The financial statements of YUM! Brands, Inc. are given in Appendix A at the end of this book.
1. YUM accounts for its investments in unconsolidated affiliates by the equity method. During 2006, YUM made additional equity-method investments and sold no equitymethod investments. Assume YUM received no dividends from unconsolidated affiliates. What was the overall result of operations for YUM’s unconsolidated affiliates during 2006? State the reason underlying your answer. (p. 749)
2. What is YUM’s percentage ownership of its consolidated subsidiaries? How can you tell? Which financial statement provides the evidence? (p. 750)
3. Does YUM have any foreign subsidiaries? What evidence answers this question? Which financial statement provides the evidence? (p. 751)
4. Which monetary currency was stronger, the U.S. dollar or YUM’s foreign currencies, during 2004, 2005, and 2006? Give the basis for your answers. (pp. 558–560, 751)
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