Reference no: EM132690978
Peters Corporation purchased 70% of the common stock of Smith Corporation on January 1, 20x5, for $400,000. Smith Corporation's stockholders' equity on that date was as follows:
Common stock, $10 par value $300,000
Other contributed capital 100,000
Retained earnings 50,000
Problem 1: During 20x5, Smith Corporation earned $200,000 and declared an $80,000 dividend. The difference btween implied and book value of the net assets purchased relates to the misvaluation of Smith Corporation land. Two eliminating entries are prepared on a consolidating workpaper on 12/31/x5, and Peters Corporation accounts for its investment in Smith Corporation using the partial equity method. Accordingly, the aforementioned eliminating entries would contain:
a.a debit to Investment in Scott Corporation for $400,000.
b.a credit to Dividends Declared for $80,000.
c.a credit to Noncontrolling Interest for $155,000.
d.a debit to Equity in Subsidiary Income for $140,000.
e.a credit to Land for $50,000.
Which dividend income recognized by a parent company
: In the preparation of a consolidating workpaper, dividend income recognized by a parent company for dividends distributed by its subsidiary is
|
Examine what went right during the redesign
: If you have you been involved with a company doing a redesign of business processes, discuss what went right during the redesign and what went wrong from your.
|
Develop procedures to systematically liaise with educators
: Develop procedures to systematically liaise with educators, learners and others to monitor how well learning strategies and learning resources
|
Discuss digital forensics and how it could be used
: The readings this week expand on investigation and of digital forensic analysis and investigations. Organizations, especially those in the public.
|
Find which the aforementioned eliminating entries would
: Find which the aforementioned eliminating entries would contain? During 20x5, Smith Corporation earned $200,000 and declared an $80,000 dividend.
|
How might offices physically change in the coming years
: Given the growth in telecommuting and other mobile work arrangements, how might offices physically change in the coming years? Will offices as we think of them.
|
Which inquiry is a valuable technique during planning phase
: Which Inquiry is a valuable technique during the planning phase of the audit because it? Which An example of an external document is
|
Analyze the data from the facebook management report
: You are the web analytics professional for a Fortune 500 company and your company has a Facebook Business Page. You just received the KPI summary for the.
|
Which inspection of assets not sufficient form of evidence
: Audit technique where the auditor can use? sight, hearing,? touch, and smell. Observation needs to be used together with other audit techniques because
|