Homework Answers
in consolidated balance sheet as december 31 20X8 land will be recorded
at $160000,
there is no gain or loss on sale of land
therefore $0 is correct option
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Required information Parent Corporation purchased land from St Corporation for $220,000 on December 26, 20X8. This...
1. Pumpkin Corporation purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it...
1. Pumpkin Corporation purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it sold the land to its subsidiary, Spice Corporation, for $70,000. Pumpkin owns 80 percent of Spice's voting shares. Based on the preceding information, what will be the worksheet consolidating entry to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X8? Consolidating entry Based on the preceding information, what will be the worksheet consolidating entry to remove...
Required information SB On January 1, 20X8, Potter Corporation acquired... On January 1, 20X8, Potter Corporation...
Required information SB On January 1, 20X8, Potter Corporation acquired... On January 1, 20X8, Potter Corporation acquired 90 percent of Shoemaker Company’s voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Shoemaker at that date. Potter uses the fully adjusted equity method in accounting for its ownership of Shoemaker. On December 31, 20X9, the trial balances of the two companies are as follows: Potter Company Shoemaker...
3. Pole Company acquired 80 percent ownership of South Company's voting shares on January 1, 20X8,...
3. Pole Company acquired 80 percent ownership of South Company's voting shares on January 1, 20X8, at underlying book value. The fair value of the noncontrolling interest on that date was equal to 20 percent of the book value of South Company. During 20X8, Pole purchased inventory for $30,000 and sold the full amount to South Company for $50,000. On December 31, 20X8, South's ending inventory included $10,000 of items purchased from Pole. Also in 20X8, South purchased inventory for...
The December 31, 20X8, balance sheets for Doorst Corporation and its 70 percent-owned subsidiary Hingle Company...
The December 31, 20X8, balance sheets for Doorst Corporation and its 70 percent-owned subsidiary Hingle Company contained the following summarized amounts: DOORST CORPORATION AND HINGLE COM Balance Sheets December 31, 20X8 Doorst Hingle Corporation C ompany Assets Cash & Receivables Inventory Buildings & Equipment (net) Investment in Hingle Company Stock $ 100,000 $ 42,000 161,000 101,000 312,000 291,000 239,800 Total Assets $ 812,800 $ 434,000 Liabilities& Equity Accounts Payable Common Stock Retained Earnings $ 88,800 $ 36.000 94,000 149.000 530,000...
The December 31, 20X8, balance sheets for Doorst Corporation and its 70 percent-owned subsidiar Hingle Company...
The December 31, 20X8, balance sheets for Doorst Corporation and its 70 percent-owned subsidiar Hingle Company contained the following summarized amounts: AND H Balance Sheets December 31, 20X8 Doorst Hingle Corporation Company Assets Cash & Receivables Inventory Buildings & Equipment (net) Investment in Hingle Company Stock $ 100,000 s 42,000 161,000 101,000 312,000 291,000 239,800 Total Assets $ 812,800 $ 434,000 Liabilities & Equity Accounts Payable Common Stock Retained Earnings S 88,800 S 36,000 194,000 149,000 530,000 249,000 Total Liabilities...
Required information Postage Corporation receives management consulting services from its 92 percent-owned subsidiary. Stamp Inc. During...
Required information Postage Corporation receives management consulting services from its 92 percent-owned subsidiary. Stamp Inc. During 20X7. Postage paid Stamp $125,432 for its services. For the year 20X8, Stamp billed Postage $140,000 for such services and collected all but $7900 by year-end. Stamp's labor cost and other associated costs for the employees providing services to Postage totaled $86,000 in 20X7 and $121,000 in 20X8. Postage reported $2,567,000 of income from its own separate operations for 20X8, and Stamp reported net...
Please show formulas!! The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned...
Please show formulas!!
The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts: PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Saloon Corporation Company Assets Cash & Receivables $113,000 $ 48,000 Inventory 166,000 109,000 Buildings & Equipment (net) 312,000 289,000 Investment in Saloon Company 224,500 Total Assets $815,500 $446,000 Liabilities & Equity Accounts Payable $117,500 $ 67,000 Common Stock 182,000 142,000 Retained Earnings 516,000 237,000 Total...
