Question: What is the 2021 consolidated net income

> One of PLE’s manufacturing facilities produces metal engine housings from sheet metal for both mowers and tractors. Production of each product consists of five steps: stamping, drilling, assembly, painting, and packaging to ship to its

> Use the COUNTIF function to construct frequency distributions for gender, preferred genre, and influence, develop column charts to express the results visually, and compute the relative frequencies based on the data in the Excel file Video Streaming Serv

> Use the following approaches to analyze the survey data in the Excel file Insurance Survey. ■ Frequency distributions and histograms for the ratio variables (age, years employed, and satisfaction) ■ Descriptive statistical measures for the ratio variable

> Suppose that the average height of all professional basketball players is 6 feet with standard deviation of 5 feet. A player of interest to you is 5.5 feet. Would you consider this player as the outlier? Why

> For the Excel file TV Viewing Survey, is there a significant correlation between (1) the number of TVs in a home and the hours of viewing per week, and (2) age and hours of viewing per week?

> The Excel file House Sales lists a sample of the area (in sq. ft) and prices (in dollars) of various houses. Compute the covariance and correlation between the area and prices.

> Use the Excel file Test Scores and Sales, developed by nine salespersons during the past year, to find the coefficient of correlation between the test scores and sales.

> Find the correlation between weekly food expenditure and monthly household income in the Excel file Food Expenditure.

> For the Peoples Choice Bank database, use PivotTables to find the average transaction amount for each account and branch.

> Use the Excel file Graduation Employment to analyze the average salary and the average percentage of failure rate in interviews among the graduates from the different colleges. What conclusions do you reach?

> Using PivotTables, find the mean and standard deviation of sales by region in the Sales Transactions database.

> The CFO at Performance Lawn Equipment, Brian Ferguson, wishes to design a minimum variance portfolio of index funds to invest some of the firm’s cash reserves. The funds selected for consideration and their variance covariance matrix an

> In the Excel file Debt and Retirement Savings, use a PivotTable to find the mean and standard deviation of income, long-term debt, and retirement savings for both single and married individuals.

> Use a PivotTable to find the mean annual income by level of education for the data in the Excel file Education and Income.

> The Excel file Sample Sales provides sample data on the sales representatives’ record. Create a PivotTable to find the following: a. Cross-tabulation of region versus item. b. Mean units, unit cost, and accumulative sales in each region by item. State th

> Create a PivotTable to find the mean and standard deviation of the amount of travel expenses for each sales representative in the Excel file Travel Expenses.

> In the Excel file Postal Services, find the proportion of the number of items delivered to Portland, New York, and Chicago for six days in four consecutive weeks.

> A teacher recorded the amount of time taken by 21 students to complete a sprint race, to the nearest second, as follows: ■ Two students: between 51 and less than 56 seconds ■ Seven students: between 56 and less than 61 seconds ■ Eight students: between 6

> The amount of time it took 25 respondents to solve a particular task has been recorded in the following table: Develop a table to estimate the sample mean and sample standard deviation of the time using formulas.

> we asked you to use the Histogram tool to construct frequency distributions and histograms for weekly usage and waiting time in the Excel file Car Sharing Report without grouping the data into bins. Use your results and formulas to find the mean and sam

> Construct a frequency distribution for education in the Excel file Voter. Develop a table to estimate the sample mean and sample variance using formulas. Check your results using Excel functions with the original data.

> The Data worksheet in the Excel file Airport Service Times lists a large sample of the time in seconds to process customers at a ticket counter. The second worksheet shows a frequency distribution and histogram of the data. a. Summarize the data using th

> Elizabeth Burke wants to develop a model to more effectively plan production for the next year. Currently, PLE has a planned capacity of producing 9,100 mowers each month, which is approximately the average monthly demand over the previous year. However,

> In each chapter of this book, we use a a fictitious company, Performance Lawn Equipment (PLE), within a case exercise for applying the tools and techniques introduced in the chapter.31 To put the case in perspective, we first provide some background abou

> The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $7.20 per share on January 1, 2020. The remaining 20 percent of Devine’s shares also traded actively at $7.20 per share before and a

> On January 1, 2020, Paloma Corporation exchanged $1,710,000 cash for 90 percent of the outstanding voting stock of San Marco Company. The consideration transferred by Paloma provided a reasonable basis for assessing the total January 1, 2020, fair value

