Consolidated Financial Statements – Intra-Entity Asset Transactions"

  • Per the textbook, no official FASB guidance exists on the assignment of income effects on non-controlling interest in the consolidation process, when either the parent transfers a depreciable asset to the subsidiary or vice versa. Suggest one (1) method of accounting for the income effects on the non-controlling interest that you consider most appropriate. Provide a rationale for your response.
    • Assume that company P (parent) uses the equity method to account for its investment in company S (subsidiary). Company P purchases inventory items from company S. According to FASB’s guidance, the accountant must remove the inter-company profit from Company S’s net income. Determine if the process permanently eliminates the profit from the non-controlling interest or merely shifts the profit from one period to the next. Provide support for your rationale.

    find the cost of your paper

    Write a program that reads the name of an element from the user and uses a recursive function to find the longest sequence of elements that begins with that value

    Some people like to play a game that constructs a sequence of chemical elements where each element in the sequence begins with the last letter of its predecessor. For example,….

    What is the correct charge to the income statement for bad debts and bad debt provisions for the years to 31 December 20X1?

    Trade receivables as at 31 December 20X1 were $25,000. The bad debt provision as at 1 January 20X1 was $812. During the year to 31 December 20X1 bad debts of….

    Which of the following is an adjusting event?

    IAS 10 – Events after the balance sheet date, distinguishes between adjusting and non-adjusting events. Which of the following is an adjusting event? (A) One month after the year end,….