06) Which of the following is a characteristic of the cost method of accounting for subsidiary operations? Select one: O a. Parent company net income equals consolidated net income. O b. More working paper eliminations are required than for the equity method of accounting. O c. Consolidated amounts differ from the comparable amounts under the oquity mothe of ating
Q: QRC Company is trying to decide which one of two alternatives it will accept. The costs and revenues…
A: Differential revenue = Alternative B revenue - Alternative A revenue
Q: Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $317,000 on…
A: a) Journal entries on peanuts books for the acquisition of snoopy on January 1,2018, as well as any…
Q: Using the calendar below, list the due dates of each deposit in the first quarter. Paydays…
A: Please find the attachment below for the first a) answer Schedule B (Form 941): Report of Tax…
Q: Plymouth Realty Group has Cash of $100, Accounts Receivable of $900, and Office Supplies of $700.…
A: 1. Computation of sales revenue reported by Old Oak Gross revenue from sale…
Q: PSC 4-5 Define Miscellaneous Deductions Match each of the voluntary deductions listed with the…
A: The deductions refers to the amount that is reduced from the gross income of an individual to…
Q: Accounts
A:
Q: Please answer with reason for all why the option is correct and why the other options are incorrect…
A:
Q: The last part of my original question was cut off. I needed the cost per unit and total gross margin…
A: Workings:
Q: Compute the use tax that Heliot owes to State H for the property purchased in S Pre credit use tax…
A: State H levies 6% use and sales tax. Sales Tax paid to other state can be claimed as credit while…
Q: 7. Information below relates to Salih and Yaakob for a week. Salih Description Hours worked 30 hours…
A: The company pay wages to employee however it has the choice of which method to use to determine the…
Q: Please answer retained earnings
A: Given in the question: For the year end on December 31, 2016 Parent Subsidiary…
Q: Engr. Abcde buys a ring which costs P120,000 if paid in cash. It also available to purchase it eight…
A: Lets understand the basics. For calculating monthly installment, we need to use below formula.…
Q: . What amount should be reported as OCI for the current year? a. 4,000,000…
A: Comprehensive income is the income which too is the income but it is classified as the comprehensive…
Q: Which of the following best describes the following entry Recognizing revenue relating to work that…
A: The transaction of a business are recorded in the form of entries in the books of accounts. Each…
Q: Adam and Alyssa are equal partners in the PartiPilo Partnership. The partners formed the partnership…
A: A partnership is a form of business where two or more people agrees to operate and manage a business…
Q: Central Park Homes had the following cash transactions for the month ended May 31, 2024. (Click the…
A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…
Q: ABC Company acquires a 10% ownership in XYZ Company on January 1, 2015. ABC Company does not have…
A: Investment in equity of a company can be recorded using different methods like cost method and…
Q: [The following information applies to the questions displayed below.) At the beginning of the year,…
A: Introduction: In accounting, capitalizing implies recognizing an expense as an asset. The cost of…
Q: Vin Diesel owns the Fredonia Barber Shop. He employs 4 barbers and pays each a base salary of $1,250…
A: Introduction: Cost may be classified in several ways depending on its nature. One of the most…
Q: Hi May i know why gst is 5%? How to know is 5%?
A: GST refers to the Goods and services Tax, it is an indirect tax which is levied on manufacturer but…
Q: Bens Corporation has three service departments (Repairs, HR, and IT) and two production departments…
A: The direct method of allocation is used to allocate the cost of the service department is allocated…
Q: Vito Yarwood practices medicine under the business title Vito Yarwood, M.D. During July, the medical…
A: JOURNAL ENTRY Journal entry is the Process of Recording Financial & Non Financial…
Q: The Marchetti Soup Company entered into the following transactions during the month of June: (1)…
A: Accounting equation is the basic equation based on which the business transactions are recorded. The…
Q: The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial…
A: Liabilities :— It is the present obligation of company that will be settled in future. It is…
Q: When AppGame Company delivers pizza to customers on account and bills its customer accounts, it…
A: CREDIT SALE Credit sales are also known as sales made on account. credit sales are purchases…
Q: 15) How soon does goodwill acquired in a business combination need to be tested after an…
A: Goodwill should be recognized when money or money's worth is paid for it. In case of a business…
Q: Sheffield Company had the following department information for the month: Total materials costs…
A: Material Cost Per Unit :— It is calculated by dividing material cost by units produced.…
Q: Acquired Company (in thousands) Lancope, Inc Technology Useful life (in years) Amount $79,000…
A: Non-identifiable intangible assets are intangible assets that cannot be identified as belonging to a…
Q: Mr. Juan Lopez launched Lopez Fiesta Mart on December 1, 2022 with a cash investment of ₱220,000.…
A: .
