On January 1, 2013, Deuce Inc. acquired 15% of Wiz Co.'s outstanding common stock for $62,400 and categorized the investment as an available-for-sale security. Wiz earned net income of $96,000 in 2011 and paid dividends of $36,000. On January 1, 2014, Deuce bought an additional 10% of Wiz for $54,000. This second purchase gave Deuce the ability to significantly influence the decision making of Wiz. During 2014, Wiz earned $120,000 and paid $48,000 in dividends. As of December 31, 2014, Wiz reported a net book value of $468,000. For both purchases, Deuce concluded that Wiz Co.'s book values approximated fair values and attributed any excess cost to goodwill.
on deuce's december 31,2014 balance sheet, what balances was reported for the investment in Wiz coporation account?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On January 1, 2013, Deuce Inc. acquired 15% of Wiz Co.'s outstanding common stock for $62,400 and categorized the investment as an ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Suppose that a country's inflation rate increases sharply. As a result, the inflation tax on holders of money.
Answers (1)
Financial data for Safety Hire as of 30 June 2019 are: Required: Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019
Answers (1)
Sal was recently promoted at work and was having a difficult time with several staff members who seemed to just do the work the way they wanted to rather than the way in which Sal asked them to.
Answers (1)
Under what conditions could a company artificially increase their current ratio at the end of their accounting reporting period by taking out a short term loan and placing the proceeds in the cash account
Answers (1)
In the late 1990s, car leasing was very popular in the United States. A customer would lease a car from the manufacturer for a set term, usually two years, and then have the option of keeping the car.
Answers (1)
New Questions in Business
Increasing the amount of credit that is available within an economy is done through? Expansionary monetary policy or contractionary?
Answers (2)
The most serious derailment pattern for leaders seeking promotion is:
Answers (1)
Which of the following statements is false about wind power? A. It is a clean source of energy B. It is most profitable in areas that have fairly continual winds C. It is the least competitive of all forms of renewable energy, in terms of cost D.
Answers (1)
Frankie is a buyer for a department store and is buying some handbags at a cost of $30 from a vendor. He desires to have a 60 percent markup to meet the financial goals of this category. What will be the retail price of these handbags?
Answers (1)
The type of contract that comes into existence by simply speaking to one another is
Answers (2)