Entries by Hannah Wangui

Firenze Company

March 13, 2020 in /by

Firenze Company developed a specialized banking application software program that it licenses to various financial institutions through multiple-year agreements. On January 1, 2018, these licensing agreements have a fair value of $812,500 and represent Firenze’s sole asset. Although Firenze currently has no liabilities, the company has a $181,000 net operating loss (NOL) carryforward because of […]

 

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Poehling Medical Center

March 13, 2020 in /by

Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, […]

 

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The Converting Department of Hopkinsville

March 13, 2020 in /by

The Converting Department of Hopkinsville Company had 840 units in work in process at the beginning of the period, which were 25% complete. During the period, 17,600 units were completed and transferred to the Packing Department. There were 960 units in process at the end of the period, which were 70% complete. Direct materials are […]

 

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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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