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advanced financial accounting
Questions and Answers of
Advanced Financial Accounting
Match the terms on the left side with the descriptions on the right. A description may be used once, more than once, or not at all. Contractual Obligations Long-term debt obligations Capital lease
The IASB Web site can be found at www.iasb.org. Access the Web site and click on the link at the top of the page for Current Projects. On the Current Projects page, click on the IASB link. You may
Explain the accounting for pledges from donors to a VHWO.
Match the transactions on the left with the effects of the transactions on the statement of activities for a voluntary health and welfare organization. A transaction may have more than one effect.
Will the expected amount of deferred income taxes be larger under the cost method or the equity method? Explain.
St. John Corporation is barely solvent and has been seeking an equity investor that would be interested in making a capital contribution so that the company would hopefully return to performance
Marshall Tool and Die Company has been experiencing significant foreign competition and a declining market. Annual net losses from operations have averaged $250,000 over the last three years. The
Cutler Manufacturing manufactures and distributes specialty piping used in the construction industry. Due to the recent contraction in the commercial construction market, the company has had
Cutler Manufacturing manufactures and distributes specialty piping used in the construction industry. Due to the recent contraction in the commercial construction market, the company has had
Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any appropriate entries.1. Private University coordinated its annual special event
Select the best answer for each of the following multiple-choice items. (Nos. 2–10 are AICPA adapted.)1. Which of the following is required as part of the complete set of financial statements for a
Transactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending December 31, 2019.a. Gross revenues of $5,000,000 were earned for service to Medicare patients.b.
Record the following annuity and life income activities of Private University:1. On July 1, 2019, R. W. Fields, emeritus professor of accounting, moved out of the state. Fields donated to the
Select the best answer for each of the following multiple-choice items.1. Super Seniors is a not-for-profit organization that provides services to senior citizens. Super employs a full-time staff of
Go to the Web site of a not-for-profit organization. Are audited financial statements provided on the Web site? Is other financial information made available? Assuming you are a potential donor,
Explain the accounting for funds received by an organization acting as an agent, a trustee, or an intermediary, rather than as a donor or donee. What might be the reasoning for the differences?
Packer City’s balance sheet and statement of revenues, expenditures, and changes in fund balances are shown below for the governmental funds. Information on capital assets and long-term obligations
From the following information, prepare a statement of net position for the city of Lucas as of June 30, 2019.
From the following information, prepare a statement of net position for the city of Lucas as of June 30, 2019.
Search the Internet for a popular report of a state or city government. Evaluate the usefulness of the popular report from the perspective of the citizen. In particular, focus on financial accounting
Go to the GASBWeb site, and review the list of current projects and recently released standards. What are the most pressing issues facing the Board? In your opinion, is the Board effectively
Based on the information presented in the 2013 city of Milwaukee, Wisconsin, financial statements, list the major funds disclosed by the city. How were these funds determined? Likewise, what minimum
Based on the information presented in the 2013 city of Milwaukee, Wisconsin, financial statements, list the major funds disclosed by the city. How were these funds determined? Likewise, what minimum
Select the best answer for each of the following multiple-choice items. (Nos. 1, 2, 4, 6, 9, and 10 are AICPA adapted.)1. Which of the following statements is incorrect concerning a governmental
Explain the difference between expenses and expenditures in a state and a local government.
The debt service fund does not use budgetary accounts. What is the logic for not doing so?
The debt service fund does not use budgetary accounts. What is the logic for not doing so?
The debt service fund does not use budgetary accounts. What is the logic for not doing so?
Select the best answer for each of the following multiple-choice questions. (Nos. 1, 5, and 7–10 are AICPA adapted.)1. The encumbrances control account of a governmental unit is increased when a
Go to the GASB Web site at http://www.gasb.org. Write a brief description of the mission of the GASB, its relation to the FASB, and the current project agenda of the GASB board. Are there any
Rexcam is a partnership owned by Wilson, Watts, and Franklin that manufactures special machine tools used primarily in injection molding applications. The partnership had operated very profitably for
Radix, Inc., operates primarily as a distributor of components for gasoline compressors. In the first quarter of 2015, the company reported a gross profit of $248,000 on net sales of $1,360,000.
