The successful efforts method places only exploration and production costs of successful wells on the balance sheet under property, plant, and equipment
Indicate whether the statement is true or false
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On January 1 . 2014, Amber Inc purchased 30 percent of the outstanding common stock of Collar Corporation for $516,000 cash. Amber is accounting for this investment using the equity method. On the date of acquisition, the fair value of Collar' net assets was $1,240,000 . Amber has determined that the excess of the cost of the investment over its share of Collar' net assets is attributable to
goodwill. Collar' net income for the year ended December 31 . 2014, was $360,000 . During 2014, Collar declared and paid cash dividends of $40,000 . There were no other transactions between the two companies. On December 31 . 2014, the investment in Collar should be recorded as a. $396,000. b. $468,000. c. $612,000. d. $624,000.
The use of prototype stores, detailed operating procedures, and the inspection of store units by chain retailers and franchisors is used to _____
a. develop and maintain a consistent image b. reduce operating costs c. reduce construction costs d. reduce construction time and start-up costs
An implied employment contract
A. is valid only in writing. B. covers the entire American workforce. C. exists only after an employee passes his or her probation period. D. can result from statements spoken to an employee by an employer.
The gross profit percentage measures the profitability of each sales dollar above the cost of goods sold
Indicate whether the statement is true or false