Perfect Corporation acquired 70 percent of Storm Company's shares on December 31, 20X8, for $140,000. At that date, the fair value of the noncontrolling interest was $60,000. On January 1, 20X0, Perfect acquired an additional 10 percent of Storm's common stock for $32,500. Summarized balance sheets for Storm on the dates indicated are as follows: Dec 31 20X8 20X9 20X0
Cash $25,000 35,000 50,000
Accounts Receivable 30,000 45,000 80,000
Inventory 45,000 60,000 70,000
Buildings and Equipment 200,000 180,000 160,000
Total Assets $300,000 $320,000 $360,000
Accounts Payable $40,000 35,000 40,000
Notes Payable 60,000 60,000 60,000
Common Stock 100,000 100,000 100,000
Retained Earnings 100,000 125,000 160,000
Total Liabilities
and Equities $300,000 $320,000 $360,000
Storm paid dividends of $10,000 in each of the three years.
Perfect uses the fully adjusted equity method in accounting for its investment in Storm and amortizes all differentials over 5 years against the related investment income. All differentials are assigned to patents in the consolidated financial statements. Based on the preceding information, what was the balance in Perfect's Investment in Storm Company Stock account on December 31, 20X0?
A. $211,500
B. $218,000
C. $216,000
D. $173,000

Barbara jones opened barb’s book business on february 1, 2010. the company specilizes in editing accounting textbooks. you have been hired as manager. your duties include maintaining the company’s financial records. the following transactions occurred in february , the first month of operations. a. received shareholders' cash contributions on february 1 totaling $16,000 to form the corporation; issued 1,000 shares of common stock. b. paid $2,400 cash on february 2 for three months' rent for office space. tip: for convenience, simply record the full amount of the payment as an asset (prepaid rent). at the end of the month, this account will be adjusted to its proper balance. c. purchased and received supplies on february 3 for $300 cash. d. signed a promissory note on february 4, payable in two years; deposited $10,000 in the company's bank account. e. on february 5, paid cash to buy equipment for $2,500 and land for $7,500. f. placed an advertisement in the local paper on february 6 for $425 cash. g. recorded sales on february 7 totaling $1,800; $1,525 was in cash and the rest on accounts receivable. h. collected accounts receivable of $50 from customers on february 8. i. on february 9, repaired one of the computers for $120 cash. tip: most repairs involve costs that do not provide additional future economic benefits. j. incurred and paid employee wages on february 28 of $420.required: set up appropriate t-accounts for cash, accounts receivable, supplies, prepaid rent, equipment, furniture and fixtures, notes payable, contributed capital, service revenue, advertising expense, wages expense, and repair expense. all accounts begin with zero balances.tip: when preparing the t-accounts, you might find it useful to group them by type: assets, liabilities, stockholders’ equity, revenues, and expenses.2. record in t-accounts the effects of each transaction in february, referencing each transaction in the accounts with the transaction letter. show the unadjusted ending balances in the t-accounts. 3. prepare an unadjusted trial balance at the end of february.4. refer to the revenues and expenses shown on the unadjusted trial balance. based on this information, write a short memo offering your opinion on the results of operations during the first month of business.

1  2  3  4  5  6  7  8  9  10time remaining59: 30in  the dark game, how does the author develop the central idea that elizabeth van lew was a spymaster during the civil war? 1 2 3 4 5 6 7 8 9 10time remaining59: 30in the dark game, how does the author develop the central idea that elizabeth van lew was a spymaster during the civil war?

When the amount for land is 36,000 and the amount paid for expenses is 10,000, the balance of total asset is