QUESTIONS: 1. The elimination of the intercompany sales of merchandise does affect the amount of reported consolidated income. This is because the sales are eliminated from the intercompany financial statements to eliminate the double accounting of recording sales and profits twice. Consolidated net income will be unaffected. 2. The effect of eliminating profit on intercompany sales after deducting selling and administrative expenses rather than gross profit is to include selling and administrative
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Definition & Meaning: The combined financial statements of a parent company and its subsidiaries. Definition of 'Consolidated Financial Statements’: Consolidated financial statements are the combined financial statements of a company and all of its subsidiaries, divisions, or suborganizations. Explanation: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge the overall health of an entire group
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Why were stalin’s opponents unable to prevent him from becoming the leader of the USSR by 1929? For five years following the death of Lenin, a power struggle took place in the USSR. The struggle was not just abut which person should become leader, it was also about the policies that party should follow and keeping some people out of power. Joseph Stalin emerged in 1929 as the victor of this struggle with the due to his ability to manipulate the party machine, his devious tactics to undermine his
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Chapter 3 Consolidations – Subsequent to the Date of Acquisition Chapter Outline I. Consolidation — the Effects Created by the Passage of Time A. The present chapter examines the consolidation procedures that must be followed in subsequent periods whenever separate incorporation of the subsidiary is maintained. B. Purchase combinations will continue to require a different set of procedures than a pooling of interests because of allocations and
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| | |CONSOLODATION: | |US GAAP vs IFRS | | | |
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Hitler and his Nazi party brought about various changes in Germany between 1934 and 1939. These are political, economical, and social changes, and they affected many people in different ways. The ordinary people in Germany, especially those who were unemployed were the ones who were benefited by some of the economical changes that the Nazis made. However, German communists, social democrats, Jews, and other people whom the Nazis took a prejudiced view of had to undergo many hardships during the period
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you can afford to pay off? If so, perhaps you should look into the possibility of debt consolidation. Millions of Americans are deeply in debt and would benefit from debt consolidation. Could you be one of them? Debt consolidation is not a difficult process. All you have to do is compile a list of all your debts and creditors. Once this step is complete, bundle it up and bring it to a reputable debt consolidation service. Your agent will do all the difficult work for you. This includes contacting
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Accounting standards for business consolidations XXXX ACC 407 Your name Date Accounting standards for business consolidations In competing market it is very common for one business to merge with another one. In order to survive in this rivalry marketplace, Companies need to expand business to the most profitable capacity. No matter what kind of reasons for company seeking extension under the ownership, the main one is to track potential profit. Today’s business environment Financial Accounting
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rates and billing cycles. They may also have different borrowers benefits. You don't have to be in a financial crisis with a specific end goal to consider a student loan consolidation. Sometimes, its just smart money management. Student Loan Consolidation are Loans First, how about we understand that a student loan consolidation is a
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this liability. The balance of this liability was still considered to be $2,000 at 30 June 2009. At 1 July 2007, Chu Ltd had not recorded any goodwill. Valuation adjustments are made on consolidation and, on realisation of a business combination valuation reserve, a transfer is made to retained earnings on consolidation. (b) During the 2007-2008 year, Chu Ltd transferred $5,000 to its General Reserve from profits earned prior to acquisition date. (c) For the year ending 30 June 2008, the profit after
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