As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually. To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X5.

Question

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Answer 1

Question

Chapter 8, Problem 8.7E

a.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X5.

b.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X6.

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During 20x2 Creswell Corporation sold $5,500 of inventory on credit. The company's beginning and ending accounts receivable balances were $30,000 and $32,500, respectively. How much cash did Creswell Corporation collect on the account? If the ending accounts receivable had been $27,000, how much cash would Creswell Corporation have collected?

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Answer 2

Question

Chapter 8, Problem 8.7E

a.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X5.

b.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X6.

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Answer 3

Question

Chapter 8, Problem 8.7E

a.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X5.

b.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X6.

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Answer 4

Question

Chapter 8, Problem 8.7E

a.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X5.

b.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X6.

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Answer 5

Chapter 8, Problem 8.7E

a.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X5.

b.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X6.

Answer 6

Chapter 8, Problem 8.7E

a.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X5.

Answer 7

Chapter 8, Problem 8.7E

a.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X5.

Answer 8

b.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X6.

Answer 9

b.

To determine

Introduction: As per consolidated viewpoint, constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company. While preparing consolidated financial statements bonds are treated as retired but bonds are never retired actually.

To prepare: The worksheet elimination entry or entries needed to remove the effects of the inter-corporate bond ownership in preparing consolidated financial statements for the year 20X6.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 8 - Prob. 8.1Q Ch. 8 - What is meant by a constructive bond retirement in...Ch. 8 - Prob. 8.3Q Ch. 8 - Prob. 8.4Q Ch. 8 - When a parent company sells land to a subsidiary...Ch. 8 - Prob. 8.7Q Ch. 8 - Prob. 8.8Q Ch. 8 - Prob. 8.9Q Ch. 8 - Prob. 8.10Q Ch. 8 - Prob. 8.11Q

Solution Summary: The author explains that constructive retirement of the bond is referred to as purchase or acquirement of bonds of a member or corporate by another company.

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Chapter 8 Solutions