What effect would that have on the accounting system
Discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. If an entity was perceived to be short term, what effect would that have on the accounting system?
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Brown Corp purchased 20% of the outstanding common stock of Taylor Corp for $250,000 on January 1, 2011. Brown Corp has substantial influence in the decision making at Taylor Corp.
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kala and leah, partners in best designs, have a capital balance of 40,000 and 60,000 respectively. adam joins the partnership buy buying one-half of kala's interest for 30,000.
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On January 1, 2010, Alsip Corp. acquired 30 percent (13,000 shares) of Stone Services Inc. common stock for $1,300,000 as a long-term investment.
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