Produce the consolidated worksheet

Assignment Help Financial Accounting

Reference no: EM131259465

Michiana Corporation acquired all of halpern stock on January 1 2014 for $600,000 cash. Halpern's accounting record showed net assets on that date of $470,000 although equipment with a 10 year life was undervalued on the records by 90000. Any recongnized goodwill is considered to have an indefinite life.

Halpern Reports Net Income in 2014 of $90,000 and $100,000 in 2015. The subsidiary paid dividends of $20,000 in each of these two years.

Questions:

Produce the consolidated worksheet for Michiana and Halpern for the year ended December 31, 2016.

Reference no: EM131259465

Questions Cloud

Dodd-frank wall street reform and consumer protection act : Reflect on the impact of fraud, specifically the regulatory acts, the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which have been put into place due to the many fraud cases in the early 2000s...

Feeling pressure to complete the annual financial statements : On January 20, 2015, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. Identify several courses of action that Tamira could have taken instead of the one she took. If you were in Ta..

Calculate social security taxes : Calculate Social Security taxes, Medicare taxes and FIT for Jordon Barrett. He earns a monthly salary of $12,900. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $111,400. (Social Security maximum is 6.2% ..

Estimated manufacturing overhead cost : Ryan's Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost ?$235,000 Actual manufacturing overhead cost ?$244,000 Estimated machine hours ?20,000 Actual machine hours ..

Produce the consolidated worksheet : Michiana Corporation acquired all of halpern stock on January 1 2014 for $600,000 cash. Halpern's accounting record showed net assets on that date of $470,000 although equipment with a 10 year life was undervalued on the records by 90000. Any recongn..

Appear on the job cost sheet for job : Grand Company uses a job-order costing system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year, manufacturing overhead and direct labor-hours were estimated at $80,000 and ..

Determine the amount of underapplied or overapplied overhead : Grand Company uses a job-order costing system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year, manufacturing overhead and direct labor-hours were estimated at $80,000 and ..

Journalize the entries to record issuance of the bonds : On January 1, 2016, the first day of the fiscal year, a company issues a $500,000, 5%, 10-year bond that pays semiannual interest of $12,500 ($500,000 x 5% x ½ year), receiving cash of $500,000. Journalize the entries to record (a) the issuance of th..

Grand company uses job-order costing system : Grand Company uses a job-order costing system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year, manufacturing overhead and direct labor-hours were estimated at $80,000 and ..

User Account

All Pages