> Nascent, Inc., acquires 60 percent of Sea-Breeze Corporation for $414,000 cash on January 1, 2018. The remaining 40 percent of the Sea-Breeze shares traded near a total value of $276,000 both before and after the acquisition date. On January 1, 2018, Sea

> The following are several account balances taken from the records of Karson and Reilly as of December 31, 2021. A few asset accounts have been omitted here. All revenues, expenses, and dividend declarations occurred evenly throughout the year. Annual tes

> Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2019. Miller paid $664,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 per- cent of Taylor shares continued to trade at a total valu

> On January 1, 2019, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor’s shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that

> Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1, 2019, for $840,000. The subsidiary’s total fair value was assessed at $1,200,000 although its book value on that date was $1,130,000. The $70,000 fair value

> On January 1, 2021, Morey, Inc., exchanged $178,000 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of Amsterdam’s assets and liabilities approxima

> On January 1, 2020, Holland Corporation paid $8 per share to a group of Zeeland Corporation shareholders to acquire 60,000 shares of Zeeland’s outstanding voting stock, representing a 60 per- cent ownership interest. The remaining 40,00

> On January 1, 2019, Parflex Corporation exchanged $344,000 cash for 90 percent of Eagle Corporation’s outstanding voting stock. Eagle’s acquisition date balance sheet follows: On January 1, 2019, Parflex prepared the f

> Go to https://about.usc.edu/files/2017/12/USC-Financial-Report-2017.pdf to find the 2017 financial statements for the University of Southern California. Required The financial statements for the University begin on page 11. Use those financial statements

> Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $900,000 cash. At the acquisition date, Stanford’s total fair value, including the noncontrolling interest, was

> On January 1, 2020, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,141,000 in cash. The price paid was proportionate to Sellinger’s total fair value, although at the acquisition date, Sellinger ha

> On January 1, Patterson Corporation acquired 80 percent of the 100,000 outstanding voting shares of Soriano, Inc., in exchange for $31.25 per share cash. The remaining 20 percent of Soriano’s shares continued to trade for $30 both befor

> On January 1, 2021, Johnsonville Enterprises, Inc., acquired 80 percent of Stayer Company’s out- standing common shares in exchange for $3,000,000 cash. The price paid for the 80 percent owner- ship interest was proportionately representative of the fair

> On January 1, 2020, Harrison, Inc., acquired 90 percent of Starr Company in exchange for $1,125,000 fair-value consideration. The total fair value of Starr Company was assessed at $1,200,000. Harrison computed annual excess fair-value amortization of $8,

> On January 1, 2021, Ackerman Company acquires 80% of Seidel Company for $1,712,000 in cash consideration. The remaining 20 percent noncontrolling interest shares had an acquisition-date estimated fair value of $428,000. Seidel’s acquisition-date total bo

> Stockholders’ equity: a. $80,000 b. $90,000 c. $95,000 d. $130,000 (AICPA adapted)

> Noncurrent liabilities: a. $110,000 b. $104,000 c. $90,000 d. $50,000

> Current liabilities: a. $50,000 b. $46,000 c. $40,000 d. $30,000

> Noncurrent assets: a. $130,000 b. $134,000 c. $138,000 d. $140,000

> Vitous Ltd. began operations on January 1, 2018, and uses IFRS to prepare its consolidated financial statements. Although not required to do so, to facilitate comparisons with companies in the United States, Vitous keeps its books in U.S. dollars ($), an

> Current assets: a. $105,000 b. $102,000 c. $100,000 d. $90,000

> What amount is reported for trademarks in the 2021 consolidated balance sheet? a. $508,000 b. $514,000 c. $520,000 d. $540,000

> In 2021, assuming K-Tech has declared no dividends, what are the noncontrolling interest’s share of the subsidiary’s income and the ending balance of the noncontrolling interest in the subsidiary? a. $26,000 and $230,000 b. $28,800 and $252,000 c. $34,40

> Amie, Inc., has 100,000 shares of $2 par value stock outstanding. Prairie Corporation acquired 30,000 of Amie’s shares on January 1, 2018, for $120,000 when Amie’s net assets had a total fair value of $350,000. On July 1, 2021, Prairie bought an addition

> Goodwill recognized in a business combination must be allocated across a firm’s identified reporting units. For a consolidated entity with multiple reporting units, when is goodwill considered to be impaired? a. When any individual reporting unit’s carry

> How would the answer to problem (5) change if the parent had applied the initial value method rather than the equity method? a. No effect: The method the parent uses is for internal reporting purposes only and has no impact on consolidated totals. b. The

> Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, Inc., on January 1, 2021, in exchange for $9,000,000 in cash. At the acquisition date, Eddy Tech’s stockholders’ equity

> Briefly discuss the cost savings that may result from a private company electing to amortize good- will as opposed to annual impairment testing.

