small percentage of a company’s voting stock is held. 1. Income is recognized when dividends are declared. 2. Portfolios are reported at market value. If market values are unavailable‚ investment is reported at cost. B. Consolidation: when one firm controls another (e.g.‚ when a parent has a majority interest in the voting stock of a subsidiary or control through variable interests (FIN 46R)‚ their financial statements are consolidated and reported for the combined entity.
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) Sparkle is a joint venture‚ 50 percent owned by Shine and 50 percent owned by Brighten. Both Shine and Brighten are U.S.-based companies with US$ functional currency. This year‚ Sparkle had several transactions with its joint venture owners and outside parties. The details of Sparkle’s transactions are as follows: Loans $1 million from Brighten. $1 million from Shine. NGN 300 million from a local bank. Expenditures (per annum) Labor — local — NGN 850 million. Other operating expenses
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Anticipated Changes and Evolution in Indian Stock Broking Industry The recent hiatus in the Indian Bull Run will compel the stock broking industry towards changes it needs and has been silently yearning for. Forthcoming adjustments will span much expected areas such as consolidation‚ realignment of client acquisition and retention strategies along with drifts in regulations in conjunction with the much discussed shift between commission and fee based income. From a peak of 21‚206 on January 10
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signed a definitive agreement for Tudou to combine with Youku in a 100% stock-for-stock transaction. After the merger‚ the new company Youku Tudou Inc will keep the Youku and Tudou brands‚ continuing to occupy the 1st and 2nd positions in the online video industry. Youku and Tudou together will achieve synergy in numerous aspects‚ including video copyrights price‚ bandwidth servers cost‚ back-stage data consolidation‚ search‚ media library‚ and advertisement publishing. Both Youku and Tudou expect to
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enhancing Microsoft’s existing portfolio of real-time communications products and services (Ballmer‚ 2011). Analyze the accounting requirements for the business combination and discuss challenges in preparing the financial statements for the consolidation of subsidiaries on the date of acquisition. On October 13‚ 2011‚ Microsoft acquired all of the issued and outstanding shares of Skype Global S.á r.l. ("Skype")‚ which is a leading global provider of software applications and related Internet
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Financial Statement Preparation Considerations Prepared for Oprah Hill‚ President of SSI Prepared by Tarun Sinha‚ partner‚ assurance‚ of Krishna Associations‚ CGAs September 30‚ 20X0 Introduction This report will identify the adjustments that will need to be considered in order to prepare the consolidated financial statements for Sterling Shoes Inc. (SSI) and Footsie Inc. (Footsie) Financial Accounting Issues Goodwill Acquisition The acquisition cost in all the common shares
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organizations are tied together through common control‚ or an acquirer obtains control over one or more businesses. Statutory merger: any business combination in which only one of the companies remains as a “survivor” or “parent”. Statutory consolidation: a business combination in which two or more companies create a new separate entity. The original entities may or may not dissolve in such combination. Goodwill is an asset representing the future economic benefits arising in a business combination
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000 to buy‚ with expected residual value $5‚000‚ and had been depreciated 10% p.a. straight-line. Howard depreciates the equipment (after deducting the same residual) straight-line over the remaining six-year life. Required: Complete the consolidation worksheet on the next page. Note: 1. Marks are awarded for each correct individual worksheet entry. 2. For the eliminations column only‚
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Shareholders’ equity and Memorandum accounts 56 Consolidated statement of income 58 Statement of changes in Shareholders’ equity 59 Statement of changes in minority interests 60 Consolidated statement of cash flow 62 Companies and groups included in the consolidation as of December 31‚ 2004 INDEX 3 65 Notes to the consolidated financial statements Activities of the Group Form and content of the consolidated financial
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Date | Details | Debit | Credit | 30 June 2012 | Elimination of intragroup service fully paidService Revenue Service Expense | 60‚000 | 60‚000 | 30 June 2012 | Elimination of unrealised profit in opening inventoryRetained EarningsIncome tax expense Cost of Sales | 3‚5001‚500 | 5‚000 | 30 June 2012 | Elimination of unrealised profit in closing inventorySales Revenue Cost of Sales InventoryDeferred Tax Asset Income Tax Expense | 108‚0004‚800 | 92‚00016‚0004‚800 | 30
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