Homework Answers
Calaculation of Little's Dollar denominated income on the conslidation :
Net income of little co. = Sales - expenses = $333000 - $222000 = $111000
given that , big co owns 80% of Little co.
Therefore
Income on consolidation = 80% of net income = $111000 × 80% = $88,800.
_____×_____
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Big Co owns 80% of Little Co. Little Co. has the following trial balance expressed in...
On 1/1/22 Big Co acquired 60% of Little Co voting stock for $300,000. The fair value...
On 1/1/22 Big Co acquired 60% of Little Co voting stock for $300,000. The fair value of the NC Interest was $200,000 on that date. Little's book value was $500,000, and all assets and liabilities had fair values equal to book value. During 2022, Little reported earnings of $70,000 and paid dividends of $20,000. 1. What was Big's "investment income" ("Income from Little") for 2022? (xx,xxx) 2. What was the "income to the NC Interest" ("NCI in Net Income") for...
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I currently want to figure out the dollar value for cost goods sold in this question....
I currently want to figure out the dollar value for cost goods
sold in this question. Also have included the answers for the
previous questions to give more context.
Incorrect 0/1pts Question 4 At the end of 2019, Little Co has the following partial trial balance: Account Euros Cash 10,000 Inventory 20,000 400,000 PPE Accum. Dep 100,000 Accounts payable 5,000 Common Stock 100,000 Retained Earnings 200,000 Sales 300,000 Cost of goods sold 80,000 Depreciation expense 30,000 Other expenses 160,000 Exchange...
Please help me with this! I'm so confused about how to prepare the trial balance before...
Please help me with this! I'm so confused about how to prepare
the trial balance before adjustment. Here is all the
information:
The 2019 Balance Sheet of the
Victoria Co. is as
follows:
Victoria
Co.
Balance
Sheet
As of
December 31, 2019
Cash
85,000
Notes Payable
150,000
Notes Receivable
34,590
Accounts Payable
125,000
Accounts Receivable
35,000
Unearned Revenue
1,000
Less: Allowance for Doubtful A/Cs
(2,930)
Property Tax Payable
0
Inventories
65,000
Interest Payable
3,500
Office
Supplies
0
Income Tax Payable...
Need Assistance on Closing Entries. If more info is needed please let me know Trial Balance...
Need Assistance on Closing Entries. If more info is needed
please let me know
Trial Balance
Particulars
Debit
Credit
Cash/Bank
$ 441,730.00
Notes recievable
$
-
Accounts recievable
$ 78,866.00
Interest Received
$
410.00
Doubtfull debts
$
2,930.00
Bad debts
$ 11,134.00
Inventories
$ 65,000.00
Prepaid utilities
$ 18,000.00
Utilities Expense
$ 12,000.00
office supplies
$
-
Supplies expense
$
8,000.00
Prepaid insurance
$
-
$
4,260.00
Rent
$ 29,800.00
Prepaid rent
$
5,000.00
Investment in securities
$ 180,000.00
Land...
I currently want to figure out the dollar value for cost goods
sold in this question. Also have included the answers for the
previous questions to give more context.
Incorrect 0/1pts Question 4 At the end of 2019, Little Co has the following partial trial balance: Account Euros Cash 10,000 Inventory 20,000 400,000 PPE Accum. Dep 100,000 Accounts payable 5,000 Common Stock 100,000 Retained Earnings 200,000 Sales 300,000 Cost of goods sold 80,000 Depreciation expense 30,000 Other expenses 160,000 Exchange...
Please help me with this! I'm so confused about how to prepare
the trial balance before adjustment. Here is all the
information:
The 2019 Balance Sheet of the
Victoria Co. is as
follows:
Victoria
Co.
Balance
Sheet
As of
December 31, 2019
Cash
85,000
Notes Payable
150,000
Notes Receivable
34,590
Accounts Payable
125,000
Accounts Receivable
35,000
Unearned Revenue
1,000
Less: Allowance for Doubtful A/Cs
(2,930)
Property Tax Payable
0
Inventories
65,000
Interest Payable
3,500
Office
Supplies
0
Income Tax Payable...
Need Assistance on Closing Entries. If more info is needed
please let me know
Trial Balance
Particulars
Debit
Credit
Cash/Bank
$ 441,730.00
Notes recievable
$
-
Accounts recievable
$ 78,866.00
Interest Received
$
410.00
Doubtfull debts
$
2,930.00
Bad debts
$ 11,134.00
Inventories
$ 65,000.00
Prepaid utilities
$ 18,000.00
Utilities Expense
$ 12,000.00
office supplies
$
-
Supplies expense
$
8,000.00
Prepaid insurance
$
-
$
4,260.00
Rent
$ 29,800.00
Prepaid rent
$
5,000.00
Investment in securities
$ 180,000.00
Land...
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