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murzikaleks [220]
3 years ago
9

Parent Corporation purchased land from S1 Corporation for $220,000 on December 26, 20X8. This purchase followed a series of tran

sactions between P-controlled subsidiaries. On February 15, 20X8, S3 Corporation purchased the land from a nonaffiliate for $160,000. It sold the land to S2 Company for $145,000 on October 19, 20X8, and S2 sold the land to S1 for $197,000 on November 27, 20X8. Parent has control of the following companies: Subsidiary Level of Ownership 2008 Net Income S3 80 percent $100,000 S2 70 percent 70,000 S1 90 percent 95,000 Parent reported income from its separate operations of $200,000 for 20X8. Based on the preceding information, what amount of gain or loss on sale of land should be reported in the consolidated income statement for 20X8?
Business
1 answer:
Tju [1.3M]3 years ago
7 0

Answer:

$0

Explanation:

The land will be reported at $160,000 in the consolidated balance sheet as of December 31, 20X8, but there will be no amount of gain or loss on sale of land

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3 years ago
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The Murdock Corporation reported the following balance sheet data for 2018 and 2017: 2018 2017 Cash $91,805 $30,755 Available-fo
worty [1.4K]

Answer:

net income                                                    $63,000

+ depreciation                                                $51,700

- gain on sale of equipment                          ($1,650)

change in current assets:

- increase in accounts receivables             ($13,050)

- increase in inventory                                 ($21,300)

+ decrease in prepaid insurance                     $630

change in current liabilities:

- decrease in accounts payable                ($73,630)

- decrease in salaries payable                    ($5,800)

- decrease in notes payable                      ($51,300)

<u>net cash provided by operating activities ($51,400)</u>

Explanation:

2018 2017

Available-for-sale debt securities (not cash equivalents) 22,000 98,000 INVESTING ACTIVITY

Accounts receivable 93,000 79,950 = -13,050

Inventory 178,000 156,700 = -21,300

Prepaid insurance 2,670 3,300 = 630

Land, buildings, and equipment 1,276,000 1,138,000, INVESTING ACTIVITY

Accumulated depreciation 623,000 585,000 = 38,000 + 13,700 = 51,700

Accounts payable $88,040 $161,670 = -73,630

Salaries payable 25,200 31,000 = -5,800

Notes payable (current) 36,700 88,000 = -51,300

Bonds payable 213,000 0 FINANCING ACTIVITY

2) Equipment costing $20,000 with a book value of $6,300 was sold for $7,950 = 13,700 added to accumulated depreciation, -1,650 gain on sale

3 0
2 years ago
Consumer ________ helps answer questions such as why people choose one product or brand over another
san4es73 [151]

Answer:

The answer is Consumer Behavior

Explanation:

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This study seeks to understand how the behave in  the marketplace and the reason(s) for this behavior.

The importance of understanding consumer behavior is that it can help you become more effective at marketing, advertising, product design and development, which will have the major impact of your customers.

An example can be seen when someone seeks the advice of his/her friend before purchasing a car. In this case, they may buy the car not because they like it, but because a friend recommended that car.

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3 years ago
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Answer:

Non Banking Institutions (Investment Bank)

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8 0
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