account balance. Assume thatnt of downstream intra-entity profits against its share of Sheridan's income.b. Prepare a consolidated worksheet to determine appropriate balances for external financial reportingas of December 31, 2024.Complete this question by entering your answers in the tabs below.Required A Required BShow how Pulaski determined the $409,651 Investment in Sheridan account balance. Assume that Pulaski defiof downstream intra-entity profits against its share of Sheridan's income.Note: Amounts to be deducted should be indicated with a minus sign.Consideration transferredIncrease in Sheridan's retained earnings 1/1/23 to 1/1/24Excess fair value amortization2023 ending inventory profit deferralPulaski's equity in earnings of Stinson for 2024Sheridan 2024 dividends declared to PulaskiInvestment account balance 12/31/24Required A$(20,340)+$362,400(20,340)$342,060Required B >

The Investment in Sheridan account balance can be determined by considering the various transactions…

Answered: account balance. Assume that nt of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Requirement Referring to the qualitative characteristics of accounting information, indicate the fundamental characteristic (relevance or representationally faithful) and its related attribute (confirmatory value, completeness, materiality, neutrality, or predictive value) for each of the following uses of accounting information. Use of Accounting Information This year's reported earnings per share is a. $.50 below analysts' forecasts Potential creditors review a company's long- term liabilities footnote to determine that b. entity's ability to assume additional debt. A corporation discloses both favorable and unfavorable tax settlements. C. A company discloses the write-off of an accounts receivable. The receivable due from a major customer accounts for 35% of the d. company's current assets. A financial analyst computes a company's five-year average cost of goods sold in order e. to forecast next year's profit margin. ***** Fundamental Characteristic Attribute
2. Using the information provided in the image below, determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated Statement of financial position. * Selected information from the separate and consolidated statements of financial position and statements of comprehensive income of P Company. and its subsidiary, S Company., as of December 31, 2019, and for the year then ended is as follows: P Company S Company Consolidated Statement of financial position accounts Accounts receivable. . Inventory.... Investment in S Co.. Goodwill. Noncontrolling interest... Stockholders' equity... P 26,000 30,000 67,000 P19,000 25,000 P 42,000 50,000 30,000 10,000 154,000 154,000 50,000 Statement of comprehensive income accounts P200,000 150,000 50,000 P140,000 110,000 30,000 P300,000 225,000 75,000 Revenues.. Cost of goods sold.. Gross profit. Equity in earnings of S Co. Net income... P9,000 P36,000 P20,000 P36,000 Additional information…
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ansser must be in table format or i will give down vote
Which are segments are reportable segments? Is there a sufficient number of reportable segments disclosed? If the company is a non public entity, which segments are required to be disclosed?
Compute Measures for DuPont Disaggregation Analysis Use the information below for 2018 for 3M Company to answer the requirements. ($ millions) Sales Net income, consolidated Net income attributable to 3M shareholders Pretax interest expense Assets Total equity Equity attributable to 3M shareholders Net income consolidated S a. Compute return on equity (ROE) from the perspective of a 3M shareholder. Note: 1. Select the appropriate numerator and denominator used to compute ROE from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute ROE Numerator Denominator E Net income consolidated (adjusted) 2018 2017 $32,765 5,363 5,349 S 207 36,500 $37,987 9,848 11,622 9,796 11,563 S + Average total equity 5,349 $ b. Compute the DuPont model component measures for profit margin, asset turnover, and financial leverage. (Perform these computations from a consolidated perspective). Profit Margin (PM) Note: 1. Select the appropriate numerator and denominator used to…
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Based on the Republic Bank TT, an investment holding company, answer the following questions below using the following link below for help. Provide a detail explanation and examples to the answers. https://www.republictt.com/pdfs/annual- reports/RFHL-Annual-Report-2022.pdf 1. Assess the company's working capital position by analyzing its current assets and liabilities using common methods and measures( using the figures in the financial statements) 2. Evaluate the efficiency of the company's working capital management strategies, including inventory management, accounts receivable, and accounts payable( using figures from the financial statements) 3. Based on the assessment and evaluation above, provide ten recommendations for improving the company's working capital management practices.
When using the equity method of accounting, when is revenue recorded on the books of the investor company?a. When the fair value of the affiliate stock increases.b. When a dividend is received from the affiliate.c. When the affiliate company reports net income.d. Both b and c above.
Companies are required to transfer “other comprehensive income” each period to shareholders’ equity. The FASBAccounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required:1. Obtain the relevant authoritative literature on reporting other comprehensive income in shareholders’ equityusing the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific citation that describes the guidelines for reporting that component of shareholders’ equity?2. What is the specific citation that describes the guidelines for presenting accumulated other comprehensiveincome on the statement of shareholders’ equity?
Using the following Balance Sheet summary information, calculate for the two companies presented:working capitalcurrent ratio Company L and Company M, respectively: Current assets $124,680, $180,550. Current liabilities 63,250, 153,250.
(a) Calculate the asset tumover ratio, Asset tumover ratio________ 1) eTextbook 2) and Media List of Accounts

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