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Simms Corp. controlled four domestic subsidiaries and one

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso ISBN: 9781118147290 164

Solution for problem 13 Chapter 22

Intermediate Accounting | 15th Edition

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Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Intermediate Accounting | 15th Edition

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Problem 13

Simms Corp. controlled four domestic subsidiaries and one foreign subsidiary. Prior to the current year, Simms Corp. had excluded the foreign subsidiary from consolidation. During the current year, the foreign subsidiarywas included in the financial statements. How should this change in accounting entity be reflected in the financial statements?

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Step 1 of 3

Ch. 2: The Accounting Cycle Measuring Business Activities  There are 2 main functions of accounting o Measure a business’s activities o Communicate those measurements to outside people  The full set of procedures to achieve those functions is the accounting cycle External Transactions  The activities that measure and communicate are classified into 2 categories o External o Internal  Transactions the firm has with separate economic entities are external transactions o Sell products to customers o Buying supplies from vendors o Paying salaries to employees o Borrowing money from a bank  Things that affect the financial position of the company but don’t

Step 2 of 3

Chapter 22, Problem 13 is Solved
Step 3 of 3

Textbook: Intermediate Accounting
Edition: 15
Author: Donald E. Kieso
ISBN: 9781118147290

Intermediate Accounting was written by and is associated to the ISBN: 9781118147290. This full solution covers the following key subjects: subsidiary, Foreign, simms, Statements, corp. This expansive textbook survival guide covers 24 chapters, and 633 solutions. This textbook survival guide was created for the textbook: Intermediate Accounting, edition: 15. Since the solution to 13 from 22 chapter was answered, more than 408 students have viewed the full step-by-step answer. The full step-by-step solution to problem: 13 from chapter: 22 was answered by , our top Business solution expert on 11/23/17, 05:08AM. The answer to “Simms Corp. controlled four domestic subsidiaries and one foreign subsidiary. Prior to the current year, Simms Corp. had excluded the foreign subsidiary from consolidation. During the current year, the foreign subsidiarywas included in the financial statements. How should this change in accounting entity be reflected in the financial statements?” is broken down into a number of easy to follow steps, and 49 words.

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Simms Corp. controlled four domestic subsidiaries and one