President Wilson declared the United States neutral when WWI first broke out, but eventually led the country into war. Why did the United States decide to participate in the war and what effect American entry have on the allied war effort?
In: Psychology
Question 13 of 30.
A partnership may elect to expense organizational or startup expenses rather than amortizing these expenses. How much are they allowed to expense?
Up to $500 of each of the organizational and startup costs.
Up to $5,000 total for startup costs and organizational costs.
Up to $5,000 of each of the organizational and startup costs.
Up to $5,000 of startup costs only may be expensed, but organizational costs must be amortized.
In: Accounting
The accountant of Patrick Ltd needs to prepare consolidated financial statements for Patrick Ltd at the end of financial year. Following information was available on 30 June 2020:
1) Patrick Ltd acquired 100 per cent interest in Sand Ltd for $790,000 on 1 July 2015. All assets and liabilities were fairly valued on the acquisition date. At the date of acquisition, the equity of Sand Ltd included:
Share capital $320,000
Reserve $160,000
Retained earnings $170,000
The balance of the investment account was $790,000 as shown in the Statement of Financial Position of Patrick Ltd on 30 June 2020.
2) The directors of Patrick Ltd believed that goodwill acquired was impaired by 15 per cent for the year ended 30 June 2020.
3) On 3 March 2020, Patrick Ltd sold inventory to Sand Ltd at a value of $164,000.
4) The above inventory had a cost of $117,000 for Patrick Ltd to produce. All inventories remained unsold in Sand Ltd on 30 June 2020. Patrick Ltd and Sand Ltd adopt the perpetual inventory system for inventory accounting. The income tax rate is 30%.
Required: (Narrations are required in this question)
a) Determine the amount of goodwill acquired.
b) Prepare relevant consolidation journal entries on 30 June 2020.
c) Explain accounting for goodwill acquired in a business combination.
In: Accounting
At January 1, 2020, Betty DeRose, Inc. reported paid-in capital - treasury stock of $2,000 and retained earnings of $49,000. Betty DeRose, Inc. entered into the following transactions during 2020: a. Re-acquired 5,000 shares of its $8 par value common stock by paying $18 per share. b. Re-issued 900 of the shares that were re-acquired in (a) for $21 per share. c. Re-issued 1,200 of the shares that were re-acquired in (a) for $13 per share. d. Re-issued 800 of the shares that were re-acquired in (a) for $20 per share. e. Re-issued 1,100 of the shares that were re-acquired in (a) for $17 per share. Calculate the balance in the paid-in capital - treasury stock account after all five transactions above are recorded.
In: Accounting
A simple random sample of 35 colleges and universities in the United States has a mean tuition of 18700 with a standard deviation of 10800. Construct a 99% confidence interval for the mean tuition for all colleges and universities in the United States. Round the answers to the nearest whole number.
In: Statistics and Probability
A simple random sample of 40 colleges and universities in the United States has a mean tuition of 17800 with a standard deviation of 11000. Construct a 95% confidence interval for the mean tuition for all colleges and universities in the United States. Round the answers to the nearest whole number.
In: Statistics and Probability
A simple random sample of 40 colleges and universities in the United States has a mean tuition of 18,800 with a standard deviation of 10,100. Construct a 98% confidence interval for the mean tuition for all colleges and universities in the United States. Round the answers to the nearest whole number.
In: Statistics and Probability
Almost every developed country, except the U. S., has a national healthcare system. These countries have more affordable healthcare and healthier populations than the United States. Why has the United States failed to implement national healthcare? Your thoughts?
In: Nursing
1) Should the US consider Puerto Rico for statehood?
2) What benefits and challenges will Puerto Rico present to the
United States?
3) What are the advantages and disadvantages for Puerto Ricans, in
the United States and Puerto Rico, if the island ever becomes the
51st state?
In: Operations Management
In: Economics