Simmons corporation owns stock of armstrong

Assignment Help Accounting Basics
Reference no: EM131118894

1. Simmons Corporation owns stock of Armstrong, Inc prior to 2010 the investment was accounted for using the equity method. In early 2010, Simmons sold part of its investment in Armstrong, and began using the fair value method. In 2010, Armstrong earned net income of $80,000 and paid dividends of $95,000. Prepare Simmons's entries related to Armstrong's net income and dividends, assuming Simmons now owns 10% of Armstrong's stock. 

Reference no: EM131118894

Prepare the general journal for the months of may

REQUIRED: Prepare the accounting records for Small Construction Co. Prepare the bank reconciliation at June 30th , 2016. Prepare the General Journal for the months of May and

How much should it report as forrign income exhange loss

When Post Collected the receivable on February 15, 2012, the U.S. dolalr equivalent was $95,000. In PoST'S 2010 Consolidated income statement, how much should it report as f

The casebook certainly is a valuable tool

The casebook certainly is a valuable tool; without it, it would be difficult to have an organized case. Class, what is the format for a casebook? Does it need to be manu

What amounts should abc company make adjusting entries

The cash balance in ABC Company's general ledger is $14,000 and the cash balance shown on its bank statement is $19,000. Reconciling items include outstanding checks totalin

Ifrs convergence projects of the fasb and iasb

Active GAAP and IFRS Convergence projects of the FASB and IASB. Potential impact on business and the accounting profession of changes in accounting standards or securities law

Remember the basic queueing relationships

For an M/M/1 queueing system, L = λ (µ - λ). Suppose that λ and µ are both doubled. How does L change? How does W change? How does WQ change? How does LQ change? (Remember t

Statements regarding inventory transfers

Which of the following statements is true regarding inventory transfers between a parent and its subsidiary, using the initial value method?

Compute and discuss the debt to total assets ratio

FX Corporation leases new equipment on December 31, 2012. The lease transfers ownership to FX at the end of the lease. The present value of the lease payments is $240,000.


Write a Review

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!

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