Answer:
a
Explanation:
they may feel like this because they're being talked about or like they're doing something wrong
Answer:
The interest revenue on note receivable that will be recognized at maturity is $1700.
Explanation:
The note is a three months note. So, the interest that will be charged on the note for the period the note was outstanding, i.e. three months from June to August. The rate that is given is an annual rate. Thus, the interest on note for three months period will be,
Interest revenue on note = 68000 * 0.1 * 3/12
Interest revenue on note = $1700
Answer:
Question a:
The non-controlling interest of Rockne´s 2018 net income is $111,000.- calculated by taking 30% of Rockne´s net income of $370,000.-
Question B:
There are 3 entries required to eliminate te sale of goods form rochne to doone.
The first entry eliminates the sales recorded by rockne against te inventory or cost of goods sold by recorded by doone. To consider, the 60% of the purchases went trhough cost of good sol d and 40% of the purchases remain in inventory until the following year. Here is the engru:
Debit/sales/$530
Credit/COGS/ ($318) 60%
Credit inventory ($212) 40%
The next entry has to do with the amount of inventory that remained from the last intercompany transaction. This is caclulated usin 40% of 2017 sales, which were $430. So:
Debit inventory $172
Credit Cogs ($172)
The last part is to eliminate the recievable on the book of rockne when they made te sale
Debit Payable $530
Credit receivable ($530)
