In order to calculate the consolidated net income, shouldn't it be: (operating income of purple + net income of green)? With Green being calculated as: Dividend Income for orange (28000*.1), and equity method income for yellow (58750*.4) Total=89,600 + 2,800 + 23,500 = 115,900?
Q: On December 12, 2021, an equity investment costing $99,000 was sold for $138,000. The investment was...
A: The accounting entry have been made: General Journal Debit Credit Cash $1,38,000 ...
Q: Coronado Industries issued at a premium of $10900 a $190000 bond issue convertible into 3100 shares ...
A: Convertible bonds are the bonds issue with an option given to investor of bond to convert it into eq...
Q: Straight-Line and Units-of-Production Methods Assume that Sample Company purchased factory equipment...
A: Answer 1) STRAIGHT LINE METHOD Year Annual Depreciation Accumulated Depreciation Book ...
Q: Davenport Inc. offers a new employee two options. First, the employee can receive a one-time signing...
A: Present value is the current value of a future sum of money discounted at the time value of money.
Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with...
A: Income tax payable is an obligation by the tax payer to the government on the taxable income. Income...
Q: Minden Company is a wholesale distributor of premium European chocolates. The company's balance shee...
A: GIVEN Minden Company is a wholesale distributor of premium European chocolates. The company's bala...
Q: Equipment with a cost of R500 000 is purchased and R200 000 is paid immediately on 1 January 2016. T...
A: Initial Recognition of Asset: When it is likely that future economic benefits will flow to the compa...
Q: Fasani produces premium bottled water. Fasani purchases artesian water, stores the water in large ta...
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
Q: | McGloire Construction is analyzing its capital expenditure proposals for the purchase of equipment...
A:
Q: Grygiel Company leases a nonspecialized machine with a fair 20 value of $50,000 to Baker Company. Th...
A: A lease is a contract in which one party agrees to rent an asset—in this case, real estate—from anot...
Q: PROBLEM 1: Bob Sample opened the Campus Laundromat on September 1, 2010. During the first month of o...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: Södas äre two of the largest and most successful beverage companies in the world in terms of the pro...
A: The question is related to Ratio Analysis.The speed with which these receivables are collected affec...
Q: Stark Company's most recent balance sheet reported total assets of $1.74 million, total liabilities ...
A: GIVEN Stark Company's most recent balance sheet reported total assets of $1.74 milhion, total liab...
Q: Problem 1: Compute for the profitability ratios of both Ellane and meLanie. Which of the two compa...
A: Ratio analysis is an important part of interpreting the performance of financial accounts. It provid...
Q: a. Show the accounting entries that you would make to record depreciation on tractors of R20 000, wh...
A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear, tech...
Q: Niosoki Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires ...
A: Solution A journal is a company's official book in which all business transaction are recorded in ch...
Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the f...
A: In LIFO method ( Last in first out ) : The inventory bought / purchased last is sold first . The end...
Q: how managers (internal user) and customers (external user) use accounting information? Give one rea...
A: Introduction:- Users of accounting information are classified into two types as follows under:- Int...
Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end ...
A: Date Account Titles and Explanation Debit Credit Dec'31 Accrued Interest on Note $ 50...
Q: 2. As supervisor of a facilities engineering department, you consider mobile cranes to be critical e...
A: PW Method The present worth approach is frequently used in various industry because it reduces all ...
Q: Which of the following would not be a period cost? Group of answer choices Sales commissions. Accoun...
A: Period costs include those costs which cannot be directly associated with the manufacturing of the p...
Q: a. Show the accounting entries that you would make to record depreciation on tractors of R20 000, wh...
A: Date Account Titles and Explanation Debit Credit Dec'31 Depreciation Expense - Tractors ...
Q: Snap Company issues 10%, five-year bonds, on January 1 of this year, with a par value of $100,000 an...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and...
A: The value of products remaining available for sale and kept by a corporation at the conclusion of an...
Q: $ 270,e00 (210, еe0) $ 60,000 $ 180,000 (100, еee) $ 80,000 $ 380,000 (100, eeе) $ 280,e00 Equipment...
A: Equipment A/c ( Gross Basis ) Particulars Amount Particulars Amount To balance b/d $270,000 ...
Q: Prepare Tiker Company's journal entries to record the following transactions and the adjusting entry...
A: Gain on sale of stock investment = Cash - Stock Investments Fair value adjustment is the difference ...
Q: A business purchases $600 worth of furniture. They debit their Furniture Account $600 correctly, but...
