User Account

All Pages

Make any necessary year-end entries

Assignment Help Accounting Basics
Reference no: EM133176186

Question - On 1/5/2021, Gordon purchased 30% of the outstanding shares of Ramsey Corporation for $70,000. Gordon's accounting staff correctly recorded that purchase. At year end, the market value of shares of Ramsey stock owned by Gordon was $87,000. Ramsey's net income for 2021 was $160,000. Ramsey did not pay any dividends in 2021. Make any necessary year-end entries.

Reference no: EM133176186

Questions Cloud

Would you react differently than most people : Would you react differently than most people - What would you do in each of these situations if you observed them occurring?
Verbal communication skills : What are 2 barriers you experience when you are trying to engage in effective verbal communication?
What is the correct warranties expense to be reported : Actual repair costs were P325,000 in 2018 and P650,000 in 2019. What is the correct Warranties expense to be reported in 2018
What are the potential benefits and risks associated : This week's workshop has some exercises relating to the material in Topic 11: future trends in IS.
Make any necessary year-end entries : Ramsey's net income for 2021 was $160,000. Ramsey did not pay any dividends in 2021. Make any necessary year-end entries
Which of the rankings are most similar to canada : In a table or a series of paragraphs, explain the following, based on the country of singapore
Case-sporting goods store : Bill Thompson is the new manager of a retail sporting goods store in Vermont that is part of a national chain. Bill, who is 25 years old, has been working for t
What is the most that you are willing to pay : Atlas Insurance wants to sell you an annuity, which will pay you $3,400 at the beginning of each quarter for 45 years. What is most that you are willing to pay
Analyze the conflict seen in the video case study : This week you will apply your knowledge from this course to a provided case study. The case study for this assessment is available at the following

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which an important purpose of closing entries is to

Which of the sequences of documents or records describes the proper sequence in the accounting cycle? Which An important purpose of closing entries is to

  How much will Nona owe on the loan

How much will Nona owe on the loan after she makes payments for two years (i.e., after 24 payments)? Compute the monthly payments for the loan

  What are eight types of evidence discussed in the section

Suppose you are interested in the topic of audit evidence. Which AU Section is most relevant? Which entity issues this AU Section?

  How much did Sam and Cliff contribute

Sam, Sue, and Cliff formed a partnership in the ratio of 1:0.80:1.25. If Sue's contribution was $32,000, how much did Sam and Cliff contribute

  Calculate the provision for annual leave

XYZ Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Calculate the provision for annual leave

  Annual and interim reporting procedures

The accounting principles and procedures that underlie an entity's external reports sometimes are modified for interim reporting purposes. Differences between the annual and interim reporting procedures are most likely to arise in the:

  What is the percentage increase now required for bruce

Bruce buys ?$20,000 of? UH-OH Corporation stock.? What is the percentage increase now required for Bruce to get back to ?$20,000 of? value?

  Explain the double taxation problem

Briefly explain the double taxation problem and how paying large salaries to owners avoids it.

  What is the amount of bob bonus

What is the amount of Bob's bonus if the bonus is to be calculated on income before deducting the salary and interest on capital accounts, but after the bonus

  Write a memo to the me describing the situation

Write a memo to the me, describing the situation, and also describing the results of your research.

  What kind of documentation does jody need to make

What kind of documentation does Jody need to make if she discovers an unrecorded receipt for the $275 purchase of a new window?

  Which of statements is true about work-in-process inventory

Which of statements is true about work-in-process inventory? It consists of the costs of the direct and indirect materials that have not yet entered manufacture

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