Acquisition of legal subsidiary in bankruptcy According to the fact of this case‚ Parent Co. (Parent) wholly owns Poor Son Co. (Poor Son) as a legal subsidiary‚ and both of them all nonpublic companies. However‚ in January 2007 Poor Son filed a voluntary bankruptcy under Chapter 11 of the U.S. bankruptcy code because of its inability of meet obligations as they became due. Then‚ Parent claimed the loss of control of Poor Son and deconsolidated Poor Son from its financial statement. Through the
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Review of Accounting Fundamentals The Accounting Equation Assets = Liabilities + Equity Equity = Contributed Capital + Retained Earnings Retained Earnings = Beginning Retained Earnings + Net Income for the Period – Dividends Net Income = Revenues – Expenses + Gains – Losses Assets ( Probable future economic benefits obtained or controlled by a particular accounting entity as a result of past transactions or events Liabilities ( Probably future sacrifices of economic benefits
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Case Study 1-8: Faulty Budget‚ P 42 Lilian Lavado Acc-530 Accounting Ethics & related Regular Issues Professor: James Racic September 7‚ 2014 1. I would report the error immediately to my supervisor or the person in charge of that department. I am currently an employee‚ and I am aware that my responsibility is limited on my performance. However‚ shareholders‚ investors‚ and supervisors trusted on me to do the best I can to make the company grow and be profitable. I would not change
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CASES FROM MANAGEMENT ACCOUNTING PRACTICES Table of Contents Case 1: Case 2: Bal Seal Engineering Robin Cooper Bill’s Custom Planters William Stammerjohan Deborah Seifert Dublin Shirt Company Peter Clarke in assoc. with in assoc. with Paul Juras Wayne Bremser ECN.W William Lawler Endesa Gary M. Cunningham Scott Ericksen Francisco J. Lopez Lubian Antonio Pareja Kincaid Manufacturing Jon Yarusso Ram Ramanan Osram.NA John Shank Lawrence Carr William Lawler Pleasant Run Children’s Home Brooke E. Smith
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Unit 505 1.1 A partnership is an arrangement between two or more groups‚ organizations or individuals to work together to achieve common aims. Effective partnership working must have some sort of personal stake in the partnership. All partners should work towards the same goal. The partners should have similar system of beliefs and work together over a reasonable period of time. Partners should understand the value of what each of them can contribute to the set aim. Both should respect and trust
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Case Study 1 Project Management Analysis in the Internet Forecasting Industry Group 4 Dilip Chinnaswamaiah‚ Ruiying Liu‚ Sandhya Aparna Pashikanti‚ Yingqi Yang‚ Hao Zhu Executive Summary In this case‚ our group used the techniques such as PERT‚ project crushing and visualization to solve the scheduling problems encountered in a development project at B&W Systems. We came up with the expected completion time and crashing solution to help the company meet the deadline. The problem was successfully
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Malone • On 1 July 2011‚ Dyson purchased 80% of the shares on Malone for $ 800‚000. • On 30 June 2012‚ the land was revalued to $ 870‚000. • On 30 June 2012‚ Brennan owned 100% of Dyson‚ there has been changed to 60% of Dyson in the next year. • Dividend of $ 20‚000 was declared on 15 October 2012‚ and been paid on 15 November 2013. • On 31 October 2012‚ Dyson sold the entire interest for $1.1 million. • Partial goodwill method is used in Malone. Theory and Impact of Accounting Treatment
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Case Study 1 (Part A) P2-69B (Learning Objectives 4‚ 5‚ 6: Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operations‚ Johnson Plumbing‚ Inc.‚ completed the following transactions: Mar 2 Johnson received $35‚000 cash and issued common stock to the stockholders. 3 Purchased supplies‚ $200‚ and equipment‚ $3‚200‚ on account. 4 Performed services for a client and received cash
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Subject : Financial Accounting Ⅱ Lease agreement between NeedsLease and HasSpace NeedsLease is renting a space for its corporate office from HasSpace by entering into a lease agreement. The agreed lease term is for 10 years and there is no option to renew nor is the ability to negotiate renewal of the term. According to ASC 840 (5F of statement 13)‚ the lease is classified as operating lease. The agreement includes two provisions that may require NeedsLease to perform certain activities at its
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Case Study 1 Professor Blankenship Accounting 504 July 28‚ 2013 Salithia Smith Requirement 1- Prepare the Journal Entries in the General Journal Flower Landscaping Corporation General Journal Date Description Debit Credit |March 1 |Cash |72000 | | | |Common Stock
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