Q10 Chai Limited owns 82% of the outstanding ordinary shares of Mabel Limited; the other 18% is owned by Ilze Limited. In the consolidated financial statements of Chai Limited and subsidiary, Ilze Limited is considered: Select one: a. An investee b. Outside shareholder c. An affiliate d. An investor
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- Pepper Corporation owns 90% of the outstanding voting stock of Salt Company and Nike Corporation owns the remaining 10% of Salt’s voting stock. On the consolidated financial statements of Pepper Corporation and Subsidiary, Nike is: Select one: a. An affiliate b. A non-controlling interest c. An associate d. An equity investeeCroc Ltd is a subsidiary of Able with non-controlling interest of 15%. Its parent company is Able Ltd. Able Ltd also controls 65% of Rovaldo Ltd. Rovaldo Ltd controls 75% of Apple Ltd. Able ltd controls 35% of Vodacom and has significant influence. Croc Ltd controls 50% of white’s shareholdings using equity method for joint ventures. Amounts are in millions of Rands Required: fill in the tableardner Corp. owns 80% of the voting common stock of Lockhart Co. Lockhart owns 70% of Canning Co. Gardner and Lockhart both use the initial value method to account for their investments. The following information is available from the financial statements and records of the three companies: GardnerCorp. LockhartCo. CanningCo. Separate company net income before investment income $900,000 $650,000 $150,000 Dividend income from investment in subsidiary 250,000 120,000 Deferral of intra-entity gains 110,000 80,000 20,000 Amortization expense related to excess fair value over book value of investment 40,000 25,000 Separate company net income includes intra-entity gains before the consolidating deferral but does not include dividend income from investment in subsidiary. The accrual-based net income of Gardner Corp. is calculated to be
- A Limited acquired 30% of the ordinary shares of B Limited. B Limited has 80% of the ordinary shares of C Limited. CLimited has 65% of the ordinary shares of D limited. A limited and D limited have joint control of E Limited and each has50% in E Limited. What is the relationship between B Limited and D Limited?Select one:a.Investor-joint ventureb.Parent-subsidiaryc.No relationshipd.Acquirer-acquireeRose plc has two shareholders: · Investor A plc owns 60% of Rose plc’s ordinary shares and voting rights; · Investor B plc owns the remaining 40%. Rose plc’s articles of association stipulate that at least 80% of the voting rights are required to make decisions about Rose’s relevant activities. Rose plc does not depend on its shareholders for settling its liabilities and no shareholder has contractual rights or obligations to the individual assets nor liabilities of Rose plc. How should the investment in Rose plc be consolidated in Investor A plc’s group financial statements according to IFRS? a. As a subsidiary b. As an associate c. As a joint venture d. As a joint operation e. As a liabilitySeseg Appliances owns 90% of the voting stock of Juan Co. Of the three following statements, which of the statements are true? Statements: (1) The financial statements of Seseg would be consolidated into Juan (2) Seseg would be considered the parent entity (3) Juan would be considered the parent entity A. 1 is true B. 2 is true C. 3 is true D. None of the above are true
- Wixi Co. has the following equity investments in FSN, DELL, and ATI. (1) Which of these companies are subsidiaries of Wixi? (2) How are individual assets and liabilities of a parent and its subsidiary(ies) reported on a balance sheet? FSN stock: Wixi owns 70% of the voting common stock and has controlling influence. DELL stock: Wixi owns 5% of the voting common stock and has insignificant influence. ATI stock: Wixi owns 30% of the voting common stock and has significant influence.Hepner Corporation has the following stockholders’ equity accounts:The preferred stock is participating. Wasatch Corporation buys 80 percent of this common stock for $1,600,000 and 70 percent of the preferred stock for $630,000. The acquisition-date fair value of the noncontrolling interest in the common shares was $400,000 and was $270,000 for the preferred shares. All of the subsidiary’s assets and liabilities are viewed as having fair values equal to their book values. What amount is attributed to goodwill on the date of acquisition?Best Appliances owns 90% of the voting stock of Wratchet, Inc. Which of the following is true? a. The financial statements of Best would be consolidated into Wratchet. b. Wratchet would be considered the parent entity. c. Best would be considered the parent entity. d. Both a and c are correct.
- Choose the correct. Mattoon, Inc., owns 80 percent of Effingham Company. For the current year, this combined entity reported consolidated net income of $500,000. Of this amount $465,000 was attributable to Mattoon’s controlling interest while the remaining $35,000 was attributable to the noncontrolling interest. Mattoon has 100,000 shares of common stock outstanding and Effingham has 25,000 shares outstanding. Neither company has issued preferred shares or has any convertible securities outstanding. On the face of the consolidated income statement, how much should be reported as Mattoon’s earnings per share?a. $5.00b. $4.65c. $4.00d. $3.88Mattoon, Inc., owns 80 percent of Effingham Company. For the current year, this combined entity reported consolidated net income of $674,750. Of this amount $625,000 was attributable to Mattoon’s controlling interest while the remaining $49,750 was attributable to the noncontrolling interest. Mattoon has 125,000 shares of common stock outstanding and Effingham has 33,000 shares outstanding. Neither company has issued preferred shares or has any convertible securities outstanding. On the face of the consolidated income statement, how much should be reported as Mattoon’s earnings per share?PT K and PT L own 27 percent and 15 percent of the common shares of PT M, having voting rights at the shareholders general meeting. PT L also owns 80 percent of the common shares of PT K, having voting rights at the shareholders general meeting. It is determined that PT K is a subsidiary of PT L. Following an analysis, PT K and PT L do not control or jointly control PT M. Required: Determine whether PT K and PT L have significant influence over PT M. Please explain.