Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337587358
Author: Cathy J. Scott
Publisher: Cengage Learning
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Question
Chapter 6, Problem 2PA
1.
To determine
Journalize the issue of check for petty cash fund establishment.
2.
To determine
Prepare a petty cash payments report of Company E for the month of May.
3.
To determine
Journalize the transaction for reimbursement of petty cash fund.
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Please give me answer general accounting question
net sales revenue fore the fiscal year?
Wilson owned equipment with an estimated life of 10 years when the equipment was acquired for an original cost of $80,000. The equipment had a book value of $50,000 at January 1, 2023. On January 1, 2023, Wilson realized that the useful life of the equipment was longer than originally anticipated, at ten remaining years.
On April 1, 2023, Simon Company, a 90% owned subsidiary of Wilson Company, bought the equipment from Wilson for $68,250 and for depreciation purposes used the estimated remaining life as of that date. The following data are available pertaining to Simon's income and dividends declared:
2023
2024
2025
Net income
$ 100,000
$ 120,000
$ 130,000
Dividends declared
40,000
50,000
60,000
Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, compute Wilson’s share of income from Simon for consolidation for 2025.
Multiple Choice
$117,000
$118,825
$115,000
$118,800…
Chapter 6 Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
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- On January 1, 2023, Smeder Company, an 80% owned subsidiary of Collins, Incorporated, transferred equipment with a 10-year life (six of which remain with no salvage value) to Collins in exchange for $84,000 cash. At the date of transfer, Smeder’s records carried the equipment at a cost of $120,000 less accumulated depreciation of $48,000. Straight-line depreciation is used. Smeder reported net income of $28,000 and $32,000 for 2023 and 2024, respectively. All net income effects of the intra-entity transfer are attributed to the seller for consolidation purposes. Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, what amount of this gain should be recognized for consolidation purposes for 2023? Multiple Choice $1,200 $12,000 $9,600 $8,400 $2,000arrow_forwardStep by step answerarrow_forwardGeneral Accounting problemarrow_forward
- what is the equity at the end of the year?arrow_forwardWebb Company purchased 90% of Jones Company for $990,000 when the book value of Jones was $1,000,000. Jones currently has 100,000 shares outstanding and a book value of $1,200,000. Jones sells 20,000 shares of previously unissued shares of its common stock to outside parties for $10 per share. What is the new percent ownership of Webb in Jones after the stock issuance? Multiple Choice 60% 75% 90% 80% 64%arrow_forwardA parent company owns a 70% interest in a subsidiary whose stock has a valuation basis of $27 per share. On the last day of the year, the subsidiary issues new shares for $27 per share, and the parent buys its 70% interest in the new shares. Which of the following statements is true? Multiple Choice Since the sale was made at the end of the year, the parent’s investment account is not affected. Since the shares were sold for the same per share amount as the adjusted subsidiary value per share, and the parent bought 70% of the shares, the parent’s investment account is not affected except for the total acquisition amount for the new shares. Since the shares were sold for the same per share amount as the adjusted subsidiary value per share, the parent’s investment account must be decreased. None of these answer choices are correct. Since the shares were sold for the same per share amount as the adjusted subsidiary value per share, the parent’s investment…arrow_forward
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