Answer:
Some information was missing, so I looked it up:
The outstanding capital stock of Edna Millay Corporation consists of 2,000 shares of $100 par value, 8% preferred, and 5,000 shares of $50 par value common.
A. The preferred stock is noncumulative and nonparticipating
preferred dividends = $100 x 2,000 x 8% = $16,000
common stocks = $90,000 - $16,000 = $74,000
Preferred dividends not paid to noncumulative preferred stocks are "lost" and will not be paid in the future.
B. The preferred stock is cumulative and nonparticipating.
preferred dividends = ($100 x 2,000 x 8%) x 3 years = $48,000
common stocks = $90,000 - $48,000 = $42,000
C. The preferred stock is cumulative and participating.
preferred dividends = [($100 x 2,000 x 8%) x 2 years] + $$25,777.60 = $57,777.60
common stocks = $90,000 - $57,777.60 = $32,222.40
When preferred stocks participate in the company's earnings, they receive an additional revenue proportional to the dividends received by common stockholders.
$32,222.40 / $250,000 (common stocks) = 12.8888%
$200,000 x 12.8888% = $25,777.60
The Fabricating Department started the current month with a beginning Work in Process inventory of $10,500. During the month, it was assigned the following costs: direct materials, $76,500; direct labor, $24,500; and factory overhead, 60% of direct labor cost. Also, inventory with a cost of $111,500 was transferred out of the department to the next phase in the process. The ending balance of the Work in Process Inventory account for the Fabricating Department is:
Answer:
Ending work in process = $14,700
Explanation:
The production process is divided into different stages and includes Raw materials (unprocessed input), Work in process (a combination of processed and unprocessed input), and Finished goods.
In this scenario the work in process started out as $10,500
There was an addition of direct materials
Work in process will increase to 10,500 + 76,500 = $87,000
Other additions are direct labour and factory overhead
Direct labour = $24,500
Factory overhead = 0.6 * 24,500 = $14,700
Inventory cost will be deducted
Ending work in process = 87,000 + 24,500 + 14,700 - 111,500 = $14,700
Which of the following best exemplifies the relationship between a capital good and a consumer?a. A commercial baking oven and loaves of bread.b. A crane and a skyscraperc. A Caterpillar earth-moving front loader and its operatord. A brand new Dell computer and printer
Answer:
A
Explanation:
A capital good is a good that is used to produce another good. examples of capital goods are : tools, buildings, equipment
A consumer good is a good that is directly consumed by final end users e.g. food, clothing, jewellery.
The oven used to make bread is the capital good, while, the bread is the consumer good. Bread is sold to consumers
Having unnecessary fluff in your comments can _____.
a.
Cause your message to be unclear
b.
Make your audience energized
c.
Make your comments more concise
d.
Show off your education
Answer:
A. Cause your message to be unclear
Explanation:
The correct answer is Having unnecessary fluff in your comments can Cause your message to be unclear
When Jeannie, a technical writer, specializes in simplifying that are highly complex with the information. so that She can make the most difficult, dense, and also that confusing material easily that is understandable. when Jeannie was hired by Jackson, who was fascinated by nuance, subtlety, and also hidden meanings. the Jackson is always found everything to have a deeper, a more complex, or that is ambiguous meaning. When Jeannie and also that Jackson worked together, it was a big disaster. Then They are engaged in a mental tug of war with each of them and it is pulling in opposite with the directions. Although they are liked with each other and also that they are compromised to accommodate the other, then they were never able to reach a happy medium and also that it could not succeed with the work together.Learn more about:
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The Florida real estate market is a market that is categorized in which two ways? (Select two answers.) The Florida real estate market is a market that is categorized in which two ways? (Select two answers.)
Answer:
by location by commodityExplanation:
Location in real estate means simply where the property is located, in this case it would be what county in Florida, city and finally neighborhood. As the location is more attractive or strategic (e.g. beachfront) the price of real estate increases.
Commodities in real estate refers to the additional services provided to real estate buyers, e.g. condo with a gym, furnished homes
In many cases, the causes of scope creep reflect a misfit between ____.Multiple Choicetraditional project management methods being applied to high uncertainty projectsagile project management methods being applied to projects with stable, static scopetraditional project management methods being applied to projects with high certaintyagile project management methods being applied to projects with high predictability
Answer:
The correct answer is: traditional project management methods being applied to high uncertainty projects
Explanation:
Scope creep are common in projects, but they can raise concerns because they mean increased time and expense.
