Far, Get, and Hog Corporations own 60 percent, 25 percent, and 15 percent, respectively, of the common stock of Pod Corporation, a joint venture that they organized for wholesaling fruits. Which of the corporations should report their joint venture interests under the equity method? a Far, Get, and Hog b Far and Get c Get and Hog d Far and Hog
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- The shareholders of ABC Corporation would like to know the valuation of their ownership in the entity. Relative valuation based on its two closest competitors will be made. The price-book value ratio will be used. X Inc. Y Co. Market value of ordinary shares 5,980,000 7,020,000 Book Value of ordinary shares 5,200,000 6,000,000 ABC has a book value of ordinary shares at P5,800,000. This includes aninvestment property that provides additional income. It has a book value ofP420,000 but a market value of P650,000. Also, a material error in theaccounts payable was identified and it resulted to a P300,000understatement. After considering these, the remaining and corrected bookvalue can be valued using relative valuation. What is the total relative valueof ABC ordinary shares?Which of the following does NOT accurately describe related parties, as generally defined under IRC 267 b? A. A corporation and partnership with the same person owing more than 50 percent in value of the corporate stock and more than 50 percent in the capital profit interest in the partnership. B. Two corporations that are members of the same group of controlled corporations. C. An S corporation and a C corporation with the same person owning more than 25 percent in value of the outstanding stock of each. D. Two S corporations with the same person owning more than 50 percent in value of the outstanding stock of each.Can a Joint venture use equity method of accounting? how bout the share of net income of each individual corporation, how would you account for that?
- Entity Z has equity holders. Equity holder 1 has 50% stock and 30% voting rights. Equity holder 2 has 50% stock and 70% voting rights. Substantially all activities of entity are conducted on behalf of equity holder 2. Is entity Z a VIE and why?Hippo Co. is a holding company. It holds all the shares of Opco. Shareholder H holds all the shares of Hippo Co. What should Opco be directed to do prior to its sale in order to minimize taxable capital gains? a. Transfer all assets to Hippo Co. before sale. b. Transfer all shares in Opco to Shareholder H prior to the sale c. Transfer all the shares of Hippo Co. to shareholder H prior to the sale. d. Pay a tax-free dividend to Hippo Co. from Opco prior to the saleWhich of the following statements are true?I. Lechon Corporation has a 25% interest in Mang Tomas Company. Catsup, Inc. is a subsidiary of Mang Tomas. Lechon and Catsup are related parties.II. Rico Corporation is a venturer of Zubuchon Company. CNT, Inc. is a subsidiary of Zubuchon. Rico and CNT are related parties.III. Bergs Corporation is a venturer of Mechado Road Joint Venture and a 25% interest investor of Dinuguan Fourth Floor Company. Mechado Road and Dinuguan Company are related parties. IV. Ersao Company and Burger King Company are under the common control of Foodie Corporation. Ersao and Burger King are related parties
- Which of the following is correct for two companies that want to file a consolidated tax return as an affiliated group?a. One company must hold at least 51 percent of the other company’s voting stock.b. One company must hold at least 65 percent of the other company’s voting stock.c. One company must hold at least 80 percent of the other company’s voting stock.d. They cannot file one unless one company owns 100 percent of the other’s voting stock.Choose the correct. Which of the following is correct for two companies that want to file a consolidated tax return as an affiliated group?a. One company must hold at least 51 percent of the other company’s voting stock.b. One company must hold at least 65 percent of the other company’s voting stock.c. One company must hold at least 80 percent of the other company’s voting stock.d. They cannot file one unless one company owns 100 percent of the other’s voting stock.Which statement is incorrect? * Book value per share is the claim of a shareholder in the net assets of the corporation for every share held in the corporation. If a corporation has 2 classes of shareholders, the book value per share should be computed for both preference shares and ordinary shares. Book value per share assumes that assets are realized at book values and liabilities are liquidated at book values. Total gains (losses) on realization of assets and liquidation of liabilities, if there are any, are assumed to sum up to zero. Excess over par refers to the amount of shareholders’ equity in excess of the total par value of the preference shares and ordinary shares issued by the corporation. none of the above
- Which of the following is not a component of the formula used to distribute profit? * After all other allocations, the remainder divided according to the profit and loss sharing ratio Salary allowances to the managing partners Interest on the average capital investment Interest on notes to partners A corporation whose stock can be purchased by anyone and is traded in stock markets is known as a(n) * Government-owned corporation Close corporation Open corporation O Not-for-profit corporation1. Discuss the advantages of forming a corporation over a partnership. 2. Discuss the capitalization requirement for a Corporation upon application with the SEC Given: Corporation Y applied for a P 10 Million Authorized Capital stock with P 10 par value /shareWixi Co. has the following equity investments in FSN, DELL, and ATI. (1) Which of these companies are subsidiaries of Wixi? (2) How are individual assets and liabilities of a parent and its subsidiary(ies) reported on a balance sheet? FSN stock: Wixi owns 70% of the voting common stock and has controlling influence. DELL stock: Wixi owns 5% of the voting common stock and has insignificant influence. ATI stock: Wixi owns 30% of the voting common stock and has significant influence.