Videos
Retirement of bonds: when a constrictive retirement occurs, the consolidated income statement for the period reports a gain or loss on retirement, but it is not reported in consolidated
The
Retirement of bonds:when a constrictive retirement occurs, the consolidated income statement for the period reports a gain or loss on retirement, but it is not reported in consolidated balance sheet. If the company purchases the bond of an affiliate from an unrelated party at a price equal to the liability reported, the elimination entries are required to be prepared in consolidated financial statement.
Elimination entry for interoperate bond ownership for consolidation worksheet for the year December 31 20X5.
b
Retirement of bonds:when a constrictive retirement occurs, the consolidated income statement for the period reports a gain or loss on retirement, but it is not reported in consolidated balance sheet. If the company purchases the bond of an affiliate from an unrelated party at a price equal to the liability reported, the elimination entries are required to be prepared in consolidated financial statement.
The amount on consolidated net income and income to controlling interest to be reported in income statement for 20X5 and 20X6.
Want to see the full answer?
Check out a sample textbook solution
Chapter 8 Solutions
Advanced Financial Accounting
- Please help with accountingarrow_forwardAccounting problem with solutionarrow_forwardHome Insert Draw Page Layout Formulas Data Review View Automate Developer Calibri (Body) 12 ✓ Α Αν Conditional Formatting ✓ ☑Insert v Σ Custom Paste B I U ✓ ✓ $ ✓ %9 0 .00 →0 Format as Table ✓ Cell Styles ▾ Delete ✓ Format ✓ C26 fx A B D E F G 1 Instruction: 2 1. Please complete the following budget plan using appropriate cell references format (the cells highlighted in grey) 3 2. Please use fill handler to complete the table. E.g. in cell C16, build one formula and generate other formulas to D16 and E16 with fill handler. 4 3. For "Cost of Goods Sold" section (before "COGS Subtotal"), build one formula in cell C19, and generate formulas until E21. Overhead (B21) is 20% (B10) of the labor cost (B20). 5 4. For "COGS Subtotal", build one formula in C22, and generate the formulas to E22. 6 5. Similar requirements for "Selling Expenses" and "Projected Earnings" section. 7 6. Please be noted, for all items under "Cost of Goods Sold", and "Selling Expenses" the cost is per ONE shoe, not per…arrow_forward
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education