User Account

All Pages

Prepare the journal entry trump should have recorded

Assignment Help Accounting Basics
Reference no: EM131894693

Question - Trump Corporation sold $180,000 in inventory to Bannon Enterprises during 2017, for $270,000. Bannon resold $108,000 of this merchandise in 2017 with the remainder to be disposed of during 2018.

Required -

1. Assuming Trump owns 25% of Bannon and applies the equity method, prepare the journal entry Trump should have recorded at the end of 2017 to defer gross profit on infra-entity inventory sales.

2. What entry would Trump record in 2018 assuming the remainder was disposed during 2018?

Reference no: EM131894693

Questions Cloud

What is the value of hlen and what is the value in binary : The size of the option field of an IP datagram is 20 bytes. What is the value of HLEN? What is the value in binary? How many option bytes are present?
What is the maximum number of routers that can be recorded : What is the maximum number of routers that can be recorded if the timestamp option has a flag value of 1? Why?
Developments in the evolution of mass media : What were three major developments in the evolution of mass media during the last century?
Prepare any correcting entries that are necessary : Prepare any correcting entries that are necessary. (Credit account titles are automatically indented when the amount is entered. Do not indent manually
Prepare the journal entry trump should have recorded : Assuming Trump owns 25% of Bannon and applies the equity method, prepare the journal entry Trump should have recorded at the end of 2017 to defer gross profit
What is the budgeting process : In a total of 350 - 500 words, discuss the budgeting practice at your organization, your involvement, challenges, and the applicability of the course learning.
Determine the minimum cycle time : Determine the minimum cycle time, the maximum cycle time, and the calculated cycle time. (Round your answers to 1 decimal place.)
What aspects of pharmacy math were difficult : What aspects of pharmacy math were difficult for you to grasp? What did you find that helped you the most?
What are some ways pharmacies can increase their profit : Are there services that the pharmacy can offer in addition to dispensing medications that can enhance income?

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