Question

What are diversified companies? What accounting problems
are related to diversified companies?

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Journalizing a small stock dividend Element Water Sports has 13,000 shares of $1 par value common st...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Wilkins Food Products Inc. acquired a packaging machine from Lawrence Specialists Corporation. Lawre...

A: 1.The following are the accounts, reporting incorrect balance as a result of errors.Interest expense...

Q: A Type A lease agreement calls for quarterly lease payments of $5,376 over a 10-year lease term, wit...

A: Compute the outstanding balance:

Q: CMOS Chips is hedging a 20-year, $10 million, 7% bond payable with a 20-year interest rate swap and ...

A: 1.Effect of decrease in interest rates on derivative, the hedged bonds, and on the earnings:The deri...

Q: In 2020, Bailey Corporation discovered that equipment purchased on January 1, 2018, for $50,000 was ...

A: Pass necessary rectification entries in the books of Bailey Corporation.

Q: Lenexa State Bank has followed the practice of capitalizing certain marketing costs and amortizing t...

A: Accounting Policy: It refers to the set of rules, regulations, principle and procedure followed by a...

Q: The controller for Lafayette Inc. recently commented, “If I have to disclose our segments individual...

A: Accounting Policy: It refers to the set of rules, regulations, principle and procedure followed by a...

Q: Variance analysis, multiple products. Emcee Inc. manufactures and sells two fruit drinks: Kostor and...

A: Sales Variance:The sales variance is the difference of budgeted amount and the actual amount. The pr...

Q: Briefly describe the conceptual basis for asset and liability recognition under the right-of-use app...

A: LeaseLease is a contractual agreement whereby the right to use an asset for a particular period of t...

Q: Palmer Co. is evaluating the appropriate accounting for the following items. 1. Management has deci...

A:  

Q: What are the major types of subsequent events? Indicate how each of the following “subsequent events...

A: Click to see the answer

Q: Identify reporting issues related to fraudulent financial reporting and financial forecasts

A: Financial reporting: The financial results of an organization related to a period are declared and r...

Q: Broussard Company reported net income of $3.5 million in 2020. Depreciation for the year was $520,00...

A: A Cash flow statement is a financial statement that provides the summarised information regarding ca...

Q: Cost-plus and market-based pricing. (CMA, adapted) Precision Laboratories evaluates the reaction of ...

A: Requirement 1:Determine the single rate for operating costs based on test hours.

Q: Balanced scorecard, social performance. Comtex Company provides cable and Internet services in the g...

A: 1.No, the strategy to reduce costs and improve quality and profitability is not implemented successf...

Q: Journalizing cash and stock dividends Self-Defense Schools, Inc. is authorized to issue 200,000 shar...

A: 1. 

Q: prepare postclosing etnry

A: Post-Closing Trial Balance: After passing all the journal entries and the closing entries of the per...

Q: Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owne...

A: Click to see the answer

Q: An example of an item that should be reported as a prior-period adjustment in a company’s annual fin...

A: Error correction:Error correction is an adjustment to previously issued financial statements. It is ...

Q: At the beginning of a Type B lease, the lessee will record what asset and liability, if any?

A: Type B lease implies to the lease in which insignificant portion of the useful life of the asset is ...

Q: Explain the meaning of the following terms: (a) common-size analysis, (b) vertical analysis, (c) hor...

A: Evaluation of financial information by expressing each item in the financial statement as a percenta...

Q: Strategic analysis of operating income (continuation of 12-33). Refer to Problem 12-33. As a result ...

A: As you have posted multiple questions, the solution to the first question is provided. Kindly repost...

Q: Flay Foods has always used the FIFO inventory costing method for both financial reporting and tax pu...

A: 1. Prepare journal entry to record the change in value of inventory value.

Q: What is the full disclosure principle in accounting? Whyhas disclosure increased substantially in th...

A:  Full disclosure is a basic accounting principle that requires the company to disclose all the infor...

Q: Listed below are various types of accounting changes and errors. ________  1. Change in a plant ass...

A: Click to see the answer

Q: how do i understand in accounting whats to be decreased and whats to be increased?

A: Account: Account is the basic record that reports all changes in the value of particular assets, lia...

Q: Target service costs, value engineering, activity-based costing. Lagoon is an amusement park that of...

A: Click to see the answer

Q: A small stock dividend decreases common stock. has no effect on total equity. increases Retained Ea...

A: A Stock Dividend is the payment of dividends in the forms of shares of the company. In cash crunch s...

Q: A lease that has a lease term (including any options to terminate or renew that are reasonably certa...

A: Short-term LeaseThis is a type of leasing which has a maximum lease term ranging from 1 year or less...

Q: What is par value?

A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the liabi...

Q: Leather Shop earned a net income of $57,000 after deducting depreciation of $5,000 and all other exp...

A: Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalen...

Q: If the stock is issued for assets other than cash, describe the recording of this transaction.

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of...

Q: When the records of Debra Hanson Corporation were reviewed at the close of 2021, the following error...

A: Click to see the answer

Q: Allocation of corporate costs to divisions. Cathy Carpenter, controller of the Sweet and Salty Snack...

A: 1.Explain the  reason why sweet and salted snacks should allocate corporate cost to division.For eas...

Q: Peter M. Dell Co. purchased equipment for $510,000 which was estimated to have a useful life of 10 y...

A: a. No entry is required to correct the prior Years' depreciation

Q: Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. ...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Using IFRS, a change in accounting policy for which a standard does not include specific transitiona...

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring...

Q: Discuss the disclosure requirements for related-party transactions, post-balance-sheet events, major...

A: Segment reporting: Segment reporting refers to the process of preparing accounting report by segment...

Q: The stockholders’ equity accounts of Bonita Company have the following balances on December 31, 2020...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Discuss special problems in preparing a statement of cash flows.

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Analysis of growth, price-recovery, and productivity components (continuation of 12-21 and 12-22). R...

A: Click to see the answer

Q: Differentiate between a defined contribution pensionplan and a defined benefit pension plan. Explain...

A: Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after ...

Q: Lenexa State Bank has followed the practice of capitalizingcertain marketing costs and amortizing th...

A: Accounting policy: Accounting policy is a set of rules, regulations, principles and procedures follo...

Q: What is a private pension plan? How does a contributorypension plan differ from a noncontributory pl...

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the benefi...

Q: Cost-plus target return on investment pricing. Jason Brady is the managing partner of a business tha...

A: Requirement 1:Calculate the amount Jason Brady should charge for room- night and mark-up as a percen...

Q: Identify and describe the approach the FASB requires forreporting changes in accounting principles.

A: Accounting method: A set of rules and guidelines through which the organization records and analyzes...

Q: Cost-hierarchy income statement and allocation of corporate costs to customers. The Insurance Compan...

A: Customer Cost Hierarchy:Customer cost hierarchy is a method that helps in the categorization of cost...