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Mila [183]
3 years 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:
Ann [662]3 years ago
3 0

Answer:

This question incomplete,find the complete question below:

Trim Corporation acquired 100 percent of Round Corporation’s voting common stock on January 1, 20X2, for $405,000. 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:

 

 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 of $30,000.

Give the consolidation entries needed at December 31, 20X2, to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Explanation:

I have prepared necessary journals with which consolidation accounts can be prepared.

Find in the necessary journals in the attached excel document.

Download xlsx
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why might a bank offer to make a loan to a consumer at a low initial rate which will increase after a set period of time?a. too
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Budgeted sales in Acer Corporation over the next four months are given below: Budgeted sales September October November December
AlekseyPX

Answer:

$161,400

Explanation:

<u>Cash collection calculation</u>

December cash sales ($160,000*30%) = $48,000  

<u>Credit sales</u>

December: (160000*70%*50%) =              $56,000

November: (180000*70%*30%) =              $37,800

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7 0
3 years ago
A company had an unadjusted Cost of Goods Sold of $1,690,000. The company closes its underapplied or overapplied overhead to Cos
lakkis [162]

Answer:

"$1,673,750" is the appropriate answer.

Explanation:

The given values in the question are:

Applied overhead,

= $666,250

Actual overhead,

= $650,000

Unadjusted cost,

= $1,690,000

Now,

The overapplied overhead will be:

= Applied \ overhead-Actual \ overhead

= 666,250-650,000

= 16,250 ($)

hence,

The goods sold's adjusted cost will be:

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question answered by

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3 years ago
Read 2 more answers
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