Workpaper Eliminating Entries, Equity Method LO 5 At the beginning of 2014, Presidio Company purchased 95% of the common stock of Succo Company for $494,000. On that date, Succo Company’s stockholders’ equity consisted of the following: Common stock $ 300,000 Other contributed capital 100000 Retained earnings 120000 Total 520000 balance of the investment= (paid +(%*(current RE- previous RE OR NET INCOME)) During 2022, Succo Company reported net income of $40,000 and distributed dividends in the amount of $19,000. Succo Company’s retained earnings balance at the end of 2021 amounted to $160,000. Presidio Company uses the equity method. Required: Prepare in general journal form the workpaper entries necessary in the compilation of consolidated financial statements on December 31, 2022. Explain why the partial and complete equity methods would result in the same entries in this instance.

Kayla and jada are roommates in new york city. both kayla and jada recently received pay raises. kayla now buys more movie tickets than before, but jada buys fewer. kayla behaves as if movie tickets are goods and jada's income elasticity of demand for movie tickets is

Employees of dti, inc. worked 1,600 direct labor hours in january and 1,000 direct labor hours in february. dti expects to use 18,000 direct labor hours during the year, and expects to incur $22,500 of worker’s compensation insurance cost for the year. the cash payment for this cost will be paid in april. how much insurance premium should be allocated to products made in january and february?

Lavage rapide is a canadian company that owns and operates a large automatic car wash facility near montreal. the following table provides data concerning the company’s costs: fixed cost per month cost per car washed cleaning supplies $ 0.70 electricity $ 1,400 $ 0.07 maintenance $ 0.15 wages and salaries $ 4,900 $ 0.30 depreciation $ 8,300 rent $ 1,900 administrative expenses $ 1,400 $ 0.03 for example, electricity costs are $1,400 per month plus $0.07 per car washed. the company expects to wash 8,000 cars in august and to collect an average of $6.50 per car washed. the actual operating results for august appear below. lavage rapide income statement for the month ended august 31 actual cars washed 8,100 revenue $ 54,100 expenses: cleaning supplies 6,100 electricity 1,930 maintenance 1,440 wages and salaries 7,660 depreciation 8,300 rent 2,100 administrative expenses 1,540 total expense 29,070 net operating income $ 25,030 required: calculate the company's revenue and spending variances for august.