Acme in pruchased 50000 shares of takedown enterprises on

Assignment Help Accounting Basics
Reference no: EM13568956

Acme in pruchased 50,000 shares of takedown enterprises on January 1,2000. The total purchase price was 4,300,000. Takemedown reported a net income of 1,800,000 for the year eneded 12/31/00. Gobblemeup recieved a dividend of 43,000 from Able on April 1, 2000.

Journalize the required entries for the preceeding transactions if gobblemeup planned on holding the stock for more than one year and:

a) The percentage of ownership was 30%

b) the percentage of ownership was 15%

c) the investment was planned for 6 months and represented a 10% ownership

d) would the reporting be different if gobblemeup owned 60% of takmedown? How would it be reported? brifely explain?

Reference no: EM13568956

Questions Cloud

If the new plant is built how many skateboards will have to : tyrene products manufactures recreational equipment. one of the companys products a skateboard sells for 35. the
The chief executive of a clothes manufacturer charged with : the chief executive of a clothes manufacturer charged with committing financial fraud was dismayed that the controller
Take a look at the financial statements what is your : 1. find the discussion of depreciation methods in the notes section in your 10-k. what methods are used? discuss why
Waterford industries is ocnsidering the purchsase of a new : waterford industries is ocnsidering the purchsase of a new machine. it will replace an existing but obsolete machine
Acme in pruchased 50000 shares of takedown enterprises on : acme in pruchased 50000 shares of takedown enterprises on january 12000. the total purchase price was 4300000.
The company is in the process of preparing a cash budget : mitchell company had the following budgeted sales for the last half of last yearcash salescredit salesnbspnbspjuly70000
Based on your study of accounting so far identify at least : weve seen huge growth in the computer industry in a very short time. there is a high demand for new software from all
What does the ratio indicate about the selling price of : the price-earnings ratio for the common stock of cotter company was 10 at december 31 the end of the current fiscal
Based on this information what is the amount and percentage : the comparative marketable securities and inventory balances for a company are provided below.nbsp20082007marketable

Reviews

Write a Review

Accounting Basics Questions & Answers

  Assets used in a trade or business

Raymond provides the following information related to assets used in a trade or business which have been sold in 2011. All assets have been held for over one year.

  Calculate the multifactor productivity composed of labor

Calculate the multifactor productivity composed of labor and capital units shipped plus finished goods for PCCorp. In place of fixed costs use (sales + finished goods)

  Usefulness of the income summary account

How would you assess the usefulness of the Income Summary account as it relates to the closing process?

  Prepare journal entry to record the issuance of the bonds

Prepare the journal entry to record the issuance of the bonds.(For multiple debit/creditentries, list amounts from largest to smallest eg 10, 5, 3,2.)

  Accelerated method for tax purposes

A company uses straight-line depreciation for financial reporting purposes but an accelerated method for tax purposes. Is it acceptable to use different methods for the two purposes? What is Lopez's motivation for doing this?

  What is the total compensation cost

What is the measurement date, how long is the service period and what is the total compensation cost, if any?

  The patient protection and affordable care act includes an

1.it is important to remember that determining full cost is not as objective and exact a calculation as one might

  Accounting principles in performing the audit

Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit.

  Fasb codification research system

What is the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is in substance a financing arrangement?

  Calculate the same ratios for the company

Exhibit 4 provides certain ratios for the Company's competitors. Calculate the same ratios for the Company but do so for the years 2007, 2008 and 2009. (You should prepare a table). Explain what each of the ratios implies about the Company.

  Financing a business and holding stocks

What are the two primary ways for a company to finance its business? Which would you choose if you were forming a corporation and trying to raise funds and why?

  Which types of transfers are most likely to increase risk

Based on your research, determine the types and methods of transfers that will most likely trigger a taxable event for your client. Indicate how you are likely to present this information to your client.

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