The Following Information Is Available for Montrose Company at December

question 151

Multiple Choice

The following information is available for Montrose Company at December 31: Based on this information, the amounts considered Cash and Cash Equivalents, respectively on December 31 are:

• A)Cash $10,430; Cash equivalents $20,400
• B)Cash $8,540; Cash equivalents $22,290
• C)Cash $8,790; Cash equivalents $26,400
• D)Cash $19,190; Cash equivalents $16,000
• E)Cash $11,235; Cash equivalents $26,400

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Definitions:

NCI

Non-controlling interest, a portion of the equity in a subsidiary not attributable directly or indirectly to the parent company.

Profit

The financial gain realized when the revenues generated from business activities exceed the expenses, taxes, and costs associated with maintaining the business.

Inter-Entity Transactions

Transactions that occur between two entities within the same parent company or corporate group, affecting the accounting practices and consolidation processes of the group.

NCI

An acronym for Non-Controlling Interest, representing minority ownership in an enterprise, where the owner does not have significant control over the company’s operations.