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
zysi [14]
3 years ago
12

Myers Company acquired a 60% interest in Gannon Corporation on December 31, 2020 for $1,775,000. During 2021, Gannon had net inc

ome of $1,000,000 and paid cash dividends of $250,000. At December 31, 2021, the balance in the equity investment account should be
Business
1 answer:
miskamm [114]3 years ago
6 0

Answer:

The answer is $2,225,000

Explanation:

Cost of acquisition is $1,775,000

Meyer company's share of net income in Gannon corporation:

60% of $1,000,000

0.6 x $1,000,000

= $600,000

Meyer company's share from cash dividend in Gannon corporation

60% of $250,000

0.6 x $250,000

= $150,000

The balance in the equity investment account at December 31, 2021 should be:

$1,775,000 + $600,000 – $150,000

= $2,225,000

You might be interested in
An auditor noted that the accounts receivable department is separate from other accounting activities. Credit is approved by a s
Rus_ich [418]

Answer: Option (A) is correct

Write-off  refers to accounting term that curtails the amount of an asset while synchronously soliciting liabilities. It is principally utilized in its literal term by organizations seeking to rationalize unpaid loan obligations,receivables, or losses.  Delinquent account refers to a credit account, where a individual has be found lacking  to make at least the minimum monthly payment.

<em>Therefore, Write-offs of delinquent accounts could be viewed as the internal control deficiency of the given organization.</em>

4 0
3 years ago
Why is compound interest preferable to simple interest when investing?
lions [1.4K]

Answer:

O Compound interest pays interest both on the principal and the interest earned in each period.

Explanation:

Compound interest is preferred as it measures the interest on the principal amount and the accrued interest. In the compounding interest, the interest i.e. earned should be added to the principal in order to create the new principal amount. The interest earned at the closing of every year should be more than the last period as the principal amount rises at the starting of the period

Also, the interest earned via the compound interest should be grown much faster as we compared to the fixed rate interest

Therefore the last option is correct

3 0
3 years ago
Anyone wants my number for 84 points
charle [14.2K]

Answer:

no

Explanation:

3 0
2 years ago
Wright Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs. The carrying va
Nady [450]

Answer:

the total amount owed to general unsecured creditors is $71,000

Explanation:

The computation of the total amount owed to general unsecured creditors is shown below:

= Account payable + wages payable + taxes payable + interest on note payable + interest on bond payable

= $40,000 + $6,000 + $12,000 + $5,000 + $8,000

= $71,000

hence, the total amount owed to general unsecured creditors is $71,000

The same is to be considered

3 0
3 years ago
Mandy, an Adlerian group leader is helping group members to realize they have choices in their lives about which stimuli they pa
choli [55]

Answer:

Push button

Explanation:

Organisms respond to stimuli in order to survive in their given environment. It is the ability to adjust to different environmental factors that are beneficial or detrimental.

For example a worm reflexively crawls towards moisture or a dog salivating when it perceives food.

Push button shows a person that they have choices in their lives about which stimuli they pay attention to and remember.

4 0
3 years ago
Other questions:
  • Jolene is warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of
    15·1 answer
  • Bubba's Custom Shrimp Catering uses activity-based costing to determine the cost of its catering events. The firm has two activi
    10·1 answer
  • At year​ end, Economy Automotive​ Company's balance sheet showed total assets of​ $60 million, total liabilities​ (including pre
    12·1 answer
  • Identify the term that refers to agreements made between researchers and subjects, through the consent process, and how research
    8·1 answer
  • Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for a Time Period that Differs from the Data Period
    9·1 answer
  • Answer this please please
    7·1 answer
  • The four components of planned aggregate expenditure are: A. spending on domestic goods, domestic services, foreign goods, and f
    14·1 answer
  • Cash receipts and cash disbursement budgets for a government: Should be prepared monthly or as needed to enhance cash management
    6·1 answer
  • Factorize the following algebraic expressions.<br>m²-64n⁴​
    10·1 answer
  • Concerning the six-step process of personal selling, which step is described as: using a referral or calling on a customer witho
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!