McClure Manufacturing reported a pretax loss from operations of $45,000 for the first quarter of 2017. The estimated effective annual tax rate at that time was based on the following information:1. A
Baxter Holdings reported pretax income from continuing operations of $800,000 in the first quarter of the current year. At that point, projected pretax income for the rest of the year was $1,000,000.
Baxter Holdings reported pretax income from continuing operations of $800,000 in the first quarter of the current year. At that point, projected pretax income for the rest of the year was $1,000,000.
Campione Manufacturing acquired an 80% interest in DaLuca Distributors, a foreign corporation established on November 1, 2010, for 650,000 foreign currency units (FC). Campione acquired its 80%
Techno Builders has acquired a 70% interest in the equity of a foreign company, Prefabco, whose functional currency is the FC. Although Prefabco began operations in June 2012 when 1 FC equaled $1.95,
Baxter Industries, Inc., is a U.S. company that has a wholly owned subsidiary. The subsidiary maintains its book and records in a foreign currency (FC) and the majority of its local expenses such as
Brico Enterprises, a U.S. corporation, acquired an 80% interest in Bandar Distributors in June 2012 when 1 FC equaled $1.62. Bandar is a foreign corporation whose functional currency is the FC. The
Since a primary beneficiary’s share of VIE income is not based on common stock ownership, how might it be calculated?
On January 1, 2016, Ashland Company purchases a 25% interest in Cramer Company for $195,000. Ashland Company prepares the following determination and distribution of excess schedule:The following
Turf Company purchases a 30% interest in Minnie Company for $90,000 on January 1, 2015, when Minnie has the following stockholders’ equity:The excess cost was due to a building that is being
Company R purchases a 25% interest in Company E on January 1, 2014, at its book value of $20,000. From 2014 through 2018, Company E earns a total of $200,000. From 2019 through 2023, it loses
Company R purchases a 25% interest in Company E on January 1, 2014, at its book value of $20,000. From 2014 through 2018, Company E earns a total of $200,000. From 2019 through 2023, it loses
Company E reports net income of $100,000 for 2015. Assume the income is earned evenly throughout the year. Dividends of $10,000 are paid on December 31. What will Company R report as investment
Company E reports net income of $100,000 for 2015. Assume the income is earned evenly throughout the year. Dividends of $10,000 are paid on December 31. What will Company R report as investment
Company R owns a 30% interest in Company E, which it acquires at book value. Company E reports net income of $50,000 for 2015 (ignore taxes). There is an intercompany sale of equipment at a gain of
Assume the same facts as for Question 1 above. The fair value of the investment in Company E is $220,000 on December 31, 2015. Answer the following questions assuming the investment is recorded using
Company R pays $170,000 for a 30% interest in Company E on January 1, 2015. Company E’s total stockholders’ equity on that date is $500,000. The excess price is attributed to equipment with a
Shelby Corporation purchases 90% of the outstanding stock of Borner Company on January 1, 2015, for $603,000 cash. At that time, Borner Company has the following stockholders’ equity balances:
The following diagram depicts the relationships among Mary Company, John Company, and Joan Company on December 31, 2018:Mary Company purchases its interest in John Company on January 1, 2016, for
The audit of Barns Company and its subsidiaries for the year ended December 31, 2016, is completed. The working papers contain the following information:a. Barns Company acquires 4,000 shares of Webo
Myles Corporation and its subsidiary, Downer Corporation, have the following trial balances as of December 31, 2017:Myles Corporation acquires its 60% interest in Downer Corporation for $348,000 on
The following diagram depicts the investment affiliations among Companies M, N, and O:The following facts apply to 2017 operations:All investments are made at a price equal to book value.1. Prepare
Baker Company acquires an 80%interest in the common stock of Cain Company for $440,000 on January 1, 2015. The price is equal to the book value of the interest acquired. Baker Company maintains its
You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid:1. Assume Company A acquires an
The following comparative statements of stockholders’ equity are prepared for Nolan Corporation:Tarman Corporation acquires 60% of Nolan Corporation common stock for $12 per share on January 1,
Subsidiary Company S had the following stockholders’ equity on January 1, 2018, prior to issuing 5,000 additional new shares:Prior to the sale of additional shares, the parent owned 90,000 shares.
