Which of the following are examples of intercompany balances and transactions that must be eliminated in preparing consolidated financial statements?I. Security holdings II. Interest and dividends III. Sales and purchases
A. I, II, III
B. II
C. I, III
D. I, II
Answer: A
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The total amount of assets a business possesses may or may not be equal to the total of liabilities and equity of the business
Indicate whether the statement is true or false
A significant impediment to e-commerce has been the questionable enforceability of contracts entered into through electronic means, such as the Internet or e-mail, because of the writing requirements under contract and sales law
a. True b. False Indicate whether the statement is true or false
The rapid growth in SaaS-based applications is due in part to the advent of PCs and the ________
A) printers B) cell phones C) internet D) iPods E) none of the above
Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 400 units. The costs and percentage completion of these units in beginning inventory were: Cost PercentCompleteMaterials costs$5,700 65% Conversion costs$6,800 45% A total of 6,500 units were started and 5,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: CostMaterials costs$125,500 Conversion costs$207,000 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs.The total cost transferred from the first processing department to the
next processing department during the month is closest to: (Round your intermediate calculations to 3 decimal places.) A. $345,000 B. $322,777 C. $377,485 D. $332,500