Chapter 6 Quiz BUSI 453

a. 28 b. 116 c. 0 d. 56

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What should the adjustment for consolidated entry be when a Subsidiary sold inventory to Parent at a lower cost. Example: S bought inventory at a cost of 300. S sold to P at 200.

4

ProForm acquired 60 percent of ClipRite on June 30, 2020, for $1,020,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $600,000 was recognized and is being amortized at the rate of $15,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $680,000 at the acquisition date. The 2021 financial statements are as follows: Sales Cost of goods sold Operating expenses Dividend income Net income Retained earnings, 1/1/21 Net income Inventory Investment in ClipRite Fixed assets Accumulated depreciation Totals Liabilities Dividends declared Retained earnings, 12/31/21 Cash and receivables $ Common stock Retained earnings, 12/31/21 Totals ProForm Sales Cost of Goods Sold (990,000) $ 630,000 290,000 (24,000) $ (94,000) $ (290,000) (94,000) 290,000 $(2,204,000) $(2,400,000) $(1,040,000) (290,000) 40,000 ClipRite 1,020,000 1,800,000 (980,000) $(1,290,000) 590,000 $ 490,000 480,000 890,000 (2,204,000)…

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.

1. What is the Gross Profit under Multiple Step Income Statementa. 389816b. 505526c. 446773d. 972299 2. What is the total selling Expenses under multiple step income statement?  a. 118295 b. 253021 c. None of the above d. 856589 3. What is Total general & Administrative Expenses under Multiple step income statement? a. 18500 b. 253021 c. None of the above, d. 118595

Ef 50.

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Camel Company sells a segment of its operations at a loss. Camel has not previously experienced such an event and does not expect to again.The loss from the disposal of the segment should be reported in the income statement as:   Question 16 options:   A)  A separate amount in comprehensive income   B)  A separate amount in net income from continuing operations   C)  A separate amount in a discontinued operations section   D)  As part of cost of goods sold

Unrealized profit on ending inventory A.will always be paired with a realized profit on beginning inventory on the next year for thesame amount.B.will increase the net income from the separate financial statementsC.will decrease the inventory balance from the separate financial statementsD.is caused by intercompany sale which is already sold to third party

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5. S1: For the results of a component of an entity to be classified as discontinued operation, management must have entered in a sale agreement.S2: The net income or net loss from discontinued operation, net of tax shall be shown as a single amount in the income statement after income from continuing operations and before net income. * A. Both statements are true O B. Both statements are false O c. Only statement 1 is true O D. Only statement 2 is true 6. The fuel and oil as a major line of business of San Miguel Enterprises becomes available for immediate sale in its present condition. The termination costs of employees resulting from the discontinuance should be * O A. Included in the computation of other comprehensive income B. Shown as other expense O c. Shown as a prior period adjustment D. Netted against the income from operations of the component as part of discontinued operation E. None of them