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1. a. What is a non-controlling interest?
b. Why must it be reported in the financial statements as an element of equity rather than a liability?
2. The following intercompany transactions occurred during the year:
Parent loaned $200 to Sub. To keep things simple, assume that there is no interest revenue or interest expense associated with this loan.
Parent made a sale to Sub for $300 cash. The inventory had originally cost Parent $220. Sub then sold that same inventory to an outsider for $400.
Parent made a sale to Sub for $500 cash. The inventory had originally cost Parent $280. Sub has not yet sold that same inventory to an outsider. (Don’t forget equity method entry!)
Based on our “conceptual discussion” what consolidation worksheet entries would you make?
3. What is the treatment of unrealised profit or losses in case of intercompany transfer of inventory?
peter harris has been told that tech logistics plc is a fast growing company and he seeks your advice on whether or not
he minimum cash balance desired is $10,000. What is the deficiency of cash before financing on August 30, 2015?
Evaluate the amount of Susan's gross estate for federal estate tax purposes?
Using the following Adjusted Trial Balance, (1) prepare an Income Statement, (2) Statement of Retained Earnings (note that Retained Earnings has a beginning balance of $78,600 as shown in the unadjusted Trial Balance), and (3) Balance Sheet.
short questions on standard costing and flexible budgeting.1.nbspwhich of the following is not true about variances in
A total of 35 percent of this inventory was not sold to outsiders until 2013. In 2012, Bellgrade reported cost of goods of $380,000 while Hansen reported $210,000 What is consolidated cost of goods sold in 2010?
The yield to maturity on new issues of similar corporate bonds is 5.2%. Someone offers you $1,225 for your bond. Is this a fair price, to you the seller? Illustrate what is the fair price?
Given a business combination with outside ownership (minority interest), elucidate the applicable theories and appropriate accounting for items that arise from less than 100% ownership, including the reporting of assets, liabilities, revenues and ..
Do you believe economic Darwinism is reflected in the US banking policy of "some banks are too big to fail" What may be advantages or disadvantages of this policy?
The machine is expected to have a working life of six years. If straight-line depreciation is used, illustrate what are the yearly depreciation expenses in this case?
barney betty and rubble are partners in a business that is in the process of liquidation. on january 1 2011 the ledger
What considerations should the owners make in this termination? Should they consider making an S election and then later, terminating the S corporation? If you were their tax advisor, what would you recommend?
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