International Financial Reporting Standards are taking root throughout the world. However, it is unlikely that the U.S. will report according to IFRS before the second half of the twenty-first century
Indicate whether this statement is true or false.
Answer: FALSE
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Mercedes Company paid $20,000,000 to acquire 100% of the outstanding common stock of Benz Incorporated on January 1, 2018. The book value of Benz's net assets on the date of acquisition was $17,000,000. Benz's buildings were undervalued by $1,500,000 as of January 1, 2018; the buildings had a ten-year remaining life as of the date of acquisition. There are no other book-to-fair value differences for the other assets and liabilities of Benz. Mercedes retained earnings as of January 1, 2018 was $5,750,000, while Benz reported retained earnings of $3,175,000. Mercedes net income was $1,750,000 during 2018 and was $2,035,000 during 2019; the 2018 and 2019 net income amounts did not include any amounts pertaining to the Benz investment. Benz's retained earnings increased $1,050,000 from
January 1, 2018 to December 31, 2019 even though Benz declared $225,000 of dividends during that two-year period.Required:Determine the December 31, 2019 consolidated retained earnings balance. What will be an ideal response?
The manager of a profit center does not make decisions concerning the fixed assets invested in the center
Indicate whether the statement is true or false
In an attempt to reduce product thefts in retail stores, companies include antitheft methodology, such as bar coding or magnetic stripes, in the package design that discourages shoplifting. Which of the following package objectives does this exemplify?
A. harmony B. protection C. aesthetics D. communication E. usage promotion
Which of the following could describe the effects of an asset exchange transaction on the elements of a company's financial statements? Assets=Liab.+EquityRev.-Exp.=Net Inc.Stmt ofCash FlowsA.NA=NA+NANA-NA=NA+OAB.+=NA++NA-NA=NA+FAC.-=NA+-NA-NA=NANAD.+=++NANA-NA=NA+FA
A. Option A B. Option B C. Option C D. Option D