ACG4201 Quiz 4 (Everest)

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ACG4201 Quiz 4 (Everest)

1. Apple Inc. owns a 90% interest in Banana Company. Banana Company, in turn, owns a 80% interest in Carrot Company. During 20X4, Carrot Company sold $50,000 of merchandise to Apple Inc. at a gross profit of 20%. Of this merchandise, $10,000 was still unsold by Apple Inc. at year end. The adjustment to the controlling interest in consolidated net income for 20X4 is ____.
2. Able Company owns an 80% interest in Barns Company and a 20% interest in Carns Company. Barns owns a 40% interest in Carns Company
3. When a parent purchases a portion of the newly issued stock of its subsidiary and the ownership interest increases,
4. Which of the following situations is a mutual holding?
5. When a parent purchases a portion of the newly issued stock of its subsidiary in a private offering and the ownership interest decreases,
6. Which of the following accounting situations is treated virtually identically under both U.S. and International accounting standards?
7. The Securities and Exchange Commission requires foreign companies seeking to sell securities on U.S. stock markets to
8. A value added tax generally results in
9. A manufacturer produced a good with a value of 250, the retailer added 125 to the value of the good. Assuming the value added tax rate is 15% the net value added tax due to the government by the retailer is
10. A manufacturer produced a good with a value of 300, the retailer added 140 to the value of the good. Assuming the value added tax rate is 10% the final price to the consumer would be