Calculation for the adjustments of net income

Assignment Help Accounting Basics

Reference no: EM13141552

For the year ended on December 31, 2010, XYZ had net income of $90,000 and paid dividends of $40,000. Prepare the journal entries to record the result using EQUITY METHOD of accounting. Show your calculation for the adjustments of net income.

The BV-FV difference in Plant Assets is as follows:

Land...............................$60,000
Building (20-yr life)..........80,000
Machinery (5-yr life).........50,000
Total.............................190,000

Reference no: EM13141552

Questions Cloud

Thesis statement about the california fiscal policy : California Budget Surplus? governor introduces plan that eliminates deficit by Jim Christie. A budget surplus in California by Kevin Riggs.

Find that there are two distinct dna sequences involved : An individual with a disease demonstrates a set phenotypic presentation, Another individual with the same phenotypic presentation is discovered. When we sequence their genome, we find that there are two distinct DNA sequences involved, both differ..

How might collaboration foster learning? : How might collaboration foster learning?

What pressure must be exerted on the surface of a solution : At 80 °C the vapor pressures of pure liquids X, Y, and Z are 385, 190, and 66 mm Hg, respectively. What pressure must be exerted on the surface of a solution

Calculation for the adjustments of net income : For the year ended on December 31, 2010, XYZ had net income of $90,000 and paid dividends of $40,000. Prepare the journal entries to record the result using EQUITY METHOD of accounting. Show your calculation for the adjustments of net income.

Elucidate how dividend or dividend requirements on any class : Explain how dividends or dividend requirements on any class of preferred stock that may be outstanding affect the computation of basic EPS

Determining amount of expanse of diamond company : Diamond company borrowed $500,00 from a bank on Jan. 1, 2007 in order to expand its mining capabilities. the five-year note required annual payment of $ 130,218 and carried an annual interest rate of 9.5%.

Give description of transformer : Description of Transformer, An 11 kV to 415 V transformer has a rating of 100 kVA. The winding resistance and leakage reactance when referred to the secondary are 0.0142 Ohm and 0.0569 Ohm respectively

Which egg is flattened on one side : Which egg from Ascaris, Clonorchis sinesis and Taenia pisifromis has an operculum(escape hatch for the larva), which egg has a rough surface, and which egg is flattened on one side?

User Account

All Pages