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Accounting Expert Answers & Study Resources : Page 76

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Learning Objective 11.6 Questions 1) ________ represent the rights of nonmajority shareholders in the assets and earnings of a company that is consolidated into the accounts of its majority shareholder. A) Parent interests B) Noncontrolling interests C) Subsidiary interests D) Consolidated interests E) Intercompany interests 2) Presented below are the balance sheets of Blanco, Inc. and Stalle.

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  • Learning Objective 11.6 Questions 1) ________ represent the rights of nonmajority
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11) Montreal Electronics has the following data available: 2013                                2012 Net Income $ 90 $ 80 Earnings Per Share $ .45 $ .40 Annual Common Dividends Per Share $ .40 $ .20 Closing Market Price Common Stock, 12/31 $9.00 $6.00 What is the dividend-payout for Montreal Electronics in 2013? Has the dividend-payout increased or decreased since.

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  • 11) Montreal Electronics has the following data available: 2013                         &
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29) Comparative balance sheets are available for Floatlin Group: Floatlin Group Comparative Balance Sheets December 31, 2X13 and 2X12 2X132X122X13 2X12 Current Assets: Current Liabilities: Cash $ 20$ 15Accounts Payable $ 24 $ 20 Accounts Receivable 4537Taxes Payable 1115 Inventory 6070Note Payable 718 Total Current Assets $125$122Total Current Liab. $ 42$ 53 Long-Term Assets: Long-Term Liabilities 8030 Equipment $290$200Total Liabilities $122$.

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  • 29) Comparative balance sheets available for Floatlin Group: Floatlin Group Comparative Balance
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Learning Objective 12.4 Questions 1) Xemen Company has the following data: 2X13                            2X12         2X11 Sales $ 930 $700 Less: Cost of Goods Sold 410 235 Gross Profit 520 465 Less: Operating Expenses 284 255 Operating Income 236 210 Less: Other Revenue/Other Expense: Interest Revenue 24 24 Interest Expense (30) (30) Income before Tax 230 204 Less: Income Tax Expense 92 82 Net Income.

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  • Learning Objective 12.4 Questions 1) Xemen Company has the following data: 2X13
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21) Debt security investments include short-term obligations of banks and short-term notes payable issued by large corporations with top credit ratings. 22) Trading securities include both debt and equity securities. 23) The accounting for investments differs depending upon the purpose of the investment. 24) Held-to-maturity securities are equity securities that the company purchases.

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  • 21) Debt security investments include short-term obligations of banks and
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Learning Objective 11.1 Questions 1) Consolidated financial statements A) are used to offset gains and losses on the parent company's income statement. B) combine the financial records of two or more separate legal entities. C) make clear distinctions between principal and secondary long-term asset owners. D) provide a depiction of process costs. E) must provide predetermined.

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  • Learning Objective 11.1 Questions 1) Consolidated financial statements A) used to offset
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Learning Objective 10.7 Questions 1) What type of account is the Treasury stock and Additional paid-in capital? A) Treasury stock Additional paid-in capital retained earnings retained earnings B) Treasury stock Additional paid-in capital asset contra stockholders' equity C) Treasury stock Additional paid-in capital contra stockholders' equity stockholders' equity D) Treasury stock Additional paid-in capital common stock contra stockholders' equity E).

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  • Learning Objective 10.7 Questions 1) What type of account the Treasury
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Learning Objective 12.1 Questions 1) In addition to annual reports, financial information regarding a company can come from all of the following sources EXCEPT A) a company's own press releases. B) the popular press. C) stockbrokers. D) a company's Web site. E) the Internal Revenue Service. 2) When analyzing the financial statements of a potential debtor, the.

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  • Learning Objective 12.1 Questions 1) In addition to annual reports, financial
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11) Eleston Printing acquired the following short-term equity securities on January 1, 2X12: Company # of Shares Price/share Total Cost Color, Inc. 250$22$ 5,500 Black, Inc. 300226,600 White, Inc. 50014    7,000 $19,100 The quarter-end prices per share were as follows: Compan03/31/2X1206/30/2X1209/30/2X1212/31/2X12 Color, Inc. $23 $21 $22$21 Black, Inc. 2420 2324 White, Inc. 1514 13 13 Eleston Printing considers Color, Inc. stock.

