Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Point 1: Potash Corporation acquired the voting stock of Safestyle Company on January 1, 2019 for $50 million. Safestyle's book value at the time was $10 million, consisting of $2 million of capital stock and $8 million of retained earnings. The $40 million difference between fair and book value was attributed to goodwill. It is now December 31, 2020, the end of the accounting year and two years after the acquisition. Safestyle's January 1, 2020 retained earnings balance is $11 million, and it reports net income of $1.8 million for 2020. Safestyle declares no dividends and has no other comprehensive income. Goodwill from the acquisition was impaired by $1 million in 2019 and $500,000 in 2020. Potash uses the complete equity method to report its investment in Safestyle on its own books.
Question 1: On the December 31, 2020 consolidation working paper, eliminating entry (E) credits the Investment in Safestyle account by:
Option A. $ 8,000,000
Option B. $11,000,000
Option C. $ 9,300,000
Option D. $13,000,000
Merchandise costing $12,000 was being held on consignment by Traynor Company. What amount should Mateo Corporation report as inventory in its December 31, 2011, balance sheet?
Analyze a comparative annual financial statement of a domestic publicly-held corporation listed on either NASDAQ or the NYSE using internet sources not actually from a bank or financial institution.
Instructional Objectives for this activity: Describe general and special revenue funds. The General Fund and the Special Revenue Fund are subject to comparable accounting and financial reporting principles and they have similar financial transactions..
Adam Corporation purchased 3,000 shares of Ozark Company's common stock for $12 per share as a long-term available-for-sale investment on June 30, 2014. Ozark declared and paid a cash dividend of $1.00 per share on its common stock on September 30, a..
In other words, do these features lead to managers undertaking high-risk projects or low-risk projects?
Prepare the budgeted 2007 income statement for Premium Grade Ovenware that the production, quality, and product managers considered
Calculate the project's NPV, IRR, MIRR and payback period. Finally, offer a recommendation about whether or not the existing machine should be replaced
Bellamy Corporation paid $100,000 in dividends. The corporation had 10,000 shares of common stock outstanding and 5,000 shares of $100 par value 5% preferred stock. The preferred stock was two years in arrears prior to the current year. How much was ..
Suppose a company wants to decide whether to lease or purchase an asset. The capital cost required to purchase the asset is $1,000,000 (at time zero) with a salvage value of $500,000 at the end of the 5th year. The purchased asset can be depreciated ..
Determine how Aloe Ltd should account for the results of the impairment tests at both 31 December 2011 and 31 December 2012, and prepare any necessary journal entries. Show all workings.
Which of the following are true about Deferred Tax Liabilities?
This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budg..
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd