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Choice of Accounting Method
Slanted Building Supplies purchased 32 percent of the voting shares of Flat Flooring Company in March 20X3. On December 31, 20X3, the officers of Slanted Building Supplies indicated they needed advice on whether to use the equity method or cost method in reporting their ownership in Flat Flooring.
Required
a. What factors should be considered in determining whether equity-method reporting is appropriate?
b. Which of the two methods likely to show the larger reported contribution to Slanted's earnings in 20X4? Explain.
c. Why might the use of the equity method become more appropriate as the percentage of ownership increases?
20-Aug: Issued a $50,000 note to Harris Motors for the purchase of a $50,000 delivery truck. The note is due in 180 days and carries a 12% interest rate. 10-Sep: Purchased merchandise from Pans Enterprises in the amount of $15,000.
Evaluation of additional fund requirement using AFN equation - Use the AFN equation to forecast Carter's additional funds needed for the coming year.
Evaluate the cost of attending the baseball game with the cost of attending the symphony. Focus on relevant costs. Calculate the difference in cost, and show which alternative is more costly to the Petrocelis.
Business emphasizes the providing of maintenance and service for customers
The other sheet shows known shrinkages identified during the period. This sheet shows $3,250.00. Neither of these sheets has been journalized. Identify the unknown, and previously unidentified shrinkage value.
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Demonstrate an ability to provide eliminating as well as adjusting entries in the preparation of consolidated worksheets and understand the difference between pre-control and post-control transactions.
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Explain how should the $200 nonrefundable fee for the Power Startrpack be allocated between the activation card and the prepaid voucher?
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one company purchases the outstanding debt instruments of an affiliated company on the open market. Why is amount of this adjustment reduced from year to year?
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