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  • 11) Eleston Printing acquired the following short-term equity securities January
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14) The following selected information is available for Lindale Corp., as of December 31, 2X13: Additional Paid-in Capital, Common $1,050,000 Additional Paid-in Capital, Preferred 150,000 Common Stock, $1 par, 1,000,000 shares authorized, 480,000 shares issued ? Dividends Payable 280,000 Long-term Investment in the Broomfield Company 400,000 Marketable Securities 60,000 Retained Earnings 1,800,000 Treasury Stock, Common, 20,000 shares 500,000 10% Cumulative.

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  • 14) The following selected information available for Lindale Corp., as
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26) Floatlin Company has the following income statements available: Floatlin Company Comparative Statements of Income For the Years Ending December 31, 2X13 and 2X12 2X132X12 Sales $750 $690 Cost of Goods Sold 440 400 Gross Profit $310 $290 Less: Operating Expenses 220 205 Operating Income $ 90 $ 85 Less: Income Tax Expense 40 37 Net Income $ 50 $ 48 Determine.

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  • 26) Floatlin Company has the following income statements available: Floatlin Company Comparative
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Learning Objective 12.3 Questions 1) How is working capital calculated? A) (total current assets) minus (total current liabilities) B) (total current assets) minus (inventories and prepaid assets) C) (total current assets) divided by (total current liabilities) D) (total current assets) E) (total current liabilities) 2X13 2X12 Sales               $999               $800 Cost of Goods Sold               $399               $336 Gross.

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  • Learning Objective 12.3 Questions 1) How working capital calculated? A) (total current
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33) The following financial statements are available for Jerry Company: Comparative Income Statements For the Years Ending December 31, 2X13 and 2X12 2X13 2X12 Sales(all credit) $750 $690 Cost of Goods Sold 440 400 Gross Profit $310 $290 Less: Operating Expenses 220 205 Operating Income $ 90 $ 85 Less: Income Tax Expense 40 37 Net Income $ 50 $.

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  • 33) The following financial statements available for Jerry Company: Comparative Income
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Learning Objective 9.6 Questions 1) A deferred income tax liability A) arises because of differences between U.S. income tax rules and foreign income tax rules. B) can arise because of "permanent" and "temporary" differences. C) arise because managers wish to maximize taxable income. D) can arise when a firm uses special accelerated depreciation for tax.

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  • Learning Objective 9.6 Questions 1) A deferred income tax liability A) arises
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7) Fruit King Company purchased 100% of the outstanding common shares of Berries, Inc., for $23,750 on January 1, 2X13. Berries Inc.'s balance sheet just before the acquisition was as follows: Cash $ 4,500 Net fixed assets 12,000 Total Assets $16,500 Liabilities $11,000 Stockholders' equity 5,500 Total Liabilities & Stockholders' Equity $16,500 The fair market value of Berries.

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  • 7) Fruit King Company purchased 100% of the outstanding common
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11) Manchester Technology has the following data available: Inventory, December 31, 2013 $120 Inventory, December 31, 2012 $200 What is the percentage increase or (decrease) in inventory from 2012 to 2013 for Manchester Technology? A) (120.0)% B) 120.0% C) 40.0% D) 62.5% E) (40.0)% 12) What issue would be of most concern on behalf of banks or other creditors.

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  • 11) Manchester Technology has the following data available: Inventory, December 31,
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21) Cider Company has the following data: 2X13                               2X12      2X11 Current Liabilities: Accounts Payable $ 50 $ 30 $ 20 Wages Payable 20 10 5 Taxes Payable 10 5 15 Current Long-Term Debt 10 15 5 Total Current Liabilities $ 90 $ 60 $ 45 Long-Term Liabilities: Long-Term Debt 35 45 40 Total Liabilities $125 $105 $ 85 Stockholders' Equity: Common Stock.

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  • 21) Cider Company has the following data: 2X13                         &#
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