A: Lets understand the basics. When journal entry is made which is incorrect then it gets impacted on t...
Q: Warner Company's year-end unadjusted trial balance shows accounts receivable of $99,000, allowance f...
A: The estimate of uncollectible is recorded as a debit to bad debt expense and a credit to allowance f...
Q: An unused tax loss will arise when: a. Expenses deductible for tax purposes are less than the ta...
A: Taxable income is the one upon which a tax percentage is charged as per the tax bracket to be paid t...
Q: A company has an opportunity to invest money. Two investment alternatives are considered with estima...
A: You have posted a multi-part question, so as per Bartleby policy only the first three parts are answ...
Q: Ivanhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The fo...
A: Given than : Lease term =7 yearsEconomic life =9 years Fair value =$ 657,000Guaranteed residual valu...
Q: air value Contributions to th enefits paid to ret
A: In this question, we have to compute the return on plan assets.
Q: ABC Corporation is a company that specializes in (1) research and development of new medications and...
A: As per IFRS, Intangible Assets are recognized initially at cost but may be revalued to fair value on...
Q: $ 975,000 Common stock-$15 par value, 150,000 shares authorized, 65,000 shares issued and outstandin...
A: Shares issued = 65000 shares Stock dividend = 2% Stock's market value = $ 36 The question requires s...
Q: You have a job in a company that pays you P350,000 per year. For a better future, you want to get a ...
A: Opportunity cost is the cost that has been foregone by choosing one option among others. If someone ...
Q: An entity owned 100% of another entity’s preference shares and 20% of ordinary shares. The investee’...
A: As per IFRS 9 Financial instruments Purchase of Preference shares will not be considered as an inves...
Q: What's More A. Directions: Below is the summarized Compute the following. V sheet of paper. 1. Avera...
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are ...
Q: payment of a call premium of $10,000. The bonds D,000. We call these bonds prior to maturity on Sept...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: A company has earnings per share of $9.00. Its dividend per share is $1.35, its market price per sha...
A:
Q: Required information [The following information applies to the questions displayed below.] Evergreen...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: Timmer Company signs a lease agreement dated January 1, 2019,that provides for it to lease equipment...
A: Lease refers to the contractual agreement where user pay the owner for using the asset and the asset...
Q: 39) Pall, Inc, owns 40% of the outstanding stocs received a $4,000 cash dividend from Sibil. WE fina...
A: Balance sheet represents the financial position of the company that involve the assets, liabilities,...
Q: Cost of goods manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales 421...
A: Formula: Cost of finished goods available for sale = Beginning finished goods + Cost of goods manufa...
Q: On 1 July 2010 Davis Ltd acquired all the share capital in Mitchell Ltd for $230,000 cash. At the da...
A: When an asset is revalued at the time of consolidation, an entry needs to be passed.
Q: Shane wants to invest money in a 4% CD that compounds semiannually. Shane would like the account to ...
A: n = 4*2 n = 8 i = 4%/2 i = 2%
Q: A2 Equity transactions: An examination of the ledger of Goodrich Metals revealed the iollowng b Prep...
A: Treasury stock is the company’s own stock purchased from the investors. A stock dividend is the stoc...
Q: On June 15, 2020, Brainiac Company purchased 8 shares of Lovely Company for $6 per share. The invest...
A: As the investment was hold with the intention of sell hence the investment will be classified as hel...
Q: White has a reportable segment if the segment's revenue will total to what amount? * The following i...
A: It refers to all of the procedures involved in the manufacture of commodities during a given time pe...
Q: Raw material = Rp. 150.000 Labor cost = Rp. 60.000 Overhead variable cost = Rp 90.000 Fixed S&A cost...
A: a. Product cost under variable and full costing: Particulars Variable Costing (Rp.) Full Costing ...
Q: For each transaction, (1) analyze the transaction using the accounting equation, (2) record the tran...
A: 1.
In order to calculate the consolidated net income, shouldn't it be: (operating income of purple + net income of green)?
With Green being calculated as:
Dividend Income for orange (28000*.1), and equity method income for yellow (58750*.4)
Total=89,600 + 2,800 + 23,500 = 115,900?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to two decimal places. 1. Compute the number of common shares. 2. Compute earnings per share.For the year ended December 31, the following results were given: Dividend Paid Net Income Parent Company P15,000 P30,200Subsidiary Company 4,000 9,400 Using the proportionate basis or partial goodwill method, compute the non-controlling interest on December 31.A. P 10,600 C. P 12,010B. P11,140 D. P 12,300 Note: Just use the information provided to solve the problem.For the year ended December 31, the following results were given: Dividend Paid Net Income Parent Company P15,000 P30,200Subsidiary Company 4,000 9,400 Using the proportionate basis or partial goodwill method, compute the controlling interest on December 31:A. P 64,760 C. P 69,400B. P65,090 D. P 69,800 Note: Just use the information provided to arrive at the answer.