Subsidiary Company S had the following stockholders’ equity on January 1, 2018, prior to issuing 20,000 additional new shares to noncontrolling shareholders:At that time, the parent company owned
Subsidiary Company S had the following stockholders’ equity on December 31, 2017, prior to distributing a 10% stock dividend:The fair value of the shares distributed is $50 each. What is the effect
Brian Construction Company has the following stockholders’ equity on January 1, 2015, the date on which Roller Company purchases an 80% interest in the common stock for $720,000:Brian Construction
Rob Company purchases a 90% interest in Venus Company for $418,500 on January 1, 2017. Any excess of cost over book value is attributed to equipment, which is being depreciated over 20 years. Both
Rob Company purchases a 90% interest in Venus Company for $418,500 on January 1, 2017. Any excess of cost over book value is attributed to equipment, which is being depreciated over 20 years. Both
Rob Company purchases a 90% interest in Venus Company for $418,500 on January 1, 2017. Any excess of cost over book value is attributed to equipment, which is being depreciated over 20 years. Both
Company S has the following stockholders’ equity on January 1, 2019:The preferred stock is cumulative and has dividends one year in arrears on January 1, 2019.Company P purchased an 80% interest in
Company P purchased an 80% interest (8,000 shares) in Company S for $800,000 on January 1, 2015. Company S’s equity on that date was $900,000. Any excess of cost over book value was attributed to
Refer to the preceding facts for Penske’s acquisition of Stock common stock. Penske accounts for its investment in Stock using the simple equity method, including income tax effects. During 2017,
Refer to the preceding facts for Penske’s acquisition of Stock common stock. Penske uses the simple equity method to account for its investment in Stock. During 2016, Stock sells $30,000 worth of
Refer to the preceding facts for Parson’s acquisition of Solar common stock. Parson uses the simple equity method to account for its investment in Solar. During 2017, Solar sells $40,000 worth of
Refer to the preceding facts for Parson’s acquisition of Solar common stock. Parson uses the simple equity method to account for its investment in Solar. During 2016, Solar sells $30,000 worth of
Billing Enterprises purchases a 90% interest in the common stock of Rush Corporation on January 1, 2015, for an agreed-upon price of $495,000. Billing issues $400,000 of bonds to Rush shareholders
Duckworth Corporation purchases an 80% interest in Panda Corporation on January 1, 2017, in exchange for 5,000 Duckworth shares (market value of $18) plus $155,000 cash. The fair value of the NCI is
Company S is an 80% owned subsidiary of Company P. On January 1, 2015, Company P sells equipment to Company S at a $50,000 profit. Assume a 30% corporate tax rate and an 80% dividend exclusion. The
Company S is an 80% owned subsidiary of Company P. For 2015, Company P reports internally generated income before tax of $100,000. Company S reports an income before tax of $40,000. A 30% tax rate
Company P has internally generated net income of $200,000 (excludes share of subsidiary income). Company P has 100,000 shares of outstanding common stock. Subsidiary Company S has a net income of
Penn Company leased a production machine to its 80%-owned subsidiary, Smith Company. The lease agreement, dated January 1, 2015, requires Smith to pay $18,000 each January 1 for three years. There is
Plessor Industries acquired 80% of the outstanding common stock of Slammer Company on January 1, 2015, for $320,000. On that date, Slammer’s book values approximated fair values, and the balance of
Refer to the preceding facts for Press’s acquisition of Simon common stock. Press uses the simple equity method to account for its investment in Simon. On January 1, 2017, Press held merchandise
Refer to the preceding facts for Press’s acquisition of Simon common stock. Press uses the simple equity method to account for its investment in Simon. On January 1, 2016, Press held merchandise