Scope increase may occur when there is a mismatch between traditional project management methods being applied to projects of high uncertainty.
This mismatch can mean that the control is inflexible and being a project of high uncertainty, it is quite possible that there will be changes during the project that include other processes and ways to achieve the expected objective.
This situation can cause frustration among stakeholders and waste of time and money, which can be avoided with more effective control and greater clarity about the project's objectives.
Which 3 statements regarding Bank Rules are true? (Select all that apply)
A) Bank rules can be prioritized Bank Rules are only included in QuickBooks Online Plus or Advanced subscriptions
B) Bank rules can be copied, edited, or deleted
C) You can automatically add transactions to the register using Bank Rules
D) There is an additional fee to use Bank Rules in QuickBooks Online
E) Only an Accountant user can set up Bank Rules in QuickBooks Online
Answer:
A) Bank rules can be prioritized Bank Rules are only included in QuickBooks Online Plus or Advanced subscriptions
B) Bank rules can be copied, edited, or deleted
C) You can automatically add transactions to the register using Bank Rules
Explanation:
Bank rules help in the creation of transactions that are imported from the bank feed automatically.
The three statements regarding Bank Rules that are true are:
A) Bank rules can be prioritized Bank Rules are only included in QuickBooks Online Plus or Advanced subscriptions
B) Bank rules can be copied, edited, or deleted
C) You can automatically add transactions to the register using Bank Rules
The true statement about the Bank Rules includes that:
they can be prioritized and only included in QuickBooks Online Plus or Advanced subscriptions they can be copied, edited, or deletedone can automatically add transactions to the register using Bank Rules
The Bank rules in this context entails the set of rules which help in the creation of transactions that are imported from the bank feed automatically.
Hence, the three statements regarding Bank Rules that are true includes:
they can be prioritized and only included in QuickBooks Online Plus or Advanced subscriptions they can be copied, edited, or deletedone can automatically add transactions to the register using the Bank RulesTherefore, the Option A, B and C is correct.
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What is Target's net amount of property, plant and equipment? Millions except footnotes 30-Jan-10Assets Cash and cash equivalents, including marketable securities of $1 ,617 and $302 $2,200 Credit card receivables, net of allowance of $1 ,016 and $1 ,010 6,966Inventory 7,179Other current assets 2,079Total current assets 18,424Property and equipment Land 5,793Buildings and improvements 22,152Fixtures and equipment 4,743Computer hardware and software 2,575Construction-in-progress 502Accumulated depreciation (10,485)Property and equipment, net 25,280Other noncurrent assets 829Total assets $44,533
please find full question attached Answer:
property plant and equipment calculated before depreciation expense/accumulated depreciation
Explanation:
Please find attachment for explanation
Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2015, for Hennesaw Lumber, Inc. Hennesaw Lumber, Inc. estimates that its sales in 2015 will be $4,500,000. Interest expense is to remain unchanged at $105,000 and the firm plans to pay cash dividends of $150,000 during 2015. Hennesaw Lumber, Inc.'s income statement for the year ended December 31, 2014 is shown below. From your preparation of the pro forma income statement, answer the following multiple choice question. Income Statement Hennesaw Lumber, Inc. For the Year Ended December 31, 2014 Sales Revenue $4,200,000 Less: Cost of goods sold 3,570,000 Gross profits $ 630,000 Less: Operating expenses 210,000 Operating profits $ 420,000 Less: Interest expense 105,000 Net profits before taxes $ 315,000 Less: Taxes (40%) 126,000 Net profits after taxes $ 189,000 Less: Cash dividends 120,000 To: Retained earnings $ 69,000 The pro forma net profits after taxes for 2015 are ________.
Answer:
207,000
Explanation:
We can find the net profit after tax under the percent of sales method as follows. workings are explained as in order to estimate the net profit after tax we need to estimate the variable cost according to estimated sales.
