When a company owns more than 50% of the ordinary shares of another company, A. significant financial statements are prepared. B. affiliated financial statements are prepared. C. controlling financial statements are prepared. D. consolidated financial statements are prepared. 

QUESTION 2 In reviewing the accounts receivable, the net cash realizable value is $33,000 before the write-off of a $2,000 account. What is the net cash realizable value after the write-off? 

A. $33,000

B. $35,000 

C. $31,000 

D. $2,000 0.275 

QUESTION 3 

The records of Everyday Electronics Corporation for a particular period include the following: 

Average total assets $760,000 

Average total liabilities 485,000 

Total revenue 200,500

Total expenses (including income tax) 135,000 

The return on equity ratio is: 0.24 0.3  

Answer rating: 100% (QA)

Question 1 D consolidated financial statements are prepared If company o... View the full answer