- Bean Corporation purchased 35% of the outstanding shares of common stock of Williams Corporation as a long-term investment. Subsequently, Williams Corporation reported net income. What journal entry would Bean Corporation use to record its share of the earnings of Williams Corporation? debit Cash: credit Dividend Revenue debit Investment in Williams Corporation Stock: credit Cash debit Cash: credit Investment in Williams Corporation debit Investment in Williams Corporation; credit Income of Williams CorporationCrane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year. Crane Loon Gross income from operations $283,500 $453,600 Expenses from operations 396,900 476,280 Dividends received from domestic corporations (15% ownership) 170,100 340,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. b. Compute the dividends received deduction for Loon Corporation.For the year ended December 31, the following results were given: Dividend Paid Net Income Parent Company P15,000 P30,200Subsidiary Company 4,000 9,400 Using the proportionate basis or partial goodwill method, compute the consolidated total equity on December 31:A. P 108,090 C. P 312,700B. P300,690 D. P 317,410
- For the year ended December 31, the following results were given: Dividend Paid Net Income Parent Company P15,000 P30,200Subsidiary Company 4,000 9,400 Using the proportionate basis or partial goodwill method, compute the non-controlling interest on December 31.A. P 0 C. P 610B. P 540 D. P 940 Note: Just use the information provided to arrive at the answer.Bean Corporation purchased 17% of the outstanding shares of common stock of Williams Corporation as a long-term investment. Subsequently, Williams Corporation reported net income and declared and paid cash dividends. What journal entry would Bean Corporation use to record the purchase of Williams Corporation common stock? debit Investment--Williams Corporation; credit Income of Williams Corporation debit Cash; credit Investment--Williams Corporation debit Cash: credit Dividend Revenue Odebit Investment--Williams Corporation; credit CashKimmel Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year. Beginning of Year End of Year Assets $231,500 $348,100 Liabilities 84,550 125,900 Calculate Kimmel’s net income or net loss for the year in each of the following independent situations (if it is a net loss, write net loss with the amount or place the amount between parentheses): Kimmel declared no dividends and its common shares remain unchanged. A)Kimmel declared no dividends and issued additional common shares for $12,000 cash. B)Kimmel declared dividends totalling $8,000, and its common shares remain unchanged. C)Kimmel declared dividends totalling $11,000 and issued additional common shares for $15,000.
- The record of ABAKA Corporation, a closely-held corporation shows the following calendar years: Year 2018 Gross income, P4,500,000Allowable expenses, P 2,800,000Rental income, net of 5% withholding tax, P 475,000Interest on money market placement (net), P 90,000Inter-corporate dividends, P480,000Additional information: Dividends paid, P 1,700,000Payments, first three quarters, P 50,000Ordinary shares, P700,000Share premium, P200,000Year 2019 Gross income, P 3,200,000Expenses, P 3,000,000Net Income, P200,000Retained Earnings, P 500,000How much is the improperly accumulated earnings tax in 2018 ?Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Nash's Company uses (a) the fair value method and (b) the equity method for accounting for its investments in Swifty Company. 1. At the beginning of Year 1, Nash's bought 30% of Swifty's common stock at its book value. Total book value of all Swifty's common stock was $720,000 on this date. 2. (a) During Year 1, Swifty reported $50,000 of net income. (b) During Year 1, Swifty paid $28,000 of dividends. 3. (a) During Year 2, Swifty reported $25,000 of net income. (b) During Year 2, Swifty paid $18,000 of dividends. 4. (a) During Year 3, Swifty reported a net loss of $8,000. (b) During Year 3, Swifty paid $3,500 of dividends. 5. Indicate the Year 3 ending balance in the Investment account, and cumulative totals for Years 1, 2, and 3 for dividend revenue and investment revenue.For the year ended December 31, the following results were given: Dividend Paid Net Income Parent Company P15,000 P30,200Subsidiary Company 4,000 9,400 Using the proportionate basis or partial goodwill method, compute the consolidated retained earnings on December 31.A. P 64,760 C. P 69,400B. P65,090 D. P 69,800 Note: Just use the information provided to arrive at the answer.