A note with an explicit interest rate stated on the face of the note is a(n) ____________________
Fill in the blank(s) with correct word
interest-bearing note
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Operating expenses are subtracted from gross profit to compute ____________________
Fill in the blank(s) with correct word
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?
All of the following are principal provisions of the Sarbanes-Oxley Act of 2002 except:
a. At least one member of the audit committee of the board of directors must be a "financial expert.". b. The lead audit or coordinating partner and the reviewing partner of the public accounting firm must rotate, or change, every five years. c. The firm's chief executive officer and the chief financial officer must issue a statement along with the audit report stating that the financial statements and notes fairly present the operations and financial position of the firm. d. The FASB has oversight and enforcement authority over the SEC.
A $310 credit to Supplies was credited to Fees Earned by mistake. By what amounts are the accounts under- or overstated as a result of this error?
A. Supplies, understated $620; Fees Earned, overstated $310. B. Supplies, understated $310; Fees Earned, overstated $310. C. Supplies, overstated $620; Fees Earned, understated $310. D. Supplies, overstated $310; Fees Earned, overstated $310. E. Supplies, overstated $310; Fees Earned, understated $310.