4520 winter 2013 midterm question

4520 winter 2013 midterm question - Last name(surname First...

Info icon This preview shows pages 1–3. Sign up to view the full content.

Last name (surname): Student ID#: First name: Section: Sign-In Number (to be filled when you sign in only): YORK UNIVERSITY School of Administrative Studies ADMS4520 3.0 Midterm Exam, Winter 2013, All Sections Instructors: Patricia Farrell Brony Fong Instructions This is a closed book examination and no collaboration is allowed. There is a total of 50 marks. Put your name and student number at the top of the page. Answer each question on the examination paper, and on the back of a page if necessary. You may write with a pencil or pen, however, exams written in pencil may not be submitted for re-grading. You have 3 hours to complete the exam. If you leave early, please respect your fellow students by leaving quietly. Place photo identification on your desk during the examination to facilitate verification. Answer all questions as per current IFRS unless otherwise specified Good luck. Question 1 Question 2 Question 3 TOTAL \7s^ l\- Lit Bli: 721 marks / 12 marks / 1 7 marks 7 50 marks
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Question 1 (21 marks) In 20x12, Bango created^ wholly owned subsidiary called Bangit Limited. Bangp is a private company and reports under ASPE. Bango is currently using the cosLinethod.to record its investment in Bangit, but a new CFO has recently been hired and she is trying to decide if she should report using the equity method or the consolidation method. This is the only subsidiary that Bango has. Statements of Earnings and Retained Earnings for Bango and Bangit for the year ended December 31, 20x12. Sales of merchandise Other revenues Total revenues Cost of goods sold Depreciation expense interest expense Other expenses (including income tax) Total expenses Met income Retained earnings, January 1, 20x12 Dividends Retained earnings, December 31, 20x12 Bango $6,000,000 200,000 $6,200,000 $2,500,000 500,000 400,000 1,300,000 $4,700,000 $1,500,000 4,200,000 (200,000) $5.500.000 Bangit $1,000,000 20,000 $1,020,000 $400,000 80,000 20,000 190,000 $690,000
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '10
  • KONG
  • Generally Accepted Accounting Principles, LGH

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern