Help with two accounting questions.
Bloomfield Bakers accounts for its investment in Clor Confectionary under the equity method. Bloomfield carried the Clor investment at $150,600 and $165,150 at December 31, 2015 and 2016, respectively. During 2016 Clor recognized $75,550 of net income and paid dividends of $20,500. Assuming that Bloomfield owned the same percentage of Clor throughout 2016, their percentage ownership must have been (Round your answer to the nearest whole percent): |
Slotnick Chemical received customer deposits on returnable containers in the amount of $360,000 during 2016. Fourteen percent of the containers were not returned. The deposits are based on the container cost marked up 40%. How much profit did Slotnick realize on the forfeited deposits? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) |
10 years ago
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