with a market price of $18 a share, for all of Saxe's common stock. The stockholders' equity section of each company's balance sheet immediately before the combination was: Assume that the merger is accounted for using the acquisition method of accounting. December 31, 1988 additional paid-in capital should be reported at Question 5 Scroll, Inc., a wholly owned subsidiary of Pirn, Inc., began
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have reviewed the accompanying balance sheet of XYZ Construction Co., Inc. as of December 3 1, 20x1 and the related statements of income and retained earnings, and cash flows for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of XYZ Construction Co., Inc. A review consists principally of inquiries
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have reviewed the accompanying balance sheet of XYZ Construction Co., Inc. as of December 3 1, 20x1 and the related statements of income and retained earnings, and cash flows for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of XYZ Construction Co., Inc. A review consists principally of
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Project Memo: To: Joe Carpet of NeedMoreRoom, Inc. From: Date: August 5, 2012 Subject: Accounting for lease obligation The proper treatment for the first provision in the lease agreement stating, “Lessor requires the lessee to perform general repairs and maintenance on the leased premises.” It should be addressed as follows: The proper treatment for the second provision in the lease agreement stating, “Lessor requires the lessee to remove all leasehold improvements such that the
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2014 Michael Velazquez FIRST SOLAR, INC. 12/31/2014 ACCT 551 Course Project Notes to Financial Statements Source for the original company financial statements: http://files.shareholder.com/downloads/FSLR/63956618x0x819571/AD02242D-C0E5-4C49-AE46-A8265164AD5F/First_Solar_2014_Annual_Report_Bookmark_-_Final.pdf TABLE OF CONTENTS Consolidated Balance Sheets for the year ended December 31, 2014, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03 Consolidated
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FINANCE –EXAM 3 1. The Hasting Company began operations on January 1, 2003 and uses the FIFO method in costing its raw material inventory. An analyst is wondering what net income would have been if the company had consistently followed LIFO (instead of FIFO) from the beginning, 1/1/2003. He has the following information available to him: What would net income have been in 2004 if Hastings had used LIFO since 1/1/2003? $ 110,000 $ 150,000 $ 170,000 $ 230,000 2. A customer is currently
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FINANCE –EXAM 3 1. The Hasting Company began operations on January 1, 2003 and uses the FIFO method in costing its raw material inventory. An analyst is wondering what net income would have been if the company had consistently followed LIFO (instead of FIFO) from the beginning, 1/1/2003. He has the following information available to him: What would net income have been in 2004 if Hastings had used LIFO since 1/1/2003? Top of Form $ 110,000 $ 150,000 $ 170,000 $ 230,000 2. A customer
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The junior accountant used these GAAP standards for lease accounting. This is evident based on his statement, “Since the equipment reverts back to Lessor Inc., it is an operating lease.” (Deloitte, 2010) However, this company is an established British Company which means that it applies IFRS rules and regulations for preparing their financial statements. Under the IFRS standards, the company has finance lease instead of an operating lease. So, in short, the junior accountant’s analysis was incorrect
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INTERVAL CONCEPT, in accounting, requires that financial statements be prepared at regular intervals, e.g. monthly, quarterly, annually. Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly. DUAL ASPECT CONCEPT Dual aspect concept states that every transaction has two effects if there is any debit entry then there must be credit entry. This state that there are two aspects of accounting, one represented by
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Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification FASB Accounting Standards Codification® Notice to Constituents (v 4.5) About the Codification Notice to Constituent version numbers - The Notice to Constituents contains a version number indicating the degree of change within a particular version. Versions ending with ".0" represent substantive changes to the text, whereas versions ending with a number other than zero represent editorial or clerical corrections
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