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113.On January 1, 2013, Youder Inc. bought 120,000 shares of Nopple Co. for $384,000, giving Youder 30% ownership and the ability to apply significant influence to the operating and financing decisions of Nopple. Youder anticipated holding this investment for an indefinite time. In making this acquisition, Youder paid an amount.
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112.Harrison Company, Inc. began operations on January 1, 2012, and applied the LIFO method for inventory valuation. On June 10, 2013, Harrison adopted the FIFO method of accounting for inventory. Additional information is as follows: The LIFO method was applied during the first quarter of 2013 and the FIFO method was.
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41.Elektronix, Inc. has three operating segments with the following information: A. DVDs only. B. DVDs and MP3s. C. DVDs and VCRs. D. VCRs and MP3s. E. DVDs, VCRs, and MP3s. 42.Elektronix, Inc. has three operating segments with the following information: A. DVDs only. B. DVDs and MP3s. C. DVDs and VCRs. D. VCRs and MP3s. E. DVDs, VCRs, and MP3s. 43.Elektronix, Inc..
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104.Jull Corp. owned 80% of Solaver Co. Solaver paid $250,000 for 10% of Jull's common stock. In 2013, Jull and Solaver reported operating income (not including income from the investment) of $300,000 and $80,000, respectively. Jull and Solaver paid dividends of $120,000 and $50,000, respectively. Required: Under the treasury stock approach, what.
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71.What is the appropriate treatment in an interim financial report for inventory that has market value below cost? A. The loss should always be recorded in the interim period in which market value drops below cost. B. The loss should be recorded in the interim period in which market value drops.
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105.Faru Co. identified five industry segments: (1) plastics, (2) metals, (3) lumber, (4) paper, and (5) finance. Each of these segments had been consolidated appropriately by the company in producing its annual financial statements. Information describing each segment is presented below (in thousands). Prepare the asset testand determine which of these.
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117.   Patton's operating income excludes income from the investment in Stevens, but includes $150,000 of unrealized gains on intra-entity transfers of inventory. Patton uses the initial value method to account for the investment in Stevens. Assume Patton owns 90 percent of the voting stock of Stevens and they each file separate.
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91.What two disclosure guidelines for operating segment information are designed to ensure the consistency of data reported from year to year? 1) If an operating segment does not pass a test for current segment disclosure but was a reportable segment in the past year(s) included in the current comparative report.
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11.The Fratilo Co. had three operating segments with the following information: A. $2,730. B. $2,660. C. $2,800. D. $2,940. E. $2,520. 12.The Rivers Co. had four separate operating segments: A. $57,680. B. $64,960. C. $52,640. D. $78,960. E. $63,560. 13.Which one of the following items must be disclosed for all reportable operating segments in the notes to financial statements? A. I, II, and.
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108.Wilkins Inc. owned 60% of Motumbo Co. During the current year, Motumbo reported net income of $280,000 but paid a total cash dividend of only $56,000. Required: Assuming an income tax rate of 30%, what amount of Deferred Income Tax Liability arising this year must be recognized in the consolidated balance sheet?.
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Multiple Choice Questions 1.Generally accepted accounting principles require a U.S. corporation to disclose the following disaggregated information for each operating segment, except: A. Revenues from external customers. B. Discontinued operations. C. Cost of goods sold. D. Depreciation expense. E. Intersegment revenues. 2.Which tests must a company use to determine which operating segments require separate disclosure? A..
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61.Which of the following is not a required disclosure in an interim financial report? A. Sales or gross revenues. B. Provision for income taxes. C. Extraordinary items. D. Gains on sales of major equipment. E. Earnings per share. 62.Which of the following is not a required disclosure in an interim financial report? A. Net income. B..
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118.   Patton's operating income excludes income from the investment in Stevens, but includes $150,000 of unrealized gains on intra-entity transfers of inventory. Patton uses the initial value method to account for the investment in Stevens. How much will the consolidated group save if it decides to file a consolidated income tax.
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114.Dice Inc. owns 40% of the outstanding shares of Spalding Corp., an investment accounted for by the equity method. During 2013, Dice earned operating income (not including income from its investment in Spalding) of $370,000. For this same period, Spalding reported net income of $160,000 and paid cash dividends of.
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81.Baker Corporation changed from the LIFO method to the FIFO method for inventory valuation during 2013. Baker has an effective income tax rate of 30 percent and 100,000 shares of common stock issued and outstanding. The following additional information is available: A. $4.92. B. $4.95. C. $5.00. D. $5.05. E. $5.28. 82.Baker Corporation changed from the.
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51.Which of the following statements is true? A. In determining reportable segments, two tests are applied and both must be met. B. In determining reportable segments, three tests are applied and all three must be met. C. In determining reportable segments, two tests are applied and only one must be met. D. In.
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104.Faru Co. identified five industry segments: (1) plastics, (2) metals, (3) lumber, (4) paper, and (5) finance. Each of these segments had been consolidated appropriately by the company in producing its annual financial statements. Information describing each segment is presented below (in thousands). Prepare the profit or loss test and determine.
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111.Harrison Company, Inc. began operations on January 1, 2012, and applied the LIFO method for inventory valuation. On June 10, 2013, Harrison adopted the FIFO method of accounting for inventory. Additional information is as follows: The LIFO method was applied during the first quarter of 2013 and the FIFO method was.
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31.Dean Hardware, Inc. is comprised of five operating segments. Information about each of these segments is as follows (in thousands): A. None. B. Pails. C. Rakes, Pails, and Shovels. D. Rakes and Hardware. E. Rakes, Pails, and Hardware. 32.Schilling, Inc. has three operating segments with the following information: A. $12,000. B. $15,000. C. $15,500. D. $16,200. E. $16,700. 33.Schilling, Inc. has three.
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21.The hardware operating segment of Bloom Corporation has the following revenues for the year ended December 31, 2013: A. $417,000. B. $440,000. C. $424,000. D. $460,000. E. $480,000. 22.Which of the following statements is false concerning the number of operating segments that should be disclosed? A. At least 75 percent of total company sales made to.
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113.The following information for Urbanski Corporation relates to the three months ending June 30, 2013: Urbanski uses the LIFO method to account for inventory, and expects at least 15,000 units to be on hand in the ending inventory at year-end. Purchases made in the last six months are expected to cost.
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106.Blanton Corporation is comprised of five operating segments. Information about each of these segments is as follows (in thousands): Required: (a.) Which operating segments are reportable under the revenue test? (b.) What is the total amount of revenues in applying the revenues test? (c.) Which operating segments are reportable under the profit or loss.
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103.Jull Corp. owned 80% of Solaver Co. Solaver paid $250,000 for 10% of Jull's common stock. In 2013, Jull and Solaver reported operating income (not including income from the investment) of $300,000 and $80,000, respectively. Jull and Solaver paid dividends of $120,000 and $50,000, respectively. Required: Under the treasury stock approach, what.
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103.Faru Co. identified five industry segments: (1) plastics, (2) metals, (3) lumber, (4) paper, and (5) finance. Each of these segments had been consolidated appropriately by the company in producing its annual financial statements. Information describing each segment is presented below (in thousands). Prepare the revenue test and determine which of.
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Short Answer Questions 102.Burnside Corp. is organized into four operating segments. The following segment information was generated by the internal reporting system in 2013: Required: 1) What was the profit or loss of each of these segments? 2) Prepare the profit or loss test to determine which of these segments was separately reportable. Requirements.
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