Refer to the preceding facts for Press’s acquisition of Simon common stock. Press uses the simple equity method to account for its investment in Simon. On January 1, 2017, Press held merchandise
Refer to the preceding facts for Press’s acquisition of Simon common stock. Press uses the simple equity method to account for its investment in Simon. On January 1, 2016, Press held merchandise
The problem below is an example of a question of the CPA ‘‘Other Objective Format’’ type as it was applied to the consolidations area. A mark-sensing answer sheet was used on the exam. You
Grande Machinery Company purchased, for cash, a $60,000 custom machine on January 1, 2015. The machine has an estimated 5-year life and will be straight-line depreciated with no salvage value. The
Refer to the preceding facts for Purple’s acquisition of Salmon common stock. On January 1, 2017, Salmon held merchandise sold to it from Purple for $12,000. This beginning inventory had an
Refer to the preceding facts for Purple’s acquisition of Salmon common stock. On January 1, 2016, Salmon held merchandise sold to it by Purple for $14,000. This beginning inventory had an
Refer to the preceding facts for Panther’s acquisition of Sandin common stock. On January 1, 2016, Sandin held merchandise sold to it from Panther for $20,000. During 2016, Panther sold merchandise
Refer to the preceding facts for Panther’s acquisition of Sandin common stock. On January 1, 2016, Panther held merchandise sold to it from Sandin for $12,000. This beginning inventory had an
Refer to the preceding facts for Packard’s acquisition of Stude common stock. On January 1, 2016, Packard held merchandise acquired from Stude for $10,000. This beginning inventory had an
Refer to the preceding facts for Packard’s acquisition of Stude common stock. On January 1, 2016, Packard held merchandise acquired from Stude for $10,000. This beginning inventory had an
Henderson Window Company was a privately held corporation until January 1, 2015. On January 1, 2015, Cool Glass Company acquired a 70% interest in Henderson at a price well in excess of book value.
Assume the same facts as in Exercise 11, but in addition, assume that Saratoga is itself in need of cash. It discounts the note received from Windsor at First Bank on July 1, 2017, at a discount rate
Saratoga Company owns 80% of the outstanding common stock of Windsor Company. On May 1, 2017, Windsor Company arranges a 1-year, $50,000 loan from Saratoga Company. The loan agreement specifies that
Peninsula Company owns an 80% controlling interest in Sandbar Company. Sandbar regularly sells merchandise to Peninsula, which then sells to outside parties. The gross profit on all such sales is
The separate income statements of Danner Company and its 90%-owned subsidiary, Link Company, for the year ended December 31, 2016, are as follows:The following additional facts apply:a. On January 1,
Hilton Corporation sold a press to its 80%-owned subsidiary, Agri Fab Inc., for $5,000 on January 1, 2016. The press originally was purchased by Hilton on January 1, 2015, for $20,000, and $6,000 of
Wavemasters Inc., owns an 80% interest in Sayner Development Company. In a prior period, Sayner Development purchased a parcel of land for $50,000. During 2015, it constructed a building on the land
Hide Corporation is a wholly owned subsidiary of Seek Company. During 2015, Hide sold all of its production to Seek Company for $400,000, a price that includes a 25% gross profit. 2015 was the first
Company S is an 80%-owned subsidiary of Company P. Company S needed to borrow $500,000 on January 1, 2015. The best interest rate it could secure was 10% annual. Company P has a better credit rating
Subsidiary Company S is 80% owned by Company P. Company S sold a machine with a book value of $100,000 to Company P for $150,000. The asset has a 5-year life and is depreciated under the
Company S is 80% owned by Company P. Near the end of 2015, Company S sold merchandise with a cost of $6,000 to Company P for $7,000. Company P sold the merchandise to a nonaffiliated firm in 2016 for
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