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Question - At the beginning of current year, an entity acquired 40% of the outstanding ordinary shares of an associate. On such date, assets and liabilities of the investee were recorded at fair value and the acquisition showed that goodwill of 1,000,000 was acquired. The investee reported net income of 8,000,000 for the current year. In December, the investee sold inventory costing 3,000,000 to the investor for 5,000,000. The inventory remained unsold by the investor at year-end. At the beginning of current year, the investee sold an equipment to the investor with carrying amount of 2,500,000 for 4,000,000. The remaining life of the equipment is 5 years. What amount of investment income should be reported for current year?
a. 3,200,000
b. 2,400,000
c. 1,920,000
d. 1,800,000
If the inventory is being valued using FIFO. Using the LIFO method and the data what will be the cost of sales if 1500 units are sold in March?
$100 million and you want to invest in 2 companies out of three companies you have in mind, how would you make the decisions to choose the 2 companies.
On Jan 1, 2010, Morgan Company acquires 300,000 of Nicklaus, Inc, 9% bonds at 278,384. the interest is payable each December 31, and the bonds mature Dec 31, 2012. the investment will provide Morgan Company a 12% yield. The bonds are classified as..
Which Porter Company should choose the functional currency? Porter Company, a U.S. GAAP reporting company is trying to determine the functional currency
Which of the statements represent advice that you would give to Sharon? Sharon owns a restaurant and also caters food for special events.
Discuss the advantages and disadvantages of accounting for inventory under the perpetual inventory system.
Pessimistic estimates of sales are $600,000 and $400,000, respectively, what are the monthly net cash flows and required financing or excess cash balances?
Cash provided by Operating Activities, Calculate the return on sales ratio and current ratio and debt-to-total-assets ratio, and free cash flow
Returns that month totaled $3500. If the company's gross profit rate is 30%, Pronghorn's will report monthly net sales revenue and cost of goods sold of
Prepare journal entries to record the purchase of the bonds, each interest payment, the partial sale of the investment on January 1, 2021.
Net Accounts Receivable of $4000, and Net Sales of $60119. Last year's Net Accounts receivable was 4400. Compute the Receivable Turnover ratio
The company paid $4,600,000 plus transaction cost of $142,000 for the bond investment. What amount is the interest income to be recognized during 2021
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