Please help with accounting question. Thank you

Jul 26th, 2015
KateS
Category:
Accounting
Price: $5 USD

Question description

Work must be 100% original and make sense. Each question must be at least 4 to 6 sentences.  Thanks

Strayer advance Accounting 401

  • Per the textbook, no official FASB guidance exists on the assignment of income effects on non-controlling interest in the consolidation process, when either the parent transfers a depreciable asset to the subsidiary or vice versa. Suggest one (1) method of accounting for the income effects on the non-controlling interest that you consider most appropriate. Provide a rationale for your response.
  • Assume that company P (parent) uses the equity method to account for its investment in company S (subsidiary). Company P purchases inventory items from company S. According to FASB’s guidance, the accountant must remove the inter-company profit from Company S’s net income. Determine if the process permanently eliminates the profit from the non-controlling interest or merely shifts the profit from one period to the next. Provide support for your rationale.

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(Top Tutor) Daniel C.
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School: Rice University
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