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On January 1, 2014, SydneyInc. acquired 30% of Elle Corp. Sydney used the equity method to account for the investment. On January 1, 2015, Sydney sold two-thirds of its investment in Elle. It no longer had the ability to exercise significant influence over the operations of Elle. How should Sydneyhave accounted for this change?
1. Sydney should restate the prior years' financial statements and change the balance in the investment account as if the fair-value method had been used since 2014.
2. Sydney has the option of using either the equity method or the fair-value method for 2014 and future years.
3. Sydney should use the fair-value method for 2015 and future years but should not make a retrospective adjustment to the investment account.
4. Sydney should report the effect of the change from the equity to the fair-value method as a retrospective change in accounting principle.
Your firm has sales of $628,000 and cost of goods sold of $402,000. At the beginning of the year, your inventory was $31,000. At the end of the year, the inventory balance was $33,000. What is the inventory turnover rate? Show calculations.
Assume that Walgreen's Year +1 revenue growth rate, gross profit margin, and inventory turnover will be identical to Year 8. Project the average inventory balance in Year +1 and use it to compute the implied ending inventory balance.
Great Lakes statutory tax rate for 2010 is 35%. Illustrate what is Great Lake’s effective tax rate?
How much is the interest income for the year 2016? Carrying amoubt of loan as of december 31 2017 Can you please show the solutions since i really dont understand this problem.
In exchange, Hazel received 50% of Starling Corporation's only class of stock outstanding. The stock has no established value. However, all parties sincerely believe that the value of the stock Hazel received is the equivalent of the value of the ass..
Lindsey Smith, Inc., has the following cost structure for the upcoming year: Required: If an amount is zero, enter "0". A. What is the expected level of profit? $ B. Should the company accept a special order for 1,000 units at a selling price of $20 ..
For each of the cases, determine whether the seller should recognize revenue (a) over time or (b) when the product or service is completed. Explain your answer using GAAP revenue recognition rules. Explain how each would appear on the income statemen..
Suppose your required return on the project is 8 percent and your pretax cost savings are $196,000 per year. What is the NPV of the project?(Do not include the dollar sign ($). Round your answer to 2 decimal places (e.g., 32.16).)
Beth's business purchased only one asset during the current year. It placed in service machinery (7-year property) on December 1 with a basis of $50,000. Calculate the maximum depreciation expense
How does Smith characterize the colonizing effort and why does he so characterize the effort to settle Jamestown? What was the most difficult challenge faced by the colonists who established Jamestown? How was this most difficult challenge affected b..
Consider an interest-rate swap with these features: maturity is five years, notional principal is $100 million, payments occur every six months, the fixed-rate payer pays a rate of 9.05% and receives LIBOR.
Create and on all sheets to be printed out - Statement of Cash Flows for fiscal year 2013 in proper format.
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