hFeb. 10Mar. 15< June 2Apps Dashboard | Georgia Northwestern Technical Coll...RequiredJournalize the transactions of February 1, March 15, and June 2. If an amount box does not require an entry, leave it blank.v2.cengagenow.comOn February 1, Marine Company reacquired 7,500 shares of its common stock at $30 per share. On March 15, Marine sold 4,500 of the reacquired shares at $34 pershare. On June 2, Marine sold the remaining shares at $28 per share.Jun0000 003 CBEBb My Grades - ACCT1105: Financial Accounting II (...1 + 0C CengageNOWv2 | Online teaching and learning resourc...PreviousNext >n

These are the accounting transactions that are having a monetary impact on the financial statement…

Answered: On February 1, Marine Company reac…

Business

Accounting

On February 1, Marine Company reac share. On June 2, Marine sold the rem Requir

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control violated or followed for each procedure. 1. The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner argues they hire honest employees. 2. Several salesclerks share the same cash drawer. 3. The company devotes resources towards keeping accurate accounting records for machinery. 4. The company does not allow employees with access to cash to modify accounting records. 5. Employees that handle easily transferable assets such as cash are bonded. Weakness or Strength 1. Weakness 2. Weakness 3. Strength 4. Strength 5. Strength Internal Control Principle
putt corporation acquired 70 percent of slice company's voting common
On January 1, 2020, Peasy Corporation acquired 60 percent of Squeezy Corporation's voting common stock. On that date, Peasy reported buildings and equipment on its general ledger at a book value of $66000. 01/01/20, the fair value of the Peasy's buildings & equipment was $59000. On 01/01/20, Squeezy reported buildings and equipment on its general ledger at a book value of $63000. On that same date, the fair value of the Squeezy's buildings & equipment was $90000. What will be the amount at which buildings and equipment will be reported in consolidated balance sheet immediately following the acquisition? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE,
The Carla Vista Burkett Company uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return on investment calculations. The allocation of resources within the company and the segment managers' bonuses are based in part on the results shown in these reports. Recently, the company was the victim of a computer virus that deleted portions of the company's accounting records. This was discovered when the current period's responsibility reports were being prepared. The actual operating results appeared as follows. Determine the missing amounts. (Round Return on Investment to 1 decimal place, e.g. 52.7%.) Service revenue Variable costs Contribution margin Controllable fixed costs Controllable margin Average operating assets Return on investment $ Planes 5,018,000 1,518,000 25,018,000 12% Taxis $459,000 $ 189,000 79,000 10% Limos 329,000 389,000…
On January 1 Criquet Co. acquired an interest in the Tamlee Co. for $500,000. At December 31, Tamlee Co. declared and paid a cash dividend of $50,000 and reported a net income of $160,000. REQUIRED: Prepare the journal entries for the Criquet Co. under each of the independent circumstances: 1. Criquet Co. acquires a 10% interest in the Tamlee Co. 2. Criquet Co. acquires a 25% interest in the Tamlee Co.
V Corp. owns 70% of F Corp’s ordinary shares. On August 1, 2020, F Corp. sold a machine to V Corp. for P290,000. The carrying amount of the machine is P170,000 and has a remaining life of 8 years. Due to this intercompany transaction, compute the net adjustment (increase/decrease) in the consolidated net income attributable to the non-controlling interest for 2020. * A. Answer not given B. P1,875 increase C. P6,250 increase D. P34,125 decrease E. P43,750 decrease
On December 31, 20X1, Par Inc reported total assets of $860,203, while Sub Corp reported total assets of $171,991. The fair values of Sub's assets and liabilities on the same date were $214421 and $49,313 respectively. On the morning of January 1, 20x2, Par agreed to acquire 100% of Sub for a total value of 86.25% of Sub for a total value of $286,678 by paying cash. On the consolidated balance sheet immediately after the acquisition, what should be the total assets reported by the combined entity under the fair-value-enterprise (FVE) method? a. $955,218 b. $979,099 Oc. $1,002,979 Od. $1,026.860 O e. $931,338 On January 1, 20X1, Par inc acquires 79.05% of Sub Corp for $153,469 in cash. Immediately before the acquisition, the book value of Sub's identifiable net assets was $104,016 with a fair value of $116,806, while the book value of Par's net assets was $204.623. What will be the amount of total shareholders' equity on the consolidated balance sheet immediately after the acquisition…
Parilo Company acquired $183,600 of Makofske Company, 6% bonds on May 1, 20Y5, at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, 20Y5, Parilo sold $52,200 of the bonds for 96. Journalize the entries to record the following under the cost method:
answer step by step
Lorn Corporation purchased inventory from Dresser Corporation for P 120,000 on September 20, 20x2, and resold 80% of the purchased inventory to unaffiliated companies prior to December 31, 20x2, for P140,000. Dresser produced the inventory sold to Lorn for P75,000. Lorn owns 70% of Dresser’s voting common stock. The companies had no other transactions during 20x2. What amount of cost of goods sold will be reported in the 20x2 consolidated income statement? A. P60, 000 B. P75, 000 C. P96, 000 D. P120, 000 E. P171, 000
Problems 15 through 18 are based on the following information:On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $40 fair value in exchange for all of Webstat Company’s outstanding voting shares. Webstat’s precombination book and fair values are shown below along with book values for TruData’s accounts.On its acquisition-date consolidated balance sheet, what amount should TruData report as patented technology (net)?a. $200,000b. $230,000c. $410,000d. $430,000
Galaxy Company owned 30,000 ordinary shares of Grand Company acquired on July 31 at a total cost of P1,100,000. On December 1, Galaxy received 30,000 share rights from Grand. Each right entitles the holder to acquire one share at P45. The market price of Grand’s share on this date was P50 and the market price of each right was P10. Galaxy sold the rights on December 31, for P450,000 less a P10,000 commission. What amount should be reported as gain from the sale of the rights?