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Machinery sale. On January 1, 20X2, Jungle Company sold a machine to Safari Company for $30,000. The machine had an original cost of $24,000, and accumulated depreciation on the asset was $9,000 at the time of the sale. The machine has a 5-year remaining life and will be depreciated on a straight-line basis with no salvage value. Safari Company is an 80%-owned subsidiary of Jungle Company.
1. Explain the adjustments that would have to be made to arrive at consolidated net income for the years 20X2 through 20X6 as a result of this sale.
2. Prepare the elimination that would be required on the December 31, 20X2, consolidated worksheet as a result of this sale.
3. Prepare the entry for the December 31, 20X3, worksheet as a result of this sale.
Survivor Company was formed on January 1, 2010 by selling and issuing 20,000 shares of common stock at $15 per share. On December 1, 2010, the company declared a cash dividend of $10,000 which will be paid in cash on January 15, 2011.
Net purchases were $131,590 at cost and $181,700 at retail. Net markups were $11,100; net markdowns were $8,200; and sales revenue was $158,900.
Calculate the total bond interest expense over the bonds’ life. Prepare a straight-line amortization table like Exhibit 10.11 for the bonds’ life.
Evaluate Kat's bank reconciliation. What adjustments, if any, does she require to make in her checkbook?
Accrual Accounting. If the incurred utility costs of $35,000 in year 1, what amount should put in Net Operating cash flow for year 1 and 2. And what amount should put in an income statement according to the accrual accounting model?
Preparation of an income statement and computation of earnings per share and prepare an income statement for the year 2007 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of t..
Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for the fiscal year 2012.
Implementation of the matching principle dealing with expenses creates a problem.
This problem continues the Davis Consulting situation from Problem P5-45 in Chapter 5. Consider the January transactions for Davis Consulting that were presented in Chapter 5. (Cost data have been removed from the sale transactions.) Davis uses the p..
questionquestion 1 borderbooks company uses activity-based costing. the company produces hard and soft -cover books.
January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all $675,000 in salaries is subject to unemployment compensation taxes.
Prepare an amortization table through December 31, 2010, for these revenue bonds assuming straight-line amortization. Discuss whether or not Dunn-Whitaker should record the plant as an asset after it is constructed.
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