Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
On January 1, 2014, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne Company for $384,000 consideration. At the acquisition date, the fair value of the 40 percent noncontrolling interest was $256,000 and Rockne’s assets and liabilities had a collective net fair value of $640,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $210,000 in 2015. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $270,000 in 2014 and $370,000 in 2015. Approximately 35 percent of the inventory purchased during any one year is not used until the following year.
a. What is the noncontrolling interest’s share of Rockne’s 2015 income?
b. Prepare Doone’s 2015 consolidation entries required by the intra-entity inventory transfers. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
What organizations are responsible for governing financial reporting? What is the role of each organization? How have the roles changed in the last 20 years? How might their roles change in the next 20 years?
On a current monthly bank reconcilement, it is requiring a receipt of $86.77 be added to the beginning balance so that the bank statement and general ledger match. The previous month's bank reconcilement already had the $86.77 added to the beginning ..
This motor has recently become available from an outside supplier for $24.25 per motor. If Barrus decides not to make the motors, none of the fixed manufacturing overhead would be avoidable and there would be no other use for the facilities.
The following data pertaining to a recent period's operations are available : Beginning Finished Goods Inventory: $12,000
What is a limitation of free cash flow in comparing one company to another? In what way is selling an investment for a gain potentially a negative in evaluating quality of earnings?
A company has a minimum required rate of return of 10%. It is considering investing in a project that costs $210,000 and is expected to generate cash inflows of $85,000 at the end of each year for four years. The approximate net present value of t..
What are the advantages and disadvantages to FSC's decision to not use the BSC as a performance tool-i.e., linking it to the employee determine and reward system?
Calculate Dahl's 20X6 consolidated net income and identify the amount attributable to Dahl's shareholders and to the non-controlling interest. Be sure to show all your calculations. You are not required to prepare a consolidated income statement.
Develop a cost budgeted schedule based on the earliest start time
On January 1, 2013, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $108,000. The 2013 ending inventory, valued at year-end costs, was $132,300. Suppose that Badger's 2015 ending inventory, valued at year-end cos..
For each item shown below, indicate whether it is a product cost or a period cost, by placing an X in the appropriate column. For each item that is a product cost, also indicate whether it is a direct cost or an indirect cost with respect to a unit o..
Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2013, its Cash account shows a $13,365 debit balance
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd