Questions from Advanced Accounting

Q: Is the effect of unrealized profit on consolidated cost of goods sold

Is the effect of unrealized profit on consolidated cost of goods sold influenced by (a) the existence of a noncontrolling interest and (b) the direction of intercompany sales?

Q: Consolidation workpaper procedures are usually based on the assumption that any unrealized

Consolidation workpaper procedures are usually based on the assumption that any unrealized profit in the beginning inventory of one year is realized through sales in the following year. If the related...

Q: The effect of unrealized profits and losses on sales between affiliated companies

The effect of unrealized profits and losses on sales between affiliated companies is eliminated in preparing consolidated financial statements. When are profits and losses on such sales realized for c...

Q: On January 1, 2000, Pam Corporation held 2,000

On January 1, 2000, Pam Corporation held 2,000 shares of Sun Corporation common stock acquired at $15 per share several years earlier. On this date, Pam issued 1.5 of its $10 par value shares for each...

Q: Pop Corporation issued its own common stock for all the outstanding shares

Pop Corporation issued its own common stock for all the outstanding shares of Son Corporation in a pooling of interests business combination on January 1, 2000. The balance sheets of the two companies...

Q: What special procedures are required to consolidate the statements of a parent

What special procedures are required to consolidate the statements of a parent that reports on a calendar year basis and a subsidiary whose fiscal year ends on October 31?

Q: Pop Corporation acquired a 75 percent interest in Son Corporation on January

Pop Corporation acquired a 75 percent interest in Son Corporation on January 1, 2016, for $720,000 in cash. Financial statements of Pop and Son Corporations for 2016 are as follows (in thousands):...

Q: Separate-company financial statements for Pop Corporation and its subsidiary,

Separate-company financial statements for Pop Corporation and its subsidiary, Son Company, at and for the year ended December 31, 2017, are summarized as follows (in thousands): ADDITIONAL INFORMATI...

Q: What are the required disclosures related to goodwill included in the consolidated

What are the required disclosures related to goodwill included in the consolidated balance sheet?

Q: Does current GAAP provide any exceptions to the fair-value measurement

Does current GAAP provide any exceptions to the fair-value measurement principle for business combinations?