SURVEY OF ACCOUNTING(LL)>CUSTOM PKG.<
SURVEY OF ACCOUNTING(LL)>CUSTOM PKG.<
5th Edition
ISBN: 9781264010653
Author: Edmonds
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 15, Problem 20P

a)

To determine

Prepare a pro forma income statement

b)

To determine

Prepare flexible budget income statements with production volume of 29,000 and 31,000.

c)

To determine

Determine the variable and sales cost volume variance with volume of 31,000 units.

d)

To determine

Identify whether the variances are unfavourable or favourable

e)

To determine

Mention how Company N can use the variance to assess the performance

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Consolidation after Several Years  On January 1, 2016, Adams Corporation acquired all of the stock of Baker Company. The fair value of Adams’ shares used in the exchange was $37,500,000. At the time of acquisition, the book value of Baker’s shareholders’ equity was $5,000,000, and the book value of Baker’s building (25-year life) exceeded its fair value by $1,000,000. From the date of acquisition to December 31, 2021, Baker had cumulative net income of $1,300,000. For 2022, Baker reported net income of $300,000. Adams uses the complete equity method to account for its investment in Baker. There is no goodwill impairment loss for the period 2016 through 2021, but there is impairment loss of $100,000 in 2022. Baker declared no dividends during the period 2016–2022.  Required  Prepare the working paper eliminating entries necessary to consolidate the financial statements of Adams and Baker at December 31, 2022. Enter numerical answers using all zeros (do not abbreviate in thousands or in…
Give me the answer in a clear organized table please. Thank you!
Give me the answer in a clear organized table please. Thank you!

Chapter 15 Solutions

SURVEY OF ACCOUNTING(LL)>CUSTOM PKG.<

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What is variance analysis?; Author: Corporate finance institute;https://www.youtube.com/watch?v=SMTa1lZu7Qw;License: Standard YouTube License, CC-BY