What amount of this debt should be eliminated

Assignment Help Financial Accounting
Reference no: EM13136992

Kordel Inc. holds 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?

Reference no: EM13136992

Questions Cloud

What are the combined total department costs : Jackson Corporation has two service departments whose direct department costs are $75,000 and $10,000, respectively, and two producing departments whose direct department costs are $60,000 and $250,000, respectively.
What is the density of the solid : A 32.65-g sample of a solid is placed in a flask. Toluene, in which the solid is insoluble, is added to the flask so that the total volume of solid and liquid together is 54.00 mL
Classified as available for sale : If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:
Sample memo on advise regarding hr principles : Aaron Matthews is the human resources director for Molloy Metals, Inc., a manufacturer of machined metal components used in the automotive and aircraft manufacturing and servicing industries. Among the company 129 employees is a group of 78 machin..
What amount of this debt should be eliminated : Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?
Why is the income assigned to noncontrolling interest treat : Why is the income assigned to noncontrolling interest treated as a deduction in computing consolidated net income?
Methods for solving rational expectations models : Identify three methods for solving rational expectations models and using your chosen method, find the rational expectations solution for prices (p) and output (y).
Find required sample size in order to meet desired accuracy : The clinic estimates that the true population standard deviation is around $2,100. If the confidence level is 95%, find the required sample size in order to meet the desired accuracy.
Amount of liability for compensation : At December 31, 2009, M's unadjusted balance of liability for compensated absences was $30,000. M estimated that there were 200 vacation days available at December 31, 2009. M's employees earn an average of $150 per day. In its December 31, 2009, ..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Draw journal entries to record these events

1,500 Memberships were sold to the public in the amount of $40 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $25. The member year runs from July 1 to June 30.

  Find out the price of the bonds at january

For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. Find out the price of the bonds at January 1, 2011.

  What factors should turner manager and her supervisor

The expansion will cost two million dollars, and is expected to increase operating earnings to $2,100,000. What factors should Turner’s manager and her supervisor, the VP of operations, consider in deciding whether to go forward with the expansion..

  Harvest the forest analyzing the pros and cons

Calculation of Time period when the company should harvest the forest analyzing the pros and cons.

  Calculate the maximum depreciation expense

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

  Is francine necessarily right

Long-term bonds are a great investment because their interest rate is over 20%. Is Francine necessarily right?

  How would you a potential investor in firm

The maximize the increase in current earnings per share. How would you as a potential investor in firm using this tactic, be corcerned?

  Illustrate what is the number of shares that should be used

Illustrate what is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2007?

  Evaluate the profitability of each product

Evaluate the profitability of each product after allocating joint costs.

  Find what liability do the other six partners

Find what liability do the other six partners in this medical practice have in connection with this lawsuit and what factors can be important in determining the exact liability (if any) of these six doctors?

  Evaluate amount of current liabilities

Evaluate amount of current liabilities does this firm have and How much long-term debt does the firm have

  What is the amount to be capitalized as the cost

The cash equivalent price of the machine was $36,000. Hayes incurred and paid installation costs amounting to $1,500. What is the amount to be capitalized as the cost of the machine?

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd