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Big Guy Inc

question 39

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 Net Income attributable to Big Guy appearing on Big Guy's Consolidated Income Statement on June 30, 2014 would be:

Identify the relationship between specific immune cells (e.g., cytotoxic T cells, NK cells) and their targets, including mechanism of action.

Differentiate between the sources and roles of various types of antibodies in the immune response.

Recognize the significance of cytokines, such as interferons, in the body's defense against infections.

Understand the consequences of lymph node removal or damage on the lymphatic and immune systems.

Definitions:

Conversion Costs

The combined costs of direct labor and manufacturing overhead that are incurred to transform raw materials into finished products.

Factory Supervisor's Salary

The compensation paid to the individual responsible for overseeing the production and personnel in a manufacturing plant.

Machine Operator's Wages

Compensation paid to employees responsible for operating machinery, considered a direct labor cost in manufacturing.

Inventory Costing

The method of assigning costs to inventory and goods sold, which affects the gross profit and cost of goods sold reported.