It is common to use the change in long-term debt as a "plug" figure in the construction of a pro forma balance sheet. However, if the firm does not have long-term debt, which of the following could substitute as the final plug figure?
A) changes in short-term debt
B) changes in new equity
C) changes in the cash balance
D) All of the above
D
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The three branches of government in the United States are
a. the executive, legislative, and administrative. b. the administrative, executive, and statutory. c. the executive, legislative, and judicial. d. the administrative, legislative, and international.
At Susan's retirement party, she reflected upon her long career in starting up successful companies. She said, "I salute my long-time mentor, Milton, who counseled me early in my career about risk. He told me, ‘Susan, when you are confronted with risk when making management decisions, you should
A. not proceed without a liability insurance policy.'" B. understand there is no way to manage it.'" C. eliminate it with a thorough understanding of the consequences of each option.'" D. anticipate it, minimize it, and control it.'" E. avoid it by any means necessary.'"
On January 1, 2017, Credit Inc. recorded goodwill valued at $270,000 when it acquired the assets of another company. At the end of 2018, the auditors of Credit Inc. determined that the goodwill had been impaired by $50,000, and Credit Inc. wrote down the book value of the goodwill by $50,000. During 2019, the goodwill was not further impaired. In 2020, additional goodwill was impaired and was written down another $18,000 for financial reporting purposes. What is the temporary book-tax difference associated with the purchased goodwill in 2018, 2019, and 2020? Are the differences favorable or unfavorable? Are the differences permanent or temporary?
What will be an ideal response?
A ________ is a belief that some condition is preferable to its opposite.
a. need b. want c. goal d. value