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
Bingel [31]
3 years ago
7

Pecan Corporation’s controller has just finished preparing a consolidated balance sheet, income statement, and statement of chan

ges in retained earnings for the year ended December 31, 20X4. Pecan owns 60 percent of Sandy Corporation’s stock, which it acquired at underlying book value on May 7, 20X1. At that date, the fair value of the noncontrolling interest was equal to 40 percent of Sandy Corporation’s book value. You have been provided the following information:
Consolidated net income for 20X4 was $271,000.
Sandy reported net income of $70,000 for 20X4.
Pecan paid dividends of $25,000 in 20X4.
Sandy paid dividends of $15,000 in 20X4.
Pecan issued common stock on April 7, 20X4, for a total of $150,000.
Consolidated wages payable increased by $7,000 in 20X4.
Consolidated depreciation expense for the year was $21,000.
Consolidated accounts receivable decreased by $32,000 in 20X4.
Bonds payable of Pecan with a book value of $204,000 were retired for $200,000 on December 31, 20X4.
Consolidated amortization expense on patents was $13,000 for 20X4.
Pecan sold land that it had purchased for $142,000 to a nonaffiliate for $134,000 on June 10, 20X4.
Consolidated accounts payable decreased by $12,000 during 20X4.
Total purchases of equipment by Pecan and Sandy during 20X4 were $295,000.
Consolidated inventory increased by $16,000 during 20X4.
There were no intercompany transfers between Pecan and Sandy in 20X4 or prior years except for Sandy’s payment of dividends. Pecan uses the indirect method in preparing its cash flow statement.
Pecan uses the indirect method in preparing its cash flow statement.
Required:
A. What amount of dividends was paid to the noncontrolling interest during 20X4?
B. What amount will be reported as net cash provided by operating activities for 20X4?
C. What amount will be reported as net cash used in investing activities for 20X4?
D. What amount will be reported as net cash used in financing activities for 20X4?
E. What was the change in cash balance for the consolidated entity for 20X4?
Business
1 answer:
-Dominant- [34]3 years ago
5 0
E what was the change in cash balance for the consolidated entity for 20x4
You might be interested in
Which of the following is one way that technology can improve productivity?
mote1985 [20]

Answer:

machines

Explanation:

6 0
2 years ago
Jayda started a corporation that creates software products for clients. Which statement correctly reflects Jayda’s role in the c
ki77a [65]
What were the answer choices
6 0
3 years ago
Sidewinder, Inc., has sales of $686,723, costs of $335,000, depreciation expense of $80,000, interest expense of $45,000, and a
algol13

Answer:

The addition to retained earnings is $95,751.

Explanation:

Addition to the retained earning is the net value of net earning of the year and dividend payment.

Net income

Sales                                                $686,723

Costs                                               (<u>$335,000)</u>

Gross income                                  $351,723

Depreciation Expense                   <u>($80,000)</u>

Income before interest and tax     $271,723

Interest Expense                            <u>($45,000)</u>

Income before tax                           $226,723

Tax 22%                                          <u>($49,879)</u>

Net Income                                      <u>$176,844</u>

Addition to Retained Earning = Net Income - Dividend Payment

Addition to Retained Earning = $176,844 - $81,093

Addition to Retained Earning = $95,751

8 0
2 years ago
Denver Company engages Public Company to produce a large machine, install the machine, and train their employees on the machine.
nata0808 [166]

Answer:

Results are below.

Explanation:

Giving the following information:

Machine= $800,000

Installation= $100,000

Training= $100,000

Total= 1,000,000

Denver and Public agree to a total contract price of $920,000.

First, we will determine the sales proportion:

Machine= 800,000/1,000,000= 0.8

Installation= 100,000/1,000,000= 0.1

Training= 100,000/1,000,000= 0.1

Now, we can allocate the price to each one:

Machine= 920,000*0.8= 736,000

Installation= 920,000*0.1= 92,000

Training= 920,000*0.1= 92,000

4 0
3 years ago
An apparel manufacturing plant has estimated the variable cost to be $21 per unit. Fixed costs are $1M per year. Forty percent o
s344n2d4d5 [400]
Find the charge of A AND B to go to C and then you have to scream rlly loud okay! and then you have to jump up and down for 3x • 4x = 9p squared okay
3 0
3 years ago
Other questions:
  • You sit on the board of a public corporation. Your CEO has proposed taking steps to offset the carbon impact of your​ company's
    9·2 answers
  • One of the other employees in your department department did not show up for work he will not be coming in today no one will be
    6·2 answers
  • The newly opened Stone Restaurant was unable to attract a lot of customers. Since the owner of the restaurant had to pay back th
    14·1 answer
  • You are on your way to meet with your manager about changing your work schedule, when you see a spill on the floor. what would y
    5·1 answer
  • When the interest rate increases, the opportunity cost of holding money Select one: a. decreases, so the quantity of money deman
    15·2 answers
  • Salim sells fax machines that come in Standard and Enhanced models. The Standard model sells for $325 and the Enhanced model sel
    13·1 answer
  • Suppose we have a bond issue currently outstanding that has 20 years left to maturity. The coupon rate is 8%, and coupons are pa
    10·1 answer
  • In the _____ stage of the advertising development process, Fallon account managers and clients must set the campaign budget. Cam
    5·1 answer
  • In the united states, loans from ________ are far ________ important for corporate finance than are securities markets.
    7·1 answer
  • Starbucks coffee corporate structure involves three regional divisions: the americas, china and asia-pacific, and europe, middle
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!