quizes ch1-ch10 - Grading Summary These are the...

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Grading Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date and Time Started: 11/22/2011 9:54:39 PM Time Spent: 26 min , 01 secs Points Received: 18 / 20 (90%) Question Type: # Of Questions: # Correct: Multiple Choice 10 9 Grade Details 1. Question : On January 1, 2011, Pena Company and Shelby Company had a condensed balance sheets as follows: On January 2, 2011 Pena borrowed $180,000 and used the proceeds to purchase 90% of the outstanding common stock of Shelby. This debt is payable in 10 equal annual principal payments, plus interest, starting December 30, 2011. Any difference between book value and the value implied by the purchase price relates to land. On Pena's January 2, 2011 consolidated balance sheet, Current liabilities should be: Student Answer: $150,000. $138,000. $120,000. $90,000. Points Received: 2 of 2 Comments: 2. Question : Under the economic entity concept, consolidated financial statements are intended primarily for the benefit of the: Student Answer: stockholders of the parent company. creditors of the parent company. minority stockholders.
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all of the above. Points Received: 2 of 2 Comments: 3. Question : Pine Corp. owns 60% of Sage Corp.'s outstanding common stock. On May 1, 2011, Pine advanced Sage $90,000 in cash, which was still outstanding at December 31, 2011. What portion of this advance should be eliminated in the preparation of the December 31, 2011 consolidated balance sheet? Student Answer:
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 401 taught by Professor Jeter during the Spring '12 term at Kaplan University.

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quizes ch1-ch10 - Grading Summary These are the...

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