Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1, 20X9, for $304,500. On that date, the noncontrolling interest had a fair value of $130,500 and the book value of Square's net assets was $399,000. The book values and fair values of Square's assets and liabilities were equal except for land that had a fair value $14,000 higher than book value. The amount attributed to goodwill as a result of the acquisition is not amortized and has not been impaired. PLAZA CORPORATION AND SQUARE COMPANY Trial Balance Data December 31, 20X9
Plaza Corporation Square Company
Item Debit Credit Debit Credit
Cash and Receivables $91,300 $95,000
Inventory 202,000 124,000
Land, Buildings, & Equipment (net) 276,000 256,000
Investment in Square Company 309,508
Cost of Goods & Services 192,000 142,000
Depreciation Expense 36,000 26,000
Dividends Declared 31,000 4,000
Sales & Service Revenue $311,000 $211,000
Income from Square Company 38,208
Accounts Payable 55,000 25,000
Common Stock 184,000 162,000
Retained Earnings 549,600 249,000
Total $1,137,808 $1,137,808 $647,000 $647,000

On January 1, 20X9, Plaza's inventory contained $34,000 of unrealized intercompany profits recorded by Square. Square's inventory on that date contained $15,000 of unrealized intercompany profits recorded on Plaza’s books. Both companies sold their ending 20X8 inventories to unrelated companies in 20X9.

During 20X9, Square sold inventory costing $53,000 to Plaza for $78,000. Plaza held all inventory purchased from Square during 20X9 on December 31, 20X9. Also during 20X9, Plaza sold goods costing $58,200 to Square for $97,000. Square continues to hold $32,980 of its purchase from Plaza on December 31, 20X9. Assume Plaza uses the fully adjusted equity method.

Required:
a. Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20X9
b. Record the basic consolidation entry.
c. Record the excess value differential) reclassification.
d. Record the entry to reverse last year's deferral.
e. Record the deferral of this year's unrealized profits on inventory transfers.

In order to minimize project risk which step comes after the step of identifying risks

Barbara jones opened barb’s book business on february 1, 2010. the company specilizes in editing accounting textbooks. you have been hired as manager. your duties include maintaining the company’s financial records. the following transactions occurred in february , the first month of operations. a. received shareholders' cash contributions on february 1 totaling $16,000 to form the corporation; issued 1,000 shares of common stock. b. paid $2,400 cash on february 2 for three months' rent for office space. tip: for convenience, simply record the full amount of the payment as an asset (prepaid rent). at the end of the month, this account will be adjusted to its proper balance. c. purchased and received supplies on february 3 for $300 cash. d. signed a promissory note on february 4, payable in two years; deposited $10,000 in the company's bank account. e. on february 5, paid cash to buy equipment for $2,500 and land for $7,500. f. placed an advertisement in the local paper on february 6 for $425 cash. g. recorded sales on february 7 totaling $1,800; $1,525 was in cash and the rest on accounts receivable. h. collected accounts receivable of $50 from customers on february 8. i. on february 9, repaired one of the computers for $120 cash. tip: most repairs involve costs that do not provide additional future economic benefits. j. incurred and paid employee wages on february 28 of $420.required: set up appropriate t-accounts for cash, accounts receivable, supplies, prepaid rent, equipment, furniture and fixtures, notes payable, contributed capital, service revenue, advertising expense, wages expense, and repair expense. all accounts begin with zero balances.tip: when preparing the t-accounts, you might find it useful to group them by type: assets, liabilities, stockholders’ equity, revenues, and expenses.2. record in t-accounts the effects of each transaction in february, referencing each transaction in the accounts with the transaction letter. show the unadjusted ending balances in the t-accounts. 3. prepare an unadjusted trial balance at the end of february.4. refer to the revenues and expenses shown on the unadjusted trial balance. based on this information, write a short memo offering your opinion on the results of operations during the first month of business.

Trinity coatings company uses the indirect method to prepare its statement of cash flows. refer to the following information for 2018: the beginning balance in the cash account was $ 3 comma 000. net cash provided by operating activities: $ 42 comma 000 net cash used for investing activities: $(26 comma 500) net cash provided by financing activities: $ 1 comma 700 the statement of cash flows will show