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Question - Consolidation adjustment necessary when affiliate's debt is acquired from non-affiliate Assume that a Parent company owns 65 percent of its Subsidiary. The parent company uses the equity method to account for its Equity investment. On January 1, 2015, the Parent company issued to an unaffiliated company $1,800,000 (face) 10 year, 10 percent bonds payable for a $90,000 premium. The bonds pay interest on December 31 of each year. On January 1, 2018, the Subsidiary acquired 30 percent of the bonds for $514,800. Both companies use straight-line amortization. In preparing the consolidated financial statements for the year ended December 31, 2019, what consolidating entry adjustment is necessary for the beginning-of-year Equity investment balance?
listed below are several transactions that took place during the first two years of operations for the law firm of pete
Assuming the appropriate interest rate is 9%, how much interest expense (rounded) would be recorded for the year ended December 31, 2016
Company reported the following results from operations for 2014: income tax rate....40%. What was the income before extraordinary items
The Al Hammad Company has total assets of QR18 million (Qatari riyal), an asset turnover of 1.35 times, and a net profit of 16% on sales.
If Preston wishes to maximize his total 2018 cost recovery deduction, what will his total cost recovery deduction be on the properties purchased in 2018
A fire destroyed the inventory on January 20, 2011 except for purchases in transit, FOB shipping point of $6,000, Compute the cost of the inventory lost in fire
The liabilities of Frank's Smoothies are $120,000, and the stockholders' equity is $325,000. What is the amount of Frank's total assets
If a company has a 16% discount rate, how do you use this for coming up with the net present value of a product with an initial investment of 170000
Prepare the necessary journal entries for 2021, 2022, and 2023 if it decides to treat the shopping mall as an investment property under IAS 40
Calculate the interest expense for 20X0, the new present value, and the adjustment to the obligation for the change in estimates
Determine what is The cumulative effect of the declaration and payment of a cash dividend on a company's financial statements is to
Question - Adjusting entry to estimate bad debts-aging of receivables. Draw a T-account for the allowance for doubtful accounts
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