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Consolidated Financial Statements – Intra-Entity Asset Transactions no official FASB guidance exists on the assignment of income effects on non-controlling interest in the consolidation process, when either the parent transfers a depreciable asset to the subsidiary or vice versa. Suggest one (1) method of accounting for the income effects on the non-controlling interest that you consider most appropriate. Provide a rationale for your response.
Assume that company P (parent) uses the equity method to account for its investment in company S (subsidiary). Company P purchases inventory items from company S. According to FASB’s guidance, the accountant must remove the inter-company profit from Company S’s net income. Determine if the process permanently eliminates the profit from the non-controlling interest or merely shifts the profit from one period to the next. Provide support for your rationale.
Analyze and comment on the differences in the annual statements found on the companies' websites. Provide a few specific differences in content and format and what auditing standards are used by the external auditors?
Assuming the cost of direct materials used is $1,500,000, compute the total manufacturing costs using the information below. Raw materials inventory, January 1 $ 30,000 Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Wor..
Net income is not the same as net cash provided by operating activities. Net cash provided by operating activities is usually significantly larger than net income. In general, what causes this difference? Do you think that the Indirect Method illustr..
Monroe Corporation is considering the purchase of new equipment. The equipment will cost $37,900 today. However, due to its greater operating capacity, Monroe expects the new equipment to earn additional revenues of $6,000 by the end of each year for..
Calculate the flexed budget and the key variances between budgeted and actual results and reconcile the original budget and present the relationship between the budgeted and the actual profit for the month November
The Maxwell Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine-hours. The following data are available for July:
Compute sales level required in both dollars and units to earn $210,000 of after-tax income in 2010 with the machine installed and no change in unit sales price. Assume that the income tax rate is 30%.
james, age 17, is claimed by her parents as a dependant, during 2011, she had interest income from a bank savings account of $2,000 and income from a part-time job of $4,200. how much will be James' taxable incom?
On the twentieth day of the month, room sales at the Motor Lodge Motel exceeded its breakeven point for the month. Revenue generated by room sales during the remaining days of the month will: decrease in proportion to the additional room sales.
Analyzing and Reporting Receivable Transactions and Uncollectible Accounts (Using Percentage-of-Sales Method) Compute and show how accounts receivable and the allowance for uncollectible accounts are reported in its December 31, 2014, balance sheet.
Using the information above, calculate the net present value of costs (cash outflows) and decide whether it should be purchased in the budget year. Assume a 10 per cent cost of capital (discount rate).
Prepare a statement of partnership liquidation, indicating and the sale of assets and division of loss.
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