Question 1 Use the data below to answer Parts (a) through (c). Show all calculations in your solutions. On January 1‚ 20X2‚ Haika Inc. purchased 60% of the outstanding voting shares of Selina Co. for $3‚000‚000. On that date‚ Selina’s shareholders’ equity consisted of retained earnings of $2‚000‚000 and ordinary shares of $1‚000‚000. Selina’s identifiable assets and liabilities had fair values that were equal to their carrying values on January 1‚ 20X2‚ except for the following: | Fair value
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
------------------------------------------------- Creative art and Fine art . By a broad definition of art‚[9] artistic works have existed for almost as long as humankind: from early pre-historic art to contemporary art; however‚ some theories restrict the concept to modern Western societies.[10] The first and broadest sense of art is the one that has remained closest to the older Latin meaning‚ which roughly translates to "skill" or "craft." A few examples where this meaning proves very broad
Free Art Aesthetics
costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
Premium Balance sheet Inventory Manufacturing
Barbara Marder‚ Fine Artist/ Enamelist‚ Metalsmith / Arts Educator Website: BarbaraMarder.com “I think making stuff is a very experiential thing. To be honest‚ you are drawing from your own experiences. So‚ I think some people really make the mistake of drawing from someone else’s experiences. They lose their way because something they think it doesn’t look or feel right. It’s understanding who you are.” Barbara‚ tell us a bit about yourself. What is your background and education? How did you get
Premium Writing Art Mind
Cutting Fine Arts in Schools Fine arts programs are rapidly being cut around the country. When school systems are running out of money the first programs to be eliminated are the fine arts. School board members have no idea of what they are doing to students. They are unaware of the many benefits of fine arts programs in their schools. They also do not know how to run a successful fine arts program. Since 1993‚ when legislators imposed revenue corps on public schools‚ school districts have been
Premium Education High school Music
Novel Title: Fine ThingsAuthor: Danielle SteelSummaryBernard Fine is a successful bachelor managing of the biggest stores in California. Bernie (nickname) runs into a little girl who is very lost and decides to help her out while. Her mother Liz comes to pick up her seven year old daughter Jane Calloway. The two newly met became friends (Bernie and Liz) and eventually fell in love and got married (much to the liking of Jane). Everything goes well and shortly after their marriage Liz gives birth to
Premium Fiction English-language films Short story
The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
Premium Generally Accepted Accounting Principles
Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
Premium Accounting software Accounts receivable Accounts payable
References: Warren‚ C.‚ Reeve‚ J.‚ and Duchac‚ J (2007). Accounting. 23rd ed South-Western‚ cengage learning in thousands except share data | January 3‚ 2009 | December 29‚ in thousands except share data | December 29‚ 2007 | December30‚
Premium Balance sheet Generally Accepted Accounting Principles
Accounting for Managers TOPIC A: AN INTRODUCTION TO ACCOUNTING Investors – Individual and groups provide initial capital. Creditors – Company which loans money to another company (Suppliers/Bank). Managers – Oversee the day-to-day operations. What is accounting? * Process of Recognising‚ measuring‚ recording (also known as transactions)‚ disclosing and attesting to information. *Information – Decision Making (Value Creation)‚ Control (Monitoring). Process of Accounting: Transactions
Premium Balance sheet Generally Accepted Accounting Principles International Financial Reporting Standards