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3 years ago

LO 1.2Which of the following statements is incorrect?

Business

1 answer:

Pachacha [2.7K]3 years ago

4 0

Answer: Reports produced using management accounting must follow GAAP.

Explanation: Management report are reports produced by management accountants are prepared for internal use by managers, employees and other officers.

Management reports are produced as at when required and do not necessarily have to follow GAAP.

Management reports include job costs, production cost report, cost of good manufactured report etc.

It gives monetary and non monetary information for management consumption.

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In a business combination in which an acquiring company purchases 100% of the outstanding common stock of another company, if th

spin [16.1K]

Answer:

It will be reported as gain.

Explanation:

If the fair value of the net identifiable assets acquired exceeds the fair value of the consideration given (purchase cost) will be a <u>negative goodwill.</u>

It will be due to <em>"bargain purchase"</em> and the accounting records the "negative goodwill" as a gain in the income statment

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3 years ago

What would symphony report as total shareholders' equity?

leva [86]

$485 + $380 + $15 + $48 - $120 = $808

Have a great night!

6 0

3 years ago

When applying the general accounting equation, if total liabilities increased by $5,000, then (select the BEST and MOST COMPLETE

lyudmila [28]

Answer:

Assets must have increased by $5,000, or stockholders' equity must have decreased by $5,000

Explanation:

The accounting equation shows the relationship between the elements of a balance sheet which are assets liabilities and equity.

This may be expressed mathematically as

Assets = Liabilities + Equity

As such, an increase in total liabilities by $5,000 from the options given means that assets must have increased by $5,000, or stockholders' equity must have decreased by $5,000, this way, the accounting equation stays true.

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3 years ago

Assume that Live Co. has expected cash flows of $200,000 from domestic operations, 200,000 Swiss francs from Swiss operations, a

jok3333 [9.3K]

Answer:

$559,500

Explanation:

To find Live Co.'s expected dollar cash flows at the end of this year convert the Euro and Swiss francs amounts to dollar using their respective rates and then add all of the dollar amounts.

Swiss francs in dollars:

$S = 200,000*0.83 = \$166,000$

Euros is dollars:

$E = 150,000*1.29 = \$193,500$

Dollar cash flow:

$C=D+S+E\\C = \$200,000+\$166,000 +\$193,500\\C=\$559,500$

The company's expected dollar cash flows are $559,500.

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3 years ago

On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on t

tresset_1 [31]

Answer and Explanation:

The computation of the ending inventory for the year 2021, 2022 and 2023 is shown in the attachment below

It is to be divided into two parts

1. Inventory converted to the base year in which the base year is considered by taking the cost index

2. Inventory converted to cash in which the inventory converted to the base year, cost index is considered so that the inventory converted to cash could come plus the value of the inventory using the LIFO method also comes

3 0

3 years ago