Assume the same basic information as presented in problem 33 except that Monica employs the equity method
Question:
Assume the same basic information as presented in problem 33 except that Monica employs the equity method of accounting. Hence, it reports $102,740 investment income for 2011 with an Investment account balance of $826,220. Under these circumstances, prepare the worksheet entries required for the consolidation of Monica Company and Young Company.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (15 reviews)
Entry G Retained Earnings 1 1 11 Young 3 600 Cost of Goods Sold 3 600 To recognize upstream intra entity inventory gross profit deferred from previous ...View the full answer
Answered By
WAHIDUL HAQUE
hello,
I'm a professional academic solution provider working as a freelance academic solution provider since 7 years. I have completed numerous projects. Help lots of students to get good marks in their exams and quizzes. I can provide any type of academic help to your homework, classwork etc, if you are a student of Accounting, Finance, Economics, Statistics. I believe in satisfying client by my work quality, rather than making one-time profit. I charge reasonable so that we make good long term relationship. why will you choose me? i am an extremely passionate, boldly honest, ethically driven and pro-active contractor that holds each of my clients in high regards throughout all my business relations. in addition, I'll always make sure that I'm giving my 100% better in every work that will be entrusted to me to be able to produce an outcome that will meet my client's standards. so if you are a student that is now reading my profile and considering me for your academic help. please feel free to look through my working history, feedback and contact me if you see or read something that interests you. I appreciate your time and consideration.
regards
4.90+
233+ Reviews
368+ Question Solved
Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
Question Posted:
Students also viewed these Accounting questions
-
Assume the same basic information as presented in Problem 34 except that Monica employs the equity method of accounting. Hence, it reports $102,740 investment income for 2021 with an Investment...
-
Assume the same basic facts as in Problem I:17-8. How would your answer change if the entity is a new corporation with all owners making property contributions? The corporation makes a timely...
-
Use the same information as presented in problem 27 but assume that Arlington pays cash of $2.3 million. No stock is issued. An additional $40,000 is paid in direct combination costs. For each of the...
-
Jillian operates a sporting goods store in a rented location at a shopping mall. She is insured under a CGL policy with the following limits: Indicate the dollar amount, if any, that Jillians insurer...
-
The loop transfer function of a unity negative feedback system is L(s) = Gc(s)G(s) = 25/s(s + 5). Develop an m-file to plot the unit step response and determine the values of peak overshoot Mp, time...
-
What is the boiling point of a 0.32-molal solution of iodine (I 2 ) in benzene at 1 atm? Strategy Use the value of kb for benzene given in Table 12.4 and the molal concentration of the solute to find...
-
A set of waveforms applied to two D lip- lops is shown in Figure 4-56. These waveforms are applied to the lip- lops shown along with the values of their timing parameters. Figure 4-56 (a) List the...
-
Define the following terms related to bonds payable. Debenture bonds..... Face value of the bonds Secured bonds...... Face rate of interest Convertible bonds...... Issue price Callable bonds
-
Lara, Alma, Mark and Paul were originally in partnership for three years, running a parcel delivery business. In September 2020, they decided to incorporate a company, QuickParcel Ltd (QuickParcel)...
-
The following data were obtained from a study of the times required to conduct a consumer test panel study: Costs are given in thousands of dollars, time in weeks. (a) Find the all-normal schedule...
-
On January 1, 2009, Monica Company acquired 70 percent of Young Companys outstanding common stock for $665,000. The fair value of the noncontrolling interest at the acquisition date was $285,000....
-
On January 1, 2010, Parkway, Inc., issued securities with a total fair value of $450,000 for 100 percent of Skyline Corporations outstanding ownership shares. Skyline has long supplied inventory to...
-
Determine the volume of the silo which consists of a cylinder and hemispherical cap. Neglect the thickness of the plates. Given: a = 10 ft b = 10 ft c = 80 ft
-
If u(t) = < sin(7t), cos(6t), t > and v(t) = < t, cos(6t), sin (7t) >, use the formula below to find the given derivative. d dt [u(t). v (t)] = u' (t) v (t) + u(t). v' (t) . d dt -[u(t).v (t)] =
-
Given the following information, solve the questions below: c=$6, K=$30, S=$50, r=5%, T=3months WHAT IS THE LOWER BOUND OF CALL? Is there an arbitrage strategy? If so, what is the arbitrage strategy?...
-
One type of chromium has a radioactive' decay rate of 2.5% per day. If 30 pounds of this chromium is available today, how much will still remain after 50 days? Use y=30(0.975), and let x be 50. After...
-
You are the emergency manager for your community, and you have been assigned by leadership to discuss the processes for which you will integrate the whole community to update the local hazard...
-
Organize the data for Profit Margin in a grouped frequency distribution using -0.20 to -0.16 as the class limits of the first a relative frequency histogram. Describe the shape of the histogram....
-
The quadratic equation x + kx + 36 = 0 has two different real roots. Find the set of possible values of k.
-
Periwinkle Company is a multinational organization. Its Parts Division is located in Lavender Land, while its Assembly Division is located in North Orchid. During the current year Periwinkle Companys...
-
Which fund financial statements include internal service fund data? Which government-wide statements include internal service fund data?
-
Which fund financial statements include internal service fund data? Which government-wide statements include internal service fund data?
-
How does the presentation of an enterprise major fund differ from the presentation of an internal service major fund?
-
two frictionless conducting rails (#1 and #2) are attached to a 20.0 incline such that the inside edges are 80.0 cm apart. A copper bar with a mass of 0.262 kg slides (without friction) at a constant...
-
GP Company is conceived by Johnson Bridges and Jeffrey Arnold (the Founders), both who are residents of Austin, Texas. They both recently graduated from the University of Texas in Austin, earning...
-
Use the following table: Large stocks Small stocks Long-term corporate bonds Long-term government bonds U.S. Treasury bills Inflation Average return 11.94% 16.64 6.32 6.10 3.92 3.10 a. Determine the...
Study smarter with the SolutionInn App