At the beginning of current year, Sam Company purchased 20% ofanother entity's ordinary shares outstanding for P6,000,000. The acquisition cost is equal to the carrying amount of the net assets acquired. During the currer year, the investee reported net i
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At the beginning of current year, Sam Company purchased 20% ofanother entity's ordinary shares outstanding for P6,000,000. The acquisition cost is equal to the carrying amount of the net assets acquired. During the currer year, the investee reported net i
During December of the current year, James Company acquired some of the 49,600 outstanding shares of...
During December of the current year, James Company acquired some of the 49,600 outstanding shares of the common stock, par $15, of Andrew Corporation as a long-term passive investment. The accounting period for both companies ends December 31. Dec. 2 Purchased 6,340 shares of Andrew common stock at $21 per share. Dec. 15 Andrew Corporation declared a cash dividend of $4 per share. Dec. 31 Determined the current market price of Andrew stock to be $17 per share. Prepare the...
For the current year, Fielder, Inc. reported net income of $42,000, had average shares outstanding of...
For the current year, Fielder, Inc. reported net income of $42,000, had average shares outstanding of 16,000, paid preferred dividends of $10,000 and common dividends of $5,000. What was the current year earnings per share? $0.50 $2.00 $0.08 $25.00 « Previous Navt
B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company...
B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company that uses a perpetual inventory syste beginning inventory. a perpetual inventory system made the following cash purchases and sales. There was no January 1: Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 Units for $16 per unit Prepare the general journal entries to record the March 16 sale using the LIFO inventory...
o reported the following for the current year Net sales Cost of goods sold Beginning balance...
o reported the following for the current year Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable $75,950 $53,000 $17,000 $ 7,500 Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Recall that accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts...
E10-16B (L03,4) (Asset Acquisition) Ogden Industries purchased the following assets and constructed a building as well. All this was done during the current year. Asset 3 This machine was acquired by...
E10-16B (L03,4) (Asset Acquisition) Ogden Industries purchased
the following assets and constructed a building as well. All this
was done during the current year.
Asset 3
This machine was acquired by making a $25,000 down payment and
issuing a $75,000, 1-year, zero-interest-bearing note. The note is
to be paid off in at the end of the first year. It was estimated
that the asset could have been purchased outright for $91,000.
Asset 4
This machinery was acquired by trading in...
Glacier Company owns 70% of Guadalupe Company. During the current year Guadalupe reported net income of...
Glacier Company owns 70% of Guadalupe Company. During the current year Guadalupe reported net income of $500,000 and paid dividends of $200,000. The tax rate is 25%. Assume dividends received are deducted at 65% for ownership between 20% and 80%. What differed income tax liability should be recognized? O $12,250 0 $49,000 O $17,500 0 $18,375 O $73,500 Sababa Company owns 60% of Basa Company. Basa owes Sababa $200,000. In preparing the consolidated financial statements, what amount of Basa's liability...
Glacier Company owns 70% of Guadalupe Company. During the current year Guadalupe reported net income of...
Glacier Company owns 70% of Guadalupe Company. During the current year Guadalupe reported net income of $500,000 and paid dividends of $200,000. The tax rate is 25%. Assume dividends received are deducted at 65% for ownership between 20% and 80%. What current tax liability is created by this dividend payment? a. 12,250 b. 49,000 c. 17,500 d. 18,375 e. 73,500
Glacier Company owns 70% of Guadalupe Company. During the current year Guadalupe reported net income of...
Glacier Company owns 70% of Guadalupe Company. During the current year Guadalupe reported net income of $500,000 and paid dividends of $200,000. The tax rate is 25%. Assume dividends received are deducted at 65% for ownership between 20% and 80%. What differed income tax liability should be recognized? O $12,250 0 $49,000 O $17,500 0 $18,375 O $73,500
During the current year, Bradford Company purchased some of the 120,000 shares of common stock, par...
