Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

The December 31, 2012 condensed balance sheets of Pym Corp. and its 90%-owned subsidiary, Sy Corp., are presented in the worksheet. Additional information as follows:

? Pym's investment in Sy was purchased for $1,170,000 cash on January 1, 2012 and is accounted for by the equity method.

? At January 1, 2012, Sy's retained earnings amounted to $600,000, and its common stock amounted to $200,000.

? Sy declared a $1,000 cash dividend in December 2012, payable in January 2006.

? As of December 31, 2012, Pym had not recorded any portion of Sy's 2012 net income or dividend declaration.

? Sy borrowed $100,000 from Pym on June 30, 2012, with the note maturing on June 30, 2013, at 10% interest. Correct accruals have been recorded by both companies.

? During 2012, Pym sold merchandise to Sy at an aggregate invoice price of $300,000, which included a profit of $60,000. At December 31, 2012, Sy had not paid Pym for $90,000 of these purchases, and 5% of the total merchandise purchased from Pym still remained in Sy's inventory.

? Pym's excess cost over book value of Pym's investment in Sy has appropriately been identified as goodwill. The year 2012 resulted in an impairment of the value of the goodwill equal to 10% of its allocated cost at the date of acquisition.

Required:

1. Complete the worksheet for Pym Corp. and its subsidiary, Sy Corp., at December 31, 2012, using a spreadsheet software, e.g., Excel. A formal consolidated balance sheet and journal entries are not required. Ignore income tax considerations.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946173

Have any Question? 


Related Questions in Accounting Basics

Accounting for business decisions melbourne assignment-the

Accounting for Business Decisions Melbourne Assignment- The assignment will undertake research using the website of the Australian Stock Exchange (ASX) and/or the Company whose industry is Food, Beverage & Tobacco that y ...

Practice questionsdescribe the information needs of three

Practice questions: Describe the information needs of three different types of users of financial information and discuss how well these needs are met by the annual report and accounts.

The rules and requirements for reporting and disclosing

The rules and requirements for reporting and disclosing segments and non-controlling interests within a 10-K report. Executive Summary Projects Advanced Accounting Project 1: Analysis of a 10-K 1. Explore the concepts of ...

The project -this project gives a companys starting balance

The project - This project gives a company's starting balance sheet, and lists 18 transactions. Center Company January 1, 2017, Balance Sheet Cash 800,000 Accounts receivable 700,000 Less: Allowance for doubtful accounts ...

Assignment 1 - company analysis assignmentconfucius said

Assignment 1 - Company Analysis Assignment Confucius said, "Find a job you love, and you will never have to work a day in your life." One method to identify a job you love is to identify your natural talents, interest, p ...

B bakery is a family owned firm with around 70 employees

B Bakery is a family owned firm with around 70 employees and sales revenue increased to more than $ 13.5 million during the past year. It has been in business for over 50 years and supplies bread and confectionary produc ...

Accounting and businesshow does the business maintain its

ACCOUNTING AND BUSINESS How does the business maintain its financial records? Who does the accounting for the business? What accounting or records is used? Who periodically reviews and analyzes the accounting records? Wh ...

Accounting provide referencesresearch the company via the

Accounting Provide References Research the company via the website and download the Income Statement, Statement of Shareholders' Equity, Balance Sheet, and Statement of Cash Flows. Develop a 700-word examination of the f ...

Assignment discussion-ethical issuesreview the ethical

Assignment: Discussion-Ethical Issues Review the Ethical Issue: Dobbs Wholesale Antiques in chapter 5 (Page 317). address the following in your initial post: 1. Under Dobbs FOB policy, when should the company record a sa ...

Part 1the chief executive officer ceo of a pharmaceuticals

Part 1 The chief executive officer (CEO) of a pharmaceuticals company wants to invest in new architecture and art for the company headquarters. You have been chosen to recommend artwork for the new location. Review the f ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate