5 Problem 76 Schwartz & Co. obtained significant influence over Goldberg & Co. when they acquired a 40% interest in Goldberg7 by acquiring 40% of the 80,000 outstanding shares of common stock at $28 per share on January 1, 2020.8 On July 1st, Goldberg paid a cash dividend of $150,000. On December 31, Goldberg reported net income of $500,000.O Prepare the necessary journal entries to record the above transactions2 Problem 83 The total cost and machine hurs per month for XYZ Corp are as follows:-4CostMachine HoursJan$49,00026000Feb74,00039,000Mar74,50040,000Apr36,00018,0006.May42,00022000June68,00034,50012 Compute the variable cost per machine hour and the fixed costs using the hi-lo method34 Problem 8A5 Ifthe variable costs are 60% and the contribution margin is 40%, and the fixed costs are $1,400,000 and the6 desired net income is $600,000, how much do sales have to be to break even after the fixed costs and desired net income?

Comment - Multiple Questions Asked. Problem -7 Journal - It refers to the primary books of accounts…

Problem Schwartz & Co. obtained significant influence over Goldberg & Co. when they acquired a 40% interest in Goldberg |by acquiring 40% of the 80,000 outstanding shares of common stock at $28 per share on January 1, 2020. On July 1st, Goldberg paid a cash dividend of $150,000. On December 31, Goldberg reported net income of $500,000. Prepare the necessary journal entries to record the above transactions

Problem Schwartz & Co. obtained significant influence over Goldberg & Co. when they acquired a 40% interest in Goldberg |by acquiring 40% of the 80,000 outstanding shares of common stock at $28 per share on January 1, 2020. On July 1st, Goldberg paid a cash dividend of $150,000. On December 31, Goldberg reported net income of $500,000. Prepare the necessary journal entries to record the above transactions

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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please prepare the journal entries Q1. Sold 22,500 Treasury shares at $2 each. Q2. Purchased 10% shareholding in Charlie Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,900,000 as at 1 March. The purchase consideration included a $2,700,000 note receivable due from Charlie Limited and the related interest receivable balance of $144,000, $140,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $120,000. ( for depreciation details, refer to Q1 of additional information.) Q3. A 10% share dividend was declared when the market value per share was $2.1. Q4. Paid cash to acquired 30,000 shares of its own at $2.3 each. ITI intends to keep the shares for several months for management bonus.
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On December 1, 2020, Citrus purchased 200.000 shares representing 45 percent of the outstanding stock of Berry for cash of P2.500,000. As a result of this purchase. Citrus has the ability to exercise significant influence over the operating and financial policies of Berry 45 percent of the profit of Berry amounted to P20,000 for the month of December and P350,000 for the year ended December 31, 2020 On January 15, 2021, cash dividends of PO.30 per share were paid to shareholders of record on December 31. 2020. Citrus longterm investment in Berry should be shown in Citrus December 31, 2020, statement of financial position at:
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