On July 1, 2021, JKJ Corporation purchased 100 common shares of JMK Ltd. at $20 per share. JKJ expected to be able to sell this investment within a year at $28 per share. Dividends of $1 per share were declared and paid on August 1, 2021. On December 31, 2021, the fair value of each share was $23. What balance was shown in the investment account on JKJ's balance sheet on December 31 (year end)? $2,300 $2,400 $2,000 $2,800

Q: The internal control requiring that checks must be prenumbered and accounted for satisfies the objec...

A: ANSWER THE CORRECT ANSWER IS COMPLETENESS. Completeness:Completness in auditing means there are no o...

Q: On January 1, year 1, ABC Corporation purchased 80% of XYZ Corporation's P10 par common stock for P9...

A: The question is related to Business Combination. The details are as under  ABC Corporation Share in ...

Q: True or False Questions Statements 1. Unlike merchandising companies, income statements of service c...

A: Solution:- 1)Unlike merchandising companies, income statements of service companies include cost of ...

Q: allace Inc. had a net realizable value of receivables of $700,000 when they prepared an aging of the...

A: In this question, we have to find out the uncollectible account expenses for 2020.

Q: How much is charged to Retained Earnings?                                    a. 1,250,000

A: 1. Meaning of Bonus shares:  Bonus shares means additional shares issued to existing shareholders wi...

Q: Assume that the business combination is a pooling of interests. Prepare all journal entries on Pop's...

A: Pooling of interest is an approach that is used for the purpose of reporting the financial transacti...

Q: Pete Frank bought a computer for $4,000. Pete put down $500 and financed the balance at 10 ½% for 36...

A: Monthly Payment = Principal Amount x Monthly Payment Factor @ 10.5% for 36 months (From Table) / 100...

Q: Korn Company purchased land, land improvements and building from Intouch Company for P28.8M and furn...

A: WHEN SEVERAL ASSETS ARE ACQUIRED AT A BASKET PRICE OR LUMP SUM PRICE , IT IS NECESSARY TO APPORTION ...

Q: During the past year, the company introduced several new product lines and raised the selling prices...

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...

Q: Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceed...

A: Interest = Loan amount x rate of interest x no. of months in calendar year /12 months Loan Payment =...

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company. ...

A:

Q: When a company uses the the effective-interest method to amortize a bond discount amortization, the ...

A: As per effective interest method, there are two ways of recognizing the interest expense. first the ...

Q: What is the journal entry to record issuance of the bonds on January 1, 2019? Dr. Cash, P500,000 an...

A: If the Bonds are issued at less then face value the the bonds are discount bonds.

Q: Parent Company acquired 15% of Subsidiary Company's common stock for P500,000 cash and carried the i...

A: Calculation of the amount of goodwill to be recognized.  

Q: her sales reports and records for the months of January through August of the current year.

A: 1. sales calculation Jan = 60000+10%=60000+60000=66000 Feb =50000+10%=50000+5000=55000 March=55000+1...

Q: The business owner uses personal funds to purchase common stock in his company, what is the journal ...

A: Lets understand the basics. Journal entry is required to make to record event or transaction occur d...

Q: Magic Realm, Incorporated, has developed a new fantasy board game. The company sold 52,200 games las...

A: Answer 1-a) Contribution Margin Income Statement Sales Revenue (52,200 units X $ 68 per unit...

Q: e of th

A: Given: Jordan Company for P120,000 Trademark totaling P30,000 

Q: E17-13. Please solve part d, and show all workings clearly.  FYI: The securities-held to maturities...

A: Unrealized Holding Gain- An unrealized holding gain is enhancing in the value of an asset that a com...

Q: AA and BB entered into partnership on March 1, 2022 by investing the following assets:   AA BB C...

A: In the given question AA and BB will share profits and losses in the partnership firm in the ratio o...

Q: A large retailer was sued nearly 5,000 times in a recent year—about once every 2 hours every day of ...

A: A contingent liability is an obligation that may arise as a result of the occurrence of a future eve...

Q: Departmental reports that contain many detailed figures and facts are best conveyed Overbally, becau...

A: Departmental reports refer to detailed description of a department’s activities for a stipulated per...

Q: Jas 2,500 city paid a 500,000 ca: activities affected sha December 31, 2013, th Dos

A: In balance sheet , total of shareholder equity and liabilities should be equal to total assets.

