Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Textbook Question
Chapter 4, Problem 5Q
How is the noncontrolling interest in a subsidiary company calculated as of the end of a reporting period?
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How is the amount assigned to the non-controlling interest normally determined when a consolidated balance sheet is prepared immediately after a business combination?
Where are changes in fair value for available for sale securities reported?
Group of answer choices
as a prior period adjustment to retained earnings on the balance sheet
as a component of accumulated other comprehensive income on the balance sheet
as operating income or loss on the income statement
as income or loss from peripheral activities on the income statement
How is the year-end balance of the NCI in Net Assets (NCINA) account calculated?
A) Beginning-of-year NCINA + NCI's% of S's reported net income - NCI's % of Amort of Differential - NCI's% of S's
dividends.
B) Beginning-of-year NCINA – P's % of S's reported net income + P's % of Amort of Differential + P's % of S's dividends.
C) Beginning-of-year NCINA – NCI's% of S's reported net income + NCI's % of Amort of Differential - NCI's% of
S's dividends.
D)
Beginning-of-year NCINA + P's% of S's reported net income - P's % of Amort of Differential - P's% of S's dividends.
Chapter 4 Solutions
Advanced Accounting
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- When do companies recognize gains and losses from the extinguishment of debt? Where are the gains and losses disclosed on the income statement?arrow_forwardWhen are companies required to file consolidated financials? How is it recorded?arrow_forwardWhich of the following should be classified as noncurrent liability? Unearned revenue Accrued salaries payable to management Mandatory redeemable preference share The currently maturing portion of long-term debtarrow_forward
- Under IFRS, share dividends declared after the statement of financial position date but before the end of the subsequent events period are:(a) accounted for similar to errors as a prior period adjustment.(b) adjusted subsequent events, because they are paid from prior year earnings.(c) not adjusted in the current year’s financial statements.(d) recognized on a prospective basis from the date of declaration.arrow_forwardWhich of the following shall be taken to profit or loss for investments measured at fair value through other comprehensive income? change in fair value during the reporting period gain or loss on disposal of the securities dividends received declared from current year's earnings of the investee impairment in the value of the securitiesarrow_forwardWhen the income statement includes discontinued operations, which amounts require per share presentation?arrow_forward
- Which of the following would be classified as non-current liability? *a. Unearned revenueb. Mandatory redeemable preference sharesc. The current maturing portion of long-term debtd. Accrued salaries payable to managementarrow_forwardAn entity shall adjust the carrying amount of the dividend payable at the end of each reporting period and at the date of settlement with any changes in the carrying amount of the dividend payable recognized as component of other comprehensive income b. directly in retained earnings c. as gain or loss on property dividend d. as adjustment of share premiumarrow_forwardWhen does a dividend become a liability? According to your text, it occurs on the: Date of record Date of payment Date of declaration Last day of fiscal year None of the abovearrow_forward
- What is the correct method for treating a vesting differential linked to the acquisition of shares? privileged rights of the subsidiary by the parent company? Select an answer: a. It must be allocated to identifiable net assets or goodwill. b. It must be distributed in proportion to the identifiable assets and liabilities of the subsidiary. c. It must be charged to consolidated retained earnings or credited to contributed surplus. d. It must be taken care of in the current year.arrow_forwardWhat is a noncontrolling interest? Select one: A. A component of debt representing amounts owed to a subset of investors B. Amounts distributed to investors that own less than a controlling interest C. The portion of a subsidiary’s net assets not owned by the parent-company D. An amount equal to investor contributions less dividends distributedarrow_forwardA company records an unrealized profit on short-term securities. This would result in what type of difference and in what type of deferred income tax? Type of Difference /deferred tax Select one: a.Permanent / Liability B.Temporary / Liability c.Temporary / Asset d.Permanent / Assetarrow_forward
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