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Question - Georgia, Inc. bought 30% of Carolina Company on January 1, 2016 for $225,000. The equity method was used. No amortization was required. In 2016, Carolina shipped to Georgia merchandise with a cost of $12,000 and a selling price of $15,600. One-third of the merchandise remained in Georgia's inventory at year-end and was sold in 2017. In 2017, Carolina received merchandise from Georgia, who recorded a gross profit of $18,000 on the sale. One-fourth of the merchandise remained in ending inventory. Carolina reported net income of $50,000 in 2016 and $62,000 in 2017. Dividends of $8,000 were paid to Georgia each year.
Required: Prepare all equity method entries for 2016 and 2017.
Clear's Custom Window division has been purchasing a certain window components from Duwee, Cheatim & Hoe Company. However it was determined that it can use one of the frames from the Framing division.
oslo company prepared the following contribution format income statement based on a sales volume of 1000 units the
Price and efficiency variances. Sunshine Foods manufactures pumpkin scones. For January 2017, it budgeted to purchase and use 14,750 pounds of pumpkin at $0.92
mr. and mrs. d file a joint return for the current year. mr. d is 67 years old and mrs. d is 52 years old. they provide
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2019 and December 31, 2019: Calculate Buckeye Company's 2019 operating cycle. Enter your answer as a number (i.e., 94). Do not use decimals or a $ ..
Describe perpetual system and periodic system. Estimate the inventory of goods on hand at the close of business on March 11.
Compute the amount of interest paid in July. At June 30, 2014, none was payable. How much debt did Fargo pay off in July
just adjusting net income for the change in the unearned revenue account balance
A person owned 300 shares of MNO common stock, which cost $23,400. MNO then had a 3-for-1 stock split. After the split, the person sold 100 shares for $5,600. How much gain (or loss) resulted from the sale?
aaa company produces and sells 6000 desks per year at a selling price of 500 each. its current production equipment
In each of the following problems, identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.
Explain how the profitability of the company can be made to look better if they were to produce more products, even if they are not all sold right away.
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