32A4D5ヨLandEquipment (net)Customer list (net)Buildings (net)Investment in HillInvestment incomeInvestment in HillInvestment in HillDividends declaredAmortization expenseDepreciation expenseBuildings (net)Equipment (net)Customer list (net)< Required BRequired C< Prev4 of 5Next > Return to questionIf the parent uses the equity method, what consolidation entries would be used on a 2021 worksheet? (If no entry is requiredfor a transaction/event, select "No journal entry required" in the first account field.)NoEvent1SRetained earningsCommon stockAdditional paid-in capitalInvestment in Hill2ALand34D5=Equipment (net)Customer list (net)Buildings (net)Investment in HillInvestment incomeInvestment in HillInvestment in HillDividends declaredAmartination avannonAccountsDrovof 5NovtDebitCredit620,00036,000918,0001,574,000

Step 1: Step 2: Step 3: Step 4:

Answered: 3 2 A 4 D 5 ヨ Land Equipment (net)…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 24GI

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a) Explain how each dividend would be treated in both the Consolidated statementof profit or loss and the Consolidated statement of changes in equity for the yearended 30 June 2022.b) Prepare the retained earnings and non-controlling income columns from theConsolidated statement of changes in equity for the year ended 30 June 2022c) What determines the status of an investment as an associate? Identify anyfurther information needed to confirm the status of Able as an associate?
options for a: Available-for-sale Investments, at cost cash Retained Earnings Unrealized gain(loss) on available-for-sale Investments Valuation Allowance for available-for-sale Investments options for b first slot is yes or no Second slot is as other revenue/expense or in the stockholder equity section
* CengageNOW2 | Onlin x 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 人 еВook Show Me How Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $288,750 $177,120 Property, plant, and equipment 498,750 452,640 Intangible assets 87,500 26,240 Current liabilities 175,000 85,280 Long-term liabilities 376,250 301,760 Common stock 78,750 72,160 Retained earnings 245,000 196,800 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan Company Comparative Balance Sheet For the Years Ended December 31 Current Current Previous Previous year year year year Amount Percent Amount Percent Current assets…
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On January 1, 2020, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $873,000 in cash and stock options. At the acquisition date, NetSpeed had common stock of $880,000 and Retained Earnings of $44,000. The acquisition-date fair value of the 10 percent noncontrolling interest was $97,000. QuickPort attributed the $46,000 excess of NetSpeed's fair value over book value to a database with a five-year remaining life. During the next two years, NetSpeed reported the following: Net Income 2020 $ 61,400 2021 88,200 Dividends Declared $ 6,200 6,200 On July 1, 2020, QuickPort sold communication equipment to NetSpeed for $32,600. The equipment originally cost $37,200 and had accumulated depreciation of $7,000 and an estimated remaining life of three years at the date of the intra-entity transfer. a. Compute the equity method balance in QuickPort's Investment in NetSpeed, Inc., account as of December 31, 2021. b. Prepare the worksheet adjustments for…
Transitory Company acquired the following equity securities: December 31, 2022 Moon Company Star Company Sun Company December 31, 2023 Moon Company Star Company Sun Company Statement of Financial Position Investments - FVOCI Statement of Equity Other Comprehensive Income Retained earnings Statement of Other Comprehensive Income Unrealized gain / (loss) [a] [d] [g] Cost The equity securities do not qualify as held for trading. The entity has elected irrevocably to present changes in fair value in other comprehensive income. Requirement: Complete the table below. Write zero (0) if it is not applicable. Acquisition Date [] 200,000 400,000 600,000 200,000 400,000 600,000 Market 120,000 280,000 650,000 220,000 300,000 580,000 December 31, 2022 [b] [e] [h] [k] December 31, 2023 [c] [U] D [1]
text __________________is the residual interest in the assets of the entity after deducting all of its liabilities a. Current Assets b. Equity c. Profit d. None of the given options
Presented below are two independent cases related to available-for-sale debt investments. Amortized cost Fair value Expected credit losses Case 2 Case 1 Case 2 $37,230 $91,300 26,680 100,350 82,740 For each case, determine the amount of impairment loss, if any. Of no loss, please enter O. Do not leave any fields blank) Case 1 Impairment Loss $ Impairment Loss $ 21,640
interpret the results of quick ratio, debt ratio, equity multiplier and explain what that mean for the perfomance of an organization.
ansser must be in table format or i will give down vote
View previous attempt On December 31, 2019, Akron, Inc., purchased 5 percent of Zip Company's common shares on the open market in exchange for $16,200. On December 31, 2020, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $96,750. During the next two years, the following information is available for Zip Company: Common Stock Fair Value 2019 2020 2021 Income Dividends Declared $69,000 $7,100 89,000 14,700 (12/31) $324,000 387,000 477,000 Check my work At December 31, 2020, Zip reports a net book value of $289,000. Akron attributed any excess of its 30 percent share of Zip's fair over book value to its share of Zip's franchise agreements. The franchise agreements had a remaining life of 10 years at December 31, 2020, a. Assume Akron applies the equity method to its Investment in Zip account 1. What amount of equity income should Akron report for 2021? 2. On Akron's December 31, 2021, balance sheet, what amount is reported for the Investment in…

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