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INCOME STATEMENTa) Ignore the sales, cost of sales and the expenses of the associate company. However, premium or goodwill arising on acquisition of associate company should be computed the normal way as that of the subsidiary company incase of any impairment, then it should be included in the investing company’s expenses.
b) The investing company should report its share of profit before tax in associate company as part of other incomes and its hare of tax in associate company as part of its income tax expense. Alternatively, the investing company can show its share of profit after tax in associate company as other incomes.c) Just like in subsidiary companies the retained profits b/d of the investing company will be made up of the investing company’s retained profits b/d of the associate company. Adjustments for previously impaired goodwill or premium should be made at this stage.
Evaluating a Company's Budget Procedures Springfield Corporation operates on a calendar-year basis. It begins the annual budgeting process in late August, when the president
Terry Marks is a well-known architect. He wants to start his own business and convinces Rob Norris, his cousin and a civil engineer, to contribute capital. Together, they form a pa
Illustration of Deffered Tax A firm bought an item of plant at a total amount of £50,000. During the first year, the firm provided for depreciation of 10,000. The item of plant
Nine years ago, Goodwynn& Wolf Incorporated sold a 16-year bond issue with a 11% yearly coupon rate and a 10% call premium. Today, G&W known as the bonds. The bonds originally were
THE INCOME STATEMENT It shows the financial performance of the company during the given financial period. It discloses the income and expenses and thus the net profit for the per
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The comparative financial statement of new World Piano Company for 2003,2002, and 2001 included the following selected data: 2003 2002 2003 In Millions Cash $67 $66 $62 Short T
Q. Flexibility in Debt finance? Debt finance is more elastic than equity in that various amounts can be borrowed at a fixed or floating interest rate and for a range of maturit
Q. Describe about Backdating? i) Exercise price is based on a lower share price prior to option grant date. Practice of marking a document with a date that precedes actual date
Question: The accountant of a company is preparing the cash budget for the first six months of 2011 and obtains the following information: Sales on credit, variable costs an
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