Prepare the worksheet consolidation entry or entries

Assignment Help Accounting Basics
Reference no: EM133185108

Question - Pam Corporation holds 70 percent ownership of Spray Enterprises. On December 31, 20X6, Spray paid Pam $37,000 for a truck that Pam had purchased for $42,000 on January 1, 20X2. The truck was considered to have a 15-year life from January 1, 20X2, and no residual value. Both companies depreciate equipment using the straight-line method.

Required -

a. Prepare the worksheet consolidation entry or entries needed on December 31, 20X6, to remove the effects of the intercompany sale.

b. Prepare the worksheet consolidation entry or entries needed on December 31, 20X7, to remove the effects of the intercompany sale.

Reference no: EM133185108

Questions Cloud

What is the taxable amount of the sale proceeds : Barry Cuda is a single individual who has lived in his home for the past three years. What is the taxable amount of the sale proceeds
Develop a robust solution that meets stakeholder needs : Develop business solutions in collaboration with team members in response to client requirements - developing Section B of your client report
Analyze and summarize the hbr case study : Analyze and Summarize the HBR case study on "The cost that paid its way. Include it's Advantages of moving to Profit centre
Calculate the required return on the company stock : It is expected that dividends will grow at a constant rate of 4% and will be $1.50 one year from today. Calculate the required return on the company's stock
Prepare the worksheet consolidation entry or entries : Prepare the worksheet consolidation entry or entries needed on December 31, 20X6, to remove the effects of the intercompany sale
What is the number of students required for the course : Assuming the fee is £3,000, what is the number of students required for the course to break-even
What is yearend balance in fargo corporations investment : During 2021, Concord Corporation reported Net Income of $120,000 on November 15, 2021. What is yearend balance in Fargo Corporations Investment
What growth rates should the analyst assume : An accounting analyst is working on financial forecasts for two publicly traded companies. What growth rates should the analyst assume
How much should she invest at the beginning of each year : Marcia has an option to invest in an insurance policy at a rate of 20 %. How much should she invest at the beginning of each year

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.

  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!

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