Q: on, the

A: Given: Company purchases for 550,000 salvage value of $50,000

Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...

A: Understated (overstated) expense in 2020  = Actual expense for the year - Expenses booked in this ye...

Q: A business combination resulting to a goodwill is accounted using acquisition method. In the consoli...

A: Net income of the Subsidiary are adjusted in case of business combination. To find out the retained ...

Q: 1. On January 1, 20x4, Drexler signed an agreement to operate as a franchisee of Houston Copy Servic...

A: Answer -  Working Note - Calculation of carrying amount of the franchise on December 31, 20x4 -  ...

Q: Magic Realm, Incorporated, has developed a new fantasy board game. The company sold 52,200 games las...

A: Contribution margin = Sales - variable cost  

Q: The Gourmand Cooking School runs short cooking courses at Its small campus. Management has Identifie...

A: The flexible budget performance report is prepared to compare the results of actual performance, pla...

Q: iability and Equity Classification   Select from the option list provided the appropriate balance ...

A: Liabilities are accumulated financial obligations that result from past events that are expected to ...

Q: During the current year, Mute Corporation expected to sell 22,200 telephone switches. Fixed costs fo...

A: Contribution per unit = Selling price per unit - Variable cost per unit = $3,100 - $1,280 = $1,820 P...

Q: Cerise Company would record a note payable of_____, if the terms of the loan with a bank are as foll...

A: Present value (PV) of an future amount is equal amount of such at present, discounted at a particula...

Q: Dell Company is selling sounds and lights equipment. The company’s fiscal year ends on March 31. The...

A: Bond is a financial instrument which is issued to raise for by the large organizations. Bond offers ...

Q: Parent corporation issued on March 31, 2021 500,000 shares of its P10 par ordinary shares, P40 marke...

A: >Goodwill is an intangible assets. >It is generally recorded when it is 'purchased'. &...

Q: Question 8 of 18 The category 'trade receivables includes Select the correct response none of these ...

A: trade  receivables include debtors and account receivables. this is done and available in case of wh...

Q: On February 28, 2022, P Corp. purchased 80% of S Co's P10 par ordinary shares for P986,000. On this ...

A: Given information, Net income =P354,000 Dividends=P112,000 Inventory overvalued =P15,000 Increase in...

Q: How is the Non-Controlling Interest displayed in a consolidated balance sheet? As a separate item in...

A: The correct Answer for the above mentioned question is given in the following steps for your referen...

Q: The following monthly data in contribution format are available for the MN Co. and its only product:...

A: Projected sales to achieve target profit is calculated by using CVP analysis ( cost-volume-profit), ...

Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: 1. The Income statement for STEM Store for the year ended 31 December 2021 with the following data: ...

A: Solution:- a)Calculation of Net sales as follows under:- Net sales =Gross sales- sales returns and a...

Q: What is the total amount that Bryant Inc. should expense during the year (versus the company capital...

A: 1. Purchased the cost of a patent from another company for $165,500- Patent is an intangible asset h...

Q: Burlington Clock Works manufactures fine, handcrafted clocks. The firm uses a job-order costing syst...

A: Answer) Calculation of Predetermined Overhead Rate Predetermined Overhead rate = Estimated manufactu...

Q: PCAOB Auditing Standard No. 5, titled "An Audit of Internal Control Over Financial Reporting that is...

A: Comment-Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the questi...

Q: 15. How much sales for the month of December 2005 were erroneously recorded in January 2006? c. P7,5...

A: The physical stock counting activity for Durian Corporation is undertaken on 27th Dec. 2005 and the ...

Q: Statement of changes in equity for the year ended 30 April 2020 Share Share Revaluation Retained Cap...

A:   1. Calculation of loss on sale of plant   (‘000s) Sale proceeds on sale of plant $42 Less: ...

Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...

A: Formula: Raw materials used = Beginning inventory + Purchases - Ending inventory

Q: of four $10,000 semi-annual payments will begin 5 years from now, with the first payment coming 5.5 ...

A: Value of annuity is the present value of annual payments to be received considering the interest rat...

Q: Company’s stockholders’ equity as of December 31, 2020 is P7,308,000. On January 1, 2021, Parent acq...

A: The goodwill or gain on bargain purchase refers to the excess or short amount paid for the acquisiti...

Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...

A: When liability is created we credit liability account and debit the expense account 

Q: ly. Thank you :)

A: In this question, we have to calculate the interest income of the third year of the contract.

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.