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Under the proportionate consolidation concept, which of the following statements is true?
a) The accounting emphasis in preparing consolidated financial statements is placed on the business combination being formed.
b) Holding control of a subsidiary provides the parent with an indivisible interest in that company.
c) The objective of consolidated financial statements is to serve as a report to the stockholders of the parent company.
d) The proportional consolidation concept is a hybrid of the proportionate consolidation concept and the parent company concept.
Prepare a new contribution format income statement under each of the following conditions (consider each case independently):
The estimated residual value of the property is $80,000. During 2009, the company extracted and sold 4,000 tons of ore. The depletion expense for 2009 is:
The Pearce Club, Inc., is considering investing in an exercise machine that costs $5,000 and would increase revenues by $1,500 a year for five years. Calculate the equipment's internal rate of return. Assume that the tax rate is 30 percent.
What is the role of social responsibility in finance for Michael Milken, Ivan Boesky and Martha Stewart? Describe how unethical behavior can go undetected by regulators and accountants. What are the implications of this to financial markets?
Godert pharmaceutical company has several scientists working in the labs trying to prepare an anti-aging drug. The cost of this research and development
Glitter Girl, Inc. recognized net income of $150,000 including $26,000 in depreciation expense.
Harnish Corporation is developing standards for its products. One product requires an input that is purchased for $55.00 per kilogram from the supplier. By paying cash, the company gets a discount of 8% off this purchase price.
What is the incremental cost assocaited with producing an extra 50,000 jars of salsa? What is the incremental revenue associated with the price reduction of $.40 per jar? Should Santiago's lower the price ofits Salsa?
Interest was payable semiannually on July 1 and January 1. On July 1, 2011, Goll called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Goll's gain or loss in 2011 on this early extingui..
At the end of the current year, Accounts Receivable has a balanced of $800,000; Allowance for Doubtful accounts has a debit balance if $2000; and Net Sales for the year total $2,200,000. Bad debt expense is estimated at 1/2 of 1% of net sales. Pre..
John's specialty store uses a perpetua; inventory system. The following are some inventory transactions for month of May 2009: 1. John's purchased merchandise on account for $5,000.
Bart transfers land used in his business (held as an investment for 3 years) worth $165,000 (basis of $100,000) and performs managerial services worth $15,000, in return for 30 shares in AB Corp.
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