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Question - The accountant for Bingo Ltd, Ms Diva, has sought your advice on an accountancy issue that has been mystifying her. When preparing the acquisition analysis relating to Bingo Ltd's acquirement of Tasha Ltd, she calculated that there was a gain on bargain purchase of $10,000. Being unsure of how to account for this, she was informed by accounting colleagues that this should be treated as income. However, she figured that this would influence the consolidated profit in the first year after acquisition date. For example, if Tasha Ltd reported a profit of $50,000, then consolidated profit would be $60,000. She is unsure of whether this profit is all post- acquisition profit or a mixture of pre-acquisition profit and post-acquisition profit.
Compile a detailed report on the nature of an excess, how it should be accounted for and the effects of its recognition on subsequent consolidated financial statements.
At date of issuance, the prevailing rate of interest for this type of note was 11%. On Coronado's December 31, 2020 balance sheet, find the net note payable
Who would you say benefits more when a company prepares accurate and truthful financial statements
Create an argument supporting three items in the act that you would not change - identify and discuss at least three changes that should be made to the act, indicating why these changes are necessary.
KTM (www.KTM.com) is a leading manufacturer of offroad and street motorcycles, and it competes to some extent with both Polaris and Arctic Cat. Key financial ratios for the current fiscal year follow.
Prepare in good format an income statement for Heavenly Futures Company for the month ended August 31
Please use your own words to explain the following questions: Explain the Constructive Receipt Doctrine. Explain the Economic Benefit Doctrine
Peter Senen produces a product through a continuous process. What is the adjustment for normal lost units during the month?
What particular elements of each organization's culture, processes, and management systems and styles work well to support innovation
Prepare a value analysis and a determination and distribution of excess schedule - Complete a worksheet for consolidated financial statements for 2016. Include columns for eliminations and adjustments, consolidated income, NCI, controlling retained..
a firm applies fixed manufacturing overhead costs based on the number of machine hours.last year the firm incurred
Assume that you are advising your 25-year-old nephew on investing in an annuity. Discuss with him the primary benefits of the various types of annuities, and recommend one (1) annuity to him. Provide specific examples on the salient manner in whic..
Social media defines itself as a set of interactive tools that assists in connecting people and encourages small businesses in using these tools for relationships and engagement with vendors, customers, community, and peers. Social media also help..
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