Determine zach company owns of the voting stock

Assignment Help Accounting Basics
Reference no: EM132460380

Problem 1: Zach Company owns 40% of the voting stock of Tomas Corporation and uses the equity method in recording this investment. Tomas Corporation reported a $16,600 net loss.

Zach Company's entry would include a

Point a. debit to the investment account for $6,640

Point b. credit to the investment account for $6,640

Point c. credit to cash for $6,640

Point d. credit to a loss account for $6,640

Reference no: EM132460380

Questions Cloud

Determine the required monthly payments for the mortgage : Determine the required monthly payments for the mortgage. Determine the "opportunity" costs, on a monthly basis, of using the required funds
Summarize the accounting practices used by enron : Explain clearly how those practices could have a beneficial impact in either the P&L, the Balance Sheet, or the Cash Flow Statement.
What is the profit or loss earned by the company : What is the profit or loss earned (in dollars) by the company on its deposit after taking into account the gain or loss in the futures market?
Should the coffee packaging project be accepted : Apix is considering coffee packaging as an additional diversification to its product line. Here's information regarding the coffee packaging project:
Determine zach company owns of the voting stock : Determine Zach Company owns 40% of the voting stock of Tomas Corporation and uses the equity method in recording this investment. Tomas Corporation
Weaknesses for financial ratios : What is one of the general limitations/weaknesses for financial ratios as measures for financial ratios?
Reflect on your progress in gaining knowledge and skills : Reflect on your progress in gaining knowledge, skills, attitudes, and identity of professional practice. Explore any concerns that arose and may require special
Calculate the degree of operating leverage for company : Discuss how the cost structure of these two companies affects their operating leverage and profitability. Calculate the degree of operating leverage for company
What is the debt service coverage ratio : What is the debt service coverage ratio for a 1.8million property generating a 6.5% before tax annual return on equity with a 1.5millon ten year interest

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the journal entry for the issuance

Branch Corporation issued $12 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 9% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity.

  Produce a report on Premier Investments Limited

ACC20013 Company Accounting Assignment, Swinburne University of Technology, Australia. Produce a report on Premier Investments Limited

  Compute general millss average collection

The financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year.

  Complete the consolidated statements workpaper for pruin

Complete the consolidated statements workpaper on the next page for Pruin Corporation and Satto Corporation for December 31, 2017

  How much cash was paid for salaries and wages during year

A company reported Salaries and Wages Payable of $810 at the beginning of the year, How much cash was paid for salaries and wages during the year

  Indirect method assuming net income

Compute the net cash provided by operating activities using the indirect method assuming that net income was $125,000 for the year.

  Yellow pty ltd uses the percentage of completion method of

yellow pty ltd uses the percentage of completion method of accounting for construction contracts. in 2011 yellow pty

  The empirical evidence reveals that very few firms change

the empirical evidence reveals that very few firms change their standard prices and standard quantities during the

  Journalize summary entry to record direct materials for july

Question - Entries for factory costs and jobs completed. Journalize the summary entry to record the direct and indirect materials used for July

  Explain about the qualified opinion or adverse opinion

Auditors found that the entity has not capitalized a material amount of leases in the financial statements. When considering the materiality of this departure.

  Compute the total cost of the project

Sketch a job-cost record. Post all the data to the project-cost record. Compute the total cost of the project though January 12

  Why companies required to prepare a statement of cash flows

Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections

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!

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