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!
Question - Ahmad Inc. has owned 80 percent of WangLimited for many years. On January 1, Year 6, Ahmad paid Wang $570,000 to acquire equipment that they had purchased on January 1, Year 4, for $624,000. The equipment is expected to have no scrap value and is depreciated over a 15-year useful life. Neither company owns any other equipment. Ahmad reported net income of $74,000 for Year 8 and paid dividends of $44,000. Wang reported net income of $64,000 and paid dividends of $27,000 in Year 8.
Required -
(a) What amounts should be reported on Ahmad's separate entity financial statements for Year 8 for equipment, accumulated depreciation, depreciation expense and gain on sale of equipment?
(b) Compute the amount reported as consolidated net income for Year 8. Ignore income taxes.
(c) What amounts should be reported on the Year 8 consolidated statements for equipment, accumulated depreciation and depreciation expense?
Evaluate the deficiencies in internal controls and corporate governance at Navistar. Do you believe external auditors should be expected to discover fraud
Eastman Company has assets of $23,000 at the beginning of September. During the month, the company received $8,800 cash and billed customers $3,600.
Assume you will need $250,000 in 18 years to pay for her college education. How much would you need to deposit today to have $250,000 in 18 years
What amount should be reported as income from the discontinued segment for 2020? Lann Company approved a formal plan to sell a business segment.
Flexible Budget Coppins Sports Equipment Company made 44,000 basketballs in a given year. Its manufacturing costs were $294,800 variable and $9,100 fixed.
To which group can a CPA provide audit documentation without being subpoenaed and without the client's consent?
in december 2012 shire computers management establishes the year 2013 predetermined overhead rate based on direct labor
Suburban Lifestyles, Inc. has manufactured prefabricated houses for over 20 years. Calculate the Residual income and Return on investment
What is a disaster recovery plan and how can a company implement such a plan and ensure it will be effective
The stockholders' equity accounts of Sigma Corporation on January 1, 2010, were as follows. Journalize the transactions.
You have $1,200 invested in a term deposit earning 3.8% per annum, Calculate the simple interest earned on the deposit over the term of the deposit
Calculate revised total sales, cash sales, and credit card sales by month for August and September.
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