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Question - VV bought $20 million in equity securities from J Company. The investment is 19% of the voting common stock of the J Company, but the CFO of J company is selected from VV. VV has impact on the J Company's decision-making. VV uses an equity approach to record this investment. The balance of the J company investment in December 2021 is $20 million. Some managers argue that the impact is not significant and want to change the accounting approach to use fair value and recognize the investment gains. The J Company has zero net income in 2021, but its stock price has increased to $21.4 million. Do you agree with the change and recognize the $1.4 million gains? Please clarify your reasons for your judgment. Explain your answer in detail and explain why or why not. Does it violate any GAAP or SEC rules? Also, show a journal entry for your answer.
If the required return on the portfolio is 20.76% and the return on the market is 18%, what must be the risk-free rate
In the current year, the DOE LLC received revenues of $300,000, How much income must Dave report for the tax year and what is the character of the income
Make the property, plant, and equipment section of the balance sheet as of December 31, 24. Note: Use straight-line depreciation with no salvage value
What principle did the Amazon employees most closely demonstrate? Recently a group of Amazon employees walked off the job citing the company
On 1 January 2018, a machine that had cost $4,100 on 1 July 2008 was retired from use and sold for scrap for $510. Determine the depreciation expense
Toy Box, Inc., is contemplating expanding sales of their children's toys. The have an opportunity to stock and sell the X toy that has been a big hit with children everywhere. They must order the X toys from the manufacturer in a minimum order of ..
Horvath uses normal costing and applies overhead on the basis of direct labor hours. Calculate the predetermined overhead rate for Horvath
Jacob purchased business equipment for $56,000 in and has taken $35,000 of regular MACRS depreciation. What is the amount and character of Jacob gain or loss
Complete an amortization table for this installment note
What is the primary competitive forces impacting U.S. steel producers?
you go to paylate to buy an appliance. paylate tells you that if you pay now you will get a discount of 20 off the list
On 1 July 2018, Expert Ltd sold an item of plant to Giant Ltd $80000. Compute the non-controlling interest as at 30 June 2019
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