Questions from Advanced Accounting

Q: Describe how total noncontrolling interest at the end of an accounting period

Describe how total noncontrolling interest at the end of an accounting period is determined.

Q: The information needed to prepare the Cash Flow from Operating Activities section

The information needed to prepare the Cash Flow from Operating Activities section of Pop Corporation’s consolidated statement of cash flows is included in the following list (in thousands): Cash rece...

Q: Pam Corporation acquired an 80 percent interest in Sun Corporation on January

Pam Corporation acquired an 80 percent interest in Sun Corporation on January 1, 2016, for $108,000 cash, when Sun’s capital stock was $100,000 and retained earnings were $10,000. Th...

Q: Financial statements for Pam and Sun Corporations for 2016 are as follows

Financial statements for Pam and Sun Corporations for 2016 are as follows (in thousands): ADDITIONAL INFORMATION: 1. Pam acquired an 80 percent interest in Sun on January 2, 2014, for $290,000, when...

Q: Separate company and consolidated financial statements for Pop Corporation and its only

Separate company and consolidated financial statements for Pop Corporation and its only subsidiary, Son Corporation, for 2017 are summarized here. Pop acquired its interest in Son on January 1, 2016,...

Q: How should a company treat intercompany sales of assets in the consolidated

How should a company treat intercompany sales of assets in the consolidated financial statements?

Q: What information should be disclosed about property, plant, and equipment

What information should be disclosed about property, plant, and equipment in the consolidated financial statements?

Q: What is the objective of eliminating the effects of intercompany sales of

What is the objective of eliminating the effects of intercompany sales of plant assets in preparing consolidated financial statements?

Q: Explain the sequence of workpaper adjustments and eliminations for unrealized gains and

Explain the sequence of workpaper adjustments and eliminations for unrealized gains and losses on depreciable plant assets. Is your answer affected by whether the intercompany transaction occurred in...

Q: In accounting for unrealized profits and losses from intercompany sales of plant

In accounting for unrealized profits and losses from intercompany sales of plant assets, does it make any difference if the parent is the purchaser or the seller? Would your answer be different if the...