Advanced Accounting
Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 6, Problem 6P
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Identify the appropriate answer for the given statement from the given choices.

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WFO Corporation has gross receipts according to the following schedule: Year 1 $ 25.00 million Year 2 $ 27.00 million Year 3 $ 29.00 million Year 4 $ 29.50 million Year 5 $ 30.00 million Year 6 $ 31.00 million If WFO began business as a cash-method corporation in Year 1, in which year would it have first been required to use the accrual method?
Soya's consolidated statement of financial position shows inventories with a carrying amount of £36,000 at 31 December 20X0 and £34,600 at 31 December 20X1. Soya acquired a subsidiary Milk on 1 October 20X1 when the inventories of Milk were £3,600. The Consolidated statement of cash flow is prepared for the year ended 31 December 20X1 using the indirect method, which provides a reconciliation of profit before tax to cash from operating activities. What adjustment should be recorded for "change in inventories" in this reconciliation? Hint: Pay careful attention to the sign (+/-) O a. Change in inventories + 5,000 O b. Change in inventories - 2,200 O c. Change in inventories - 5,000 O d. Change in inventories +1,400 e. Change in inventories + 2,200 O f. None of these options are correct g. Change in inventories -1,400
Well Co. has a $20,000 receivable from Eight Co. and a $40,000 receivable from Cotten Corporation. Well also has a $30,000 payable to Sloane Co. Well owns 80% of Eight, 45% of Cotten, and 55% of Sloane. Eight and Sloane are consolidated subsidiaries, and Cotten is an equity-basis investee. At what amounts should Well report these balances in the consolidated financial statements? Receivables Payables OA. $40,000 $0 ○ B. $30,000 $30,000 C. $60,000 $30,000 O D. $0 $0
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