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Identify which of the following would be classified as current liabilities as of December 31, 2010:
1. Wages Payable
2. Bonds Payable, maturing in 2015
3. Interest Payable, due July 1, 2011
4. Taxes Payable
5. Notes Payable, due January 30, 2012
Consolidation Worksheet
A tool used in the preparation of consolidated financial statements that helps in adjusting and combining the financial information of parent and subsidiary entities.
Purpose
The objective or intended outcome that an organization or plan is meant to achieve.
In-process Research and Development
The value of research and development efforts acquired through an acquisition that have not yet reached commercial viability.
Business Combination
A transaction or event in which an acquirer obtains control of one or more businesses.
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