User Account

All Pages

Prepare eliminating entries for intercompany transactions

Assignment Help Financial Accounting
Reference no: EM133009772

On January 2, 2021, Penn Company purchased 80% of the outstanding common shares of Senn Company.

  • During 2021, Penn Company sold merchandise that cost $2,700 to Senn Company for $3,600.
  • Senn Co. sold all but $600 of this merchandise to its customers for $3,700 on account.
  • Senn Co. reported net income of $3,000 and Planet reported separate operating income (excluding income from Senn Co.) of $5,000 during 2021.

Problem 1: Prepare eliminating (consolidation) entries for intercompany transactions on December 31, 2021.

Reference no: EM133009772

Questions Cloud

What were the number of equivalent units of production : This left 2,000 units in process 50% complete. For this period, what were the number of equivalent units of production that Sanger had?
Calculate return on equity for tamarisk limited : Calculate return on equity for 2021. Assume there were no changes in the Common Shares and Preferred Shares accounts during the year.
Determine and record payment of interest and redemption : Assume that in January 1, 2023 Sarasota pays the accrued bond interest. Record the payment of interest and redemption of the bonds
Identify each adjustment as a type one : Adjusting the Accounts: On December 31, the end of the current fiscal year, Identify each adjustment as a Type 1, 2, 3, or 4 adjusting entry.
Prepare eliminating entries for intercompany transactions : During 2021, Penn Company sold merchandise, Prepare eliminating (consolidation) entries for intercompany transactions on December 31, 2021.
What is inherence : There are several schools of thought on corporate social responsibility; to include, inherence. What is inherence? Inherence is the corporate's responsibility.
Should take the project if the cost of equity and debt : ABC has 79% of Equity and the remaining is in Debt. If the Cost of Equity and Debt is 15% and 6% respectively, should they take the project?
Concept of engagement in the workplace : What is your concept of engagement in the workplace?
What are the key strategic issues the industry is facing : Identify a specific industry that you find interesting. What are the key strategic issues the industry is facing? Use Porter's Five Forces to analyze the indust

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find what does deegan mean by the statement

Find What does Deegan mean by this statement? Do you agree with Deegan, or do you think conceptual frameworks exist for other reasons? Justify your position.

  Determine the optimal sales mix

Santana Rey has found that her line of computer desks and chairs has become very popular and she is finding it hard to keep up with demand.

  Compute for the adjusted balance of ending inventory

Compute for the adjusted balance of ending inventory as of December 31, 2020. Compute for the adjusted balance of Net sales , 12/31/2020.

  Prepare dated journal entries for the investment

Prepare dated journal entries for the investment on the acquiring company's books from acquisition to disposal. Ignore income taxes.

  Evaluate the management of accounts receivable

Explain The indication of these ratios and if its increase or decrease is better. evaluate the management of Accounts receivable.

  What is the cost of equity for the new project

Your company's tax rate is 28% and the beta factor of this new investment is 1.5. What is the cost of equity for the new project

  What is allowable deduction for personal exemptions

Sam and Elizabeth Jefferson file a joint return.- what is their allowable deduction for personal and dependency exemptions?

  What is the length of the days sales in inventory

The firm had a beginning inventory of $29,000 and an ending inventory of $31,000. What is the length of the days' sales in inventory?

  Discuss the usefulness and disadvantages of ecg model

Calculate the E00 for Supersonic Blender MX101. Calculate the number of orders that will be placed each year. Calculate the reorder point for Supersonic Blender

  Which discount percentage did she receive

She received sale discount for paying for her sweaters in full within 10 days. She ultimately paid $180 for all three. Which discount percentage did she receive

  Develops cutting-edge technology

Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2016, Matthew participates in SV’s money purchase pension plan (a defined contribution plan) and in his company’s 401(k) plan. What amount can Matthe..

  How has impacted a business in a positive manner

How has impacted a business in a positive manner. How do you think RFID technology improves the way accountants will work in the future

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