Midterm Extra Problems Solutions

Midterm Extra Problems Solutions - E1-1 Multiple-Choice...

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Unformatted text preview: E1-1 Multiple-Choice Questions on Complex Organizations1. b 2. d 3. a 4. b 5. d E1-2 Multiple-Choice Questions on Recording Business Combinations [AICPA Adapted]1. a 2. c 3. d 4. d 5. c E1-3 Multiple-Choice Questions on Reported Balances [AICPA Adapted]1. d 2. d 3. c 4. c E1-4 Multiple-Choice Questions Involving Account Balances1. c 2. c 3. b 4. b 5. b E2-1 Multiple-Choice Questions on Use of Cost and Equity Methods[AICPA Adapted]1. a 2. a 3. d 4. a 5. b 6. d 7. d E2-2 Multiple-Choice Questions on Intercorporate Investments1. b 2. c 3. d 4. a 5. a E2-3 Multiple-Choice Questions on Applying Equity Method[AICPA Adapted]1. c 2. d $250,000 + ($100,000 x .30) [($200,000 x .30)/15 years)] 3. c 4. d 5. d P2-25 Multiple-Choice Questions on Applying the Equity Method[AICPA Adapted]1. a 2. a 3. c 4. d P2-32 Complex Differentiala. Essex Company 20X2 equity-method income: Proportionate share of reported net income($80,000 x .30) $24,000Deduct increase in cost of goods sold for purchasedifferential assigned to inventory ($30,000 x .30)(9,000)Deduct amortization of differential assigned to:Buildings and equipment[($320,000 - $260,000) x .30] / 12 years][($320,000 - $260,000) x ....
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This note was uploaded on 05/01/2010 for the course MGMT 503 taught by Professor Staff during the Spring '08 term at Purdue University-West Lafayette.

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Midterm Extra Problems Solutions - E1-1 Multiple-Choice...

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