The Car mart company Ltd trades as a car dealership. it sold a car, which it had

Fantastic news! We've Found the answer you've been seeking!

Question:

The Car mart company Ltd trades as a car dealership. it sold a car, which it had classified as inventory in the statement of financial position, to its wholly owned subsidiary which has classified the car under property, plant, and equipment. is this change in classification reserved on consolidation give reasons for your

Posted Date: May 13, 2024 05:33 AM

See More Questions

New York health clinic is considering a project that costs $100,000 today. It will generate $40,000 of additional cash inflows each year but require $20,000 of cash outflows each year. The project is...
Your friend is a financial analyst whose accounting knowledge is virtually nonexistent. Your friend believes that financial analysts take companies financial statements at face value, disregarding in...
THE COMPANY: Aylmer Industries Inc. (Aylmer) has been in business since Y4. Aylmer has two main business segments. This first segment is the construction of large-scale projects. In Y7, Aylmer had...
Describe what happens if you apply binary search to an unordered array. Why shouldn't you check whether the array is sorted before each call to binary search? Could you check that the elements binary...
On May 20, 2013, Montero Co. paid $ 1,000,000 to acquire 25,000 common shares (10%) of ORD Corp. as a long- term investment. On August 5, 2014, Montero sold one-half of these shares for $ 625,000....
If you would like to purchase a new home for $378,000 with 7.7% interest rate for 30 years, what is your monthly mortgage payment
[CLO-2] What is the output of the program when the follow const int THRESHOLD 5/ int v=-863, x = 10, a, b, c; v = abs(v) ; a vx; v=v/x; b .... ADDUCK V vx/ v / x; v & x; x = 0; if (a > THRESHOLD) x...
Which of the following would not be a correct statement about a partial cause of corporate governance failures? a. Boards of directors approved stock option plans that did not align management and...
What is the base of authority for each of the audit standard setters identified in question 2-33?
Explain the difference between the proposed standard for understanding the en- tity and its environment (including internal control) from the previous standard focusing on internal control.
The GAO is responsible for all of the following except: a. Developing standards for audits of federal agencies. b. Developing standards for audits of state agencies. c. Performing special...
Public accounting serves an im- portant role in corporate governance. Required a. Describe the role that external auditing fills in promoting good corporate gov- ernance. b. What were the major...

The Car mart company Ltd trades as a car dealership. it sold a car, which it had

Question:

Expert Answer:

Based on the information provided the change in classification of the car from inventory in the statement of financial position of Car Mart Company Lt... View the full answer

Students also viewed these accounting questions