{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T07:48:48-04:00", "answer_date": "2024-06-28 07:48:48", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4266526", "url": "\/study-help\/questions\/i-provided-this-picture-please-answer-this-problem-would-be-4266526", "question_creation_date_js": "2024-06-28T07:48:48-04:00", "question_creation_date": "Jun 28, 2024 07:48 AM", "meta_title": "[Solved] I provided this picture, please answer th | SolutionInn", "meta_description": "Answer of - I provided this picture, please answer this problem would be very appreciated Yosef Corporation acquired 90% of the ou | SolutionInn", "meta_keywords": "provided,picture,answer,problem,appreciated,yosef,corporation,acquired,90%,outstanding,voting,stock", "question_title_h1": "I provided this picture, please answer this problem would be very appreciated Yosef Corporation acquired 90% of the outstanding voting stock of Randeep Inc. on", "question_title": "I provided this picture, please answer this problem would be very appreciated", "question_title_for_js_snippet": "I provided this picture, please answer this problem would be very appreciated Yosef Corporation acquired 90 of the outstanding voting stock of Randeep Inc on January 1, Year 6 During Year 6, intercompany sales of inventory of $45,000 (original cost of $27,000) were made Only 20 of this inventory was still held within the consolidated entity at the end of Year 6 and was sold in Year 7 Intercompany sales of inventory of $60,000 (original cost of $33,000) occurred in Year 7 Of this merchandise, 30 had not been resold to outside parties by the end of the year At the end of Year 7, selected figures from the two companies' financial statements were as follows Inventory $70,000 $45,000 Retained Earnings, Beginning of year 500,000 300,000 Net Income 150 000 55,000 Dividends 50,000 20,000 Retained earnings, end of year 600,000 335,000 Yosef uses the cost method to account for its investment in Randeep Both companies pay income tax at the rate of 40 Requirement Assume Randeep's retained earnings at acquisition date January 1, Year 6 was $140,000 Calculate the Parent's (Yosef's) consolidated retained earnings balance at January 1, year 7 AND December 31, year 7", "question_description": "

I provided this picture, please answer this problem would be very appreciated<\/p>

\"image<\/div><\/div><\/div> Yosef Corporation acquired 90% of the outstanding voting stock of Randeep Inc. on January 1, Year 6. During Year 6, intercompany sales of inventory of $45,000 (original cost of $27,000) were made. Only 20% of this inventory was still held within the consolidated entity at the end of Year 6 and was sold in Year 7. Intercompany sales of inventory of $60,000 (original cost of $33,000) occurred in Year 7. Of this merchandise, 30% had not been resold to outside parties by the end of the year. At the end of Year 7, selected figures from the two companies' financial statements were as follows: Inventory $70,000 $45,000 Retained Earnings, Beginning of year 500,000 300,000 Net Income 150 000 55,000 Dividends 50,000 20,000 Retained earnings, end of year 600,000 335,000 Yosef uses the cost method to account for its investment in Randeep. Both companies pay income tax at the rate of 40%. Requirement: Assume Randeep's retained earnings at acquisition date January 1, Year 6 was $140,000. Calculate the Parent's (Yosef's) consolidated retained earnings balance at January 1, year 7 AND December 31, year 7", "transcribed_text": "", "related_book": { "title": "Income Tax Fundamentals 2013", "isbn": "1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516", "edition": "31st Edition", "authors": "Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1124.jpg", "uri": "\/textbooks\/income-tax-fundamentals-2013-31st-edition-9781285586618", "see_more_uri": "" }, "free_related_book": { "isbn": "3319927256", "uri": "\/textbooks\/microwave-cavities-and-detectors-for-axion-research-1st-edition-978-3319927251-290139", "name": "Microwave Cavities And Detectors For Axion Research", "edition": "1st Edition" }, "question_posted": "2024-06-28 07:48:48", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/kowalski-corporations-management-took-the-following-actions-which-went-into", "description": "Kowalski Corporations management took the following actions, which went into effect on January 2, 2011. Each action involved an application of present value. a. 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A. $345000 B. $454000 C.$654000 D.$246000", "stars": 3 }, { "url": "\/study-help\/questions\/1when-was-the-declaration-of-independence-signed-2-the-united-7985044", "description": "1.When was the Declaration of Independence signed? 2. The United States bought Alaska from which country? 3.Who was the fourth president of the United States? 4.In what year was the Vietnam Veterans...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/question-3-consider-a-manufacturing-firm-that-has-the-following-4266525", "next": "\/study-help\/questions\/project-management-1-in-200-words-explain-the-advantages-and-4266527" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "I provided this picture, please answer this problem would be very appreciated", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/i-provided-this-picture-please-answer-this-problem-would-be-4266526" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }