Prepare schedule showing the amount of cash collected

Assignment Help Accounting Basics
Reference no: EM132495722

Question - B Company owns 90% of C Company shares. B reports sales of $500,000 and C reports sales of $250,000. During the year, C sold inventory costing $30,000 to B for $60,000. Of this amount, 25% is still in ending inventory at year end. Net receivables on the consolidated balance sheet were $80,000 at the first of the year and $118,000 at year end. The Allowance for doubtful accounts was$8,000 at the beginning of the year and $12,000 at the end on the year. No intra-entity debt existed at the beginning of the year or at the end of the year.

Required - Using the direct method, prepare schedule showing the amount of cash collected by the business combination from its customers.

Reference no: EM132495722

Questions Cloud

Preparing a statement of financial position : Question - Preparing a statement of financial position and calculating profit. Calculate each partner's share of profit for the year ended 31 December 2020
Compare the test statistic to the critical value : The 2019-20 season is Lebron James's 17th season in league. Most players are past their peak at this career stage, and so some have predicted that Lebron's
Prepare adjusting entries for the seven items described : Devin Wolf Company borrowed $10,100 by signing a 9%, one-year note on September 1, 2017. Prepare adjusting entries for the seven items described
Determine q1 and q3 from the normal curve : The monthly food expenditures for families of four in a large city average PHP 16,800 with a standard deviation of PHP 3,200.
Prepare schedule showing the amount of cash collected : Using the direct method, prepare schedule showing the amount of cash collected by the business combination from its customers
Prepare a schedule which shows the earnings per share : Prepare a schedule which shows the earnings per share amounts that should D should report in its current consolidated income statement
Determine the standard deviation of sample-srs : For an SRS of 100 observations from a population with mean 0.5, what is the standard deviation of the sample.
Prepare the journal entry by Screws : On January 1, 2013, Screws purchases Cudd paying $592,000 for an 80% interest. Prepare the journal entry by Screws
Evaluation and modelling of complex business requirements : Demonstrate competence in application of contemporary analytical methods and tools for the evaluation and modelling of complex business requirements

Reviews

Write a Review

Accounting Basics Questions & Answers

  Santana rey has found that her line of computer desks and

santana rey has found that her line of computer desks and chairs has become very popular and she is finding it hard to

  How responsibility centers are used for budgeting process

Explain how responsibility centers are used for the budgeting process. You must respond to at least two of your other classmates' posts to receive full credit.

  List the various costs

List the various costs to you associated with owning and operating this car. Make an estimate of the total annual cost of owning and operating the car

  How much goodwill impairment charge did nike report

How much goodwill impairment charge did Nike report in 2009? How often does Nike test its goodwill for impairment and what are the testing steps

  Post the journal entries to the accounts

The general ledger of the Karlin Company, a consulting company, at January 1, 2011, Post the journal entries to the accounts

  Determine the amount to be paid in full settlement

Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior

  Uncollectible accounts expense is estimated to be 1 percent

the following transactions apply to baker co. for 2010 its first year of operations.1. issued 130000 of common stock

  Reported time changes

Find a web site that produces a large amount of dat a. Investigate caching by running fetchall twice in succession to see whether the rep orted time changes much. Do you get the same content each time? Modif y fetchall to print its output to a fil..

  Calculate the income based on current sales

Calculate the income based on current sales, prices, and costs. Now, calculate the income using a $14 price and a $12 price

  Calculate the dividend payout and price earnings ratio

Ralite Company had net income for the year of $20 Million. Calculate the following ratios: (a)price/earnings ratio, (b) dividend yield, and (c) dividend payout

  Accounts payable accounts receivable cash inventory and

selected account balances for hulse company at january 1 2014 are presented below.accounts payable14000accounts

  Costs incurred to date 280000 600000 785000 estimated costs

costs incurred to date 280000 600000 785000 estimated costs yet to be incurred 520000 200000 0 customer billings to

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd