answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
labwork
1 month ago
13

Trim Corporation acquired 100 percent of Round Corporation’s voting common stock on January 1, 20X2, for $400,000. At that date,

the book values and fair values of Round’s assets and liabilities were equal. Round reported the following summarized balance sheet data:
Business
1 answer:
Scilla [3.8K]1 month ago
3 0

Answer:The question is incomplete; see the full question below:

Trim Corporation purchased 100 percent of Round Corporation's voting common stock on January 1, 20X2, at a cost of $405,000. At that time, the book values and fair values for Round's assets and liabilities were identical. Round announced the following summarized balance sheet information:

 

 Assets $ 715,000    Accounts Payable $ 102,000  

 Bonds Payable  208,000  

 Common Stock  120,000  

 Retained Earnings  285,000  

 Total $ 715,000    Total $ 715,000  

Round reported net income of $89,000 for 20X2 and paid dividends totaling $30,000.

Prepare the required consolidation entries for December 31, 20X2, in order to compile consolidated financial statements. (If a transaction/event does not require an entry, please select "No journal entry required" in the first account field.)

Explanation:

I have created the requisite journal entries to prepare consolidated accounts.

Refer to the necessary journals in the attached excel document.

Download xlsx
You might be interested in
Earl Miller, owner of a Papa Gino's franchise, wants to buy a new delivery truck in 6 years. He estimates the truck will cost $3
Scilla [3833]

Answer:

  • No, he will not accumulate sufficient funds to purchase his delivery truck after 6 years.

Explanation:

To determine how much money Earl Miller—the owner of the Papa Gino's franchise—will have available in 6 years, it's necessary to assess the worth of the $20,000 he plans to invest at a 5% interest rate compounded semiannually:

With semiannual interest: 5% / 2 = 0.05/2 = 0.025

Equation:

Here, r/n was calculated previously: r/n = 0.05/2 = 0.025; and t refers to the time in years: 6.
  • Value=Investment\times (1+r/n)^{(n\times t)}        

Thus, the future value of the investment would fall short of the truck's price, meaning

he will not be able to afford the delivery truck after 6 years.

3 0
1 month ago
Manager receives a forecast for next year. demand is projected to be 600 units for the first half of the year and 900 units for
marusya05 [3725]

A) For the first half of the year, the monthly demand averages to 560 / 6 = 93.33
Order size for the first six months can be calculated using: Sqrt(2 x A x O / C)
Where:
O is the cost of placing an order
C is the carrying cost per order
= Sqrt(2 x 93.33 x 55 / 2) = 71.65, rounded to 72
For the second half of the year, the monthly demand is 900 / 6 = 150
Order size for the second six months:
= Sqrt(2 x A x O / C)
= Sqrt(2 x 150 x 55 / 2)
= 90.83 or 91
B) For the first six months: Total monthly cost = (Q/2) x H + (d/Q) x S= (72 / 2) x 2 + (93.33 / 72) x 5 = $143.30 With a $10 discount, S = $ 55 - $10 = $ 45
Monthly TC at Q = 50 = (50/2) x 2 + (93.33 / 50)x 45 = $134.0 Monthly TC at Q = 100 = (100/2) x 2 + (93.33 / 100) x 45 = $142.00
Monthly TC at Q = 150 = (150/2) x 2 + (93.33 / 150) x 45 = $178.00
C)
Indeed, the manager should take advantage of this proposal and order Q = 50 units for the first six months. For the second six months, d = monthly demand = 900 / 6
= 150,

H = $2.00 for each unit monthly, S = $55, & EOQ = 91.
Calculating Monthly TC (Q = 91):
= (91/2) x 2 + (150/91) x 55
= $181.66
Monthly TC (Q = 50):= (50/2)x2 + (150/50)x 45= $185 Monthly TC (Q = 100) = (100/2) x 2 + (150/100) x 45= $167.50
Monthly TC (Q = 150)= (150/2) x 2 + (150/150) x 45= $195
 
3 0
2 months ago
Hemingway Corporation is considering expanding its operations to boost its​ income, but before making a final​ decision, it has
stepan [3596]

Answer: $45,310

Explanation:

Given that,

Current yearly income before taxes = ​$197,000

Hemingway plans to raise​ its before-tax yearly income to ​$339,000

Annual interest cost = ​$69,000

flat tax​ rate = 23%

Present annual corporate tax obligation = ​$197,000 × 23%

                                                              = ​$197,000 × 0.23

                                                              = $45,310

6 0
1 month ago
a company saw a drop in sales after negative publicity around a scandal involving safetry reports. the strategic changes the com
Mariulka [3825]

Answer:

The question lacks completeness; below is the full inquiry:

A company experienced a decrease in sales following negative press concerning a scandal linked to safety reports. Are the strategic adjustments made by the company to manage this situation reactive changes?

(A) True

(B) False

The right answer is (A) True

Explanation:

This indicates that external factors impacting the company's environment affect the sales of its goods and services.

5 0
1 month ago
Other questions:
  • Bickford Company plans to sell 135,000 units in November and 180,000 units in December. Bickford's policy is that 10% of the fol
    15·1 answer
  • p. 82) Which of the following is NOT a limitation of SWOT (Strengths, Weaknesses, Opportunity, Threats) analysis? A. Organizatio
    11·1 answer
  • Which of the following statements concerning the cash budget is CORRECT? a. Depreciation expense is not explicitly included, but
    8·1 answer
  • On January 1, 2021, Red Flash Photography had the following balances: Cash, $19,000; Supplies, $8,700; Land, $67,000; Deferred R
    5·1 answer
  • In general, ____ parking spaces are easier to maneuver. A. parallel B. straight-in C. hill D. angle
    15·1 answer
  • "What is the ultimate reason for trading equity for financial support? a. it is usually a deal/no deal option b. preparing for t
    6·1 answer
  • Wilson Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of
    6·1 answer
  • QUESTION 1 of 10: You want to purchase your first house. A conventional mortgage will require a credit score of approximately 63
    8·2 answers
  • Sam learns that the interest rate on his $3000, one year auto loan is 5%. He has calculated his monthly payments using the simpl
    6·2 answers
  • Your grandparents deposit $2,000 each year on your birthday, starting the day you are born, in an account that pays 7% interest
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!