When is it necessary to adjust the parent’s retained earnings account in the preparation of consolidation workpapers? Explain the relationship between parents retained earnings and consolidated retained earnings.

Q: On a beautiful spring morning in 2015, Stephen Lowber, chief financial officer of Cutter and Buck,…

A: Fraud has been defined as a false portrayal of the facts that causes harm to the victim by acting on…

Q: The product costs per unit under variable costing would be:

A: Product costs per unit under variable costing $10.50

Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was…

A: In the given question, loan was taken on October 1. The loan amount of P 100,000 along with interest…

Q: During 2020, Strawberry Corporation purchased several equity securities, all of which are designated…

A: Here discuss about the purchase and sale of share investment which are made through the fair value…

Q: What is the proper treatment for noncash asset received from a non-stockholder? Group of answer…

A: Accounting entry to be made for noncash asset received from a non-stockholder: Debit Noncash Assets…

Q: What is the investment carrying amount at December 31, 2020?

A: The answer for the multiple choice question and relevant working are presented hereunder : Gray…

Q: tock, par value $10 per share During 2005, Amelia issued 24,000 shares of common stock for a total…

A: Contributed capital refers to the cash and other assets that shareholders have donated a firm in…

Q: A company retired 50,000 shares of P5 par value common stock it held in treasury at an average cost…

A: No. of shares outstanding means shares issued by the company and currently are with the…

Q: A Company had various equity investments at fair value through profit or loss transactions during…

A: Unrealized gain/loss during the year=Market Value of investments in Current Year-Market Value of…

Q: received an indorsement from C. The indorsement was located at the back of the check. Upon…

A: The undated Check has no effect on the negotiability of an instrument. The date part of the undated…

Q: Nick’s Novelties, Incorporated, is considering the purchase of new electronic games to place in its…

A: Simple rate of return is calculated by dividing the Net operating income by the initial investment.…

Q: How much is the amortization of patent for the year 2021?

A: As at Dec 31, 2020 Green Company has 3 existing patents.  Patent A has been acquired on 14th Feb,…

Q: What’s the difference between accounts payable and receivable?

A: If you use the accrual accounting system, you will have to deal with accounts receivable and…

Q: GH¢ GH¢ GH¢ SAT LTD 58,000 4,000 12,000 12,000 30,000 NAN LTY 55,000 12,000 8,000…

A: Debtors refer to those customers who have purchased the goods on credit but the amount is yet to be…

Q: Which of the following is not a basic characteristic of a system of cash control? Group of answer…

A: Every business organizations are required to implement the proper controls so as to avoid the theft…

Q: In preparation for the quarterly cash budget, the following information have been compiled. Month…

A: Cash budget means the expected cash receipts and expected cash payment for the next year. Cash…

Q: Chris Crone (age 67) is married, but will file as married separate. Assume that Chris has one child,…

A: Introduction: The basic income that is subject to taxation is referred to as taxable income. It…

Q: The payment schedule of purchases made on account is as follows: 75% during the month of purchase,…

A: Payment for credit purchases in December = 10% of October + 15% of November + 75% of December

Q: how did you get these numbers ?   Year 2022: Weighted-Average accumulated expenditure Date Amount…

A: Solution: Weighted average accumulated expenditure is determined by = Amount of expenditure * Period…

Q: Financial statement data for the year ending December 31 for Langford Company are as follows: Net…

A: As per IAS 33 Earnings per share Earnings per share = (Net income - preferred Dividend)/weighted…

Q: Shown below is the bank reconciliation of ABC Corp for may 31, 20X1: Balance per bank, May 31 75,000…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Erin, an lowa resident, has a personal auto policy with liability limits of $20,000/$40,000/$15,000…

A: The limit under Lowa insurance policy is $20,000/$40,000/$15,000. This means that limits for bodily…

Q: What does it mean to have negative working capital?

