Question content area top Part 1 The Firefly Company is preparing its annual financial statements and needs to identify all its related parties. Which of the following would be related parties of the Firefly Company?
Réussis tes devoirs et examens dès maintenant avec Quizwiz!
A company in which Firefly owns 100 shares, less than 1% of its stock
No A small investment
A shareholder who owns two shares of Firefly's stock
No Not a principal owner
A shareholder who owns 25% of Firefly's shares
Yes A principal owner
A company in which Firefly owns 40% of its stock
Yes Accounted for under the equity method
Firefly's pension trust fund
Yes For the benefit of employees
A member of Firefly's board of directors
Yes Management
Firefly's chief executive officer
Yes Management
The husband of Firefly's chief financial officer
Yes Management's immediate family