User Account

All Pages

Prepare on pioneer company books journal entries

Assignment Help Accounting Basics
Reference no: EM13928132

1. On January 1, 2014, Pioneer Company purchased 80% of the common stock of Shipley Company for $600,000. At that time, Shipley's stockholders' equity consisted of the following:

Common stock $220,000
Other contributed capital 90,000
Retained earnings 320,000

During 2014, Shipley distributed a dividend in the amount of $120,000 and at year-end reported a $320,000 net income. Any difference between implied and book value relates to subsidiary goodwill. Pioneer Company uses the equity method to record its investment. No impairment of goodwill is observed in the first year.

Required:

A. Prepare on Pioneer Company's books journal entries to record the investment related activities for 2014.

B. Prepare the workpaper eliminating entries for a workpaper on December 31, 2014.

Reference no: EM13928132

Questions Cloud

Considering a leasing arrangement : To finance some manufacturing tools it needs for the next 4 years, Waldrop Corporation is considering a leasing arrangement. Under either the lease or the purchase, Waldrop Corporation must pay for insurance, property taxes, and maintenance. What is ..
What contribution will the project make to your firms value : what contribution will this project make to your firm's value, after considering the riskiness of the projected returns?
What would be the companys debt ratio : Sadik Industries must install $300 of new machinery in its Texas plant. It can either lease the equipment or obtain a bank loan for 100% of the required amount and buy the equipment. What would be the company's debt ratio, in percentages, if it purch..
Randomly select one candy from each bowl : We will randomly select one candy from each bowl. The outcome of interest is the flavour of each of the two candies. Write out the complete sample space of outcomes.
Prepare on pioneer company books journal entries : Prepare on Pioneer Company's books journal entries to record the investment related activities for 2014. Prepare the workpaper eliminating entries for a workpaper on December 31, 2014.
What is the cost of owning : Waldrop Corporation must install $200 of new equipment in its Ohio plant. It can obtain a bank loan for 100% of the required amount at 9% interest on the loan. Alternatively, the firm can leas the equipment on a 2-year lease, the payment would be $11..
The firm can leas equipment-what is the cost of leasing : Waldrop Corporation must install $200 of new equipment in its Ohio plant. It can obtain a bank loan for 100% of the required amount at 6% interest on the loan. Alternatively, the firm can leas the equipment on a 2-year lease, the payment would be $11..
Impact of technology in toyota cuban business venture : The internet is not just for checking email or surfing the web to look for the latest golf gear. Companies are using the internet to help run their business more efficiently and to save on over-head costs. The internet is a less expensive option o..
Requirement of the two-stage dividend growth model : Which one of the following is a requirement of the two-stage dividend growth model? Which one of the following statements concerning beta is correct? Main Street Antiques is planning on paying an annual dividend of $2.20 per share next year. The comp..

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the possible benefits to the company of having a

what are the possible benefits to the company of having a share election scheme? the solvency test must be satisfied by

  How would your response to part 2 differ explain would your

a state requires large merchants i.e. those with sales over a specified dollar amount to report and remit their sales

  Othe basis of given data of the star industries sales

on the basis of given data of the star industries sales 100000 variable cost 75000 and fixed cost 20000 find the

  Community technical college allocates administrative costs

community technical college allocates administrative costs to its teaching departments based on the number of students

  Which of the following activities and quickbooks window

which of the following activities and quickbooks window used to record it is incorrect? a sell goods and bill

  What language is used to access data from a relational

What language is used to access data from a relational database? Why is the language advantageous when accessing data?

  I the amount accumulated in part a does not equal 100000

starla has decided to retire in 12 years. she has 44400 available today and wants to invest the money to supplemement

  Sea corporation issues 20000 shares of 050 par common stock

nbspnbspnet income 11500nbspnbspdividends paid to stockholders2800nbspnbspcash received from selling

  Westin watercrafts predetermined overhead rate for year

westin watercrafts predetermined overhead rate for year 2011 is 200 of direct labor. information on the companys

  Richard is considering making a 5000 investment during 2012

richard is considering making a 5000 investment during 2012 in a venture that its promoter promises will generate

  Error analysis and correcting entry

The reported net incomes for the first 2 years of US Books Corp. were as follows: 2013, $268,000; and 2014, $412,000. Early in 2015, the following errors were discovered.

  Importance of product cost information

This question here belongs to Accounting and it is about absorption costing and marginal costing. An example of Reebok has been given in the solution

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd