Stoney Brook Company produces two products (X and Y) from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Joint manufacturing costs for the year were $60,000. Sales values and costs were as follows: If Processed FurtherProductUnits MadeSales Priceat Split-Off Sales ValueSeparable CostX9,000$40,000 $78,000 $10,500 Y6,000 80,000 90,000 7,500 If the joint production costs are allocated based on the net-realizable-value method, the amount of joint cost assigned to product Y would be:
A. $20,000.
B. $40,000.
C. $27,000.
D. $33,000.
E. None of the answers is correct.
Answer: D
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On January 1, 20X6, Pumpkin Corporation acquired 70 percent of Spice Company's common stock for $210,000 cash. The fair value of the noncontrolling interest at that date was determined to be $90,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: PumpkinSpiceCash $50,000 $15,000 Accounts Receivable 70,000 25,000 Inventory 30,000 20,000 Land 150,000 80,000 Buildings and Equipment 250,000 200,000 Less: Accumulated Depreciation (70,000) (20,000) Investment in Spice Co. 210,000 Total Assets $690,000 $320,000 Accounts Payable $40,000 $10,000 Bonds Payable 150,000 40,000 Common
Stock 300,000 90,000 Retained Earnings 200,000 180,000 Total Liabilities and Equity $690,000 $320,000 At the date of the business combination, the book values of Spice's assets and liabilities approximated fair value except for inventory, which had a fair value of $30,000, and land, which had a fair value of $95,000.Based on the preceding information, what amount of total assets will be reported in the consolidated balance sheet prepared immediately after the business combination? A. $800,000 B. $1,010,000 C. $830,000 D. $1,040,000
Create a resource loading chart using early start times for the project described by this table
Activity Time Predecessor Task A 14 -- 4 B 2 -- 5 C 4 A 5 D 9 B 4 E 8 C 5 F 2 C 3 G 3 D 2 H 5 F, G 4 K 1 E 3 L 13 H, K 4 What will be an ideal response?
Synchronous communication is said to occur if ________
A) communication occurs between people in different time zones B) there is a flow of communication according to the hierarchical structure C) members of various teams work on the same task D) all members of a team meet at the same time
While performing an audit of a public company, the auditors discovered material illegal acts and resigned due to the client's refusal to disclose them. The auditors' reason for resignation should be disclosed through: ItemCPA Direct Communication With ShareholdersThe Process of FilingA.YesYesB.NoYesC.YesNoD.NoNo
A. Option A B. Option B C. Option C D. Option D