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A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2011, for 100,000 pesos each. It pays for both items on June 1, 2011, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-market-rule. Currency exchange rates for 1 peso follow:
Jan 1 2009 $0.15 = 1 pesoApr 1, 2009 $0.16 = 1Jun 1, 2009 $0.17 = 1Dec 1, 2009 $0.19 = 1
A. Assume that the peso is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2011?
B. Assume that the U.S. dollar is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2011?
It's Kinda China produces collectible pieces of act. The company's Raw Material Inventory account includes the cost of both direct and indirect materials. Account balances for the company at the beginning and end of July 2008 follow:
Some commentators have criticized the use of equity accounting on the basis that it can be used as a form of off balance sheet financing. Explain the reasoning behind the use of equity accounting and discus the comments.
Assume the British pound appreciates against the dollar while the Japanese yen depreciates against the dollar. Which of the following is true?
Briefly define and explain the purpose of the balance sheet, income statement and statement of changes in equity. In your answer you should include the linkages between each.
The fair value of the options, estimated by an appropriate option pricing model, is $4 per option. No forfeitures are anticipated. Ignoring taxes, what is the effect on earnings in the year after the options are granted to executives?
What are the different types of dividends that corporations may issue? When should a corporation pay dividends? Would you prefer a stock dividend or a cash dividend? Why?
Alamo Inc. had $300 million in taxable income for the current year. Alamo also had a decrease in deferred tax assets of $30 million and an increase in deferred tax liabilities of $60 million.
PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B.
The concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved. What is material from the point of view of a bank that lends money to the firm?
Illustrate out the qualitative and quantitative limitations of financial statements? What is the FASB and what role does that entity play? Have you heard of and do you know the meaning of IFAS and GAAP?
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
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