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A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2011, for 100,000 pesos each. It pays for both items on June 1, 2011, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-market-rule. Currency exchange rates for 1 peso follow:
Jan 1 2009 $0.15 = 1 pesoApr 1, 2009 $0.16 = 1Jun 1, 2009 $0.17 = 1Dec 1, 2009 $0.19 = 1
A. Assume that the peso is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2011?
B. Assume that the U.S. dollar is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2011?
Is there a difference between financial statement fraud and other types of fraud? How does the definitions differ (if they do)? Should there be a distinction between the two or not?
Some commentators have criticized the use of equity accounting on the basis that it can be used as a form of off balance sheet financing. Explain the reasoning behind the use of equity accounting and discus the comments.
(Consignment Computations) On May 3, 2012, Eisler Company consined 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amount to $840 and was paid by Eisler Company.
Warren Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost $800,000. The estimated residual value of the building is $50,000 and it has an expected useful life of 25 years.
Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation.
Carol continued to serve as president of Teal Corporation after the redemption. As a result of this transaction, which of the following is correct?
At December 31, 2012, Vermont Industries reported three temporary differences between accounting and taxable income:
You're a US company with a customer that is going to pay you 10,000 Euros in six months. The correct futures hedge for this condition is to enter in a contract in which you buy Euros (True or False)
There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:
Marshall Networks, Inc. has a total asset turnover of 2.5% and a net profit margin of 3.5%. The firm has a return on equity of 17.5%. Calculate Marshall's debt ratio.
O'Bria Service Company purchased a copier on January 1, 2012, for $17,000 and paid an additional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies.
The Bradshaw Company's most recent dividend was $6.75. The historical dividend payment by the company shows a constant growth rate of 5 percent per year.
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