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
faust18 [17]
3 years ago
5

Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $322,000 in cash. The

book value of Kinman net assets on that date was $665,000, although one of the company's buildings, with a $70,800 carrying amount, was actually worth $114,300. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $96,500. Kinman sold inventory with an original cost of $44,100 to Harper during 2017 at a price of $63,000. Harper still held $27,600 (transfer price) of this amount in inventory as of December 31, 2017. These goods are to be sold to outside parties during 2018. Kinman reported a $55,800 net loss and a $26,400 other comprehensive loss for 2017. The company still manages to declare and pay a $12,000 cash dividend during the year. During 2018, Kinman reported a $48,200 net income and declared and paid a cash dividend of $14,000. It made additional inventory sales of $104,000 to Harper during the period. The original cost of the merchandise was $65,000. All but 30 percent of this inventory had been resold to outside parties by the end of the 2018 fiscal year. Prepare all journal entries for Harper for 2017 and 2018 in connection with this investment. Assume that the equity method is applied.

Business
1 answer:
Bogdan [553]3 years ago
5 0

Answer:

Please find attached.

Explanation:

Please find attached the journal entries per the attached question

You might be interested in
In a typical business, 80% of a company's
stepladder [879]

In a typical business, 80% of a company's expenses are for option C: Initial investments.

<h3>What do you mean by term Initial investments?</h3>

An initial investment is defined as the amount of money that is required for every business in order to start the project.

The initial investment is equal to capital expenditures plus working capital requirement add after-tax proceeds.

Therefore, approximately 80% of portion of total expense is covered by payment of initial investments.

Learn more about Initial investments, refer to the link:

brainly.com/question/13540082

#SPJ1

7 0
2 years ago
He customers for mountain sports equipment mostly have high disposable incomes. However, imagine that Peter, Thomas, and Wim wan
mel-nik [20]

I would give them advice :

a. Assign R&D the project of developing gear that meets basic needs for warmth and dryness but can be manufactured inexpensively.

c. Research what people with annual incomes of less than US $1,500 really need.

d. Recruit local people to work as salespeople and distributors.

Explanation:

A disposable income is the total of cash household funds available for expenditures and investments after tax on income is accountable. The disposable income also called disposable personal income (DPI).

The figures suggest that Switzerland has almost double that of United States ($3.258) the highest taxable monthly income ($6,301).

The $100 remaining in your savings fund after all the debts have been charged is an example of disposable income.

3 0
3 years ago
Using the weighted-average method, the equivalent units for materials are: 33,000. 41,000. 36,000. 44,000. 32,000.
ANEK [815]

Answer: $44,000

Explanation:

Equivalent units for materials in this scenario would be:

= Units completed and transferred out + Normal spoilage + Ending work in process

= 33,000 + 3,000 + 8,000

= $44,000

3 0
3 years ago
Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year En
Alexeev081 [22]

Answer:

Explanation:

The retained earning are the earnings of the business organization which is earned until the date.

The net income or net loss would reflect in the statement of the retained earning account.

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

The journal entry is shown below:

Retained earnings A/c Dr $3,000

          To Dividend A/c $3,000

(Being dividend account is closed)

4 0
3 years ago
Unit Test
ad-work [718]

The work value that Ramona feels the strongest is that the work with people

Explanation:

Work values are the values that are employed in a work place and there are many kinds of work values that develop the inter personal relationship between peoples

In the given statement she loves to work with the people in the after school program she loves to interact with the people talk with them and gain some personal experience and she feels them the strongest

4 0
3 years ago
Other questions:
  • You decide to buy a new car. You talk to friends about it, research mechanical specifications in Consumer Reports, test drive di
    8·1 answer
  • Investment increases to​ $1.5 trillion, and the multiplier when the price level is constant is 8. Draw the new aggregate demand
    10·1 answer
  • Kela Corporation reports a net income of $450,000 that includes a depreciation expense of $70,000. Also, cash of $50,000 was bor
    12·1 answer
  • A company reported the following amounts at the end of the year total sales revenue = 550000; sales discounts = $12,000; sales r
    13·1 answer
  • At the minimum efficient​ scale,
    11·1 answer
  • Saving money becomes easier if we do this first.
    8·1 answer
  • Product differentiation that makes the product better for some consumers and worse for others is A) always welfare decreasing. B
    15·1 answer
  • On July 31, 2017, Crane Company had a cash balance per books of $6, 245.00. The statement from Dakota State Bank on that date sh
    15·1 answer
  • what is the connection, if any, between comparative advantage (ca) and foreign direct investment (fdi)?
    5·1 answer
  • 6.Yan and Joel form a corporation, but do not elect to make it a Subchapter S corporation.Each of them owns 50% of the stock. Af
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!