The accounting records of Jamaican Importers, Inc., at January
1, 2018, included the following:
| Assets: | ||||
| Investment in IBM common shares | $ | 1,395,000 | ||
| Less: Fair value adjustment | (150,000 | ) | ||
| $ | 1,245,000 | |||
No changes occurred during 2018 in the investment portfolio.
Required:
Prepare appropriate adjusting entry(s) at December 31, 2018,
assuming the fair value of the IBM common shares was:
$1,187,000
$1,287,000
$1,425,000
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
In: Accounting
The accounting records of Timberline Lodge are maintained on the basis of a fiscal year ending April 30. The facts listed below are to be used for making adjusting entries at April 30, 2018.
A portion of the land owned by Timberline had been leased on April 16, 2018, to a service state operator at a yearly rental of $12,000. One year’s rent was collected in advance at the date of the lease and credited to Unearned Rental Revenue. The lease runs from April 16, 2018 through April 15, 2019.
In: Accounting
Gibson Corp. owned a 90% interest in Sparis Co. Sparis frequently made sales of inventory to Gibson. The sales, which include a markup over cost of 25%, were $420,000 in 2017 and $500,000 in 2018. At the end of each year, Gibson still owned 30% of the goods. Net income for Sparis was $912,000 during 2018. Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, what was the net income attributable to the noncontrolling interest for 2018?
In: Accounting
In: Math
In 2018, Dave is in an indemnity medical plan with a $1,800 annual deductible and an 90/10 split after the deductible. So the Coinsurance is 90%
a. On 2/15/2018 Greg injuries his arm and goes to the emergency room. The cost of his visit is $1,500. How much of that bill is Greg’s responsibility?
b. On 4/13/2018 Dave falls off a ladder and breaks his leg. His hospital stay costs $9,000. How much of the bill is Dave’s responsibility?
In: Operations Management
Q–7. An American investor purchased 100 shares of a French beyond meat company on January 1, 2018 at €93.00 per share. e French company paid an annual dividend of €0.72 on December 31st, 2018 to all its shareholders. e stock was sold that day as well for €100.25. e exchange rate was € 0.68 per US dollar on January 1,2018 and €0.71 per US dollar on December 31, 2018. What is the investor’s total return in US dollars?
In: Finance
(show Work and calculations)
X Company had 200,000 shares of $10 par value common stock outstanding during fiscal 2018 along with 10,000 shares of 8%, cumulative, $100 par value preferred stock four years in arrears, with each share convertible into five shares of common stock. X’s fiscal 2018 net income was $800,000 and reflects an income tax rate of 40%.
Required—Prepare in good form the fiscal 2018 EPS presentation for X Company
In: Accounting
Schmidt Company issued $ 260,000, 8%, 10-year bonds payable at 92 on January 1, 2018.
Journalize the issuance of the bonds payable on January 1, 2018.
7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2018.
8. Assume the bonds payable was instead issued at 106. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond discount or premium.
thanks
In: Accounting
Let f be a continuous function on [a, b] which is differentiable on (a,b). Then f is non-decreasing on [a,b] if and only if f′(x) ≥ 0 for all x ∈ (a,b), while if f is non-increasing on [a,b] if and only if f′(x) ≤ 0 for all x ∈ (a, b).
can you please prove this theorem? thank you!
In: Advanced Math
In: Statistics and Probability