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Powell Corporation acquired 90% of the voting stock of Santer Corporation on January 1, 2014 for $11,700 when Santer had Capital Stock of $5,000 and Retained Earnings of $4,000. The amounts reported on the financial statements approximated fair value, with the exception of inventories, which were understated on the books by $500 and were sold in 2014, land which was undervalued by $1,000, and equipment with a remaining useful life of 5 years under the straight-line method, which was undervalued by $1,500. Any remainder was assigned to goodwill.
Financial statements for Powell and Santer Corporations at the end of the fiscal year ended December 31, 2015 appear in the first two columns of the partially completed consolidation working papers. Powell has accounted for its investment in Santer using the equity method of accounting. Powell Corporation owed Santer Corporation $100 on open account at the end of the year. Dividends receivable in the amount of $450 payable from Santer to Powell is included in Powell's net receivables.
Complete the consolidation working papers for Powell Corporation and Subsidiary for the year ended December 31, 2015.
The book value of the company was $85,000,000. If 90% of this company’s total equity was acquired by another, what portion of value would be assigned to the noncontrolling interest?
John Boyd Corporation manufactures and sells 1,000 tractors each month. The primary component in each tractor is the motor. John Boyd has the monthly capacity to produce 1,300 motors. Assuming John Boyd wants to earn a pretax profit of $10,000 on thi..
accumulated postretirement benefit obligation at jan 1 2012 = 760,000; accumulated OCI (PSC) at jan 1 2012 = 100,000 Dr.; discount rate = 9%. Instrucions: compute postretirment benefit expense for 2012.
Write a report (5 pages) named Tax Planning Considerations for Employees. The report will involve tax planning issues related to the organization’s employees. USco designs and manufactures specialized equipment used in various manufacturing applicati..
Adrian Lee is a recent AMME graduate. A few years ago he launched his new incorporated business, “Meter Marshall”. Adrian is a keen inventor and entrepreneur. Assuming that long-term loans are the only “external debt” arrangement, what is the gearing..
HS's board of directors is controlled by George Waltson, the majority shareholders, who also acts as the chief executive officer.
Why do you think it took from 1999, when the XBRL concept was invented, until 2009 for the SEC require that public filers adopt?
The company also purchased treasury stock for $ 78,000 and sold a new issue of common stock for $ 523,000. Determine amount of cash provided by or used for investing activities for the year.
Assume you just retired and you have accumulated $900,000 in your retirement account. You opted to receive annual payment of $60,000 for the next 30 years. Determine the interest rate on this annuity.
Under a general partnership, each partner is considered an agent of a general partnership and is liable for. How will Chip and Dale split the net income/loss?
North Wind manufactures decorative weather vanes that have a standard materials cost of two pounds of raw materials at $1.50 per pound. During September 8,000 pounds of raw materials costing $1.55 per pound were used in making 3,600 weather vanes. De..
sixnut incorporated has been authorized to issue 1000000 shares of 2 par common stock and 50000 shares of 6 100 par
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