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20…
A: Inventory is valued on the basis of different inventory valuation methods such as LIFO, FIFO, or…
Q: Let's say you made a mistake and overestimated the value of breeding livestock by $15,000. How would…
A: Lets understand the basics. Liquidity ratio calculates company's ability to pay its short term…
Q: NoDelay Delivery Corporation included the following disclosure note in an annual report: Stock-Based…
A: Employee Stock Option Plan: An employee stock option plan, often known as an employee stock…
Q: During 2023, Door Inc. decided to dispose of Bell Division, which is considered a separate reporting…
A:
Q: Suppose Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) on…
A: Perpetual Inventory System – Under the Perpetual inventory system on every sales transaction cost of…
Q: A small state bank currently has reserves equal to $300,000. If the state reserve requirement is…
A: Introduction:- The following basic information as follows under:- state bank currently has reserves…
Q: Required Information [The following information applies to the questions displayed below] In 2021,…
A: A balance sheet refers to the financial statement that includes the data related to the assets,…
Q: MV Company showed cost of goods sold of P4,320,000 in the statement of comprehensive income after…
A: The total manufacturing costs comprises of direct materials used, direct labor cost and…
Q: PSb 4-6 Populate a Payroll Register Complete the remaining columns of the payroll register for the…
A: The payroll register includes the payment details of each employee working in an organization along…
Q: Paper Company acquired 80 percent of Scissor Company’s outstanding common stock for $296,000 on…
A: Journal entries are the primary entries that are recorded in the financial transactions initially.…
Q: ! Required information [The following information applies to the questions displayed below.] BatCo…
A: Standard Costing: It is a method through which a company estimates its costs. For example Few costs…
Q: Hello. I need assistance comprehending when to debit an account and when to credit. How do you know…
A: The rule of debit and credit are as follows
Q: Hercula Cycles started January with 12 bicycles that cost $42 each. On January 16, Hercula purchased…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Data for Hermann Corporation are shown below: Selling price Variable expenses Contribution margin…
A: Under variable costing or marginal costing, net operating income is calculated by reducing fixed…
Q: 13) An entity in which an investor has significant influence but not control or joint control, is…
A: ASSOCIATES An associate company is a firm that is owned in part by a parent company entity.…
Q: In your initial audit of Beta Co., you find the following ledger account balances, Debit Credit 18%,…
A: Bond redemption is the repayment of the principal amount of bonds. Accrued interest is the amount of…
Q: Answer only 4th
A: Variance - The amount by which a set of numbers deviates from the mean or average is measured by…
Q: Holt Enterprises recently paid a dividend, D0, of $1.75. It expects to have nonconstant growth of…
A: The process of determining the worth of a company's shares is referred to as the valuation of…
Q: 12. Shown below are the accounts for Hoosier Co. in alphabetical order as of December 31, 2022. The…
A: The balance sheet is prepared at the end of a reporting period to reflect the financial position.…
Q: The most recent example of the political process at work in standard-setting is the controversy…
A: (D) creation of the FASB
Q: Record the following transactions with a reference number that serves as a unique identifier for the…
A: Journal Entries - Journal entries are the primary records of the transactions entered into by the…
Step by step
Solved in 2 steps
- Under the cost method, dividends from the subsidiary to the parent Ⓡ a. are recognized in income when received. b. are recognized in income when declared. c. are recognized in income when paid. Od. do not affect income. Save AnswerWhich of the following accounting treatments for costs related to business combination is incorrect? Group of answer choices The costs related to issuance of financial liability at fair value through profit or loss shall be recognized as expense while those related to issuance of financial liability at amortized cost shall be recognized as deduction from the book value of financial liability or treated as discount on financial liability to be amortized using effective interest method. The costs related to issuance of stock or equity securities shall be deducted/debited from any share premium from the issue and any excess is charged to “share issuance cost” reported as contract-equity account against either (1) share premium from other share issuances or (2) retained earnings Acquisition related costs such as finder’s fees; advisory, legal, accounting, valuation and other professional and consulting fees; and general administrative costs, including the costs of maintain