a.
Introduction: Consolidation is the process of combining financial results of various subsidiaries with the financial results of parent company. It is used only when parent company holds more than 50% of share of subsidiary company.Dividend is the part of profit of the company which company distributes it to its shareholders such as equity shareholders and preference shareholders. It is the expense of company and is eliminated from the
The percent of dividends paid by S company to be shown in consolidated financial statements.
b.
Introduction: Consolidation is the process of combining financial results of various subsidiaries with the financial results of parent company. It is used only when parent company holds more than 50% of share of subsidiary company.Dividend is the part of profit of the company which company distributes it to its shareholders such as equity shareholders and preference shareholders. It is the expense of company and is eliminated from the retained earnings of the company.
The percent of dividends paid by P company to be shown in consolidated retained earnings.
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Chapter 9 Solutions
ADVANCED FIN. ACCT. LL W/ACCESS>CUSTOM<
- Timberline worked on four jobs during its first year of operation: Nos. 501, 502, 503, and 504. Nos. 501 and 502 were completed by year-end, and No. 501 was sold at a profit of 35% of cost. A review of Job No. 503’s cost record revealed direct material charges of $18,000 and total manufacturing costs of $23,400. If Timberline allocated overhead at 140% of direct labor cost, the overhead allocated to Job No. 503 must have been __. Need answerarrow_forwardHow much was the firm's taxable income or earnings before taxes on this financial accounting question?arrow_forwardNeed answerarrow_forward
- Please see an attachment for details general Accounting questionarrow_forwardWhat is the firm's net profit margin?arrow_forwardTimberline worked on four jobs during its first year of operation: Nos. 501, 502, 503, and 504. Nos. 501 and 502 were completed by year-end, and No. 501 was sold at a profit of 35% of cost. A review of Job No. 503’s cost record revealed direct material charges of $18,000 and total manufacturing costs of $23,400. If Timberline allocated overhead at 140% of direct labor cost, the overhead allocated to Job No. 503 must have been __.arrow_forward
