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Point 1: CMC, Inc., purchased 10% of MJR Enterprises for $1,000,000 on January 1, 2018. MJR recognized a total of $400,000 net income during 2018, paid $30,000 of dividends to CMC during 2018, and at December 31, 2018, the market value of the MJR investment increased to $1,040,000. Prepare the journal entries necessary to account for the MJR investment, assuming that CMC lacks significant influence.
Question 1: Create the journal entries necessary to account for the MJR investment, assuming that CMC has significant influence over the operating and financial policies of the investee.
Storm Ltd acquired an item of equipment on 1 July 2013 at a cost of $500,000. On 30 June 2014, Storm’s directors decide to continue using the cost model for equipment. They elect to depreciate the equipment acquired on 1 July 2013 using the straight-..
To construct the first cash flow (cf1) at the very minimum, the new revenue from your strategy(s) must be discounted back to the present value by calculating EBIT and that figure will be your cfn for each year.
Prepare journal entries to record (a) the cost of cell phones replaced under warranty and (b) the estimated liability for product warranties for cell phones sold during the month.
Prepare journal entries (in general journal form) to record the above transactions. Use a 360-day year in making the interest calculations. Prepare the adjusting entry needed at December 31, prior to closing the accounts. Use one entry for all th..
When the balance in the Income Summary account is a credit, the company has:
Identify accounts by statement Listed here are a number of accounts:
The entry to record this company's March payroll includes what amount for total payroll taxes expense?
Prepare a statement of cash flows using the indirect method. Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.
Annapolis uses the weighted-average process costing method. Use this information to calculate the cost per equivalent unit of direct material for month of March
Create a separate budget for each cash payments budget listed above. Budgeted manufacturing overhead per unit (HINT: There is no time period/monthly budget needed for this).
Indiana Co. began a construction project in 2016 with a contract price of $163 million to be received when the project is completed in 2018. During 2016, Indiana incurred $32 million of costs and estimates an additional $88 million of costs to comple..
BSBFIA401 Prepare financial reports Assignment, Australian Harbour International College, Australia. Explain the function of a journal in the accounting process
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