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Question 1: If the petty cash fund was not reimbursed at the time the financial statements were prepared. please identify what would be the effect.
Option i) petty cash asset would be overstated and expenses understated.
Option ii) expenses would be understated and equity overstated.
Option iii) petty cash expenses would be overstated and bank would be understated.
Option iv) expenses would be overstated and petty cash asset would be understated.
On January 1, 2012, Uncle company purchased 80 percent of nephew Company's capital stock for $548,000 in cash and other assets. Assume that Uncle applies the equity method to account for this investment in Nephew. What is the subsidiary's income reco..
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