Peterman Co. owns 55% of Samson Co. Under what circumstances would Peterman not be required to prepare consolidated financial statements?
What will be an ideal response?
Peterman would not be required to prepare consolidated financial statements if control of Samson is temporary or if, despite majority ownership, Peterman does not have control over Samson. A lack of control might exist if Samson is in a country that imposes restrictions on Peterman's actions.
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Assume that you are a freshman and live in your school's dormitory. The agreement you've signed with the school states that you may move in on September 1 and must vacate the room by May 31 of the following year. Should you wish to live in the dormitory during your sophomore year, you must sign a completely new contract with the school. Your agreement with the school best approximates a
A. tenancy for years. B. fee simple defeasible. C. periodic tenancy. D. easement by grant.
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Indicate whether the statement is true or false
Wash N' Dry Company purchased equipment for $45,000. Total depreciation of $36,000 was recorded. On January 1, 2017, Wash N' Dry exchanges the equipment for new equipment, paying $54,000 cash. The market value of the new equipment is $65,000. Prepare the journal entry to record this transaction. Assume the exchange has commercial substance. Omit explanation.
What will be an ideal response?
Which of the following is not listed as a gender difference in the leadership labyrinth?
A. self-promotion B. cross-pressures C. style and effectiveness D. commitment and motivation