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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.
These amounts include $30,000 of monthly depreciation plant and equipment expense. Cash payments are paid such that 60% are paid in the month incurred and 40% are paid in the following month. What are the budgeted cash payments for August?
Expected annual usage of a particular raw material is 180,000 units, and the standard order size is 12,000 units. The invoice cost of each unit is $300, and the cost to place one purchase order is $80. The average inventory is?
P Company continued to depreciate the equipment over its 9 year remaining life using the straight-line method. This equipment was sold to a third party on January 1, 2011 for $1,440,000. What amount of gain should P Company record on its books in ..
Prepare the appropriate journal entries for fiscal 2007. Assume the marina operator is unsophisticated in business. Explain the managerial significance of the accounting above to this person.
ABC declared and paid a $5,000 dividend in June. The June beginning balance in ABC's Cash Account was $35,000 and the June ending balance in the Cash Account was $25,000. The Retained Earnings amount shown on ABC's June 30th Balance Sheet should b..
Although only certain leases are currently accounted for as a sale or purchase, there is theoretic justification for considering all leases to be sales or purchases. The principal reason that supports this idea is that:
Company owned vehicle -Fixed asset being traded in for another vehicle. Does the Other Charges get added to the purchase price or classed out to fees?
the wendt corporation had 10.5 million of taxable income assume the firm received an additional 1 millon of interest
Which of the following is not a benefit of budgeting? A) It ensures that accounting records comply with generally accepted accounting principles. B) It provides benchmarks for evaluating subsequent performance.
Survival Industries, Inc. purchased a boat at a cost of $360,000-Compute the depreciation expense for 2014
What is the amount of dividends received by the common stockholders in 2010?
Locate the balance sheet, income statement, and statement of cash flows of Home Depot, Inc., in Appendix A of your text. Review those statements and then respond to the following for the year ended January 31, 2010 (fiscal year 2009).
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