Angela, Inc., holds a 90 percent interest in Corby Company.
During 2017, Corby sold inventory costing...
Angela, Inc., holds a 90 percent interest in Corby Company.
During 2017, Corby sold inventory costing $125,600 to Angela for
$157,000. Of this inventory, $42,800 worth was not sold to
outsiders until 2018. During 2018, Corby sold inventory costing
$141,400 to Angela for $202,000. A total of $58,000 of this
inventory was not sold to outsiders until 2019. In 2018, Angela
reported separate net income of $220,000 while Corby's net income
was $93,000 after excess amortizations. What is the noncontrolling...
Hand owns 90% of Finger and uses the equity method to account
for its investment in...
Hand owns 90% of Finger and uses the equity method to account
for its investment in Finger. In 2020, Finger sells inventory (cost
of $60,000) to Hand for $80,000. Hand remains with 30% of this
inventory at the end of 2020.
What is the consolidation worksheet entry required to be made at
the end of 2020 for the unrealized gain ?
Angela, Inc., holds a 90 percent interest in Corby Company.
During 2017, Corby sold inventory costing...
Angela, Inc., holds a 90 percent interest in Corby Company.
During 2017, Corby sold inventory costing $155,250 to Angela for
$207,000. Of this inventory, $44,400 worth was not sold to
outsiders until 2018. During 2018, Corby sold inventory costing
$94,250 to Angela for $145,000. A total of $59,200 of this
inventory was not sold to outsiders until 2019. In 2018, Angela
reported separate net income of $247,000 while Corby's net income
was $94,000 after excess amortizations. What is the noncontrolling...
On January 1, 2017, Pond Co. acquired 40% of the outstanding
voting common shares of Ramp...
On January 1, 2017, Pond Co. acquired 40% of the outstanding
voting common shares of Ramp Co. for $700,000. On that date, Ramp
reported assets and liabilities with book values of $2.2 million
and $700,000, respectively. A building owned by Ramp had an
appraised value of $300,000, although it had a book value of only
$120,000. This building had a 12-year remaining life and no salvage
value. It was being depreciated on the straight-line basis. Ramp
generated net income of...
CCC - Balance sheets 31 December 2018, 2017 assets 2018 2017
Fixed assets, net 600,000 500,000...
CCC - Balance sheets 31 December 2018, 2017 assets 2018 2017
Fixed assets, net 600,000 500,000 Inventory 70,000 50,000 Accounts
receivable, net 100,000 150,000 Cash 30,000 50,000 Total current
assets € 200,000 € 250,000 Total assets € 800,000 € 750,000 Equity
and liabilities 2018 2017 Share capital 300,000 200,000 Retained
earnings 80,000 100,000 Total equity € 380,000 € 300,000 Payable
bonds 200,000 250,000 Accounts payable 150,000 120,000 Income taxes
payable 70,000 80,000 Total current liabilities € 220,000 € 200,000
Total...
Parent Corporation owns 90 percent of Subsidiary Company's
stock. During 2018, Parent sold inventory purchased $48,000...
Parent Corporation owns 90 percent of Subsidiary Company's
stock. During 2018, Parent sold inventory purchased $48,000 to
Subsidiary for $60,000. Subsidiary then sold half of the inventory
to a nonaffiliate by the end of the year. On 2018, Parent sold
$15,000 inventory which was purchased from Subsidiary in 2017. The
cost of inventory for Subsidiary was $10,000. Prepare
Parent’s adjusting journal entries and the consolidation entries
that related to intercompany sale of inventory for 2018.
(Remember to include all necessary...
On January 1, 2017, Doone Corporation acquired 70 percent of the
outstanding voting stock of Rockne...
On January 1, 2017, Doone Corporation acquired 70 percent of the
outstanding voting stock of Rockne Company for $462,000
consideration. At the acquisition date, the fair value of the 30
percent noncontrolling interest was $198,000 and Rockne's assets
and liabilities had a collective net fair value of $660,000. Doone
uses the equity method in its internal records to account for its
investment in Rockne. Rockne reports net income of $220,000 in
2018. Since being acquired, Rockne has regularly supplied inventory...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts...
Wickersham Brothers, Inc. reported the following
information:
2018
2017
Balance Sheet
Assets
Cash
$50,000
$72,000
Accounts Receivable
80,000
70,000
Merchandise Inventory
60,000
65,000
Property And Equipment
110,000
60,000
Less: Accumulated Depreciation
(30,000)
(15,000)
Total Assets
$270,000
$252,000
Liabilities:
Accounts Payable
$10,000
$12,000
Salaries and Wages Payable
2,000
1,000
Bonds Payable, Long-Term
50,000
60,000
Stockholders’ Equity:
Common Stock
100,000
80,000
Retained Earnings
108,000
99,000
Total Liabilities and Stockholders’ Equity
$270,000
$252,000
Income Statement
Sales
$200,000
Cost of Goods Sold
110,000
Depreciation...
PART ONE: Mulan owns 90% of China. On January 1, 2016, China
Company sold equipment costing...
PART ONE: Mulan owns 90% of China. On January 1, 2016, China
Company sold equipment costing $100,000 to Mulan for $160,000. The
equipment has a 10 year life. Both firms use straight line
depreciation. During 2016, China reported $200,000 net income.
Based on this information, which of the following investment
entries should Palm make in 2016?
$120,000
$126,000
$131,400
$180,000
PART TWO: This problem is based on information in the preceding
question. Mulan owns 90% of China. On January 1,...
On January 1, 2017, Doone Corporation acquired 80 percent of the
outstanding voting stock of Rockne...
On January 1, 2017, Doone Corporation acquired 80 percent of the
outstanding voting stock of Rockne Company for $784,000
consideration. At the acquisition date, the fair value of the 20
percent noncontrolling interest was $196,000 and Rockne's assets
and liabilities had a collective net fair value of $980,000. Doone
uses the equity method in its internal records to account for its
investment in Rockne. Rockne reports net income of $380,000 in
2018. Since being acquired, Rockne has regularly supplied inventory...