Which 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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which 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

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