Exam 4: Consolidated Financial Statements and Outside Ownership

Which of the following statements is false regarding multiple acquisitions of a subsidiary's existing common stock and using the acquisition method per SFAS 141(R)?

When a parent uses the partial equity method throughout the year to account for investment in a subsidiary,which of the following statements is false before making adjustments on the consolidated worksheet?

In consolidation at January 1,2009,what adjustment is necessary for Hogan's Land account?

What is the dollar amount of non-controlling interest which should appear on a balance sheet prepared immediately after consolidation according to the acquisition method per SFAS 141(R)?

What is consolidated current liabilities as of January 2,2009?

The non-controlling interest's share shown on Denber's income statement for 2009 is calculated to be

In consolidation at December 31,2010,what net adjustment is necessary for Hogan's Patent account?

Under the acquisition method of accounting for business combinations,which of the following statements is true about consolidated financial statements?

According to SFAS 160,Non-controlling Interests and Consolidated Financial Statements,a non-controlling interest is most likely to be shown as part of equity under the

MacHeath Inc.bought 60% of the outstanding common stock of Nomes Inc.in a business combination that resulted in the recognition of goodwill.Nomes owned a piece of land that cost $250,000 but was worth $600,000 at the date of purchase.What value would be attributed to this land in a consolidated balance sheet at the date of takeover,according to the acquisition method per SFAS 141(R)and the purchase method per SFAS 141?

What is consolidated noncurrent assets as of January 2,2009?