A. Purse Corporation acquired 70 percent of Scarf Corporation's ownership on January 1, 20X8, for $148,400....
A. Purse Corporation acquired 70 percent of Scarf Corporation's ownership on January 1, 20X8, for $148,400. At that date, Scarf reported capital stock outstanding of $126,000 and retained earnings of $86,000, and the fair value of the noncontrolling interest was equal to 30 percent of the book value of Scarf. During 20X8, Scarf reported net income of $33,600 and comprehensive income of $39,600 and paid dividends of $28,600. Required: a. Present all equity-method entries that Purse would have recorded in...
The following information is available concerning transactions between a parent and its wholly-owned subsidiary for the...
The following information is available concerning transactions between a parent and its wholly-owned subsidiary for the current year. The subsidiary purchased land from its parent in a prior year, at a cost of $400,000. The parent had reported the land on its books at $300,000. The parent sells merchandise to the subsidiary. The subsidiary’s beginning inventory includes intercompany profit of $50,000, and its ending inventory includes intercompany profit of $65,000. Total sales from the parent to the subsidiary were $600,000....
17. A parent company consolidates its 80%-owned subsidiary. It is now December 31, 2021. The following...
17. A parent company consolidates its 80%-owned subsidiary. It is now December 31, 2021. The following information is available: • The subsidiary's reported net income for 2021 is $30,000. • The subsidiary sells merchandise to the parent at a markup of 15% on cost. The parent's 2021 ending inventory balance contains $1,725 in merchandise purchased from the subsidiary. The parent's 2021 beginning inventory contains $2,300 in merchandise purchased from the subsidiary. Total sales price of merchandise transferred between the subsidiary...
The December 31, 20X8, balance sheets for Doorst Corporation and its 70 percent-owned subsidiary Hingle Company contained the following summarized amounts: DOORST CORPORATION AND HINGLE COM Balance Sheets December 31, 20X8 Doorst Hingle Corporation C ompany Assets Cash & Receivables Inventory Buildings & Equipment (net) Investment in Hingle Company Stock $ 100,000 $ 42,000 161,000 101,000 312,000 291,000 239,800 Total Assets $ 812,800 $ 434,000 Liabilities& Equity Accounts Payable Common Stock Retained Earnings $ 88,800 $ 36.000 94,000 149.000 530,000...
The December 31, 20X8, balance sheets for Doorst Corporation and its 70 percent-owned subsidiar Hingle Company contained the following summarized amounts: AND H Balance Sheets December 31, 20X8 Doorst Hingle Corporation Company Assets Cash & Receivables Inventory Buildings & Equipment (net) Investment in Hingle Company Stock $ 100,000 s 42,000 161,000 101,000 312,000 291,000 239,800 Total Assets $ 812,800 $ 434,000 Liabilities & Equity Accounts Payable Common Stock Retained Earnings S 88,800 S 36,000 194,000 149,000 530,000 249,000 Total Liabilities...
Required information Postage Corporation receives management consulting services from its 92 percent-owned subsidiary. Stamp Inc. During 20X7. Postage paid Stamp $125,432 for its services. For the year 20X8, Stamp billed Postage $140,000 for such services and collected all but $7900 by year-end. Stamp's labor cost and other associated costs for the employees providing services to Postage totaled $86,000 in 20X7 and $121,000 in 20X8. Postage reported $2,567,000 of income from its own separate operations for 20X8, and Stamp reported net...
Please show formulas!!
The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts: PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Saloon Corporation Company Assets Cash & Receivables $113,000 $ 48,000 Inventory 166,000 109,000 Buildings & Equipment (net) 312,000 289,000 Investment in Saloon Company 224,500 Total Assets $815,500 $446,000 Liabilities & Equity Accounts Payable $117,500 $ 67,000 Common Stock 182,000 142,000 Retained Earnings 516,000 237,000 Total...
17. A parent company consolidates its 80%-owned subsidiary. It is now December 31, 2021. The following information is available: • The subsidiary's reported net income for 2021 is $30,000. • The subsidiary sells merchandise to the parent at a markup of 15% on cost. The parent's 2021 ending inventory balance contains $1,725 in merchandise purchased from the subsidiary. The parent's 2021 beginning inventory contains $2,300 in merchandise purchased from the subsidiary. Total sales price of merchandise transferred between the subsidiary...
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