Sales $4,500,000
Cost of Goods Sold ($3,825,000)
((3,570,000/4,200,000) x 4,500,000)
Gross Profit $675,000
Operating Expenses ($225,000 )
(( 210,000 / 4,200,000) x 4,500,000 )
Operating Profits $450,000
Interest Expense ($105,000 )
Net Profit before Taxes $345,000
Taxes ( 40 %) ($138,000 )
Net Profit after Taxes 207,000
Dianne Doolittle has opened a client’s QuickBooks Online company from her Client Dashboard in QuickBooks Online Accountant. She wants to see which apps are connected to the client’s account. Where can she find this information without logging out of the client’s QuickBooks Online account? Where can she find this information without logging out of the client’s QuickBooks Online account?
Options;
Gear icon > Account and Settings > Billing and SubscriptionsClient Overview > Company SetupClient Overview > Common IssuesLeft navigation > AppsAnswer:
Left navigation > AppsExplanation:
Interestingly, in QuickBooks Online a provision was recently made to find the apps connected to an account, by clicking the Left navigation pane, then Apps.
However, one can just go to https://apps.intuit.com.
Select My Apps> then a list of apps connected to the QuickBooks Online company would be displayed.
There are different types of QuickBooks Online. Where can she find this information without logging out of the client’s QuickBooks Online account is the left navigation>apps.
QuickBooks Online consist of five versions which are Self-Employed, Simple Start, Essentials, Plus, and Advanced.
QuickBooks Online Accountant is known to be a free accounting software for accounting professionals.
QuickBooks Online is known to be cloud-based services and runs by using the internet.
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Self confidence is the most important quality for
Answer:
It can help you get more things done since you are certain of what you can and cannot do. This means that you can use your strengths to your advantage and at the same time, improve on your weaknesses
Explanation:
Answer:
building new relationships
Explanation:
The risk premium for exposure to exchange rates is 7%, and the firm has a beta relative to exchange rates of 0.4. The risk premium for exposure to the consumer price index is -6%, and the firm has a beta relative to the CPI of 0.8. If the risk-free rate is 3%, what is the expected return on this stock?
Answer: 1%
Explanation:
From the question, we are informed that the risk premium for exposure to exchange rates is 7%, and the firm has a beta relative to exchange rates of 0.4.
We are further told that the risk premium for exposure to the consumer price index is -6%, and the firm has a beta relative to the CPI of 0.8. When the risk-free rate is 3%, the expected return on this stock will be:
= 0.03 + 0.4(0.07) + 0.8(-0.06)
= 0.03 + 0.028 - 0.048
= 0.058 - 0.048
= 0.01
= 1%
The primary issue that aroused Taylor to create a more scientific approach to management was ________.
A) worker efficiency
B) worker effectiveness
C) worker absenteeism and turnover
D) workplace safety
E) worker/management relations
Answer:
A) worker efficiency
Explanation:
Frederick Winslow Taylor who is theorist base his scientific approach to management on how to have "increased productivity" by using systematic approach and break the work into units in an organization. This scientific approach is sometimes reffered to as "Taloyrism"
It should be noted that The primary issue that aroused Taylor to create a more scientific approach to management was worker efficiency.
Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: Opened a business bank account with a deposit of $50,000 from personal funds. Purchased supplies on account, $4,000. Paid creditors on account, $2,300. Received cash from fees earned on insurance commissions, $13,800. Paid rent on office and equipment for the month, $5,000. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. Paid office salaries, $2,500. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. Billed insurance companies for sales commissions earned, $12,500. Withdrew cash for personal use, $3,900. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Assets
Answer:
Opened a business bank account with a deposit of $50,000 from personal funds.
Assets (Bank) = +$50,000
Stockholder's equity (capital) = +$50,000
Purchased supplies on account, $4,000.
Assets (supplies) = +$4,000
Liabilities (Accounts Payable) = +$4,000
Paid creditors on account, $2,300.
Assets (cash) = -$2,300
Liabilities (Accounts Payable) = -$2,300
Received cash from fees earned on insurance commissions, $13,800.
Assets (cash) = +$13,800
Service Revenue = +$13,800
Paid rent on office and equipment for the month, $5,000.
Assets (cash) = -$5,000
Expenses (Operating Expenses) = +$5,000
Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300.
Assets (cash) = -$1,450
Expenses (Operating Expenses) = -$1,150
Expenses (Miscellaneous Expenses) = -$300
Paid office salaries, $2,500.
Assets (cash) = -$2,500
Liabilities (Wages Payable) = -$2,500
Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300.
Supplies expense = +$1,300
Billed insurance companies for sales commissions earned, $12,500.
