What is the balance in the investment account on december

Assignment Help Accounting Basics
Reference no: EM132190763

Question - Irwin Corporation acquired a 20% interest in Allen Corporation on December 31, 2017 for $135,000. During 2018, Allen had a net income of $75,000 and paid a cash dividend of $30,000. Assuming Irwin did not have significant influence over Allen Corporation, what is the balance in the investment account on December 31, 2018?

Reference no: EM132190763

Questions Cloud

Explain the general characteristics of the spoils system : Identify and explain at least two significant differences between Aid to Families with Dependent Children (AFDC) and Temporary Aid.
Calculate the ramirez state a taxable income : Federal taxable income is the starting point in computing State A taxable income. Based on these facts, Ramirez's State A taxable income is
What is the amount of premium amortization : Assuming that Moss uses the straight-line method of amortization, what is the amount of premium amortization that would be recognized in 2019
How japan handled nuclear problems associated with tsunami : Comment on how Japan handled the nuclear problems associated with the tsunami. Is the threat over? Are people still at risk? Is the risk fully known?
What is the balance in the investment account on december : Assuming Irwin did not have significant influence over Allen Corporation, what is the balance in the investment account on December 31, 2018
Was legal contract formed between bob and patty : Was a legal contract formed between Bob and Patty? If there was a contract formed, was there a breach to the contract?
The operations strategy process includes : The Operations strategy process includes. The service product bundle consists of.
What do we lose if privacy is not protected : How does this article help your understanding of ethics and morality. What do we lose if privacy is not protected? Use the Angel article to guide your answer.
Calculate depreciation expense : Deuce Company purchased a truck for $45,000 on January 1, 2018. Calculate depreciation expense in 2019

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Purchase price in consolidated financial-statements

On January 1, 2009, Riley Corp. acquired some of the outstanding bonds of one of its subsidiaries. The bonds had a carrying value of $421,620 and Riley paid $401,937 for them. How should you account for the difference between the carrying value an..

  Why are most corporate euro bond issuer multinational

Why are most corporate Eurobond issuer's large, multinational corporations?

  Julie jones was hired by a popular fast food restaurant as

julie jones was hired by a popular fast food restaurant as an order taker and cashier. shortly after taking the job she

  Difference between absorption and variable costing

Determine the difference between absorption and variable costing witout preparing an incom statement.

  Prepare a common size balance sheet

Prepare a common size balance sheet, 2008. Refer to the consolidated balance sheets of the Intel Corporation annual report, 2008

  Account work the anz bank share code anzax expects to pay a

the anz bank share code anz.ax expects to pay a dividend of 0.91 ltbrgttoday and dividends are expected to grow at 6

  Maintains the same payout ratio

RECAPITALIZATION Tapley Inc. currently has total capital equal to $5 million, has zero debt, is in the 40% federal-plus-state tax bracket, has a net income of $1 million, and distributes 40% of its earnings as dividends. Net income is expected to ..

  You are thinking of investing in a field that may have

you are thinking of investing in a field that may have commercial amounts of oil. based on the existing data of the

  1 parent company owns 90 of the stock of subsidiary

1. parent company owns 90 of the stock of subsidiary company.2. on 1102 subsidiary company purchased equipment at a

  Show the firms net profit for the past year

Using accrual accounting and the preceding values, show the firms net profit for the past year. Which statements is more useful to the financial manager? Why

  What was the value of total assets

The Falmouth Company had a profit margin of 5 percent on sales of $7,000 during the last year, what was the value of total assets

  Discuss the freed-up resources to increase production

the freed-up resources to increase production of another product, resulting in additional contribution margin

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