During the current year, Bradford Company purchased some of the 120,000 shares of common stock, par $6, of Hall, Inc., as a long- term investment. The annual accounting period for each company ends December 31. The following transactions occurred during the current year: Jan. 7 Purchased 48,000 shares of Hall stock at $36 per share. Dec. 31: a. Received the current year financial statements of Hall, which reported net income of $218,000. b. Hall declared and paid a cash dividend...
Old South Company purchased investments for $55,000 and plant assets for $147.000 during the current year,...
Old South Company purchased investments for $55,000 and plant assets for $147.000 during the current year, during which it also sold plant assets for $66.000, at a gain of $6,000. The company also purchased treasury stock for $78,000 and sold a new issue of common stock for $523,000. Determine the amount of cash provided by or used for investing activities for the year. Net cash used for investing activities S(240,000) Old South Company purchased investments for $55,000 and plant assets...
During December of the current year, James Company acquired some of the 49,600 outstanding shares of the common stock, par $15, of Andrew Corporation as a long-term passive investment. The accounting period for both companies ends December 31. Dec. 2 Purchased 6,340 shares of Andrew common stock at $21 per share. Dec. 15 Andrew Corporation declared a cash dividend of $4 per share. Dec. 31 Determined the current market price of Andrew stock to be $17 per share. Prepare the...
For the current year, Fielder, Inc. reported net income of $42,000, had average shares outstanding of 16,000, paid preferred dividends of $10,000 and common dividends of $5,000. What was the current year earnings per share? $0.50 $2.00 $0.08 $25.00 « Previous Navt
B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company that uses a perpetual inventory syste beginning inventory. a perpetual inventory system made the following cash purchases and sales. There was no January 1: Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 Units for $16 per unit Prepare the general journal entries to record the March 16 sale using the LIFO inventory...
o reported the following for the current year Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable $75,950 $53,000 $17,000 $ 7,500 Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Recall that accounts receivable turnover uses average accounts receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Days Sales Uncollected Compute the accounts...
E10-16B (L03,4) (Asset Acquisition) Ogden Industries purchased
the following assets and constructed a building as well. All this
was done during the current year.
Asset 3
This machine was acquired by making a $25,000 down payment and
issuing a $75,000, 1-year, zero-interest-bearing note. The note is
to be paid off in at the end of the first year. It was estimated
that the asset could have been purchased outright for $91,000.
Asset 4
This machinery was acquired by trading in...
Glacier Company owns 70% of Guadalupe Company. During the current year Guadalupe reported net income of $500,000 and paid dividends of $200,000. The tax rate is 25%. Assume dividends received are deducted at 65% for ownership between 20% and 80%. What differed income tax liability should be recognized? O $12,250 0 $49,000 O $17,500 0 $18,375 O $73,500 Sababa Company owns 60% of Basa Company. Basa owes Sababa $200,000. In preparing the consolidated financial statements, what amount of Basa's liability...
Glacier Company owns 70% of Guadalupe Company. During the current year Guadalupe reported net income of $500,000 and paid dividends of $200,000. The tax rate is 25%. Assume dividends received are deducted at 65% for ownership between 20% and 80%. What differed income tax liability should be recognized? O $12,250 0 $49,000 O $17,500 0 $18,375 O $73,500
During the current year, Bradford Company purchased some of the 120,000 shares of common stock, par $6, of Hall, Inc., as a long- term investment. The annual accounting period for each company ends December 31. The following transactions occurred during the current year: Jan. 7 Purchased 48,000 shares of Hall stock at $36 per share. Dec. 31: a. Received the current year financial statements of Hall, which reported net income of $218,000. b. Hall declared and paid a cash dividend...
Old South Company purchased investments for $55,000 and plant assets for $147.000 during the current year, during which it also sold plant assets for $66.000, at a gain of $6,000. The company also purchased treasury stock for $78,000 and sold a new issue of common stock for $523,000. Determine the amount of cash provided by or used for investing activities for the year. Net cash used for investing activities S(240,000) Old South Company purchased investments for $55,000 and plant assets...
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