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!
Problem - On January 1, 2019 Perry Inc. purchased 54,000 voting shares out of Bramble Inc's 90,000 outstanding voting shares $240,000. On that date, Bramble's common shares and retained earnings were valued at $60,000 and $90,000 resp Bramble's book values approximated its fair values on the acquisition date with the exception of the company's equ which was estimated to have a fair value that was $50,000 in excess of its recorded book value. The equipment was to have a useful life of eight years. Both companies use straight line amortization exclusively. On January 1, 2020, Perry purchased an additional 9,000 shares of Bramble Inc. on the open market for $45,000. Per the equity method to account for its investment in Bramble Inc. Bramble's net income and dividends for 2019 and 2020 are as follows:
2019
2020
Net Income
$60,000
$80,000
Dividends
$9,000
$14,000
Required -
1. What is Perry's ownership interest in Bramble after its purchase on January 1, 2020?
2. What would be the balance in Perry's Investment in Bramble' account on December 31, 2019?
Arthur Chen, a newly minted CPA, was on his second audit job in the Midwest with a new client called Parson Farm Products, Inc. He was looking through the last.
you are auditing the balance sheet section of a clients balance sheet as of 12312011. you see that there is a 1000000
On August 1, 2007, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each February 1 and August 1.
Prepare a partial income statement through gross profit under the average, FIFO and LIFO methods. Round average cost per unit to four decimal places and all other amounts to the nearest whole dollar.
Explain what ways would a reduction in inventory help the company and would you approve the proposal to move from LIFO to FIFO? Why, or why not?
Both the $700 and $950 checks cleared the next year. How much does Sarah have to include in her gross income for 2015?
Johnson Auto Body uses a job order cost system. Overhead is applied to jobs on the basis of direct labor hours. During the current period, was charged $425 in direct materials, $475 in direct labor, and $190 in overhead. If direct labor costs an a..
Using the following information, compute the ending balance of the merchandise inventory account under the perpetual inventory system
Discusses two (2) key financial statement assertions most at risk (support your answer with reference to information in the above narrative
on may 1 dandy company had a work-in-process inventory of 10000 units. the units were 100 complete for material and 30
The company uses the accrual method of accounting. By the end of December, what is the amount of Subscription Revenue that has been earned
Suppose you invest dollar 2,000 per year into a retirement fund beginning on your 21^th birthday. What is the dollar amount of those withdrawls?
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