ADV. ACCT CONNECT STAND ALONE
13th Edition
ISBN: 9781266295744
Author: Hoyle
Publisher: MCG
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Textbook Question
Chapter 5, Problem 7P
Angela, Inc., holds a 90 percent interest in Corby Company. During 2017, Corby sold inventory costing $77,000 to Angela for $110,000. Of this inventory, $40,000 worth was not sold to outsiders until 2018. During 2018, Corby sold inventory costing $72,000 to Angela for $120,000. A total of $50,000 of this inventory was not sold to outsiders until 2019. In 2018, Angela reported separate net income of $150,000 while Corby’s net income was $90,000 after excess amortizations. What is the noncontrolling interest in the 2018 income of the subsidiary?
- a. $8,000
- b. $8,200
- c. $9,000
- d. $9,800
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The company completed the following transactions during 2020.
• Jan 10
sold inventory to Natty Paul, $11,000, on account
• May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400
• August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as
uncollectible
• October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which
had been written off earlier as uncollectible.
• December 31, The Aging schedule showed an estimated $116,500 as uncollectible
Requirements:
1. Prepare journal entries for each transaction (No narrations required)
2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the
information presented and balance off each account.
3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the
Accounts Receivable.
4. Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are
estimated…
Chapter 5 Solutions
ADV. ACCT CONNECT STAND ALONE
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - James, Inc., sells inventory to Matthews Company,...Ch. 5 - Prob. 6QCh. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - Prob. 10Q
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 1PCh. 5 - Prob. 2PCh. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Use the same information as in problem (5) except...Ch. 5 - Angela, Inc., holds a 90 percent interest in Corby...Ch. 5 - Prob. 8PCh. 5 - Thomson Corporation owns 70 percent of the...Ch. 5 - Prob. 10PCh. 5 - What is the total of consolidated cost of goods...Ch. 5 - Prob. 12PCh. 5 - Prob. 13PCh. 5 - Prob. 14PCh. 5 - What is the consolidated total for inventory at...Ch. 5 - Prob. 16PCh. 5 - Prob. 17PCh. 5 - Prob. 18PCh. 5 - Prob. 19PCh. 5 - Prob. 20PCh. 5 - Akron, Inc., owns all outstanding stock of Toledo...Ch. 5 - Prob. 22PCh. 5 - Prob. 23PCh. 5 - Prob. 24PCh. 5 - Prob. 25PCh. 5 - Prob. 26PCh. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Following are financial statements for Moore...Ch. 5 - Prob. 31PCh. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 34PCh. 5 - Prob. 35PCh. 5 - Prob. 36PCh. 5 - Prob. 1DYSCh. 5 - Hamilton Hawks Players Association and Mr....
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