User Account

All Pages

Journal entry to record sale - jan

Assignment Help Financial Accounting
Reference no: EM132913029

P2 Corporation purchased 100 percent of S2 Corporation voting common stock on January 1, 2014. On January 1, 2018, P2 received ?245,000 from S2 for a truck P2 had purchased on January 1, 2015, for ?300,000.

  • The truck is expected to have a 10-year useful life and no salvage value.
  • Both companies depreciate trucks on a straight line basis.

Required;

Question 1: Journal entry to record sale - Jan 1, 2018

Question 2: Journal entry to record purchase

Question 3: Eliminating entries at December 31, 2018

Question 4: Eliminating entries subsequent year

Reference no: EM132913029

Questions Cloud

What is the non-controlling interest balance as of December : On January 1, 2015, London Tiger Inc. acquired 90% of Fanshawe Co. by paying $477,000 cash. What is the non-controlling interest balance as of December
Make entry in the books of subsidiary company : Make Entry in the books of subsidiary company. On Jan 1, 2014 Parent company sells equipment to Subsidiary Company a 90% owned subsidiary.
Please prepare closing journal entries for year end : Susan White has her own business as a performer at children's birthday parties. Please prepare CLOSING journal entries for year end
Journal entry to record sale - dec : Journal entry to record sale - Dec 31, 2018. Journal entry to record purchase. Eliminating entries at December 31, 2019. Eliminating entries, subsequent year
Journal entry to record sale - jan : Journal entry to record sale - Jan 1, 2018. Journal entry to record purchase. Eliminating entries at December 31, 2018. Eliminating entries subsequent year
Understand the intersection of culture-society and schools : An important focus of this course is to understand the intersection of culture, society and schools, classrooms, and individuals.
Prepare the journal entry for the payment on March : Dayton Corporation prepaid 6 months of rent in the amount of $4,800 covering the months of April to September. Prepare the journal entry for the payment
What is meant by identity theft : What is meant by identity theft? What steps can a person take to avoid having his or her identity stolen? Explain why following these steps will help
What is the depreciation : On January 1, 2019, the entity changed to sum of year's digits method of depreciation. What is the depreciation for 2019

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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