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On January 1, year 2, Pane Corp. exchanged 150,000 shares of its $20 par value common stock for all of Sky Corp.'s common stock. At that date, the fair value of Pane's common stock issued was equal to the book value of Sky's net assets. Both corporations continued to operate as separate businesses, maintaining accounting records with years ending December 31. Pane uses the equity method to account for its investment in Sky. Information from separate company operations follows:
Pane Sky Retained earnings-12/31/Y1 $3,200,000 $925,000 Net income-six months ended 6/30/Y2 800,000 275,000 Dividends paid-3/25/Y2 750,000 -- What amount of retained earnings would Pane report in its June 30, year 2 consolidated balance sheet?
Total assets turnover of 2.7 times. Determine the firm's net income and Calculate the firm's ROA
What principles of accounting for intangibles would cause Hilton to record brands as assets while Marriott does not? How will these differences in accounting for brands generally affect the net income and return on assets of these two competitors..
Kathleen received land as a gift from her uncle. At the time of the gift, the land had a FMV of $85,000 and an adjusted basis of $110,000 to Kathleen’s uncle. One year later, Kathleen sold the land for $80,000. Illustrate what was her realized..
This is the remaining balance of a twelve-month advertising campaign purchased on August 31 in the current year. Assuming the cost is spread equally over each month how much did this advertising campaign cost in total?
Revaluation adjustments on acquisition are to be made on consolidation only, not in the books of any subsidiary and non-controlling interests are measured at the proportionate share of a subsidiary's identifiable net assets
So as to repair the garage after the fire Mr. Warden spent $7,795. The repairs are deliberated to be an improvement to the property, which before the casualty, was being denigrated under the MARCS method for nonresidential property. The total of d..
Westmont Company acquires all outstanding preferred shares for $214,000 and 60 percent of the common stock for $1,253,280. The acquisition-date fair value of the non controlling interest in Cold water’s common stock was $835,520. What amount of conso..
Machinery worth Rs 22,500 purchased on Oct 1, 2008 was shown as purchases. Freight paid on the machinery was Rs 2,500, which was included in freight on purchases - Create a provision for doubtful debts at 5% on debtors
Michael is single and 35 years old. He is a participant in his employer’s sponsored retirement plan. How much can Michael contribute to a Roth IRA in each of the following alternative situations?
Tunley began Tunley Office Services in October and during that month completed these transactions: Prepare journal entries to record the above transactions. Explanations are unnecessary.
Determine the after-tax cost of a $25 million debt issue that a company with a 40 percent marginal tax rate is planning to place privately with a large insurance company. This long-term issue will yield 6.6% to the insurance co. Calculate and ex..
Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-3). Find the price at which the firm sells the product.
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