Service Revenue = +$12,500
Assets (Accounts Receivable) = +$12,500
Withdrew cash for personal use, $3,900.
Assets (Bank) = -$3,900
Expenses (Personal Expense) = +$3,900
A hamburger factory produces 2,850 hamburgers each week. Assume there are 45 working weeks per year. The equipment used for making hamburgers costs $68,682 and will remain productive for 5 years. The factory has 35 employees and the average monthly salary is $4,372 per person. The average utility cost for the factory is $5,963 per month. What is the factory's total productivity?
Answer:
0.07 hamburgers per dollar
Explanation:
The computation of the factory total productivity is shown below:
As we know that
Productivity is
= Output ÷ total cost
where,
output is
= 2,850 hamburgers × 45 working weeks per year
= 128,250
And, the total cost is
= equipment + utility + labor
The equipment is
= $68,682 ÷ 5 years
= $13,736.40
The utility is
= $5,963 × 12 months
= $71,556
And, the labor is
= $4,372 × 35 employees × 12 months
= $1,836,240
Now total cost is
= $13,736.40 + $71,556 + $1,836,240
= $1,921,532.40
So, the factory total productivity is
= 128,250 ÷ $1,921,532.40
= 0.07 hamburgers per dollar
he Foundational 15 [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5, LO1-6] [The following information applies to the questions displayed below.] Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $ 6.00 Direct labor $ 3.50 Variable manufacturing overhead $ 1.50 Fixed manufacturing overhead $ 4.00 Fixed selling expense $ 3.00 Fixed administrative expense $ 2.00 Sales commissions $ 1.00 Variable administrative expense $ 0.50 Foundational 1-1 Required: 1. For financial accounting purposes, what is the total amount of product costs incurred to make 10,000 units?
Answer:
Total product cost= $150,000
Explanation:
Giving the following information:
10,000 units:
Direct materials $ 6.00
Direct labor $ 3.50
Variable manufacturing overhead $ 1.50
Fixed manufacturing overhead $ 4.00
The product cost is the sum of direct material, direct labor, and total overhead.
First, we need to calculate the total fixed overhead:
Fixed overhead= 4*10,000= $40,000
Now, the total product cost:
Total product cost= 10,000*(6 + 3.5 + 1.5) + 40,000
Total product cost= $150,000
Suppose this monopolist can price discriminate across its customers and sets 2 prices in the market. Let P M represent the standard (single price) monopoly price (or list price ) and Q M the standard monopoly quantity. Suppose the monopolist knows that customers with reservation prices less than P M will always use a coupon to receive a discount price P D , while customers with reservation prices greater than or equal to P M always pay the higher list price P M . This set-up is precisely the one we considered in class and in homework. The monopolist will choose a discount price of ____ and sell ____ units of the good in the discount market.
Answer:
hello your question is incomplete attached below is the missing part
answer: Pd = 1658 , Qd = 42
Explanation:
The monopolist will choose a discount price of ( Pd ) = 1658 and sell 42 units of the good in the discount market
since the standard price is at $1800 and the Qm ( standard monopoly quantity) is at 200 for the Monopoly to be profitable the amount of good to be sold to customers with reservation prices greater than or equal to standard price should be greater than the good offered at discount price and also the discount price after using a coupon should be lower than the standard price (Pm)
Which of the following is ethics most closely related to?
A) Values
B) Locus of control
C) Myers-Briggs type Indicator
D) Personality
E) Ability
Ethics most closely related to the values. Thus, the correct option is A). Values.
What is ethics?Ethics is a structure of moral principles. It refers to the guidelines for conduct, which basically address the questions of morality.
Ethical value is the degree of importance, which serve to distinguish between good and bad, right and wrong, moral and immoral.
Basically, ethics is concerned with what is good for individuals and society as moral philosophy.
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why it is important to business administration student to study and know the basic principles of income taxation?
The benefit principle of taxation is based on two ideas. The first and foremost is that those who benefit from services should be the ones who pay for them. Secondly, people should pay taxes in proportion to the amount of services or benefits they receive.
Explanation:
HOPE IT HELP U MAKE
Although the benefit principle of taxes is founded on two notions, it is critical for business administration students to learn and understand the fundamental principles of income taxation. The first and most important point is that people who gain from services should pay for them. Second, taxation should be proportional to the amount of benefits or services received.
