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Austin, Inc., acquired 10 percent of McKenzie Corporation on January 1, 2014, for $247,700 although McKenzie's book value on that date was $2,130,000. McKenzie held land that was undervalued by $167,000 on its accounting records. During 2014, McKenzie earned a net income of $323,000 while declaring and paying cash dividends of $121,000. On January 1, 2015, Austin purchased an additional 30 percent of McKenzie for $762,570. McKenzie's land is still undervalued on that date, but then by $191,900. Any additional excess cost was attributable to a trademark with a 10-year life for the first purchase and a 9-year life for the second. The initial 10 percent investment had been maintained at cost because fair values were not readily available. The equity method will now be applied. During 2015, McKenzie reported income of $387,000 and declared and paid dividends of $145,000. Prepare all of the 2015 journal entries for Austin. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1.Record the second acquisition of McKenzie stock. 2.Record the restated reported figures for 2014 to the equity method. 3.Record the income for the year 2015. 4.Record the dividend declaration from McKenzie for the year 2015. 5.Record the collection of dividend from investee for the year 2015. 6.Record the 2015 amortization for first and second purchases
During the current month, a company that uses a job order cost accounting system incurred a monthly factory payroll of $120,000 paid in cash. Of this amount, $30,000 is classified as indirect labor and the remainder as direct. Prepare entries to r..
You have been employed as an enty-level management accountant for a little year. You suspect that your immediate supervisor is invloved in a significant fraud involving diverting of company assets to personal use.
Market demand and supply are given as Qd = 1000 - 5P and Qs = 4P - 80 respectively. If P = 100,
Litten Corporation's most recent income statement appears below: gross margin percentage. The gross margin percentage is closest to:
Significant influence over Harrison is achieved by this acquisition. Harrison distributed a dividend of $2 per share during the year and reported net income of $560,000. What is the balance in the Investment in Harrison account found in the financ..
In a certain standard costing system the following results occurred last period: labor rate variance, $1,000 U; labor efficiency variance, $2,800 F; and the actual labor rate was $0.20 more per hour than the standard labor rate. The number of actu..
a. determine the direct labor rate and time variances. b. How much direct labor should be debited to work inprocess.
Why do most companies use normal or standard costing? After all, actual costing give the actual cost, so the firm could just wait until it knows what the cost will be.
The cash register tape for Leprechaun Industries reported sales of $7,783.12. Record the journal entry that would be necessary for each of the following situations: (a) Cash to be accounted for exceeds cash on hand by $52.60.
Under the indirect method on preparing the statement of cashflows, increases in current assets are __________ net income in thecash flows from operating activities section.
The relationship between the amount funded and the amount reported for pension expense is as follows:
When Medicare and Medicaid were created, reimbursement of services changed. These entities comprised a very large portion of a health care provider's business. Explain how Medicare and Medicaid have affected cost-setting for a health care organiza..
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