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Furkat [3]
3 years ago
9

Sox Corporation purchased a 30% interest in Hack Corporation for $1,825,000 on January 1, 2021. On November 1, 2021, Hack declar

ed and paid $2.3 million in dividends. On December 31, Hack reported a net loss of $4.4 million for the year. What amount of loss should Sox report on its income statement for 2021 relative to its investment in Hack
Business
1 answer:
Kazeer [188]3 years ago
8 0

Answer:

the loss reported is $1,135,000

Explanation:

The computation of the amount of loss reported is shown below:

Investment cost $1,825,000  

Less: Share of Dividends received -$690,000 ($2,300,000 × 30%)  

Carrying value of investment $1,135,000  

Share of net loss $1,320,000  ($4,400,000 × 30%)

It should be limited to the carrying value of an investment

Hence, the loss reported is $1,135,000

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Name the four major categories of primary energy use in an industrial society, and match the energy sources that correspond to e
Fittoniya [83]

Four major categories of Primary energy use are:

1. Transportation

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3. Commercial and residential use

4. Generation of electrical power

Transportation depends entirely on petroleum, whereas nuclear power, coal, and water power are limited to the production of electricity. Electricity is in most commercial and residential use. Industrial processes use natural gas, oil, and electricity. Some oil, natural gas and biomass are used for the generation of electricity.

6 0
3 years ago
Over about 40 years, your portfolio should probably:
Vlada [557]
Hey there,

Answer: 
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7 0
3 years ago
Hey how is everyone's morning going so far
Firdavs [7]

Answer:

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4 0
2 years ago
Following is the sales budget for Coore, Inc., for the first quarter of 2019.
gayaneshka [121]

Answer:

a. Sales for November = $192,666.67

b. Sales for December = $312,400,00

c. Total cash collections are as follows:

January = $200,580

February = $201,360

March = $191,750

Explanation:

a. Compute the sales for November.

Sales for November = (Accounts receivable balance at the end of the previous quarter - Uncollected sales from December) / Collection rate two months after the sale = ($107,000 - $78,100) / 15% = $192,666.67

b. Compute the sales for December.

Sales for December = Uncollected sales from December / (Collection rate one months after the sale + Collection rate two months after the sale) = $78,100 / (10% + 15%) = $312,400,00

c. Compute the cash collections from sales for each month from January through March.

Note: See the attached excel file for the schedule of cash collections from sales for each month from January through March.

From the attached excel file, total cash collections are as follows:

January = $200,580

February = $201,360

March = $191,750

Download xlsx
3 0
2 years ago
The net income reported on the income statement is $58,000. However, adjusting entries have not been made at the end of the peri
nlexa [21]

Answer:

The corrected Net income = $54,500                      

Explanation:

Net income is defined as the total profits earned by an individual from a business venture. It is equal to the difference between the gross income and the expenses involved including cost of supplies and accrued salaries.

Given: net income = $58,000

Entries not made include supplies expense = $2,200 and accrued salaries = $1,300

Therefore, the corrected net income = net income - expenses = $58,000 - ($2,200 + $1,300) = $54,500    

8 0
3 years ago
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