An income tax is generally a tax levied on persons or corporations (taxpayers) based on their earnings or profits (often referred to as taxable income). In most cases, income tax is calculated as the result of a tax rate multiplied by the taxable income.
Taxation rates may differ depending on the taxpayer's attributes and the source of income.
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Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 $ 100 Cost of goods sold $ 60 $ 55 Net income $ 20 $ 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's 2021 profit margin is (rounded):
Answer:
17.4%
Explanation:
Calculation for Dowling's 2021 profit margin
Using this formula
Profit Margin = Net Income/ Net Sales
Let plug in the formula
Profit Margin=$20/$115
Profit Margin= 0.1739 ×100
Profit Margin= 17.4%
Therefore Dowling's 2021 profit margin will be 17.4%
Tha tabacoo compaines have paid billions because of smoking.a. Trueb. False
Answer:
a. True
Explanation:
As per the data collected as on April 15, 2019 which reflects the tax day in the united states. On this date, the five greatest companies who deals in tobacco pay $9 billion to the state governments each and every year to settle out the legal proceeding for the year 1998 in order to compensate the states for the tobacco-related cost illness like - cancer, heart disease, etc
Therefore according to the above information, the given statement is true
On December 31, 2021, Gardner Company holds debt securities classified as HTM with a face amount of $100,000 and a carrying value of $95,000. The bonds have an effective interest rate of 6% and pay interest of $2,500 semi-annually on June 30 and December 31. The journal entry to record the interest payment on December 31, 2021 includes (Select all that apply.)
Answer:
there are no options, but the journal entry should be:
Dr Cash 2,500
Dr Investment in bonds 350
Cr interest revenue 2,850
Explanation:
Since the bonds' carrying value is less than the face value, it means that Gardner Company purchased them at a discount. When the bonds were purchased, the investment in bonds account's balance was not $100,000 (the par value), instead it was recorded at the lower amount at which they were purchased. As coupon payments are received, the discount on the bonds is amortized and their carrying value should increase until it reaches par value on maturity date.
Which of the following statements about cost drivers in ABC systems is FALSE? 1. cost driver for a cost pool should have a cause and effect relationship to the costs in the pool 2. the cost drivers should be duration drivers 3. 100% correlation between the cost driver activity and the variation in the cost is not necessary 4. the cost driver activities can be quantified
Answer:
2. the cost drivers should be duration drivers
Explanation:
There are two types of cost drivers, transaction drivers and duration drivers:
transaction drivers are calculated by determining how many times did an activity occur, e.g. how many machine setups were carried out.duration drivers are calculated based on the time it takes for an activity to occur, e.g. how many machine hours were sued to produce certain product.Hanover Corporation, a U.S. corporation, incurred $306,000 of interest expense during the current year. Hanover manufactures inventory that is sold within the United States and abroad. The total tax book value of its production assets is $20,200,000. The total tax book value of its foreign production assets is $5,100,000. What amount of interest expense is apportioned to the company's foreign source income for foreign tax credit purposes, assuming the interest expense is fully deductible
Answer:
Interest expense apportioned to foreign = $77,257.35
Explanation:
Total Interest expense = $306,000
Production assets = $20,200,000
Foreign production assets = $5,100,000
Ratio of foreign assets to total assets = $5,100,000 / $20,200,000 * 100
Ratio of foreign assets to total assets = 25.2475%
Interest expense apportioned to foreign = $306,000 * 25.2475%
Interest expense apportioned to foreign = $77,257.35.
You have developed the following data on three stocks: Stock A has a standard deviation of .15 and a Beta of .79. Stock B has a standard deviation of .25 and a Beta of .61. Stock C has a standard deviation of .20 and a Beta of 1.29. If you are a risk minimizer, you should choose Stock _____ if it is to be held in isolation and Stock _____ if it is to be held as part of a well-diversified portfolio.
Answer:
B. A;B
Explanation:
Options includes.
A. A;A
B. A;B
C. B;A
D. C;A
E. C;B.
For Stock in Isolation Standard Deviation should be chosen Hence Stock A must be chosen.
For Stock in a well diversified portfolio lower the beta higher is the standard deviation of a well diversified portfolio. Should B should be chosen.
