Individual Learning Project
Parent Company acquired 100% of the Subsidiary's outstanding stock for $2,662,500 cash on January 1, 2021.
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summarizes the results of the basic operating activities of a company C) et profit D) Operating...
summarizes the results of the basic operating activities of a company C) et profit D) Operating income 7) Colorado Company has 40,000 shares of its common stock outstanding. Denver Company owns 15.000 shares of Colorado Company's stock. Which of the following methods should Denver Company use to account for its investment in Colorado Company? A) market value B) equity C) consolidated D) available for sale 8) On January 1, 2014, a parent company purchased 90 percent of the stock in...
On January 1, 2021, Windsor Corp. had 461,000 shares of common stock outstanding. During 2021, it...
On January 1, 2021, Windsor Corp. had 461,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 March 1 May 1 June 1 October 1 Issued 124,000 shares Issued a 10% stock dividend Acquired 104,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 61,000 shares of treasury stock (a) X Your answer is incorrect. Determine the weighted average number of shares outstanding as of December 31, 2021....
8) On January 1, 2014, a parent company purchased 90 percent of the stock in a...
8) On January 1, 2014, a parent company purchased 90 percent of the stock in a subsidiary. On January 1, 2010, no goodwill was recorded and the book value of the subsidiary's assets equals the market value of the subsidiary's assets. On December 31, 2014, the two companies report the following data: Parent Company Net Income for Past Year $100 million Subsidiary Company Net Income for Past Year $50 million What is the consolidated net income for the year ended...
Please show solutions. A U.S. parent acquired a U.K. subsidiary on January 1, 2019. The subsidiary's...
Please show solutions.
A U.S. parent acquired a U.K. subsidiary on January 1, 2019. The subsidiary's functional currency is the pound, and its December 31, 2019 trial balance is as follows: January 1 December 31 Dr (Cr) £ 210,000 300,000 Dr (Cr) £ 180,000 330,000 Cash, receivables Inventories, at cost Plant & equipment, 1,030,000 1,050,000 net Liabilities (880,000) (180,000) (720,000) (180,000) Capital stock Retained earnings, beginning (480,000) (480,000) (3,000,000) 2,700,000 120,000 Revenues Expenses Dividends Exchange rates ($/£) are: January 1,...
template Herbert, Inc. acquired all of Rambis Company's outstanding stock on January 1, 2020 for $574,000...
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Herbert, Inc. acquired all of Rambis Company's outstanding stock on January 1, 2020 for $574,000 in cash. Annual excess amortization of $ 12,000 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $ 400,000, and Rambis reported a $ 200,000 balance. Herbert reported internal income of $40,000 in 2020 and $ 50,000 in 2021 and paid $10,000 in dividends each year. Rambis reported net income of $ 20,000 in 2020 and $30,000 in...
Herbert, Inc., acquired all of Rambis Company’s outstanding stock on January 1, 2020, for $601,000 in...
Herbert, Inc., acquired all of Rambis Company’s outstanding stock on January 1, 2020, for $601,000 in cash. Annual excess amortization of $16,300 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $453,000, and Rambis reported a $276,000 balance. Herbert reported internal net income of $45,500 in 2020 and $61,400 in 2021 and declared $10,000 in dividends each year. Rambis reported net income of $25,300 in 2020 and $41,200 in 2021 and declared $5,000 in...
Assume that on January 1, 2018, a parent company acquired an 85% interest in a subsidiary's...
Assume that on January 1, 2018, a parent company acquired an 85% interest in a subsidiary's voting common stock. On the date of acquisition, the fair-value of the subsidiary's net assets equaled their reported book values except for machinery and equipment, which had a fair value of $780,000 and a reported book value of $325,000. the machinery and equipment had a 5-year remaining useful life and no salvage value. The following are the highly summarized pre-consolidation income statements of the...
On January 1, 2021, Stellar Corp. had 474,000 shares of common stock outstanding. During 2021, it...
On January 1, 2021, Stellar Corp. had 474,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 120,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 98,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 58,000 shares of treasury stock Determine the weighted-average number of shares outstanding as of December 31, 2021. The weighted-average number of shares outstanding 1745700...
January 1, 2021, Flint Corp. had 502,000 shares of common stock outstanding. During 2021, it had...
January 1, 2021, Flint Corp. had 502,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 125,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 98,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 58,000 shares of treasury stock Assume that Flint Corp. earned net income of $3,605,000 during 2021. In addition, it had 104,000 shares of 9%, $100...
On January 1, 2021, Sarasota Corp. had 478,000 shares of common stock outstanding. During 2021, it...
On January 1, 2021, Sarasota Corp. had 478,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 120,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 102,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 59,000 shares of treasury stock a- Determine the weighted-average number of shares outstanding as of December 31, 2021. The weighted-average number of shares outstanding...
summarizes the results of the basic operating activities of a company C) et profit D) Operating income 7) Colorado Company has 40,000 shares of its common stock outstanding. Denver Company owns 15.000 shares of Colorado Company's stock. Which of the following methods should Denver Company use to account for its investment in Colorado Company? A) market value B) equity C) consolidated D) available for sale 8) On January 1, 2014, a parent company purchased 90 percent of the stock in...
On January 1, 2021, Windsor Corp. had 461,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 March 1 May 1 June 1 October 1 Issued 124,000 shares Issued a 10% stock dividend Acquired 104,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 61,000 shares of treasury stock (a) X Your answer is incorrect. Determine the weighted average number of shares outstanding as of December 31, 2021....
8) On January 1, 2014, a parent company purchased 90 percent of the stock in a subsidiary. On January 1, 2010, no goodwill was recorded and the book value of the subsidiary's assets equals the market value of the subsidiary's assets. On December 31, 2014, the two companies report the following data: Parent Company Net Income for Past Year $100 million Subsidiary Company Net Income for Past Year $50 million What is the consolidated net income for the year ended...
Please show solutions.
A U.S. parent acquired a U.K. subsidiary on January 1, 2019. The subsidiary's functional currency is the pound, and its December 31, 2019 trial balance is as follows: January 1 December 31 Dr (Cr) £ 210,000 300,000 Dr (Cr) £ 180,000 330,000 Cash, receivables Inventories, at cost Plant & equipment, 1,030,000 1,050,000 net Liabilities (880,000) (180,000) (720,000) (180,000) Capital stock Retained earnings, beginning (480,000) (480,000) (3,000,000) 2,700,000 120,000 Revenues Expenses Dividends Exchange rates ($/£) are: January 1,...
template
Herbert, Inc. acquired all of Rambis Company's outstanding stock on January 1, 2020 for $574,000 in cash. Annual excess amortization of $ 12,000 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $ 400,000, and Rambis reported a $ 200,000 balance. Herbert reported internal income of $40,000 in 2020 and $ 50,000 in 2021 and paid $10,000 in dividends each year. Rambis reported net income of $ 20,000 in 2020 and $30,000 in...
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