Homework Answers
a.
| Begining balance investment in LYN Inc. 1/1/2018 | $ 0.00 |
| Add: investment made on 1/1/2018 | $ 4,200,000 |
| Add: investment revenue | $ 420,000 |
| Less: dividend already taken in investment revenue | $ 84,000 |
| Less: defer profits on inventory sold | $ 1,800 |
| Ending balance investment in LYN Inc. 31/12/2018 | $ 4,534,200 |
b. journal entries for adjustment
Dividend Income 84,000
Investemnt in LYN Inc. 84000
(dividend income wrongly taken in dividend income instead of investment in Lyn Inc. now adjusted)
Add Answer to:
TYou are working for an independent auditor assigned to the audit of the financial statements of...
2. Genius Inc., obtained significant influence over K Corp by acquiring 30% of K Corp's 100,000...
2. Genius Inc., obtained significant influence over K Corp by acquiring 30% of K Corp's 100,000 outstanding ordinary shares at a total cost of $5 per share on January 1, 2018. On June 15, K Corp declared and paid a cash dividend of $100,000. On December 31, K Corp. reported a net income of $250,000 for the year. Instructions Prepare all the necessary journal entries for 2018 for Genius Inc and compute the balance in the investment account in K...
1. Sol Corporation acquired 10% of the 100,000 ordinary shares of C Electronics at a total cost of $15 per share on Dec 1, 2018. On December 30, C Electronics declared and paid a $50,000 dividend....
1. Sol Corporation acquired 10% of the 100,000 ordinary shares of C Electronics at a total cost of $15 per share on Dec 1, 2018. On December 30, C Electronics declared and paid a $50,000 dividend. On December 31, C Electronics reported net income of $200,000 for the year. At December 31, the market price of C Electronics was $18 per share. (a) If the share investment is classified as "trading" Please prepare all the necessary journal entries for 2018...
You are internal auditor for Shannon Supplies, Inc., and are reviewing the company’s preliminary financial statements....
You are internal auditor for Shannon Supplies, Inc., and are
reviewing the company’s preliminary financial statements. The
statements, prepared after making the adjusting entries, but before
closing entries for the year ended December 31, 2018, are as
follows:
SHANNON SUPPLIES, INC.
Balance Sheet
December 31, 2018
($ in 000s)
Assets
Cash
$
2,370
Investments
235
Accounts receivable, net
780
Inventory
1,030
Property, plant, and equipment
1,210
Less: Accumulated depreciation
(590
)
Total assets
$
5,035
Liabilities and Shareholders’ Equity
Accounts...
You are internal auditor for Shannon Supplies, Inc., and are reviewing the company's preliminary financial statements....
You are internal auditor for Shannon Supplies, Inc., and are reviewing the company's preliminary financial statements. The statements, prepared after making the adjusting entries, but before closing entries for the year ended December 31, 2018, are as follows: SHANNON SUPPLIES, INC. Balance Sheet December 31, 2018 ($ in 000s) Assets Cash Investments Accounts receivable, net Inventory Property, plant, and equipment Less: Accumulated depreciation Total assets Liabilities and shareholders' Equity Accounts payable and accrued expenses Income tax payable Common stock, $1...
Problem 1 The following selected transactions relate to investment activities of Startup Corp during 2018. Startup...
Problem 1 The following selected transactions relate to investment activities of Startup Corp during 2018. Startup Corp's fiscal year ends on December 31. No investments were held by Startup Corp on December 31, 2017. anuary 1, 2018 Acquired 30% DT Corporation shares at $60,000. On this date, DT Corporation's book value of net assets is $120,000 and fair value of net assets is $150,000. The difference between the fair value and book value is due to a building with useful...
You are engaged in the audit of the financial statements of Onedirection Corp. for the year...
You are engaged in the audit of the financial statements of Onedirection Corp. for the year ended December 31 and you are about to begin an audit of the investment securities. Onedirection's records indicate that the company owns various bearer bonds as well as 25% of the outstanding common stock of Geico Inc., a nonpublic insurer. All securities in Onedirection'sportfolio are actively traded in a broad market, and approximately 10% of the total shares are in the process of being...
I need my work checked & a little help answering req 1B && 2B, im sure...
I need my work checked & a little help answering req 1B
&& 2B, im sure i did 1B wrong
On January 4, 2018, Runyan Bakery paid $358 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan chose the fair value option to account for this investment. Runyan received dividends of $3.50 per...
On January 4, 2018, Runyan Bakery paid $332 million for 10 million shares of Lavery Labeling...
On January 4, 2018, Runyan Bakery paid $332 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan chose the fair value option to account for this investment. Runyan received dividends of $4.50 per share on December 15, 2018, and Lavery reported net income of $190 million for the year ended December 31, 2018....
On January 4, 2018, Runyan Bakery paid $358 million for 10 million shares of Lavery Labeling...