A: Working capital, also known as net working capital (NWC), is the difference between a company's…

Q: 35.On March 1, 2021, a company issued 1,000 shares of its P20 par value ordinary share and 2,000…

A: Disclaimer: "Since you have asked multiple question we answered first question for you if you want…

Q: Part II. Prepaid Expense Apollo Dressmaking Shop paid P9,000 worth of airtime advertising to Eclipse…

A: The prepaid expenses are the expenses which are paid in advance. The accrued expenses are the…

Q: Identify types of costs and explain their accounting. E2.20 (LO 1) Wu-Li Corporation incurred the…

A: Direct material, direct labor and manufacturing overhead are the part of product costs which are…

Q: rrent Attempt in Progress an inexperienced accountant for Cheyenne Ceramics made the following…

A: For the error in 1st subpart we should  credit  sales revenue account inorder to correct.

Q: a. Determine a present value factor for an annuity of $1 which can be used in determining the…

A: Solution:- a)Determine a present value factor for an annuity of $1 which can be used in determining…

Q: TRUE or FALSE: Partnership by estoppel applies in situations where participants are not, in fact,…

A: The answer for the True or false question and relevant explanation are presented hereunder : Based…

Q: issue of shares for cash

A: Solution: Cash receipt journal is used to record all type of cash receipts by a buisness.

Q: The bank column in the cashbook for June 2021 and the bank statement for that month for In Bloom…

A: Updated Cash Book Balance includes: Adding all the amounts which are credit directly into the bank…

Q: The Magazine Division of XYZ publication Company had the following financial data for the year:…

A: Return on investment is one of the performance measure of the business. This is calculated by…

Q: 25. Corp. A purchases and pays 100% of the premium cost for life insurance on all of its employees.…

A: If an employer pays life insurance premiums on an employee’s behalf, any payments for coverage of…

Q: Which of the following bond is the safest?  Treasury Bonds Corporate Bonds Savings Bonds

A: Bonds are a form of liability for the business, for which regular interest payments along with value…

Q: Alexia Jones is a worker at a local 24-hour pharmacy. Alexia works the night shift and is the only…

A: Fraud seems to be a deliberate deception intended to achieve an illegal advantage for the offender…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Medical expenses are deductible over 7.5% of Adjusted gross income. Adjusted Gross income = $100000…

Q: On November 1, 2023 ABC Company committed to a plan to dispose of a major subsidiary. The disposal…

A: Income (or Loss) from Discontinued Operations are presented on the income statement below Income…

Q: Batik Company presents the following summarized balances of its projected 2021 balance sneet:…

A: calculation of external fund batik company needs are as follows

Q: Q.1:A company purchased equipment on November 1, 2019. Equipment was used 300 hours in 2019, 2800…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: company issued 1,000,000 shares of common stock. Of these 150,000 shares were held as treasury stock…

A: Calculation of common share issued at December 31, 2003.

Q: What is the role of Cost Accounting in Price Determination ?

A: The primary difference between fixed as well as variable costs is made in cost accounting.…

Q: 36. A company received 3,000, P10 par ordinary shares from one of its shareholders. In the same year…

A: Here discuss about the details of donated share capital which are received from the shareholders in…

Q: What is the formula for the "Net Income attributable to P Corporation"? How did you come up with…

A: In case of consolidations, net income to be recorded in the books of the parent entity is computed…

Q: 55. On March 1, 2021, a company issued a four-year, P3,000,000 face value, 11% term bonds for…

A:

Q: Given the following information for Tiger Company: Cash                                  100,000…

A: Solution:- 1)Computation of Total working capital as follows under:- Company’s total working capital…

Q: Scutty Marrison lives in Frankston, Melbourne. In January 2022, he receives a job offer to work in…

A: As per Comprehensive capital gains tax (CGT), Australia, any resident leaving Australia will be…

Q: The total fixed costs and  Operating Income were incorrect,

A: Solution: Total fixed costs = Fixed manufacturing costs + Fixed selling and administrative expenses

Q: Zabra Co. makes and sells a single product. For ench one unit of produict, 2 nicters of Material are…

A: In the given question first we will calculate the Production in uniys with the help of Sales Budget…

Q: hich of the following is correct regarding the result of a cash disbursement cut-off rendered by an…

A: Cut-off arrangements are the precautions taken by the business entity to keep the business…

Q: Sisa Corporation has the following data: Selling price per unit Variable cost per unit.…

A: Current credit standard: A Selling price per unit 70 B Variable cost per unit 45 C Variable…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.