Entries by Hannah Wangui

Benjamin’s outstanding shares

March 13, 2020 in /by

On January 1, 2017, Abbey acquires 90 percent of Benjamin’s outstanding shares. Financial information for these two companies for the years of 2017 and 2018 follows:   2017  2018 Abbey Company:      Sales$(684,000)$(1,004,000)Operating expenses 462,000  516,000 Intra-entity gross profits in ending inventory (included in above figures) (213,000) (247,000)Dividend income—Benjamin Company (13,500) (31,500)Benjamin Company:      Sales (307,000) (361,000)Operating expenses 162,000  209,000 Dividends paid (15,000) (35,000) Assume that a tax rate of 40 percent is applicable to both […]

 

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Slagle Corporation is a large manufacturing organization

March 13, 2020 in /by

Slagle Corporation is a large manufacturing organization. Over the past several years, it has obtained an important component used in its production process exclusively from Harrison, Inc., a relatively small company in Topeka, Kansas. Harrison charges $90 per unit for this part: Variable cost per unit$40Fixed cost assigned per unit30Markup20Total price$90 In hopes of reducing […]

 

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Baxter, Inc

March 13, 2020 in /by

Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company. Wisconsin, in turn, holds 60 percent of Cleveland’s outstanding stock. No excess amortization resulted from these acquisitions. During the current year, Cleveland sold a variety of inventory items to Wisconsin for $40,000 although the original cost was $30,000. Of this total, […]

 

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Uncle Company

March 13, 2020 in /by

On January 1, 2016, Uncle Company purchased 80 percent of Nephew Company’s capital stock for $704,000 in cash and other assets. Nephew had a book value of $844,000 and the 20 percent noncontrolling interest fair value was $176,000 on that date. On January 1, 2015, Nephew had acquired 30 percent of Uncle for $305,000. Uncle’s […]

 

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