User Account

All Pages

Prepare all journal entries for p and s

Assignment Help Accounting Basics
Reference no: EM133093205

Question - P Company owns 60% of the outstanding common stock of S company. On January 1, 2016, P Company sold equipment to S company for $300,000. The equipment cost P Company $100,000 on January 1, 2010. The useful life at the time of the sale was determined to be 10 years. After the sale from P to S, the management of S company estimated that the equipment had a remaining useful life of 8 years.

Required - Prepare all journal entries for P and S (from initial purchase of equipment from 3rd parties, depreciation from initial purchase to sale between the related parties) on January 1, 2016. In addition, prepare the adjustment to depreciation on Dec. 31, 2016.

Reference no: EM133093205

Questions Cloud

Impact on implementing organizational change : What is the impact on implementing organizational change? Identify the model that you think is best suitable for the organization.
What are some of major observations : What are some of the major observations you made in regard to your interview; were you satisfied with the information gained during the interview?
What is the expected rate of return for penny portfolio : Based on the current portfolio composition and the expected rates of return, what is the expected rate of return for Penny's portfolio
Experiencing phenomenal profits : Is it important for a company to follow a strict budget even though they may be experiencing phenomenal profits?
Prepare all journal entries for p and s : On January 1, 2016, P Company sold equipment to S company for $300,000. Prepare all journal entries for P and S
Calculate the pension expense to be reported : Presented below is information related to the defined benefit pension plan of Grande Prairie Ltd. Calculate the pension expense to be reported
What size station should milton consider using the emv : John Junior is contemplating starting his own independent gasoline station near the Linstead leg on the north-south highway. His problem is to decide how large
Pros and cons of intelligent test-standardized tests : What are the pros and cons of intelligent test/standardized tests? Make sure to talk about multiple for each. After you break down the pros and cons, pick which
Telemedicine differ from traditional medicine : How does telemedicine differ from the traditional medicine? What are other legal or ethical issues involved in telemedicine?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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