Describe the circumstances under which the accounts of a subsidiary would not be included in the consolidated
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (10 reviews)
Under GAAP a subsidiary will not be consolidated if contr...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Question Posted:
Students also viewed these Accounting questions
-
Describe the circumstances under which sensitivity analysis might be a reasonable basis for determining changes to a firms EBIT or FCF.
-
Describe the circumstances under which the current, quick, and cash ratios, respectively, are more appropriate measures of short-term liquidity than the other ratios?
-
Describe the circumstances under which the acquirer is better off paying in stock rather than cash. What are the implications for the acquirers shareholders of paying in stock?
-
In a recent self-check, the store manager had her employees compare prices on 320 different items which were picked at random for cross-check. The employees recorded the shelf price and the price...
-
International Gadgets is a company with offices throughout the United States and in Europe. There has been a history of miscommunication within office departments, between offices, and, most...
-
Mercury(II) oxide is an orange-red solid with a density of 11.1 g/cm3. It decomposes when heated to give mercury and oxygen. The compound is insoluble in water (does not dissolve in water). Identify...
-
A (Note: this question covers material from both Chapters 43 and 44.) HGW Limited produces a product called a Lexton. The standard selling price and the manufacturing costs of this product are as...
-
During the current year, merchandise is sold for $3,750,000. The cost of the merchandise sold is $2,550,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross...
-
13. Employees at a certain company were asked how long they had been employed for that company. The frequency table of the results is shown below. Years Employed No. of Employees Relative frequency...
-
Two light sources of identical strength are placed 10 m apart. An object is to be placed at a point P on a line parallel to the line joining the light sources and at a distance d meters from it (see...
-
What is a noncontrolling interest?
-
A summary of changes in Pen Corporation's Investment in Sam account from January 1, 2011, to December 31, 2013, follows (in thousands): ADDITIONAL INFORMATION1. Pen acquired its 80 percent interest...
-
What volume of a 0.245 M solution of NaI would you need to add to 100.0 mL of a 0.300 M solution of lead acetate to precipitate out all the lead? Which ions are spectators?
-
A binary European asset-or-nothing call pays the terminal stock price S if the stock price is greater than or equal to K and $0 if the stock is less than K. Use risk-neutral pricing assuming the...
-
(b) Find I dx. Hint: x = sin
-
Peter owned real estate in New York City worth $100,000. Patrick held an installment promissory note in the amount of $50,000 upon which Peter was the maker. The note was securedpl[ij by a first...
-
Question 3 [5 points] Calvin has a home business producing custom leather jackets. After budgeting for monthly fixed costs he has $10,193 in available funds. If the variable cost for each jacket is...
-
Martin has the opportunity to invest in a scheme which will pay $ 5 0 0 0 at the end of each of the next 5 years. He must invest $ 1 0 , 0 0 0 at the start of the first year and an additional $ 1 0 ,...
-
An auditor's audit working papers include the following narrative description of a segment of the Croyden, Inc., factory payroll system and the flowchart presented on the following two pages....
-
What is the back work ratio? What are typical back work ratio values for gas-turbine engines?
-
The reducing agent in the double-bond reduction step of fatty-acid biosynthesis (the last step of Eq. 22.74, repeated below) is NADPH. (ACP 5 acyl carrier protein.) (a) Using an abbreviated structure...
-
Pop Corporation acquired an 80 percent interest in Sat Corporation on October 1, 2011, for $82,400, equal to 80 percent of the underlying equity of Sat on that date plus $16,000 goodwill (total...
-
Pal Corporation paid $175,000 for a 70 percent interest in Sid Corporation's outstanding stock on April 1, 2011. Sid's stockholders' equity on January 1, 2011, consisted of $200,000 capital stock and...
-
Pam Corporation acquired a 70 percent interest in Sam Corporation on January 1, 2011, for $420,000 cash, when Sam's equity of Sam consisted of $300,000 capital stock and $200,000 retained earnings....
-
Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $174,000 319,000 160,000 During 20x2, products costing $121,000 were...
-
Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material...
-
Groucho, Harpo, and Chico form a partnership on January 1, 2021. Groucho contributes $270,000, Harpo $210,000, and Chico $120,000 to a business called Marx Brothers' Partnership. On a monthly basis,...
Study smarter with the SolutionInn App