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This is an advanced accounting discussion prompt. I don't want a fancy answer I just want an answer that hits the main points WITHOUT making me look to smart. Here is the prompt 1. Question and prompt 2.
Prompt 1:
A fundamental constraint used in reporting accounting information is conservatism, generally speaking, when a choice is to be made the option that is least likely to overstate assets is the preferred option. Why then do we eliminate losses on intercompany transactions as well as the gains?
Prompt 2.
In the intercompany transfer of depreciable assets, it is likely that the acquiring company may be making different use of the asset than did the seller. As such, the salvage value and/or the expected useful life of the asset may be changed. Is it appropriate for the acquirer to make these changes and re-determine depreciation? What impact does this have on the consolidation process?
On the first day of the current fiscal year, Smith Co. purchased at a discount $5,000,000 of 10-year, 11% Jones bonds, with interest payable of 5.5% semi-annually. The bonds were purchased for $4,800,000 which is $200,000 below par value since the bo..
Journalizing the admission of new partner under differ methods and admission of New under each of the following independent assumptions.
question cajun ltds equity at 30 june 2011 was as given400 000 ordinary shares issued at 1.60 fully paid 640 000500 000
Evaluate what amount of gain or loss should be reported on consolidated financial statements for 2010 and which of the subsequent will be included in a consolidation entry for 2011?
Purpose the journal entries that Rod Corporation recorded during 20X4 related to its investment in Stafford Corporation, considering Rod uses the equity method in accounting for its investment.
compute npv irr payback period and profitable index.the signal company is planning on investing in a new project.nbsp
the interests of catharsis and a civil society - I want you to conclude by discussing (briefly) any preventive or detective controls could be put into place to address your scheme.
Compute MM's deferred income tax expense or benefit for 2009. Prepare a reconciliation of MM's total income tax provision with its hypothetical income tax expense in both dollars and rates.
Evaluation of Full charges, Variable costs, Market price & Negotiated price to be treated as Transfer Price.
Compute the gain or loss on the disposal for financial reporting purposes. Explain how the gain or loss would be reported in the company’s income statement.
What effect will these entries have on the investors statement of financial position - investment in affiliate overstated, retained earnings understated.
Calculate earnings per share and return on common stockholders' equity for 2010 and 2009 - weighted average number of shares of common stock outstanding was 80,000 for 2009 and 100,000 for 2010.
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