> On January 1, Palisades, Inc., acquired 100 percent of Sherwood Company’s common stock for a fair value of $120,000,000 in cash and stock. The carrying amounts of Sherwood’s assets and liabilities equaled their fair va

> Go to the website www.sec.gov and, under the Filings heading, click on “Filings” and then click on “Company Filing Search.” Enter the name of a well-known company such as Facebook. A list of available documents should be shown for that company. Required

> On January 1, 2020, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $1,980,000 cash. On the acquisition date, GaugeRite had the following balance sheet: At the acquisition date, the following allocati

> Tyler Company acquired all of Jasmine Company’s outstanding stock on January 1, 2019, for $206,000 in cash. Jasmine had a book value of only $140,000 on that date. However, equipment (having an eight-year remaining life) was undervalued

> Allen Company acquired 100 percent of Bradford Company’s voting stock on January 1, 2017, by issuing 10,000 shares of its $10 par value common stock (having a fair value of $14 per share). As of that date, Bradford had stockholders&acir

> Branson paid $465,000 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2020. On that date, the subsidiary had a book value of $340,000 (common stock of $200,000 and retained earnings of $140,000), although various unrecorded

> On January 1, 2021, Brooks Corporation exchanged $1,183,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal to $1,105,000. Chandler’s individual

> The following are selected accounts and balances for Mergaronite Company and Hill, Inc., as of December 31, 2021. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared

> On January 1, 2020, Pinnacle Corporation exchanged $3,200,000 cash for 100 percent of the out- standing voting stock of Strata Corporation. On the acquisition date, Strata had the following balance sheet: At the acquisition date, Strataâ€&#153

> Giant acquired all of Small’s common stock on January 1, 2017, in exchange for cash of $770,000. On that day, Small reported common stock of $170,000 and retained earnings of $400,000. At the acquisition date, $90,000 of the fair-value

> Following are separate financial statements of Michael Company and Aaron Company as of December 31, 2021 (credit balances indicated by parentheses). Michael acquired all of Aaron’s outstanding voting stock on January 1, 2017, by issuing

> Patrick Corporation acquired 100 percent of O’Brien Company’s outstanding common stock on January 1 for $550,000 in cash. O’Brien reported net assets with a carrying amount of $350,000 at that time. S

> Go to the website www.cedarfair.com and click on “Investors,” then “Investor Information,” “Financial Reports,” and “Annual Reports.” Then click on “2017 Annual Report on 10-K” to access the 2017 Form 10-K annual report for Cedar Fair, L.P. Review the fi

> On January 1, 2020, Prestige Corporation acquired 100 percent of the voting stock of Stylene Corporation in exchange for $2,030,000 in cash and securities. On the acquisition date, Stylene had the following balance sheet: At the acquisition date, the boo

> On January 3, 2019, Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff, Inc., in exchange for $6,000,000 in cash. Persoff elected to exercise control over Sea Cliff as a wholly owned subsidiary with an independent accounting sy

> Allison Corporation acquired all of the outstanding voting stock of Mathias, Inc., on January 1, 2020, in exchange for $5,875,000 in cash. Allison intends to maintain Mathias as a wholly owned subsidiary. Both companies have December 31 fiscal year-ends.

