1answer.
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
nignag [31]
3 years ago
14

Porter Co. owned all of the voting common stock of Simi Corp. The corporations' balance sheets dated December 31, 2018, include

the following balances for land: for Porter – $416,000, and for Simi – $256,000. On the original date of acquisition, the book value of Simi's land was equal to its fair market value. On April 4, 2020, Porter sold to Simi a parcel of land with a book value of $65,000. The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2020. What is the consolidated balance for land on the 2020 balance sheet?
Business
1 answer:
Katena32 [7]3 years ago
3 0

Answer: $672,000

Explanation:

Porter sold land to Simi which means that their land balance reduces. Simi's however increases by the same amount. As Porter owned all the voting stock, the sale will be accounted for at the book value.

The Consolidated balance for land in 2020 will therefore be calculated as,

= (Porter land value - Sales price) + (Simi land value + Sales price)

= (416,000 - 65,000) + (256,000 + 65,000)

= 351,000 + 321,000

= $672,000

The book value of the Consolidated land will be $672,000 in 2020.

You might be interested in
General Electric is a company that used________to acquire and hold companies in the aerospace, consumer appliances, entertainmen
inn [45]

Answer:

The answer is Conglomeration

Explanation:

This is a term that describes the process by which a conglomerate is created, and a conglomerate is a corporation that owns a number of different businesses that are unrelated.

Another trait of a conglomerate is that every one of the conglomerate's subsidiaries operate independently of each other, but each subsidiary reports to the parent company.

5 0
3 years ago
Read 2 more answers
PLEASE HURRY!!!!!!
nexus9112 [7]

If Jamie would like to compare one savings account to

another savings account, and that he compares the amount of the interest he

will earn in one year in each account, it is likely that he is demonstrating

the annual percentage yield. This is where the annual rate return exist in

which the effect of copound interest is being taken into account.

hope this helps


5 0
3 years ago
Read 2 more answers
Department S had 500 units 70% completed in process at the beginning of the period, 7,600 units completed during the period, and
Rudik [331]

Answer:

7,727 units

Explanation:

According to the scenario, computation of the given data are as follows:

Department S beginning = 500 units

Completed % in process = 70%

Total completed during period = 7,600 units

End of period = 900 units 53 % completed

So, we can calculate the units of production using FIFO method.

Check attachment for the Solution.

The attachment is attached below.

3 0
3 years ago
Maria is a retired factory worker who lives with anxiety. due to the fear of having anxiety attacks, she does not leave her hous
Roman55 [17]

The criterion which is most appropriate to use in this case would be <u>“subjective discomfort”.</u>

<u> </u>


Subjective discomfort is one of the signs of abnormality when a person experiences a great deal of emotional distress while appealing in a particular behavior.

5 0
3 years ago
Southland Company is preparing... Southland Company is preparing a cash budget for August. The company has $18,300 cash at the b
Alekssandra [29.7K]

Answer:

The Company must borrow $5400

Explanation:

To calcualte the amount rewquired to be borrowed, we first need to calculate the cash shortage from the minimum cash requirement.

The cash at the end of the August will be,

Cash at the end = 18300 + 123400 - 137100 = $4600

The minimum requirement is $10000.

The shortage of cash is = 10000 - 4600 = $5400

Thus, the Company must borrow $5400

7 0
3 years ago
Other questions:
  • A space into which you can safely direct your vehicle with the lowest possible risk is referred to as your
    6·1 answer
  • Which one of the following statements related to annuities and perpetuities is correct? Multiple Choice An ordinary annuity is w
    15·1 answer
  • How did the conflicts between labor unions and business capital evolve during the gilded age? be sure to address strikes, the ev
    13·1 answer
  • The method used to share an idea with an audience is called what? 6 points
    11·1 answer
  • An outward shift of a nation's production possibilities curve: a. does not ensure the nation of an increase in real GDP. b. ensu
    10·2 answers
  • Maintenance, which was about 18 of the total budget less than it spent on administrative personnel. The amount spent on administ
    12·1 answer
  • an organization founded by businesses in a specific in a specific industry for the purpose of collaborating within the industry
    9·1 answer
  • Which of the following people would not likely have an insurable interest in a
    5·2 answers
  • What is the current price of a $1,000 par value bond maturing in 12 years with a coupon rate of 14 percent, paid semiannually, t
    11·1 answer
  • Which style of interaction might seem to be the only way for couples whose backgrounds are completely irreconcilable to survive?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!