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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.
During bankruptcy, US Corporation debt was reduced from $780,000 to $400,000. USA Corporation's assets are valued at $500,000. USA's NOL carryover was $400,000.
Suppose that Noven had $49,000 in an inventory of transdermal estrogen delivery patches. These patches are from an initial production run, and will be sold during the coming year.
Lewis Company needs to determine the variable utilities rate per machine hour in order to estimate cost for August. Relevant information is as follows.
A $142 petty cash fund has cash of $24 and receipts of $121. Which of the following would be the credit in the journal entry to replenish the account?
When property is transferred, the gift tax is based on:
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.
Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would include a credit to
Assume AirJet Best Parts has also a preferred stock issue. The most recent dividend per share paid on the stock was also $1.50, the same as the common stock. Which one would you think has a higher price, the preferred stock or the current stock? E..
The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In 2014, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent. The amount charged to income ..
Larsen Company makes and sells a single product, widgets. Three pounds of clay are needed to make one widget-How much clay should be purchased in September?
Gordon Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $80,000. The deposits are made at the end of each year into an account paying 5% annual interest.
Maria Alvarez is investing $217,140 in a fund that earns 10% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 21 years?
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