> Foxx Corporation acquired all of Greenburg Company’s outstanding stock on January 1, 2019, for $600,000 cash. Greenburg’s accounting records showed net assets on that date of $470,000, although equipment with a 10-year

> The following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2021: On January 1, 2021, Penske acquired all of Stanza’s outstanding stock for $680,000 fair value in cash and common stock. Pens

> Adams, Inc., acquires Clay Corporation on January 1, 2020, in exchange for $510,000 cash. Immediately after the acquisition, the two companies have the following account balances. Clay’s equipment (with a five-year remaining life) is ac

> Assume that Chapman Company acquired Abernethy’s common stock by paying $520,000 in cash. All of Abernethy’s accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its

> Assume that Chapman Company acquired Abernethy’s common stock for $500,000 in cash. Assume that the equipment and long-term liabilities had fair values of $220,000 and $120,000, respectively, on the acquisition date. Chapman uses the initial value method

> Assume that Chapman Company acquired Abernethy’s common stock for $490,000 in cash. As of January 1, 2020, Abernethy’s land had a fair value of $90,000, its buildings were valued at $160,000, and its equipment was appraised at $180,000. Chapman uses the

> Purchase Company recently acquired several businesses and recognized goodwill in each acquisition. Purchase has allocated the resulting goodwill to its three reporting units: RU-1, RU-2, and RU-3. Purchase opts to skip the qualitative assessment and ther

> Go to www.epiqbankruptcysolutions.com or www.kccllc.net. Look through the list of active bankruptcy cases, and select one to research. Required Read through the information that is available for the case that selected. Assume your boss needs information

> Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized

> Many companies make annual reports (sometimes on Form 10-K) available on their corporate website. Access the annual report indicated for each of the following U.S.-based multinational corporations to complete the requirements: International Business Mach

> The accountant for the City of Abernethy calls the local CPA firm that audits the city’s financial statements with a question. “At the start of the current year, city officials signed a contract to lease a new police car for seven years, its entire usefu

> Download a recent copy of Pfizer’s annual report (search Pfizer Investor Relations). Locate the firm’s consolidated statement of cash flows and answer the following: ∙ Does the firm employ the direct or indirect method of accounting for operating cash fl

> Jonas Tech Corporation recently acquired Innovation Plus Company. The combined firm consists of three related businesses that will serve as reporting units. In connection with the acquisition, Jonas requests your help with the following asset valuation a

> On January 31, 2018, The Hershey Company acquired Amplify Snack Brands, Inc., its largest business acquisition to date. Access Hershey’s 2018 financial statements and media reports near the time of the acquisition, and answer the following questions. 1.

> A company located in a foreign country is preparing for a listing of its common shares on the New York Stock Exchange in the United States. The company must decide whether to use U.S. GAAP or IFRS in preparing the financial statements that will accompany

> Many companies make annual reports available on their corporate website. Annual reports also can be accessed through the SEC’s EDGAR system at www.sec.gov (under Filing Type, search for 10-K). Access the most recent annual report for each of the followin

> Many companies make annual reports available on their corporate website. Annual reports also can be accessed through the SEC’s EDGAR system at www.sec.gov (under Filing Type, search for 10-K). Access the most recent annual report for each of the followin

> Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $198,000 in cash and issued 100,000 shares of its own $1 par value com- mon stock. On this date, Alfonso’s stock had

> Many companies make quarterly reports available on their corporate website. Quarterly reports also can be accessed through the SEC’s EDGAR system at www.sec.gov (under Filing Type, search for 10-Q). Access the most recent quarterly report for a company w

> Many companies make annual reports available on their corporate website. Annual reports also can be accessed through the SEC’s EDGAR system at www.sec.gov (under Filing Type, search for 10-K). Access the most recent annual report for a company with which

> Access a recent copy of The Coca-Cola Company’s financial statements (www.coca-colacompany .com). Identify and discuss the following aspects of consolidated tax expense disclosed in the financial statements: 1. Loss carry-forwards. 2. Components of defer

> How does the presence of an indirect ownership (such as a father-son-grandson relationship) affect the mechanical aspects of the consolidation process?

> Able Company owns 70 percent of the outstanding voting stock of Baker Company, which, in turn, holds 80 percent of Carter Company. Carter possesses 60 percent of Dexter Company’s capital stock. How much income actually accrues to the consolidated entity

> Describe the concept of a synergy. What are some examples of possible synergies in business combinations?

> What advantages does a company achieve when it possesses significant influence over another company through voting stock ownership?

> What disclosure is necessary to describe the liquidity position of a not-for-profit entity? Why is this disclosure viewed as significant to readers of the financial statements?

> What are board-designated funds, and how are they reported?

> In reporting the functional expenses of a not-for-profit entity, what are the two general types of expenses? How can functional expenses be reported?

> Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2020, by issuing 9,000 shares of $10 par value common stock. Haynes’s shares had a $15 per share fair value. On that date, Turner report

> What are net assets with donor restrictions?