The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: Received $41,500 cash from the issue of a short-term note with a 7 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. Received $119,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 8 percent. Paid $70,500 cash for other operating expenses during the year. Paid the sales tax due on $99,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2: Paid the balance of the sales tax due for Year 1. Received $144,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 8 percent. Repaid the principal of the note and applicable interest on April 1, Year 2. Paid $83,500 of other operating expenses during the year. Paid the sales tax due on $119,000 of the service revenue. The sales

Which statement is true of both presidential and parliamentary systems of government? a. the executive branch operates independently from the legislative branch. b. the members of the legislative branch are directly elected by the people. c. the head of government is chosen by members of his or her political party. d. the head of government is directly elected by the people

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inventory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a.prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price.b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1

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