The discovery phase refers to the period when one becomes aware of a new business concept.
Answer the following statement true (T) or false (F)
True
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On January 1, 20X6, Pumpkin Corporation acquired 70 percent of Spice Company's common stock for $210,000 cash. The fair value of the noncontrolling interest at that date was determined to be $90,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: PumpkinSpiceCash $50,000 $15,000 Accounts Receivable 70,000 25,000 Inventory 30,000 20,000 Land 150,000 80,000 Buildings and Equipment 250,000 200,000 Less: Accumulated Depreciation (70,000) (20,000) Investment in Spice Co. 210,000 Total Assets $690,000 $320,000 Accounts Payable $40,000 $10,000 Bonds Payable 150,000 40,000 Common
Stock 300,000 90,000 Retained Earnings 200,000 180,000 Total Liabilities and Equity $690,000 $320,000 At the date of the business combination, the book values of Spice's assets and liabilities approximated fair value except for inventory, which had a fair value of $30,000, and land, which had a fair value of $95,000.Based on the preceding information, what amount of total assets will be reported in the consolidated balance sheet prepared immediately after the business combination? A. $800,000 B. $1,010,000 C. $830,000 D. $1,040,000
Tertiary data is collected by surveying, interviewing, or observing people
Indicate whether the statement is true or false.
What is a Maquiladora plant?
a. a plant grown for packing fragile shipments b. a truck terminal on the border where shipments can be transloaded c. a manufacturing facility in Mexico where products can be assembled and returned to the U.S. without duty being paid d. a manufacturing facility in U.S. where products can be assembled and returned to Mexico without duty being paid
When auditing accounts payable using classical variables sampling, Sue finds evidence indicating that the account may be materially misstated. What are Sue's options?
What will be an ideal response?