On January 4, 2018, Runyan Bakery paid $358 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan chose the fair value option to account for this investment. Runyan received dividends of $3.50 per share on December 15, 2018, and Lavery reported net income of $320 million for the year ended December 31, 2018....
On December 31, 2016, Akron purchased 5 Percent of Zip's common shares on the open market...
On December 31, 2016, Akron purchased 5 Percent of Zip's common shares on the open market in exchange for $24,000. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $99,000. During the next two years, the following information is available for Zip Company: Income Dividends 2016 2017 2018 Common Stock Fair Value (12/31) $480,000 396,000 499,000 77,000 91,800 7,300 15,600 At December 31, 2017, Zip reports a net book value of...
1. Sol Corporation acquired 10% of the 100,000 ordinary shares of C Electronics at a total cost of $15 per share on Dec 1, 2018. On December 30, C Electronics declared and paid a $50,000 dividend. On December 31, C Electronics reported net income of $200,000 for the year. At December 31, the market price of C Electronics was $18 per share. (a) If the share investment is classified as "trading" Please prepare all the necessary journal entries for 2018...
You are internal auditor for Shannon Supplies, Inc., and are
reviewing the company’s preliminary financial statements. The
statements, prepared after making the adjusting entries, but before
closing entries for the year ended December 31, 2018, are as
follows:
SHANNON SUPPLIES, INC.
Balance Sheet
December 31, 2018
($ in 000s)
Assets
Cash
$
2,370
Investments
235
Accounts receivable, net
780
Inventory
1,030
Property, plant, and equipment
1,210
Less: Accumulated depreciation
(590
)
Total assets
$
5,035
Liabilities and Shareholders’ Equity
Accounts...
You are internal auditor for Shannon Supplies, Inc., and are reviewing the company's preliminary financial statements. The statements, prepared after making the adjusting entries, but before closing entries for the year ended December 31, 2018, are as follows: SHANNON SUPPLIES, INC. Balance Sheet December 31, 2018 ($ in 000s) Assets Cash Investments Accounts receivable, net Inventory Property, plant, and equipment Less: Accumulated depreciation Total assets Liabilities and shareholders' Equity Accounts payable and accrued expenses Income tax payable Common stock, $1...
Problem 1 The following selected transactions relate to investment activities of Startup Corp during 2018. Startup Corp's fiscal year ends on December 31. No investments were held by Startup Corp on December 31, 2017. anuary 1, 2018 Acquired 30% DT Corporation shares at $60,000. On this date, DT Corporation's book value of net assets is $120,000 and fair value of net assets is $150,000. The difference between the fair value and book value is due to a building with useful...
I need my work checked & a little help answering req 1B
&& 2B, im sure i did 1B wrong
On January 4, 2018, Runyan Bakery paid $358 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan chose the fair value option to account for this investment. Runyan received dividends of $3.50 per...
On January 4, 2018, Runyan Bakery paid $358 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Lavery's operations. Runyan chose the fair value option to account for this investment. Runyan received dividends of $3.50 per share on December 15, 2018, and Lavery reported net income of $320 million for the year ended December 31, 2018....
On December 31, 2016, Akron purchased 5 Percent of Zip's common shares on the open market in exchange for $24,000. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $99,000. During the next two years, the following information is available for Zip Company: Income Dividends 2016 2017 2018 Common Stock Fair Value (12/31) $480,000 396,000 499,000 77,000 91,800 7,300 15,600 At December 31, 2017, Zip reports a net book value of...
Most questions answered within 3 hours.
-
Seasonal or cyclical variation in a time-series model…
---exhibits irregular
variation that can be accounted for...
asked 35 seconds from now -
Please use Barney's VRIO framework of analysis to evaluate a
firm's competencies. Please choose a specific...
asked 12 minutes ago -
Where would you expect to have diabetes contributing to the most
DALYs in 2035, according to...
asked 13 minutes ago -
1.) Major league baseball salaries averaged $1.5 million with a
standard deviation of $1 million in...
asked 22 minutes ago -
A hedge fund is holding a three-year,
$10 million face value 6 percent annual coupon bond...
asked 34 minutes ago -
The focal length of a makeup (concave) mirror is 0.48 m. What
magnification does this mirror...
asked 38 minutes ago -
TRUE/FALSE
Long-lived assets that are tangible in nature, used in the
operations of the business, and...
asked 38 minutes ago -
A dragon biologist is setting up an experimental population of
1000 individuals. In dragons, pointy crests...
asked 49 minutes ago -
A uniform thin rod of length 0.851 m is hung from a horizontal
nail passing through...
asked 59 minutes ago -
A 747 has a cruising speed of 235 m/s at a height of 10,700
meters. The...
asked 1 hour ago -
Part 3: Arrows
Write a python program that prompts the user for a number of
columns,...
asked 1 hour ago -
Need help answering these questions!!
1. What economic concept do you find most interesting in
Macroeconomics?...
asked 1 hour ago