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When a parent uses the equity method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is false before making adjustments on the consolidated worksheet?
a) Parent company net income equals consolidated net income.
b) Parent company retained earnings equals consolidated retained earnings.
c) Parent company total assets equals consolidated total assets.
d) Parent company dividends equal consolidated dividends.
e) Goodwill needs to be recognized on the parent's books.
Ronald and Roy formed an equal partnership, R&R Partnership, a general partnership, on January 1, 2012. Ronald contributed $100,000 in exchange for his one-half interest in R&R partnership.
An engineering firm is evaluating their back charges, and from this they claim that their average back charge is $1800. They randomly select 42 customers, and calculate the sample mean back charge to be $2010.
If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is purchased for $137,000, the land should ..
On June 30, 2009, half the bonds were converted when Blair's common stock had a market price of $30 per share. What journal entry should Blair make record when recording the conversion?
Find out a franchisee's breakeven sales in dollars. Is franchising good idea for Wong if franchisees want a minimum monthly operating income of $6,000 and Wong believes that most locations could generate $26,000 in monthly sales?
The Sarbanes-Oxley Act of 2002 (SOX) was the catalyst for significant changes in the accounting profession and financial world. One objective of SOX was to deter fraudulent activity within an organization.
A foreign project that is profitable when valued on its own will always be profitable from the parent firm's standpoint. True or false? Explain.
Calculating returns. You bought a share of 5.5 % preferred stock for $92.18 last year. The market price for your stock is now $94.17. What is your total return for last year?
Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100. Prepare the journal entry to record the retirement of the bonds before maturity at 98. Assume the balance in premium on bonds payable ..
What are the two methods of accounting for treasury stock? Prepare the journal entry to record the purchase of treasury stock by the cost method.
The LAN partnership had $15,000 in outstanding liabilities on December 31, 2010. Assuing there were no distributions to the partners, what total amount of income will Jaay report for 2010 as a result of his partnership interest?
In 30 years, what will your company's repayment be if you issue the coupon bonds? What if you issue the zeroes?
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