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Question :
When would the balance sheet disclosure arising from the current rate method become realized?
a.It is recognized once the financial statements of the subsidiary and the parent are consolidated.
b.It is recognized any time the historical exchange rate is different from the spot rate at the balance sheet date.
c.It is recognized when the subsidiary is sold at book value and the proceeds are converted to parent company currency.
d. It will never be realized because it is only the result of the selection of accounting methods and does not reflect real exposure.
Limon Company uses the chart of accounts shown below. Use the numbers preceding each title to create journal entries for each situation.
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Using the high low method, evaluate utility costs. In addition, evaluate the variable costs per unit and total fixed costs. and evaluate the breakeven point in number of oil changes and sales dollars.
During 2010, Bike reported net income of $500,000. For 2011, Bike reported net income of $800,000. Dividends of $300,000 were paid in each of these two years. Explain how much income did Harley report from Bike for 2011?
Report Chun Book Store’s plant assets on the company’s balance sheet at December 31, 2010. What will Chun’s income statement for the year ended December 31, 2010, report for this situation?
Prepare a report that indicates the effect on the company's total net operating income of buying part F77 from the supplier rather than continuing to make it inside the company.
ABC Company is a retailer operating in an industry that experiences inflation. ABC wants the most realistic ending inventory. Which inventory costing method should ABC consider using?
Provide an example of resources that are temporarily restricted as to (a) purpose, (b) time, and (c) occurence of a specific event. Provide an example of permanently restricted resources.
Use your estimated growth rate to solve for the required rate of return using the dividend discount model.
Under what condition is forgiveness of indebtedness not included in taxable income? If the forgiveness of indebtedness is not taxable, explain how is it treated from a tax point of view?
Indicate with explanations, sections of the Acts and relevant case law how the Revenue and Expense items (together with the Notes) in the company's accounts are treated for tax purposes.
What are the disadvantages of AVCO method and which of them is better, FIFO or AVCO and, if there is any odd results, could you explain why?
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