User Account

All Pages

Determine the beginning retained earnings is debited

Assignment Help Accounting Basics
Reference no: EM132892635

Question - On January 1, 2017, a subsidiary sold equipment to its parent for $520,000. The subsidiary's original cost was $200,000 and as of January 1, 2017, $20,000 in depreciation had been recorded on the subsidiary's books. At the date of sale, the equipment had a 10-year remaining life, straight-line. It is now December 31, 2021 (5 years since the sale), and the parent still holds the equipment.

In the consolidation eliminating entries for 2021, determine the beginning retained earnings is debited?

A. $170,000

B. $204,000

C. $192,000

D. $136,000

Reference no: EM132892635

Questions Cloud

Difference between core and support processes : 1.Which of the following is a difference between core and support processes?
A critical review of the information technology : A critical review of the Information Technology (IT), Information Systems (IS) of the chosen business and An analysis of how business information
What is the amount of interest income : What is the amount of interest income that the company will record in the first quarter of 20X1
Outline the key themes from the walker review : Following an incident with a professional league in a different spoil, LVA and Country A are concerned about the reputation of their spoil.
Determine the beginning retained earnings is debited : In the consolidation eliminating entries for 2021, determine the beginning retained earnings is debited
Banks start image repair over financial crisis : In the first months of 2010, U.S. Banks have launched a campaign that aims to win back trust of their consumers and repair their battered images.
Calculate the current ratio and acid test : For both companies calculate the current ratio, acid test, working capital, accounts receivable turnover, inventory turnover, and profit margin
How are leaders different from managers : How are leaders different from managers? Can someone be a leader but not a manager OR a manager but not a leader? Explain your answer.
What are the strengths and limitations of the study : How was the study conducted and What were the results of the study and do they answer the study question/aim?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd