Please indicate correct answer only no explanations
38. What was Wasser's total share of net income for 2017? A) $63,000. B) $53,000. C) $58,000 D) $29,000 E) $51,000. 39. What was Nolan's total share of net income for 2017? A) $63,000. B) $53,000. C) $58,000. D) $29,000. E) $51,000. 40. What was Cleary's total share of net income for 2017? A) $63,000 B) $53,000 C) $58,000 D) $29,000 E) $51,000. 41. What was Nolan's capital balance at the end of 2017? A) $200,000 B) $224,000 C) $238,000. D) $246,000. E) $254,000 42. What was Wassers capital balance at the end of 2017? A) $150,000. B) $160,000 C) $165,000. D) $213,000. E) $201,000 43. What was Cleary's capital balance at the end of 2017? A) $100,000 B) $117,000 C) $119,000 D) $129,000. E) $153,000. 44. What was the total capital balance for the partnership at December 31, 2017? A) $600,000 B) $564,000. C) $535,000 D) $523,000. E) $545,000. 45 What was the amount of interest attributed to Wasser in the income distribution for 2018? A) $17,600. B) $18,800. C) $20,100. D) $17,800 E) $30,100. 46 What was Wasser's total share of net income for 20187 A) $34,420. B) $75,540. C) $65,540. D) $70,040. E) $61,420. For each of the following situations (47-56), select the correct entry (A -E) that would be required on a consolidation worksheet. (A) Debit retained earnings. (B) Credit retained earnings. (C) Debit investment in subsidiary. (D) Credit investment in subsidiary. (E) None of these answer choices are correct. 47 .Upstream beginning intra-entity gross profit on inventory, using the initial value method of accounting 48.Downstream beginning intra-entity gross profit on inventory, using the initial value method of accounting 49Upstream ending intra-entity gross profit on inventory, using the initial value method of accounting. 50.Downstream ending intra-entity gross profit on inventory, using the initial value method of accounting. 51. Upstream transfer of depreciable assets, in the period after transfer, where subsidiary recognizesa gain, using the initial value method of accounting. 52. Downstream transfer of depreciable assets, in the period after transfer, where parent recognizes a gain, using the initial value method of accounting 53. Upstream transfer of land, in the period after transfer, where subsidiary recognizes a loss, using the initial value method of accounting. 54. Downstream transfer of land, in the period after transfer, where parent recognizes a loss, using the initial value method of accounting. 55. Eliminate income from subsidiary, recorded under the equity method of accounting. 56. Eliminate recorded amortization of acquisition-date fair value over book value, recorded under the equity method of accounting. 38. What was Wasser's total share of net income for 2017? A) $63,000. B) $53,000. C) $58,000 D) $29,000 E) $51,000. 39. What was Nolan's total share of net income for 2017? A) $63,000. B) $53,000. C) $58,000. D) $29,000. E) $51,000. 40. What was Cleary's total share of net income for 2017? A) $63,000 B) $53,000 C) $58,000 D) $29,000 E) $51,000. 41. What was Nolan's capital balance at the end of 2017? A) $200,000 B) $224,000 C) $238,000. D) $246,000. E) $254,000 42. What was Wassers capital balance at the end of 2017? A) $150,000. B) $160,000 C) $165,000. D) $213,000. E) $201,000 43. What was Cleary's capital balance at the end of 2017? A) $100,000 B) $117,000 C) $119,000 D) $129,000. E) $153,000. 44. What was the total capital balance for the partnership at December 31, 2017? A) $600,000 B) $564,000. C) $535,000 D) $523,000. E) $545,000. 45 What was the amount of interest attributed to Wasser in the income distribution for 2018? A) $17,600. B) $18,800. C) $20,100. D) $17,800 E) $30,100. 46 What was Wasser's total share of net income for 20187 A) $34,420. B) $75,540. C) $65,540. D) $70,040. E) $61,420. For each of the following situations (47-56), select the correct entry (A -E) that would be required on a consolidation worksheet. (A) Debit retained earnings. (B) Credit retained earnings. (C) Debit investment in subsidiary. (D) Credit investment in subsidiary. (E) None of these answer choices are correct. 47 .Upstream beginning intra-entity gross profit on inventory, using the initial value method of accounting 48.Downstream beginning intra-entity gross profit on inventory, using the initial value method of accounting 49Upstream ending intra-entity gross profit on inventory, using the initial value method of accounting. 50.Downstream ending intra-entity gross profit on inventory, using the initial value method of accounting. 51. Upstream transfer of depreciable assets, in the period after transfer, where subsidiary recognizesa gain, using the initial value method of accounting. 52. Downstream transfer of depreciable assets, in the period after transfer, where parent recognizes a gain, using the initial value method of accounting 53. Upstream transfer of land, in the period after transfer, where subsidiary recognizes a loss, using the initial value method of accounting. 54. Downstream transfer of land, in the period after transfer, where parent recognizes a loss, using the initial value method of accounting. 55. Eliminate income from subsidiary, recorded under the equity method of accounting. 56. Eliminate recorded amortization of acquisition-date fair value over book value, recorded under the equity method of accounting
