User Account

All Pages

Prepare the journal entry Philcorp would make

Assignment Help Accounting Basics
Reference no: EM133046354

Question - On January 1, 2019, Philcorp acquired 7,000 of the outstanding 10,000 shares of Anderco by issuing its own shares with a market value of $420,000.

On June 30, 2020, Philcorp sold 2,500 shares for cash consideration of $60 per share on open market.

Immediately before the sale, the shareholders' equity of Anderco amounted to $550,000 and the unamortized purchase discrepancy was $35,000. Philcorp uses the equity method to record its investment in Anderco.

Required - Prepare the journal entry(ies) Philcorp would make to record the sale.

Reference no: EM133046354

Questions Cloud

Explain the importance of budgetary : Explain the importance of budgetary/financial processes and procedures to guide effective and efficient project management
Growth of online e-commerce : The growth of online e-commerce is growing rapidly along with the ease of transacting online. E-commerce activities need to be supported by supporting services,
Promissory notes discussion-california real estate : Why would someone choose an adjustable rate note over a fixed rate note? Which would you prefer and why?
Proposal to sell snacks & drinks at local high schools : For years, a controversy discussion over the amount of junk food and soft drinks being sold through vending machines in local schools.
Prepare the journal entry Philcorp would make : On June 30, 2020, Philcorp sold 2,500 shares for cash consideration of $60 per share on open market. Prepare the journal entry Philcorp would make
Lvmh in china-building its empire of desire : In July 2012, Louis Vuitton, the flagship brand of France's Moët Hennessy Louis Vuitton S. A., better known as LVMH, opened its 16th global "Maison" at Shanghai
Calculate the clv using the simple formula : Please calculate the CLV using the simple formula based on the following information: (Please show your calculations)
Calculate the residual income of each distribution channel : Calculate the residual income of each distribution channel assuming it purchases the new customer relationship management system
Formulate a linear optimization model : 1. A brand manager for ColPal Products must determine how much time to allocate between radio and television advertising during the next month. Market research

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