![]() Nor was there any such option to enter Opening Balances on the Set Date page Settings Where I see no option to enter any Opening balances. Set Date is what i see when I went to settings and set Date. I do not see where/how i can edit the entry to add the missing figure? where would i do that? They appeared as I was creating member balance accounts. I did not enter any of those figures as a journal entry. ![]() You will observe the Starting Balance Equity has a debit and a credit total. The unbalance amount is the missing member opening balance. Start Bal Equity is the unbalanced journal.It shows that i should be able to see where i can enter opening balances. Gant Company purchased 20 percent of the outstanding shares of Temp Company for $88,000 on January 1, 20X6.OK I have now downloaded and installed Version 18.1.80Īnd I have read the guide you referred me to. The following results are reported for Temp Company:ĭetermine the amounts reported by Gant as income from its investment in Temp for each year and the balance in Gant's investment in Temp at the end of each year assuming that Gant uses the following methods in accounting for its investment in Temp:īalance in Investment Chapter 2 Problem 1 Aīalance in Investment 88k 88k 88k Chapter 2 Problem 1 Bīalance in Investment Chapter 2 Problem 1 Bīalance in Investment 95200 98200 107200 Chapter 2 Problem 1 C Gant Company purchased 20 percent of the outstanding shares of Temp Company for $88,000 on January 1, 20X6. Investment in Round Corporation 466,000 CR Chapter 2 Problem 1 A (Basic Elimination Entry) Chapter 2 Activity 2 B Prepare the eliminating entries needed at December 31, 20X2, to prepare consolidated financial statements. Investment in Round Corporation 32,000CR Chapter 2 Activity 2 B (3) 123 Record Trim Corp.'s 100% share of Round Corp.'s 20X2 dividend. Income from Round Corporation 88,000CR Chapter 2 Activity 2 A (3) (2) Record Trim Corp.'s 100% share of Round Corp.'s 20X2 income. Investment in Round Corporation 410,000DRĬash 410,000CR Chapter 2 Activity 2 A (2) (1) Record the initial investment in Round Corporation. Prepare the journal entries recorded by Trim Corporation during 20X2 on its books if Trim accounts for its investment in Round using the equity method. Round reported net income of $88,000 for 20X2 and paid dividends of $32,000. Round reported the following summarized balance sheet data:Īssets $ 704,000 Accounts Payable $ 96,000 At that date, the book values and fair values of Round's assets and liabilities were equal. Trim Corporation acquired 100 percent of Round Corporation's voting common stock on January 1, 20X2, for $410,000. Prepare a consolidated balance sheet worksheet. Assume Faith Corporation's accumulated depreciation on buildings and equipment on the acquisition date was $12,000. Total Liabilities and Stockholders' EquityĪt the date of the business combination, the book values of Faith's net assets and liabilities approximated fair value. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Wilson assigned total goodwill of $134,000 to the four reporting divisions as given below:īased on the preceding information, what amount of goodwill will be reported for Beta at year-end?īlank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $207,000. Pursuing an inorganic growth strategy, Wilson Company acquired Venus Company's net assets and assigned them to four separate reporting divisions. Information for this division follows:īased on the preceding information, what amount of amount of goodwill impairment will be recognized for this division if its fair value is determined to be $245,000? ![]() Chapter 1 Quiz Question 9įollowing its acquisition of the net assets of Dan Company, Empire Company assigned goodwill of $60,000 to one of the reporting divisions. additional paid-in capital of $162,000.ĭ. additional paid-in capital of $150,000.Ĭ. An appraisal revealed that the building has a fair value of $200,000.īased on the information provided, what amount would be reported by Devon Company as investment in Regan Company common stock?īased on the preceding information, Regan Company will reportī. Useful life for the building is 30 years, with zero residual value. After exactly 3 years, it transferred these assets and cash of $50,000 to a newly created subsidiary, Regan Company, in exchange for 15,000 shares of Regan's $10 par value stock. During its inception, Devon Company purchased land for $100,000 and a building for $180,000. ![]()
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