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In determining controlling interest in consolidated income in the consolidated financial statements, unrealized intercompany profit on inventory acquired by a parent from its subsidiary should:
a) not be eliminated.
b) be eliminated in full.
c) be eliminated to the extent of the parent company's controlling interest in the subsidiary.
d) be eliminated to the extent of the noncontrolling interest in the subsidiary.
A company has current assets of $45,000, current liabilities of $30,000, and total liabilities of $55,000. The current ratio is:
Flint Company purchased $4,000 of merchandise on account. Flint sold the merchandise to a customer for $7,000 cash. What is the increase in gross margin and the net change in cash flow from operating activities as a result of these transactions?
Harry pays $600 for airfare, $200 for meals, and $500 for lodging while on business. The cost of meals and lodging while on vacation was $300 and $500, respectively. How much may Harry deduct as travel expenses for the trip?
At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 10% interest every September 30 and mature in installments of $25,000,000 every September 30, beginning September 30, 2011. What is the dollar amount that is to be report..
(1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.
When the market rate of interest was 11%,munson corp issued 1,000,000, 12%, 8 year bonds that pay interest semiannurally. The selling price of the bond issue was????
You are an accounting tutor. One of your students is confused about impairment because the student has learned earlier that all assets are recorded at their historical cost. The student has the following list of questions for you:
Which of the following is not a component of pension expense under defined benefit plans?
In accounting for a defined-benefit pension plan a. an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised.
Calculate the total indirect manufacturing costs for December from the information given above.
Based on the information for both Bradshaw and Newell over the two-year period, the earnings per share calculations (rounded to two decimals) indicate that: A) Bradshaw is seeing a greater performance improvement than Newell.
Identify the limitation of the internal control system. Provide at least 3 limitations. Provide at least 2 examples of internal control procedures and explain how these procedures can be implemnted. Identify symptoms of a lack of internal control.
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