acquisition date, was sold on 1 January 2014. Any adjustments for differences between carrying amounts at acquisition date and fair values are made on consolidation. During the year ended 30 June 2013, all inventories on hand at acquisition date were sold, and the land was sold on 1 June 2013. Any valuation reserves created are transferred on consolidation to retained earnings when assets are sold or fully consumed. Additional information: a) On 1 July 2013, Beans Ltd has on hand inventory
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end of 2010 or 2011, the goodwill impairment test conducted at December 31, 2012 revealed implied goodwill from Salem to be only $150,000. This impairment was been recorded in the books of the parent under the equity method. December 31, 2012 Consolidation Worksheet Income Statement | Parent | Sub | Debit | Credit | Total | Sales | $1,100,000 | $450,000 | | | | Income from subsidiary | 77,200 | | | | | | | | | | | Cost of goods sold | (900,000) | (200,000) | | | | Depreciation
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CONSOLIDATION (25 MARKS) On 1 July 2010, Caspian Ltd acquired all the shares of Black Ltd for $330,000 on an ex-div basis. On this date, the equity and liabilities of Black Ltd included the following balances: Share Capital $200 000 General Reserve 25 000 Retained Earnings 45 000 Dividend payable 10 000 Provisions 169 500 At acquisition date, all the identifiable assets and liabilities of Black Ltd were recorded at amounts equal to fair value except for: Carrying Fair
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STUDENT ACTIVITY SECTION 1. SUMMARY OF THE LEARNING OBJECTIVES The preparation of the consolidated financial statements is done using a consolidation worksheet, the left-hand columns of which contain the financial statements of the members of the group. The adjustment columns contain the consolidation worksheet entries that adjust the left-hand columns to form the consolidated financial statements. The adjustment entries have no effect on the actual financial records of the parent and its subsidiaries
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Accounting for Investments under FASB No. 115 – A Review |For commercial enterprises |Presentation on Financial |Change in Fair Value | |(nonprofit entities follow SFAS No.124) |Statements | | | | |Temporary |Other than | |
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This watermark does not appear in the registered version - http://www.clicktoconvert.com 1 LESSON 1: INTRODUCTION TO FINAL ACCOUNT CONTENTS 1.0. Aims and Objectives 1.1 Introduction 1.1.1. Definition 1.2. Sundry Debtors 1.3. Sundry Creditors 1.4. Final Accounts 1.5. Trading Account 1.5.1. Balancing of Trading Account 1.6. Profit and Loss Account 1.7. Balance Sheet 1.7.1. Definition 1.7.2. Objectives of Balance Sheet 1.7.3. Assets 1.7.4. Liabilities 1.8. Difference between a Trial Balance and
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Chapter 2 – Consolidation of Financial Information FASB allows reporting for businesses combined using the acquisition method. The acquisition method embraces a fair value measurement attribute. * Adoption of this attribute reflects the FASB’s increasing emphasis on fair value for measuring and assessing business activity. * In the past, reporting standards embraced the cost principle to measure and report the financial effects of business combinations. Expansion Through Corporate
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Introduction The report presents a case about AMB, which is a leading pension real estate advisory firm that has recently proposed to turn itself into a publicly traded Real Estate Investment Trust (REITs) and is planning to persuade its client to contribute their real estate assets to create a new REIT. Furthermore, the report also includes considerations of Anne Shea, who is the Assistant Vice President at Curator’s Fund; which is considering exchanging her shares in the commingled fund for the
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Do failing schools benefit from school consolidation? “YES” SIDE (Terrell) With the continuing economic decline and the increasing pressures for schools to show improvement, many districts are seriously considering the controversial issue of school consolidation. One way many districts are trying to avoid huge consolidations is by creating charter schools. Charter schools are viewed as great solutions because they allow districts to continue to receive public funding while not having to uphold
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PART 1- An entity’s status as VIE/non-VIE has changed? ASC 810-10-35-4 identifies five specific types of events that lead to reconsideration of VIE status, and ASC 810-10-35-4 also provides guidance on the circumstances in which the entity has incurred operating losses since the initial determination date, stating, “A legal entity that previously was not subject to the Variable Interest Entities Subsections shall not become subject to them simply because of losses in excess of its expected losses
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