an…Which of the following accounting treatments for costs related to business combination is incorrect? Group of answer choices a. Acquisition related costs such as finder’s fees; advisory, legal, accounting, valuation and other professional and consulting fees; and general administrative costs, including the costs of maintain an internal acquisitions department shall be recognized as expense in the Profit/Loss in the periods in which the costs are incurred. b. The costs related to issuance of financial liability at fair value through profit or loss shall be recognized as expense while those related to issuance of financial liability at amortized cost shall be recognized as deduction from the book value of financial liability or treated as discount on financial liability to be amortized using effective interest method. c. The costs related to the organization of the newly formed corporation also known as pre-incorporation costs shall be capitalized as goodwill or deduction from…
- 1. Which statement is incorrect regarding presentation of statement of profit or loss and other comprehensive income?a. An entity may use the title 'statement of comprehensive income' instead of 'statement of profit or loss and other comprehensive income'.b. An entity may present the profit or loss section in a separate statement of profit or loss.c. If presented separately, the statement of profit or loss shall immediately precede the statementpresenting comprehensive income, which shallbegin with profit or loss.d. An entity may present a single statement of profit or loss and other comprehensive income, withprofit or loss and other comprehensive incomepresented in one section. 2. The statement of profit or loss and other comprehensive income shall presenta. Profit or lossb. Total other comprehensive incomec. Comprehensive income for the period, being the total of profit or loss…Describe how, despite the fact they include different accounts, conceptually, the [C] entry under the equity method of pre-consolidation bookkeeping is the same as the [C] entry under the cost method of pre-consolidation bookkeeping.List the types of intercompany revenue and expenses that are eliminated in the preparation of a consolidated income statement and indicate the effect that each elimination has on the amount of net income attribute to non-controlling interest
- Which of the following accounting principles or conventions is contradictory to the GAAP requirement to expense R&D costs immediately? matching principle historical cost principle comparability conservatismThe identifiable assets acquired and liabilities assumed in a business combination are generally measured at: a. Acquisition-date fair values b. Previous carrying amounts c. Fair value less cost to sell d. CostThe following statements relate to analysis of expenses in the income statement based on either the nature ofexpenses or their function within the entity. Which statement is incorrect?I. An entity classifying expenses by function shall disclose additional information on the nature ifexpenses including depreciation, amortization expenses and employee benefit cost.II. PAS 1 requires the use of the cost of sales method because this presentation often provides morerelevant information to users than the nature of expense method. a. I onlyb. II onlyc. Both I and IId. Neither I nor II
- Which of the following costs would not be included in accounting financial statements? O A. opportunity costs O B. sunk costs O C. historical costs O D. All of the above would be included in accounting financial statementsThe historical cost principle provides that: Select one: O a. the recorded amount of an acquired item should be the fair market value of the item. b. None of the answers are correct O c. tems whose costs are insignificant compared to other amounts on the financial statements may be accounted for in the most expedient manner. O d. assets and equities be expressed in terms of a common denominator. O e. the expenses of generating revenue should be recognized in the same period that the related revenue is recognized.Calculate the EBIT which should be used for the EV / EBIT multiple given the information below: Net revenues Cost of sales Gross Profit Selling, general and administrative expenses Amortization expense Restructuring costs Acquisition-related costs Asset impairment charges Gain on sales of assets Operating income Interest expense, net Loss on early extinguishment of debt Other expense, net Income (loss) before taxes (Benefit) provision for income taxes Net income (loss) Select one: 1,394,8 1,444.4 1,474.3 S 1,419.6 5,248.1 1,746.0 3,502.1 2,027.8 During fiscal 2050, the company sold assets relating to the Cutey brand for a total disposal price of $29.2. The Company allocated $4.2 of goodwill to the brand as part of the sale. The Company recorded a gain of $24.8 which has been reflected in Gain on sales of assets in the Consolidated Statement of Operations for the fiscal year ended June 30, 2050. 79.5 86.9 174.0 5.5 (24.8) 1,153.2 81.9 3.1 30.4 1,037.8 (40.4) 1,078.2