a.
Calculate the average % ownership that Company, T will posses in its unconsolidated equity method affiliates on the basis of the company, T’s Mar 31, 2017
b.
Calculate the average % ownership that Company, T will posses in its unconsolidated equity method affiliates on the basis of the company, T’s Mar 31, 2017 income statement information.
c
Mention the difference between the average % ownership that Company, T will posses in
its unconsolidated equity method affiliates upon the information provided in the income statement information and balance sheet information.
d.
Reconcile the company, T’s March 3 1, 2017 Equity investment balance to the March 31,
2016 Equity investment balance and if the amounts will not reconcile, then mention its
reason also.
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Chapter 1 Solutions
ADVANCED ACCOUNTING
- On June 10, Larkspur Company purchased $7,200 of merchandise from Crane Company, on account, terms 3/10, n/30. Larkspur pays the freight costs of $430 on June 11. Goods totaling $200 are returned to Crane for credit on June 12. On June 19, Larkspur Company pays Crane Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Crane Company. The merchandise purchased by Larkspur on June 10 cost Crane $2,740, and the goods returned cost Crane $140. (If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation (To record…arrow_forwardi want to this question answer account questionsarrow_forwardElite Services Inc. had total net credit sales of $900,000 for the year. The beginning accounts receivable balance was $70,000, and the ending balance was $90,000. Calculate the accounts receivable turnover ratio. • Determine the average collection period in days.arrow_forward
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