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Accounting Expert Answers & Study Resources : Page 354

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11) The following information on sales is available for the company's three operating segments: Segment International Sales External Sales Total Sales A $60,000 $300,000 $360,000 B 200,000 10,000 210,000 C    1,500,000   1,500,000 $260,000 $1,810,000 $2,070,000 Which of the operating segments must be reported separately? A) Only Segment C B) Only Segments B and C C) Only Segments A and C D) Segments A, B and C 12) The following information on sales.

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  • 11) The following information sales available for the company's three
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  1) On December 31, 20X2, Bates Ltd. purchased 75% of the outstanding common shares of Ted Ltd. for $1,050,000 in cash. The balance sheets of Bates and Ted immediately before the acquisition were as follows (in 000s): Bates Ted Book Value Fair Value Book Value Fair Value Cash $160 $160 $100 $100 Accounts receivable 420 400 280 280 Inventory 600 680 300 350 Capital assets 1,820 2,000 1,320 1,620 $3000 $2,000 Current liabilities $280 $280 $160 1$80 Long-term liabilities 1,100 1,100 900 900 Common shares 500 500 Retained earnings 1,120 440 $3,000 $2,000 At the time of acquisition, Ted's capital assets.

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  •   1) On December 31, 20X2, Bates Ltd. purchased 75% of
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33) On December 31, 20X6, the statements of financial position of the Power Company and the Pro Company are as follows (amounts in thousands): PowerProPro (FV) Cash$   500$   800 Accounts Receivable1,5001,700 Inventories2,0001,500 Plant & Equipment (net)2,5004,000$4,300 Total Assets$6,500$8,000 Current liabilities$   700$   400 Long term liabilities800500$   400 Common shares2,5001,000 Contributed surplus8001,500 Retained earnings1,7004,600 Total Equities$6,500$8,000 Power Company has 100,000 shares of common stock outstanding..

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  • 33) On December 31, 20X6, the statements of financial position
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  1) Which of the following organizations does IFRS 8 not apply to? A) Banks B) Mutual life insurance companies C) Private companies D) Cooperative business enterprises 2) Which of the following is not a requirement in defining an operating segment? A) The particular component must be generating revenue. B) The particular component's operating results must be reviewed.

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  •   1) Which of the following organizations does IFRS 8 not
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32) The Alfred Company has operations in several international regions. These regions reported the following information: SegmentRevenuesProfitAssets A3,500600 9,000 B4,000300 6,000 C1,100<200>2,400 D2,800300 10,400 E1,400100 2,000 12,8001,100 29,800 Which of these segments are reportable? Fully document all supporting calculations. 33) Ravens Inc. sells office furniture including desks, chairs, partitioning walls and office supplies in more than 6 countries. The.

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  • 32) The Alfred Company has operations in several international regions.
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21) With respect to interim financial statements, which of the following is not dictated by IFRS? A) Content B) Identification of recognition principles C) Identification of measurement principles D) Frequency of preparation 22) Which of the following is not included among requirements for interim financial reports for public companies? A) Statement of comprehensive income B) Statement of.

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  • 21) With respect to interim financial statements, which of the
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11) In preparing consolidation working papers, why is it necessary to eliminate intercompany profits? A) To nullify the effect of intercompany transactions on consolidated financial statements B) To defer intercompany profits until the following year C) To allocate unrealized profits until the following year D) To reduce consolidated income 12) Taguchi Ltd. owns 80% of.

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  • 11) In preparing consolidation working papers, why it necessary to
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  1) Under the temporal method, which of the following items would be translated using the year-end spot rate? A) Inventory B) Land C) Long-term debentures D) Building 2) Under the temporal method, which of the following items would be translated using the historical rate? A) Inventory B) Accounts receivable C) Accounts payable D) Long-term debentures 3) Which of the following.

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  •   1) Under the temporal method, which of the following items
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