusted to date for a proportionate share of the undistributed earnings of the subsidiary and the non-controlling interest's share of any write-off of differential. Another approach to determining the non-controlling interest at a point in time is to add the remaining differential at that time to the subsidiary’s common stockholder’s equity and multiply the result by the non-controlling interests proportionate ownership interest in the subsidiary
Part C)
In the consolidation work paper the ending balance assigned to non-controlling interest is derived by crediting non-controlling interest for the starting balance, as indicated in the preceding question, and then adding income assigned to the non-controlling interest in the consolidated income statement and deducting a pro-rata portion of subsidiary dividends declared during the period.
Part D)
All the stockholders' equity account balances of the subsidiary must be eliminated each time consolidated financial statements are prepared. Inter-company receivables and payables, if any, must also be eliminated.
Part E)
The "investment in subsidiary" and "income from subsidiary" accounts must be eliminated each time when the consolidated financial statements are prepared. Inter-company receivables and payables, if any, must also be eliminated.
