User Account

All Pages

What was the intercompany sale impact on the consolidated

Assignment Help Financial Accounting
Reference no: EM132941734

On December 31, 2017, Zack Corporation sold equipment with a three-year remaining useful life and a book value of $21,000 to its 70%-owned subsidiary, Necole Company, for a price of $27,000. Zacke bought the equipment four years ago for $49,000. The salvage value is zero. Straight-line depreciation is used by both companies.

Problem 1: After eliminating/adjusting entries are prepared, what was the intercompany sale impact on the consolidated financial statements for the year ended December 31, 2017?

A) Consolidated Net Income Consolidated Net Assets
No effect No effect
B) Consolidated Net Income Consolidated Net Asset
No effect Increased
C) Consolidated Net Income Consolidated Net Asset
Decreased Decreased
D) Consolidated Net Income Consolidated Net Asset
Decreased No effect

Reference no: EM132941734

Questions Cloud

What the truck account was : HHH Corporation purchased a truck with a useful life, In the eliminating/adjusting entries on consolidation working papers for 2019, the Truck account was
What aaa would report investment income from nnn of : NNN had separate income of $100,000 in 2015. The parent company, AAA Incorporated, owns 80% of NNN. AAA would report investment income from NNN in 2015 of
Competitive advantages of netflix business model : What were the competitive advantages of Netflix's business model? What characteristics of the Netflix information system define it as a strategic information sy
What consolidated depreciation expense would be : If XXX failed to make year-end adjustments/eliminations on the consolidated working papers in 2015, consolidated depreciation expense for 2015 would be
What was the intercompany sale impact on the consolidated : After eliminating/adjusting entries, What was the intercompany sale impact on the consolidated financial statements for the year ended December 31, 2017?
What is the equilibrium rate of return on one-year treasury : The maturity risk premium is zero. Ignore the cross-product term, what is the equilibrium rate of return on a 1-year Treasury bond?
What pretax amounts related to lease would georgia-atlantic : What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2021?
How much is in the account after two years : How much is in the account after 2 years? A credit union pays interest of 8% per annum compounded quarterly on a certain savings plan.
Why does psychological contract exist : Why does psychological contract exist in the above case? Explain THREE (3) reasons for the existence with reference to the above case. You may use example

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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