What should the consolidated retained earnings be

Assignment Help Accounting Basics
Reference no: EM132675337

On January 1. 2017. Pitt Company acquired an 80% investment in Saxe Company. The acquisition cost was equal to Pitt's equity in Saxes recorded net assets at that date. On January 1. 2017. Pitt and Saxe had retained earnings of $500.000 and $100.000. respectively. During 2017, Pitt had net income of $200,000, which Included Its equity In Saxe's earnings, and declared dividends of $50.000. Saxe had net income of $10.000 and declared dividends of $20.000. No other intra-entity transactions between the parent and subsidiary occurred.

Required:

Problem 1: What should the consolidated retained earnings be on December al, 2017?

Reference no: EM132675337

Questions Cloud

Procedure and legalisation for risk managment standard : Determine the revevant policies, procedure and legalisation for risk managment standar?
Stereotypes and performance bias : Unconscious Bias NOTE: you may watch the video " Stereotypes and Performance Bias" the video link from module.
Government budgeting-social security : Do you think the federal government should increase spending on Social Security and Medicare for the elderly?
CHCCOM005 Communicate and Work in Health or Community : CHCCOM005 Communicate and Work in Health or Community Services Assignment Help and Solution - Inspire Education, Australia - Assessment Writing Service
What should the consolidated retained earnings be : What should the consolidated retained earnings be on December al, 2017?On January 1. 2017. Pitt Company acquired an 80% investment in Saxe Company.
Egypt in Turmoil : Explain the causes of the turmoil in Egypt in early 2011. Elaborate on at least two perspectives on the situation.
Leading and directing to an engineer manager : How beneficial the knowledge in Leading and Directing to an engineer manager?
Success and effectiveness of implemented whs training : Explain 2 strategies to evaluate the success and effectiveness of implemented WHS training. Explain your view.
Structure of organizations and the role of the ceo : How has being accountable to the stock market influenced the structure of organizations and the role of the CEO?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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