Which the entry to eliminate the investment for purposes

Assignment Help Accounting Basics
Reference no: EM132704034

Problem 1: The B Company purchased all of X Company's common stock for $400,00. The book value of X's stock on the date of purchase is $290,000 and retained earnings are $50,000. Any differential is attributable to X's land. The entry to eliminate the investment for purposes of the consolidated balance sheet prepared immediately after acquisition would include a:

A. Credit to Land, $60,000
B. Credit to common Stock-X, $290,000
C. Credit to Retained Earnings, $50,000
D. Debit to Land, $60,000

Reference no: EM132704034

Questions Cloud

What are optimal oral hygiene interventions : What are optimal oral hygiene interventions when providing oral care to a patient who is unable to provide her own care
Calculate Clarita child and dependent care credit : If her adjusted gross income (all from wages) for the year is $18,500, calculate Clarita's child and dependent care credit for 2018
Calculate the amount of dividends that would have been paid : Zebra Hotels had 30,000 preferred shares, Calculate the amount of dividends that would have been paid to each share class for each year
Calculate the amount of the child and dependent care credit : Calculate the amount of the child and dependent care credit allowed for 2018 in each of the following cases, William and Carla file a joint tax return
Which the entry to eliminate the investment for purposes : Which the entry to eliminate the investment for purposes of the consolidated balance sheet prepared immediately after acquisition would include a
What is the maximum allowable rrsp contribution : What is the maximum allowable RRSP contribution for 2020? for 2019, the pension adjustment was $4,900 and the unused RRSP deduction limit
Calculate Diane earned income credit : During 2018, Diane's wages are $18,300 and she receives dividend income of $700. Calculate Diane's earned income credit using the EIC table
Calculate the inventory turnover and gross profit rate : Riverbed Corp for three recent fiscal years, Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021.
Contrast clones and snapshots : What are advantages of cloning virtual machine in VMware Workstation? Compare and contrast clones and snapshots.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Ttf inc which just began this year has the following

ttf inc. which just began this year has the following information about jjl the only product that it produces and

  End of the accounting period

When standard manufacturing costs are recorded in the accounts and the cost variances are immaterial at the end of the accounting period, the cost variances should be:

  What type of costs are research

What type of costs are research, design, marketing, patent fees, and selling costs, and how are they treated for accounting purposes?

  Your uncle is working in a company managing their

your uncle is working in a company managing their investment center. you approach him with the sales of a large piece

  How much of larry loss from the limited partnership

Larry recently invested $23,000 (tax basis) in purchasing a limited partnership interest. How much of Larry's $2,150 loss from the limited partnership

  Calculate the company return on assets

If the company's total assets are $55,676 in 2014, calculate the company's (a) return on assets (round to one decimal point) and (b) asset turnover for 2015

  Calcium cardboard supply agreed to accept a four-month 10

calcium cardboard supply agreed to accept a four-month 10 interest rate 12000 note from knox inc. on april 1 2008. how

  A company paid a cash dividend of 044 per share during the

a company paid a cash dividend of 0.44 per share during the current year and reported 18000 shares of common stock

  What would you estimate carpetto cost of equity to be

The earnings, dividends, and stock price of Carpetto Technologies Inc. are expected to grow at 7 percent per year in the future. Carpetto's common stock sells.

  Which of the following funds are governmental funds

Vehicles used by the Parks and Recreation Department should be accounted for in the General Fund.

  Discuss why the situation represents a risk

Identify and discuss why the situation represents a risk - By applying auditing knowledge, identify the main account or group of accounts affected by this risk in the audit plan.

  Calculate the budgeted production costs for direct materials

Calculate the budgeted production costs for direct materials purchased, direct manufacturing labor, and manufacturing overhead, respectively

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