Part 2: Information for Questions 28 to 39 Consolidation Ent…

Part 2: Information for Questions 28 to 39 Consolidation Entries Income statement Penn Senn Debit Credit Consolidated Sales 400,000 180,000 580,000 Less: COGS (180,000) (100,000) (280,000) Less: Wage expense (50,000) (34,000) (84,000) Less: Depreciation expense (30,000) (15,000) Cell 1 Less: Interest expense (25,000) (6,000) (31,000) Less: Other expenses (40,000) (2,000) (42,000) Less: Impairment loss Cell 2 Income from Senn 13,200                                           Cell 3 Consolidated net income 88,200 23,000 18,400 5,200 Cell 4 NCI in net income                                                         Cell 5 Controlling Interest in Net Income 88,200 23,000                              Cell 6   An Excel file containing the information above is available for you to use when answering Questions 28 to 39: Part 2 Information for Questions 28-39.xlsx (optional). Enter your answers using the Canvas questions below; you will not submit the spreadsheet. When entering your answers,  round the answers to the nearest dollar, enter the answers as numbers with no decimal places and no dollar ($) signs, and enter the numbers with or without the comma separator (e.g., either 28,374 or 28374).  For partial credit, do the following: After stating your answers, show how you arrived at them (e.g., 13,000 [= 7,000 from ” ” + 6,000 from ” “]). Include any explanations or logic you used to arrive at your answers.

Robin Company has incurred the following costs for the curre…

Robin Company has incurred the following costs for the current month: Direct materials used $ 20,000 Direct labor $ 17,900 Sales salaries $ 12,750 Indirect materials $ 2,000 Production manager’s salary $ 5,700 Marketing costs $ 7,900 Factory lease $ 3,900 What is Robin’s total actual manufacturing overhead?

On January 1, 20X6, Penn acquired all of Senn’s voting share…

On January 1, 20X6, Penn acquired all of Senn’s voting shares for $250,000 cash. On December 31, 20X6, Senn owed Penn $5,000 for services provided during the year. When consolidated financial statements are prepared for 20X6, which entry is needed to eliminate inter-company receivables and payables in the consolidation worksheet? Option A Accounts and explanation Debit Credit Accounts payable 5,000      Accounts receivable 5,000   Option B Accounts and explanation Debit Credit Accounts receivable 5,000      Accounts payable 5,000   Option C Accounts and explanation Debit Credit Retained earnings 5,000      Accounts receivable 5,000   Option D          consolidating entry not required         

President Trump ‘s Executive Order 14168 “Defending Women fr…

President Trump ‘s Executive Order 14168 “Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government”) _______. Now some federal government agencies and federally funded scientists and researchers are prohibited from using terms such as gender, gender identity, gender-fluid, pregnant persons, etc. on webpages and in published research. 

Information for Questions 24 to 27 On January 1, 20X4, Penn…

Information for Questions 24 to 27 On January 1, 20X4, Penn acquired 80% of Senn’s $10 par common stock for $950,000. On this date, the fair value of the non-controlling interest was $237,500, and the carrying amount (book value) of Senn’s net assets was $1,000,000. The fair values of Senn’s identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net) with a remaining life of 20 years, which were $100,000 in excess of the carrying amount. For the year ended December 31, 20X4, Senn had net income of $180,000 and paid cash dividends totaling $100,000. When entering your answers,  round the answers to the nearest dollar, enter the answers as numbers with no decimal places and no dollar ($) signs, and enter the numbers with or without the comma separator (e.g., either 28,374 or 28374).  For partial credit, do the following: After stating your answers, show how you arrived at them (e.g., 13,000 [= 7,000 from ” ” + 6,000 from ” “]). Include any explanations or logic you used to arrive at your answers.