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On January 1, 2009, Dermot Company purchased 15% of the voting common stock of Horne Corp. On January 1, 2011, Dermot purchased 28% of Horne's voting common stock. If Dermot achieves significant influence with this new investment, how must Dermot account for the change to the equity method?
A. It must use the equity method for 2011 but should make no changes in its financial statements for 2010 and 2009.
B. It should prepare consolidated financial statements for 2011.
C. It must restate the financial statements for 2010 and 2009 as if the equity method had been used for those two years.
D. It should record a prior period adjustment at the beginning of 2011 but should not restate the financial statements for 2010 and 2009.
E. It must restate the financial statements for 2010 as if the equity method had been used then.
You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.
Creations Company provided the following financial information for its installment sales for the current year.
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Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city's ten separate special revenue funds.
Assuming the U.S. tax rate is 35%, and that this is Nocera's first year of operations, what is Nocera's balance in its deferred tax asset and deferred tax liability accounts at year end?
how accounts receivables and cash go together. Beyond just cash showing when funds are collected how is the timing of receivables different than the timing of cash and how can the company make sure they are on top of collecting the funds due them.
Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction?
Correction of an error in the financial statements of a prior period discovered subsequent to their issuance.
George Fine, owner of Fine Manufacturing, is considering the introduction of a new product line. George has considered factors such as costs of raw materials, new equipment, and requirements of a new production process.
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