Warranties are the buyer's or lessee's assurance that the goods meet certain standards
Indicate whether the statement is true or false
TRUE
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The Revised Uniform Partnership Act (RUPA) holds that property belongs to the partnership if it was transferred to:
A. any partner by a transfer document indicating the partner's status as a partner or otherwise indicating that a partnership exists. B. general partners only by a transfer document that specifically names the partnership indicating that partnership exists. C. any partner by transfer document under the charging order. D. the partners in their individual capacities.
It is possible that an investor with less than a 50 percent ownership interest may qualify for accounting recognition of control and appropriately prepare consolidated financial statements
Indicate whether the statement is true or false
The steps in the process of stereotype formation and maintenance in order are
A. inferences, categorization, expectations, maintenance. B. inferences, expectations, categorization, maintenance. C. expectations, categorization, inferences, maintenance. D. categorization, inferences, expectations, maintenance. E. categorization, expectations, inferences, maintenance.
McGuire Company acquired 90 percent of Hogan Company on January 1, 2019, for $234,000 cash. This amount is reflective of Hogan's total acquisition-date fair value. Hogan's stockholders' equity consisted of common stock of $160,000 and retained earnings of $80,000. An analysis of Hogan's net assets revealed the following: Book Value Fair ValueBuildings (10-year life)$10,000 $8,000 Equipment (4-year life) 14,000 18,000 Land 5,000 12,000 ??Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years.?In consolidation at December 31, 2019, what net adjustment is necessary for Hogan's Patent account?
A. $7,000. B. $8,800. C. $7,700. D. $5,600. E. No adjustment is necessary.