User Account

All Pages

How is the series of transactions accounted for

Assignment Help Financial Accounting
Reference no: EM132539450

Question 1: Suppose a Company A (parent) sells land to Company B (subsidiary) for $30,000. The original cost of the land is $20,000. Three years later the Company B (subsidiary) sells the land to an outside party for $45,000. How is this series of transactions accounted for?

  1. The transaction of the sale between Company A and Company B.
  2. The deferment of the the gain at the end of the period.
  3. The worksheet elimination entries when preparing the consolidated financial statements.
  4. The sale of the land to an outside party and the recognition of the gain.

Reference no: EM132539450

Questions Cloud

Evaluate the present value received at start of every year : Evaluate the present value of $10,000 received at the start of every year for 20 years if the interest rate is J1 = 12% p.a. and if the first payment of $10,000
How you would plan ahead to keep your plan on track : There are different types of funding, and funding is needed and used for many reasons, including program improvements, updates to comply with licensing.
Identify key points made in the case : Identify three key points made in the case. These could be problems that CISCO faced or solutions that it has considered or tools it uses to manage risk
What approach can you adopt get more feedback : As a manager, what approach can you adopt get more feedback?
How is the series of transactions accounted for : Three years later the Company B (subsidiary) sells the land to an outside party for $45,000. How is this series of transactions accounted for?
Weather and climate : Why is it windy at the beach? What forces are responsible and how do beachfront conditions differ from conditions farther inland?
Explain the conservative and aggressive : explain the conservative and moderately conservative strategies using the specific information for our company and identify which strategy BFG appears
Discuss the involvement of interest groups : Discuss the involvement of interest groups in the political circumstances that affect agenda setting. Incorporate the specific
How will you reflect on your teaching of the unit : How will the unit be evaluated? How will you decide if the students successfully completed the unit? How will you reflect on your teaching of the unit.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Multiple choice questions related to transaction

multiple choice questions related to transaction analysis.choose the correct option.1.nbspgross increases in owners

  Prepare an income statement for the year ended december

Prepare an income statement for the year ended December 31. Prepare a statement of retained earnings for the year ended December 31. Prepare a balance sheet at December 31.

  Determine and show the net effect of the sale on the company

Faust sold goods that cost $6,000 for $10,000. The sale was made on account. show the net effect of the sale on the company's financial statements

  Quality-of-earnings qoe analysis attempts to evaluate

quality-of-earnings qoe analysis attempts to evaluate whether the reported earnings of a company reflect its true

  Prepare a common-size statement for the balance sheet

Analytical Procedures- Prepare a common-size statement for the balance sheet of Cloud 9, use total assets as the basis for the balance sheet.

  Identify the proper amount and month to record cash inflows

Identify the proper amount and month to record cash inflows and outflows on the statement of cash flows for each of the above transactions

  What types of accounts are found in the balance sheet

What types of accounts are found in the balance sheet, and how are the accounts arranged and grouped? What types of information may users of the balance sheet?

  What do you mean by the break-even point

What do you mean by the break-even point? Anu has decided that unless the operation can earn at least $43,750 in operating profits, she will close it down. What number of tickets must be sold for anus amusements to make a $43,750 operating profit f..

  Find which method will lead to the highest combined profits

Eva has purchased a machine for £300,000. Which method will lead to the highest combined profits in the first two years that the machine is owned?

  Annual financial statement

Examine the strengths and weaknesses of the Form 10-K information and disclosures in terms of whether they give relevant and reliable information to investors.

  Prepare the operating activities section of the statement

Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash flow)

  Cost concept

On February 7, AAA Repair Service extended an offer of $99,000 for land that had been priced for sale at $113,000. On February 21, AAA Repair Service accepted the seller's counteroffer of $108,000. On April 30, the land was assessed at a value of $16..

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