If you rent a car, you can (1) return it with a full gas tank, (2) return it without filling it and pay $5.20/gallon, or (3) accept a fixed price of $55 for gas. The local price is $3.30/gallon for gasoline, and you expect this car to get 25 miles per gallon. The car has a 16-gallon tank. What choice should you make if you expect to drive: (a)150 miles
Answer:
(1) return it with a full gas tank
Explanation:
To find the best choice you have to evaluate each alternative. First, you need to find the amount of gallons you would use if you drive 150 miles:
1 gallon → 25 miles
x → 150 miles
x=(150*1)/25=6 gallons
(1) return it with a full gas tank:
local price for gasoline: $3.30/gallon
$3.30*6=$19.8
(2) return it without filling it and pay $5.20/gallon
$5.20*6=$31.2
According to this, return it with a full gas tank would cost $19.8, return it without filling it would cost $31.2 and the other option would be to accept a fixed price of $55 for gas. Considering this information, the choice that you should make if you expect to drive 150 miles is return it with a full gas tank because it is the cheapest option.
The primary reason why businesses invest resources and take risks is to _____.
a. provide jobs
b. improve their products
c. earn a profit
d. produce goods and services
You are considering a stock investment in one of two firms (LotsofDebt, Inc. and LotsofEquity, Inc.), both of which operate in the same industry. LotsofDebt, Inc. finances its $34.25 million in assets with $32.25 million in debt and $2.00 million in equity. LotsofEquity, Inc. finances its $34.25 million in assets with $2.00 million in debt and $32.25 million in equity. Calculate the debt ratio. (Round your answers to 2 decimal places.) Calculate the equity multiplier. (Round your answers to 2 decimal places.)
Answer:
Debt ratio
94.16%
5.84%
Equity multiplier
17.13%
1.06%
Explanation:
The debt ratio can be calculated as follows
Lots of debt incorporation= total liability/total assets.
= 32.25/34.25
= 0.9416×100
= 94.16%
Lots of equity incorporation= 2.00/34.25
= 0.05839 × 100
= 5.84%
The eqiuty multiplier can be calculated as follows
Lots of debt incorporation= equity/multiplier
= 34.25/2.00
= 17.13%
Lots of equity incorporation= equity/multiplier
= 34.25/32.25
= 1.06%
The market rewards investors for bearing ____________ risk.a. diversifiableb. undiversifiablec. unsystematicd. total
Answer:
B
Explanation:
According to the capital asset price model: Expected rate of return = risk free + beta x (market rate of return - risk free rate of return)
systemic risk or undiversifiable is measured by beta . It is the risk that cannot be eliminated by diversifying portfolio
unsystemic risk or diversifiable is risk specific to a business and it can be eliminated by diversifying portfolio
I will cash app any money you need.
Discuss three challenges of working as a chef in a country club. What can you do to minimize these challenges?
Answer:
1 annoying customers
2 dirty dishes
3 fast orders
Explanation:
1 try to make sure the dish is correct
2 make sure all dishes r clean before opening
3 pre make usual meal orders
When Dollar General buys more than 50% of the stock of another company, Dollar General is called the parent of that company, and the company whose stock has been purchased is known as a subsidiary of Dollar General. All of Dollar General's subsidiaries are wholly owned (100%) by Dollar General. What is meant by the term "consolidated," as in the "Consolidated Statements of Income," "Consolidated Balance Sheets," etc.? (You may have to do a little research to answer this question).
Answer:
Dollar General
Consolidated means that the financial statements of the parents have been combined with the financial statements of its subsidiaries so that the combined entities are presenting a single set of financial statements, as if they were one entity, which they are in the group sense.
Explanation:
For example, the income statement of Dollar General will be combined or consolidated with the income statement of one or all of its subsidiaries so that the investor has a view of the consolidated net income of the group. To achieve this, some transactions that were done with inter-group companies will be eliminated, especially when the transactions have not been completed with entities outside the group. For example, inventories bought from one company by another in the group, which have not been sold to the outside of the group will be eliminated so that the group does not assume to have made profits from itself.
When financial statements are said to be consolidated, it means that the financial statements of both the parent and the subsidiary companies have been combined.
Reasons for presenting Consolidated financial statements It is required by accounting standards and by law in some jurisdictions. It allows stakeholders to see the complete overview of the company - both parent and subsidiaries.Financial statements should be consolidated when there is a parent company which results from owning more than 50% of a company like Dollar General.
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