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Buyco holds 25 percent of outstanding shares of Marqueen and appropriately applies the equity method of accounting. Excess cost amortization (related to a patent) associated with his investment amounts to $10,000 per year. For 2012, Marqueen reported earnings of $100,000 and pays cash dividends of $30,000. During that year, Margueen acquired inventory for $50,000, which it then sold to buyCo for $80,000. At the end of 2012, BuyCo continued to hold merchandise with a transfer price of $32,000. A) What equity in Investee income should BuyCo report for 2012? . B) how will intra-entry transfer affect BuyCo's reporting in 2013 ?. C) if BuyCO had sold the inventory to Marqueen, whether the answers to (a) and (b) would change ?
Prepare the journal entries to record bond related transactions as of the following dates Label each entry by date
What is the amount of interest income that should be recognized by Jacobs in 2010, using the effective-interest method?
Gallow's reported net income was $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
Chris Spear invested $11,734 today in a fund that earns 8% compounded annually. To what amount will the investment grow in 3 years? To what amount would the investment grow in 3 years if the fund earns 8% annual interest compounded semiannually?
In what ways do the elements of the four financial statements interact with one another? How might changing one of the financial statements affect the other financial statements? Why is it essential to understand the relationship between the finan..
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses (touched on in our textbook) and Equity Method. When should you use each method and why? What are some of the limitations of the Equity Method? (T..
Once the convergence of US GAAP and IFRS has been completed, should US companies restatement their financials for a better comparsion for prior years? Why/why not?
Explain three issues or problems which a company could face when trying to find out the actual cost of the good or service which is to be used in the cost of goods sold.
Determine the missing data indicated for (1) and(2). Using the income statement data for 2007, determine the amount of net income or loss.
Jag Co. purchased goods with a list price of $150,000, subject to trade discounts of 20% and 10% with no cash discounts allowable. How much should Jag Co. record as the cost of these goods?
Calculate the amount of accumulated depreciation to be debited or credited in the preparation of the 2009 consolidated balance sheet.
Emu Inc. reissued 8,000 shares of treasury stock at $ 44 per share. The stock, which has a par value of $ .03, cost the company $ 30 per share two years ago. How much paid in capital from the treasury stock will the company have as a result of thi..
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