On April 7, 2018, Pate Corp. sold land to Shannahan Co., its subsidiary. From a consolidated financial statement point of view, when will the gain on this transfer actually be recognized?
What will be an ideal response?
The gain is recognized when Shannahan sells the land to a third party.
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Factors that determine whether a particular method of e-payment achieves critical mass include each of the following except
A) hardware and software independence. B) full traceability of the buyers. C) degree of security of the transfer. D) interoperability with other enterprise systems and applications.
Which of the following statements regarding the expanded accounting equation is correct?
A. The total credits recorded in revenue accounts must equal the total debits recorded in expense accounts. B. Debits reduce expenses. C. Across all revenue accounts, the total value of all debits must equal the total value of all credits. D. Credits increase revenues.
If the balance on the bank statement does not equal the balance per the company's records, then it can be assumed that
A. the company has no errors in its records concerning the cash account. B. the bank has made errors in preparing the bank statement. C. the company has made errors in its records concerning the cash account. D. there will be items reconciling the difference.
The sales/use tax that is employed by most U.S. states does not fall on all retail transactions. Identify at least five sales/use tax exemptions that states often allow, eliminating certain transactions from the tax base