Need homework answers by midnight tonight, accounting, Basic Statistics

Assignment Help:
first question:
Glaser Services acquired 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels declared and paid $0.50 per share cash dividends on March 15, June 15, September 15, and December 15, 2008. Nickels reported net income of $337,500 for the year. At December 31, 2008, the market price of Nickels common stock was $26 per share.
First part:
Prepare the journal entries for Glaser Services for 2008 assuming Glaser cannot exercise significant influence over Nickels. (Use the cost method and assume that Nickels common stock should be classified as a trading security.)
Second part:
Prepare the journal entries for Glaser Services for 2008, assuming Glaser can exercise significant influence over Nickels. Use the equity method.

Second question:
On January 1, 2010, Yadier Inc. had the following stockholders'' equity account balances.

Common Stock, no-par value (549,000 shares issued) $2,745,000
Common Stock Dividends Distributable 248,000
Retained Earnings 637,000
During 2010, the following transactions and events occurred.

Issued 60,390 shares of common stock as a result of a 11 % stock dividend declared on December 15, 2009.
Issued 34,000 shares of common stock for cash at $6 per share.
Corrected an error that had understated the net income for 2008 by $71,000.
Declared and paid a cash dividend of $82,000.
Earned net income of $311,000.

Instructions
Prepare the stockholders'' equity section of the balance sheet at December 31, 2010.

Final question:
Condensed financial data of Arma Inc. follow.

ARMA INC.
Comparative Balance Sheets
December 31
Assets
2010

2009
Cash $ 89,698 $ 48,775
Accounts receivable 92,105 33,075
Inventories 111,682 101,445
Prepaid expenses 28,666 25,823
Investments 138,310 114,847
Plant assets 269,072 241,462
Accumulated depreciation
(49,221)

(51,996)
Total
$680,312

$513,431

Liabilities and Stockholders'' Equity
Accounts payable $111,938 $ 67,029
Accrued expenses payable 16,297 17,388
Bonds payable 120,530 149,070
Common stock 219,380 175,080
Retained earnings
212,167

104,864
Total
$680,312

$513,431

ARMA INC.
Income Statement
For the Year Ended December 31, 2010
Sales $392,246
Less:
Cost of goods sold $134,290
Operating expenses, excluding depreciation 11,729
Depreciation expense 46,322
Income taxes 26,970
Interest expense 4,692
Loss on sale of plant assets
6,711

230,714
Net income
$161,532
Additional information:

New plant assets costing $84,600 were purchased for cash during the year.
Old plant assets having an original cost of $56,990 were sold for $1,182 cash.
Bonds matured and were paid off at face value for cash.
A cash dividend of $54,229 was declared and paid during the year.

Instructions
Prepare a statement of cash flows using the indirect method. (List multiple entries with a positive cash flow first and then the negative cash flow. List amounts from largest to smallest eg 10, 5, 3, 2. If amount decreases cash flow, use either a negative sign preceding the number eg -45 or parentheses eg (45).)


Related Discussions:- Need homework answers by midnight tonight, accounting

Time series, Methods of measuring secular trend

Methods of measuring secular trend

Cluster sampling and area sampling, Cluster Sampling and Area Sampling: Clu...

Cluster Sampling and Area Sampling: Cluster sampling involves grouping the population and then selecting the group or the cluster rather than individual elements for inclusion in t

Definition of bonded warehouse, Bonded warehouse is a storage area under Cu...

Bonded warehouse is a storage area under Customs authority that is imported dutiable goods on which duty is unpaid and these are stored. Once the duty & other charges are paid the

Introduction to statistical methods in psychology, you are studying the rel...

you are studying the relationship between the number of academic credit hours graduate students spent studying Multicultural Counseling Skills and their current clients' overall pe

Budgets and budgetary control, Budgets and budgetary control A fund is...

Budgets and budgetary control A fund is an operating plan for a business, ready in progress. Funds may be set in money conditions, egg a revenue funds of £500,000, or it can

Bond calculation, Calculate the original price of the bond. Bonds were issu...

Calculate the original price of the bond. Bonds were issued at $200,000 of x% ten-year term bond at an effective annual interest rate (market rate) of x%. The bonds pay interest se

What is use of Advantageous , What is use of Advantageous Immediate non-fi...

What is use of Advantageous Immediate non-financial, work-related advantages accruing to the condition.

What is the point estimate for the mean amount, 1. What size sample will be...

1. What size sample will be needed to construct a 95% confidence interval on a ballot issue if the estimate must be 2% of the actual percent. This issue looks very close in the el

Margin of error, The poll interviewed 1500 persons rather than 1060, for 95...

The poll interviewed 1500 persons rather than 1060, for 95% confidence.

Define Nuclear force, Nuclear force Is a short range force extending upto...

Nuclear force Is a short range force extending upto 10 fm. It is fifty-sixty times stronger than electromagnetic force. Nuclear force is independent of charge. Nuclear force betw

Write Your Message!

Captcha
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