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1、AdvancedAccounting,11e(Beams/Anthony/Bettinghaus/Smith)Chapter4ConsolidatedTechniquesandProceduresMultipleChoiceQuestions1)WhichofthefollowingwillbedebitedtotheInvestmentaccountwhentheequitymethodisused?A)InvesteenetlossesB)InvesteenetprofitsC)InvesteedeclarationofdividendsD)Deprec
2、iationofexcesspurchasecostattributabletoinvesteeequipmentAnswer:BObjective:LO1Difficulty:Easy2)Aparentcompanyusestheequitymethodtoaccountforitswholly-ownedsubsidiary.WhichofthefollowingwillbeacorrectprocedurefortheInvestmentaccount?A)Adebitforasubsidiarylossandacreditfordividendsre
3、ceivedB)AcreditforsubsidiaryincomeandadebitfordividendsreceivedC)AdebitforsubsidiarydividendsreceivedandacreditforasubsidiarylossD)AcreditforasubsidiarylossandacreditfordividendsreceivedAnswer:DObjective:LO1Difficulty:Easy3)Aparentcorporationowns55%oftheoutstandingvotingcommonstock
4、ofonedomesticsubsidiary.Theparenthascontroloverthesubsidiary.Whichofthefollowingstatementsiscorrect?A)Theparentcorporationmustprepareconsolidatedfinancialstatementsfortheeconomicentity.B)Theparentcorporationmustusethefairvaluemethod.C)Theparentcompanymayusetheequitymethodbutthesubs
5、idiarycannotbeconsolidated.D)Theparentcompanycanusetheequitymethodorthefairvalue/costmethod.Answer:AObjective:LO1Difficulty:Easy45Copyright©2012PearsonEducation,Inc.PublishingasPrenticeHallUsethefollowinginformationtoanswerquestion(s)below.OnJanuary1,2011,PunchCorporationpurchased8
6、0%ofthecommonstockofSoopyCo.Separatebalancesheetdataforthecompaniesattheacquisitiondate(aftertheacquisition)aregivenbelow:PunchSoopyCash$34,000$206,000AccountsReceivable144,00026,000Inventory132,00038,000Land68,00032,000Plantassets700,000300,000Accum.Depreciation(240,000)(60,000)In
7、vestmentinSoopy392,000Totalassets$1,230,000$542,000Accountspayable$206,000$142,000Capitalstock800,000300,000Retainedearnings224,000100,000Totalliabilities&equities$1,230,000$542,000Atthedateoftheacquisition,thebookvaluesofSoopy'snetassetswereequaltothefairvalueexceptforSoopy'sinven
8、tory,whichhadafairvalueof$
