User Account

All Pages

Calculate petersen equity in seavoss income

Assignment Help Accounting Basics
Reference no: EM132001063

Question - Petersen owns 80% of Seavoss, acquired several years ago at a price equal to book value. Petersen and Seavoss sell merchandise to each other. For 2014, unconfirmed profits in inventories are as follows: Petersen: Beginning Inventory- $20,000 Ending Inventory- $25,000. Seavoss Beginning Inventory- $10,000 Ending Inventory- $8,000. Total upstream sales in 2014 were $400,000; downstream sales were $600,000. Seavoss' reported income for 2014 was 100,000

Required:

a) Prepare the necessary consolidated working paper eliminations for 2014

b) Calculate Petersen's equity in Seavoss income for 2014, assuming the only intercompany eliminations are for merchandise sales.

c) Calculate noncontrolling interest in consolidated net income for 2014, assuming the only intercompany eliminations are for merchandise sales.

Reference no: EM132001063

Questions Cloud

How much should you pay for the stock : How much should you pay for the stock, if you will be able to sell the stock for $28 at the end of seven years and you want to earn an annual rate of return.
How much should you pay for the stock : How much should you pay for the stock, if you will be able to sell the stock for $28 at the end of seven years and you want to earn an annual rate of return.
Determine the weighted average number of shares : On January 1, 2012, Vermont Maple Corp. had 2,650,000 shares of common stock, Determine the weighted average number of shares
Calculate the npv for each project : Calculate the NPV for each project and determine which project should be accepted.Using market value and book value (separately), find the adjusted WACC.
Calculate petersen equity in seavoss income : Calculate Petersen's equity in Seavoss income for 2014, assuming the only intercompany eliminations are for merchandise sales
What total amount of cost should be assigned : Kittana Corporation uses a FIFO process costing system. What total amount of cost should be assigned to the units completed and transferred out during February
Concerning fair access to insurance requirements plans : All the following are true concerning FAIR (Fair Access to Insurance Requirements) plans except:
How did it benefit the connection between school and home : What experiences have you had (as a child, parent, or educator) with family literacy nights? How did it benefit the connection between school and home?
How the campaign positively influenced your personal opinion : Reflect on the impact of the marketing campaign on your own health care decision making. Consider how the campaign positively or negatively influenced.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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