Business, 30.10.2019 06:31 kenyamaclark1847

Anew ceo was hired to revive the floundering champion chemical corporation. the company had endured operating losses for several years, but confidence was emerging that better times were ahead. the board of directors and shareholders approved a quasi reorganization for the corporation. the reorganization included devaluing inventory for obsolescence by $120 million and increasing land by $5 million. immediately prior to the restatement, at december 31, 2018, champion chemical corporation’s balance sheet appeared as follows (in condensed form): champion chemical corporation balance sheet at december 31, 2018 ($ in millions) cash $ 25 receivables 46 inventory 290 land 46 buildings and equipment (net) 96 $ 503 liabilities $ 291 common stock (388 million shares at $1 par) 388 paid-in capital—excess of par 90 retained earnings (deficit) (266 ) $ 503 required: 1. prepare the journal entries appropriate to record the quasi reorganization on january 1, 2019. 2. prepare a balance sheet as it would appear immediately after the restatement.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 23:30

The uno company was formed on january 2, year 1, to sell a single product. over a 2-year period, uno’s acquisition costs have increased steadily. physical quantities held in inventory were equal to 3 months’ sales at december 31, year 1, and zero at december 31, year 2. assuming the periodic inventory system, the inventory cost method which reports the highest amount for each of the following is inventory december 31, year 1/ cost of sales year 2 a: lifo fifo b: lifo lifo c: fifo fifo d: fifo lifo

Answers: 3

Answer

Business, 22.06.2019 08:00

Interest is credited to a fixed annuity no lower than the variable contract rate contract guaranteed rate current rate of inflation prime rate

Answers: 2

Answer

Business, 22.06.2019 13:30

Jose recently died with a probate estate of $900,000. he was predeceased by his wife, guadalupe, and his daughter, lucy. he has two surviving children, pete and fred. jose was also survived by eight grandchildren, pete’s three children, naomi, daniel, nick; fred’s three children, heather, chris and steve; and lucy’s two children, david and rachel. jose’s will states the following “i leave everything to my three children. if any of my children shall predecease me then i leave their share to their heirs, per stirpes.” which of the following statements is correct? (a) under jose’s will rachel will receive $150,000. (b) under jose’s will chris will receive $150,000. (c) under jose’s will nick will receive $100,000. (d) under jose’s will pete will receive $200,000.

Answers: 1

Answer

Business, 22.06.2019 15:20

Martinez company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 pretax financial income $873,000 $866,000 $947,000 (2017' 2018, 2019) excess depreciation expense on tax return (29,400 ) (39,000 ) (9,600 ) (2017' 2018, 2019) excess warranty expense in financial income 20,000 9,900 8,300 (2017' 2018, 2019) taxable income $863,600 $836,900 $945,700(2017' 2018, 2019) the income tax rate for all years is 40%. instructions: a. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. b. assuming there were no temporary differences prior to 2016, indicate how deferred taxes will be reported on the 2016 balance sheet. button's warranty is for 12 months. c. prepare the income tax expense section of the income statement for 2017, beginning with the line, "pretax financial income."

Answers: 3

Answer

You know the right answer?

Anew ceo was hired to revive the floundering champion chemical corporation. the company had endured...

Questions