ACG4201 Quiz 4 (Everest)
- Apple Inc. owns a 90% interest in Banana Company. Banana Company, in turn, owns a 80% interest in Carrot Company. During 20X4, Carrot Company sold $50,000 of merchandise to Apple Inc. at a gross profit of 20%. Of this merchandise, $10,000 was still unsold by Apple Inc. at year end. The adjustment to the controlling interest in consolidated net income for 20X4 is ____.
- Able Company owns an 80% interest in Barns Company and a 20% interest in Carns Company. Barns owns a 40% interest in Carns Company
- When a parent purchases a portion of the newly issued stock of its subsidiary and the ownership interest increases,
- Which of the following situations is a mutual holding?
- When a parent purchases a portion of the newly issued stock of its subsidiary in a private offering and the ownership interest decreases,
- Which of the following accounting situations is treated virtually identically under both U.S. and International accounting standards?
- The Securities and Exchange Commission requires foreign companies seeking to sell securities on U.S. stock markets to
- A value added tax generally results in
- A manufacturer produced a good with a value of 250, the retailer added 125 to the value of the good. Assuming the value added tax rate is 15% the net value added tax due to the government by the retailer is
- A manufacturer produced a good with a value of 300, the retailer added 140 to the value of the good. Assuming the value added tax rate is 10% the final price to the consumer would be