Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 02 Aug 2017 My Price 11.00

Nasrin Company

Mami SA contributes $170,000 cash and Nasrin Company brings in net assets valued at $170,000 to form Mazda Inc. Mami, SA and Nasrin Company each receive 50 percent equity interest in Mazda Inc. The financial statements of Mazda Inc. for its first year of operations are as follows:

 

 

 

 

Mazda Inc.

 

Income Statement

 

YEAR 1

 

______________________________________________________________________________

 

Revenues $80,000

 

Expenses 50,000

 

________

 

Income before tax 30,000

 

Tax Expense 10,000

 

________

 

Net Income $20,000

 

________

 

 

 

 

 

Mazda Inc.

 

Balance Sheet

 

December 31, Year 1

 

______________________________________________________________________________

 

Cash $40,000 Liabilities $60,000

 

Inventory 60,000

 

Property, Plant, and Common Stock 340,000

 

Equipment (net) 320,000 Retained Earnings 20,000

 

_________ ________

 

Total Assets $420,000 $420,000

 

_________ ________

 

 

Mami SA’s financial statements for the year ended December 31, Year 1 and before making any accounting entries related to its investment in Mazda, Inc., are as follows:

 

 

 

 

Mami SA

 

Income Statement for Year 1

 

______________________________________________________________________________

 

 

Revenues $800,000

 

Expenses 450,000

 

_________

 

Income before tax 350,000

 

Tax Expense 100,000

 

_________

 

Net Income $250,000

 

_________

 

 

 

 

Mami SA

 

Balance Sheet for the year ended on December 31, Year 1

 

______________________________________________________________________________

 

 

Cash $130,000 Liabilities $250,000

 

Inventory 200,000

 

Property, Plant, and Common Stock 600,000

 

Equipment (net) 650,000 Retained Earnings 300,000

 

Investment in

 

Mazda Inc. (at cost) 170,000

 

___________ __________

 

Total Assets $1,150,000 $1,150,000

 

___________ __________

 

 

 

Restate Mami, SA’s Year 1 financial statements to properly account for its investment in Mazda Inc. under the proportionate consolidation method and equity method.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 11:08 PM My Price 11.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------sol-----------uti-----------on.-----------Ple-----------ase----------- pi-----------ng -----------me -----------on -----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be----------- ca-----------tch-----------

Not Rated(0)