Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated. The journal entry made by A in 20X6 to record its interest income on BW bonds that it holds.

Question

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Answer 1

Question

Chapter 8, Problem 8.18P

a

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The journal entry made by A in 20X6 to record its interest income on BW bonds that it holds.

b

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

Elimination entry for interoperate bond ownership for consolidation worksheet for the year December 31 20X5.

c

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The amount on consolidated net income and income to controlling interest to be reported in income statement for 20X5 and 20X6.

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Riverside Inc. has a current accounts receivable balance of $450,000. Credit sales for the year just ended were $5,200,000. a) What is the company's receivables turnover? b) What is the company's days' sales in receivables? c) How long did it take on average for credit customers to pay off their accounts during the past year?

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Answer 2

Question

Chapter 8, Problem 8.18P

a

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The journal entry made by A in 20X6 to record its interest income on BW bonds that it holds.

b

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

Elimination entry for interoperate bond ownership for consolidation worksheet for the year December 31 20X5.

c

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The amount on consolidated net income and income to controlling interest to be reported in income statement for 20X5 and 20X6.

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Answer 3

Question

Chapter 8, Problem 8.18P

a

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The journal entry made by A in 20X6 to record its interest income on BW bonds that it holds.

b

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

Elimination entry for interoperate bond ownership for consolidation worksheet for the year December 31 20X5.

c

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The amount on consolidated net income and income to controlling interest to be reported in income statement for 20X5 and 20X6.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.18P

a

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The journal entry made by A in 20X6 to record its interest income on BW bonds that it holds.

b

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

Elimination entry for interoperate bond ownership for consolidation worksheet for the year December 31 20X5.

c

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The amount on consolidated net income and income to controlling interest to be reported in income statement for 20X5 and 20X6.

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Answer 5

Chapter 8, Problem 8.18P

a

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The journal entry made by A in 20X6 to record its interest income on BW bonds that it holds.

b

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

Elimination entry for interoperate bond ownership for consolidation worksheet for the year December 31 20X5.

c

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The amount on consolidated net income and income to controlling interest to be reported in income statement for 20X5 and 20X6.

Answer 6

Chapter 8, Problem 8.18P

a

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The journal entry made by A in 20X6 to record its interest income on BW bonds that it holds.

Answer 7

Chapter 8, Problem 8.18P

a

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The journal entry made by A in 20X6 to record its interest income on BW bonds that it holds.

Answer 8

b

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

Elimination entry for interoperate bond ownership for consolidation worksheet for the year December 31 20X5.

Answer 9

b

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

Elimination entry for interoperate bond ownership for consolidation worksheet for the year December 31 20X5.

Answer 10

c

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The amount on consolidated net income and income to controlling interest to be reported in income statement for 20X5 and 20X6.

Answer 11

c

To determine

Concept introduction:

Retirement of bonds: Under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement, if the bonds of an affiliate are purchased from an unconnected entity value equal to the liability on such bonds is reported, before preparation of consolidated financial statement all effects of gain or loss and liability is eliminated.

The amount on consolidated net income and income to controlling interest to be reported in income statement for 20X5 and 20X6.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 8 - Prob. 8.1Q Ch. 8 - What is meant by a constructive bond retirement in...Ch. 8 - Prob. 8.3Q Ch. 8 - Prob. 8.4Q Ch. 8 - When a parent company sells land to a subsidiary...Ch. 8 - Prob. 8.7Q Ch. 8 - Prob. 8.8Q Ch. 8 - Prob. 8.9Q Ch. 8 - Prob. 8.10Q Ch. 8 - Prob. 8.11Q

Solution Summary: The author explains that under constrictive retirement, the gain or loss on retirement of bonds is reported only in the consolidated income statement.

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Chapter 8 Solutions