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Big Guy Inc

question 26

Multiple Choice

Big Guy Inc. purchased 80% of the outstanding voting shares of Humble Corp. for $360,000 on July 1, 2011. On that date, Humble Corp. had Common Stock and Retained Earnings worth $180,000 and $90,000, respectively. The Equipment had a remaining useful life of 5 years from the date of acquisition. Humble's Bonds mature on July 1, 2021. Both companies use straight line amortization, and no salvage value is assumed for assets. The trademark is assumed to have an indefinite useful life. Goodwill is tested annually for impairment. The Balance Sheets of Both Companies, as well as Humble's Fair Market Values on the date of acquisition are disclosed below: The following are the Financial Statements for both companies for the fiscal year ended June 30, 2014: An impairment test conducted in September 2012 on Big Guy's goodwill resulted in an impairment loss of $10,000 being recorded. Both companies use a FIFO system, and Humble's entire inventory on the date of acquisition was sold during the following year. During 2014, Humble Inc. borrowed $20,000 in Cash from Big Guy Inc. interest free to finance its operations. Big Guy uses the Equity Method to account for its investment in Humble Corp. Assume that the entity method applies. The amount of non-controlling interest appearing on Big Guy's June 30, 2014 Consolidated Income Statement would be:

Identify key project management skills and communication strategies.

Understand the initial steps and components involved in developing a risk management plan.

Know the importance of performance specifications for project deliverables.

Identify the truths and misconceptions regarding project staffing.

Definitions:

Transition Phase

A period or stage of change from one state, condition, or phase to another, often marked by challenges and opportunities.

Helplessness

A state of feeling powerless or unable to control or change a situation.

Bottoming Out

Reaching a lowest or worst point, often used in the context of addiction, from which recovery can begin.

Personal Loss

The experience of losing something significant in one's life, which can include loss of a loved one, divorce, job loss, or the loss of personal health, leading to various emotional responses.