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Mobile Service Corp

question 63

Essay

Mobile Service Corp. has the following debits and credits from two transactions presented in the a customer account:
NAME: Gen-X Products, Inc.
Address: 123 My Way
Mobile Service Corp. has the following debits and credits from two transactions presented in the a customer account: NAME: Gen-X Products, Inc. Address: 123 My Way    Describe each transaction and the source of each posting. Describe each transaction and the source of each posting.


Definitions:

Cost Method

An accounting approach where investments are recorded at their acquisition cost, without adjustment for increases or decreases in market value.

Goodwill

An intangible asset arising when a company acquires another for more than the fair value of its net identifiable assets.

Retained Earnings

Profits that a company has earned to date, less any dividends or other distributions paid to investors.

Non-controlling Interest

The share of ownership in a subsidiary that doesn't belong to the parent company.

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