Homework Answers
Add Answer to:
Problem 1-19 (LO 1-6) Tiberend, Inc. sold $166.000 in inventory to Schilling Company during 2017 for...
Problem 1-19 (LO 1-6) Tiberend, Inc., sold $145,000 in inventory to Schilling Company during 2017 for...
Problem 1-19 (LO 1-6) Tiberend, Inc., sold $145,000 in inventory to Schilling Company during 2017 for $250,000. Schilling resold $95.000 of this merchandise in 2017 with the remainder to be disposed of during 2018. Assuming that Tiberend owns 21 percent of Schilling and applies the equity method, what journal entry is recorded at the end of 2017 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account...
Tiberend, Inc., sold $161,000 in inventory to Schilling Company during 2017 for $230,000. Schilling resold $113,000...
Tiberend, Inc., sold $161,000 in inventory to Schilling Company during 2017 for $230,000. Schilling resold $113,000 of this merchandise in 2017 with the remainder to be disposed of during 2018. Assuming that Tiberend owns 20 percent of Schilling and applies the equity method, what journal entry is recorded at the end of 2017 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round...
Advanced Accounting Ch 1 Q 3
Aaron, Inc., sold $120,000 in inventory to Hank Company during Year 10 for $200,000. Hank resold $85,000 of this merchandise in Year 10 with the remainder to be disposed of during Year 11. Assuming that Aaron owns 30 percent of Hank and applies the equity method, what journal entry is recorded at the end of Year 10 to defer the intra-entity gross profit?
Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1,...
Harper, Inc. acquires 40 percent of the outstanding voting stock
of Kinman Company on January 1, 2017, for $417,800 in cash. The
book value of Kinman's net assets on that date was $855,000,
although one of the company's buildings, with a $77,400 carrying
amount, was actually worth $138,900. This building had a 10-year
remaining life. Kinman owned a royalty agreement with a 20-year
remaining life that was undervalued by $128,000. Kinman sold
inventory with an original cost of $98,700 to...
Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017,...
Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $320,500 in cash. The book value of Kinman's net assets on that date was $620,000, although one of the company's buildings, with a $78,400 carrying amount, was actually worth $133,650. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $126,000. Kinman sold inventory with an original cost of $79,800 to Harper...
Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1,...
Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $242,500 in cash. The book value of Kinman’s net assets on that date was $425,000, although one of the company’s buildings, with a $62,800 carrying amount, was actually worth $119,050. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $125,000. Kinman sold inventory with an original cost of $37,800 to...
Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1,...
Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $365,700 in cash. The book value of Kinman's net assets on that date was $760,000, although one of the company's buildings, with a $71,200 carrying amount, was actually worth $111,450. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $114,000. Kinman sold inventory with an original cost of $65,100 to...
QUESTION 7 Drew Incorporated sold $210,000 of its inventory to Glenn Company during 2018 for $350,000....
QUESTION 7 Drew Incorporated sold $210,000 of its inventory to Glenn Company during 2018 for $350,000. Glenn sold 5224,000 of this merchandise in 2018 with the remainder to be disposed of during 2019. Assume Drew owns 30% of Glenn and accounts for its investment using the equity method. What journal entry will be recorded at the end of 2019 to recognize the investor's share of the intra-entity gross profits? $50,400 $50,400 $50,400 $50,400 A) Equity in income of Glenn Investment...
5 Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January...
5 Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $345,900 in cash. The book value of Kinman's net assets on that date was $675,000, although one of the company's buildings, with a $63,600 carrying amount, was actually worth $125,850. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $127,500. 0.71 Kinman sold inventory with an original cost of...
On January 1, 2016, Monica Company acquired 70 percent of Young Company's outstanding common stock for...
On January 1, 2016, Monica Company acquired 70 percent of Young Company's outstanding common stock for $672,000. The fair value of the noncontrolling interest at the acquisition date was $288,000. Young reported stockholders' equity accounts on that date as follows Common stock-$10 par value Additional paid-in capital Retained earnings 300,000 60,000 480,000 In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building (with a five-year remaining life) by $60,000. Any remaining excess...
Problem 1-19 (LO 1-6) Tiberend, Inc., sold $145,000 in inventory to Schilling Company during 2017 for $250,000. Schilling resold $95.000 of this merchandise in 2017 with the remainder to be disposed of during 2018. Assuming that Tiberend owns 21 percent of Schilling and applies the equity method, what journal entry is recorded at the end of 2017 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account...
Tiberend, Inc., sold $161,000 in inventory to Schilling Company during 2017 for $230,000. Schilling resold $113,000 of this merchandise in 2017 with the remainder to be disposed of during 2018. Assuming that Tiberend owns 20 percent of Schilling and applies the equity method, what journal entry is recorded at the end of 2017 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round...
Harper, Inc. acquires 40 percent of the outstanding voting stock
of Kinman Company on January 1, 2017, for $417,800 in cash. The
book value of Kinman's net assets on that date was $855,000,
although one of the company's buildings, with a $77,400 carrying
amount, was actually worth $138,900. This building had a 10-year
remaining life. Kinman owned a royalty agreement with a 20-year
remaining life that was undervalued by $128,000. Kinman sold
inventory with an original cost of $98,700 to...
QUESTION 7 Drew Incorporated sold $210,000 of its inventory to Glenn Company during 2018 for $350,000. Glenn sold 5224,000 of this merchandise in 2018 with the remainder to be disposed of during 2019. Assume Drew owns 30% of Glenn and accounts for its investment using the equity method. What journal entry will be recorded at the end of 2019 to recognize the investor's share of the intra-entity gross profits? $50,400 $50,400 $50,400 $50,400 A) Equity in income of Glenn Investment...
5 Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $345,900 in cash. The book value of Kinman's net assets on that date was $675,000, although one of the company's buildings, with a $63,600 carrying amount, was actually worth $125,850. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $127,500. 0.71 Kinman sold inventory with an original cost of...
On January 1, 2016, Monica Company acquired 70 percent of Young Company's outstanding common stock for $672,000. The fair value of the noncontrolling interest at the acquisition date was $288,000. Young reported stockholders' equity accounts on that date as follows Common stock-$10 par value Additional paid-in capital Retained earnings 300,000 60,000 480,000 In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building (with a five-year remaining life) by $60,000. Any remaining excess...
Most questions answered within 3 hours.
-
the slime layer external to the prokaryotic cell wall is called
the ?
asked 2 minutes ago -
Cheyenne Company must decide whether to make or buy some of its
components. The costs of...
asked 5 minutes ago -
What is the maximum number of edges that a graph on 7 vertices can
have if...
asked 3 minutes ago -
What is the entropy change for mixing 1 liter of a monoatomic
ideal gas (call it...
asked 2 minutes ago -
A company that has 150 employees chooses a committee of 11 to
represent employee retirement issues....
asked 24 minutes ago -
the
force between two 2.11 x 10^-4 C charges that are 2.11 meters apart
is ______N?
asked 39 minutes ago -
A truck of mass m slows from speed v0 to speed v in a
time t....
asked 25 minutes ago -
A 60kg box rests on a floor with a coefficient of kinetic
friction of 0.600 and...
asked 23 minutes ago -
if you cut off ANS innervation what would happen to the heart
rate?
asked 22 minutes ago -
What is the output of the below code?
var color = "yellow";
var colorObject = {...
asked 23 minutes ago -
Suppose you purchased 19 shares of Disney stock for $23.95 per
share on May 1, 2012....
asked 27 minutes ago -
Using the sample PV system below, calculate the wire sizes
needed for various portions of the...
asked 41 minutes ago