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On 1st January, 2014, Prince Company purchased an 80 percent interest in the common stock of Sivet Company for $1,040,000, which was $60,000 greater than book value of equity acquired. The difference between book and implied value relates to the subsidiary's land. The subsequent information is from the consolidated retained earnings section of consolidated statements work paper for the year ended 31st December, 2014: SIVET CONSOLIDATED COMPANY BALANCES 1/01/14 retained earnings $300,000 $1,400,000 Net income 220,000 680,000 Dividends declared (80,000) (140,000) 12/31/14 retained earnings $440,000 $1,940,000 Sivet's stockholders' equity adds only common stock and retained earnings. Required: A. Create the workpaper eliminating entries for a consolidated statements workpaper on 31st December, 2014. Prince uses the cost method. B. Evaluate the total no controlling interest to be reported on the consolidated balance sheet on 31st December, 2014.
Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form). Be sure that the 10-k report and the annual report are for the same fiscal year.
Thinking about some of the scandals in the news over the last few years such as Enron, WorldCom, Adelphia, Bernie Madoff, etc., analyze and discuss the conditions that could have contributed to making these fraudulent activities possible.
As an auditor for Franken's Markets you have discovered fraudulent activities. In your previous discussions with management, no one with the Franken organization identified fraudulent behavior or activity and any questions related to such matters ..
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
You're the auditor for Busy Butterfly Corporation, whose management asserts that its internal controls are effective. While performing your audit of Busy Butterfly Corporation
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All other types of computer controls.
Why might planning materiality differ from the materiality level used in evaluating audit findings? What official quantitative guidelines exist for financial statement materiality? Identify one of the quantitative guidelines commonly used in practi..
Analyze how complex global instruments contributed to the fraud and the failure of it to be detected by regulators and auditors of MF Global.
Johnston, Inc. engaged in the following transactions involving treasury stock: Prepare general journal entries to record these transactions. Compute the amount of retained earnings that should be restricted because of the treasure stock still owned a..
Describe the audit procedures you might use in order to assess the adequacy of the provision for bad debts?
What cutoff tests are performed for accounts receivable, how are they performed, and to what account audit objectives does the evidence pertain?
Describe the elements of the Generally Accepted Auditing Standards (GAAS). Describe how these standards apply to financial, operational, and compliance audits.
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