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modern advanced accounting
Questions and Answers of
Modern Advanced Accounting
In 2013, Deutsche Post DHL acquired 49 percent of the shares of Compador Technologies GmbH, Berlin, which develops sorting machines and software applications for mail services. The acquisition cost
Blue S.A., a French telecommunications company, acquired a 45 percent interest in E-Minus for 65,000,000. Blue consolidates E-Minus because it has special voting rights that allow it to control
Assume that Microsoft Corporation acquired 90 percent of the outstanding common stock of Powerline Technologies for \($3,000,000\) cash plus 200,000 shares of Microsoft's \($10\) par value common
Consider the following data:Required Use the above data to prepare the operating cash flow section of a consolidated statement of cash flows, using the indirect method. Consolidated net income....
At the date of acquisition, consolidation eliminating entry (R) credits the noncontrolling interest in Starfruit Company in the amount of On January 1, 2015, Pomegranate Company acquired 90% of the
On the 2017 consolidation working paper, eliminating entry (R) reduces the Investment in Starfruit by On January 1, 2015, Pomegranate Company acquired 90% of the voting stock of Starfruit Company for
On the 2017 consolidated income statement, the noncontrolling interest in net income of Starfruit is On January 1, 2015, Pomegranate Company acquired 90% of the voting stock of Starfruit Company for
If Pomegranate follows IFRS and uses the alternative method of valuing the noncontrolling interest, at the date of acquisition the noncontrolling interest in Starfruit appears in the equity section
If Pomegranate follows IFRS and uses the alternative method of valuing the noncontrolling interest, the 2017 noncontrolling interest in comprehensive income of Starfruit is On January 1, 2015,
At the date of acquisition, consolidation eliminating entry (R) credits the noncontrolling interest in Starfruit in the amount of Now assume Pomegranate paid only \($20,000,000\) to acquire 90% of
On the 2017 consolidation working paper, eliminating entry (R) debits goodwill in the amount of Now assume Pomegranate paid only \($20,000,000\) to acquire 90% of Starfruit. The fair value of the
Ponon Corporation acquired all of the stock of Santo Corporation on January 2, 2017, for \($25,000,000\) cash and debt. The book value of Santo's stockholders' equity was \($10,000,000\) and the
Puffin Industries acquired all of Sunset Coast Digital’s stock on January 1, 2014, for \($3,500,000\), \($2,100,000\) in excess of book value. At that time, Sunset Coast’s inventory (LIFO) was
On January 2, 2016, Perkins Company acquired all of Sanders Corporation's stock for \($4,000,000\) cash, when the book value of Sanders' stockholders' equity was \($2,200,000\). Sanders reported
On January 1, 2016, Paxon Corporation acquired all of the outstanding common stock of Saxon Company for \($1.8\) billion cash. Paxon uses the complete equity method to report its investment. The
Porter Corporation acquired Stewart Corporation on January 1, 2016, at a cost of \($160\) million. Stewart has three reporting units, Networks, Global Ser- vices, and Mobile Broadband. In addition,
In early 2015, Bowen Company acquired a new business unit in a merger. Allocation of the acquisition cost resulted in fair values assigned as follows:Impairment reviews at the end of 2015 and 2016
On January 1, 2014, Perth Company acquired all of Sharbot Company’s voting stock for \($16\) million in cash. Some of Sharbot’s identifiable assets at the date of acquisition had fair values that
Following IFRS, Nokia Corporation allocates its goodwill to the cash-generating units that benefit from the business combinations generating the goodwill. In its 2013 Form 20-F, filed with the SEC,
On January 1,2015, Peerless Network acquired all of the stock of Sound Telecom for \($400\) million in cash. At the date of acquisition, Sound Telecom’s stockholders’ equity was as follows (in
BT Group ple is a global British telecommunications services company headquartered in London. Its financial statements are prepared using IFRS. For the year ended 31 March 2014, BT Group reports the
In 2013, AB InBev acquired the remainder of the stock of Grupo Modelo, and began consolidating it as a wholly-owned subsidiary. Acquisition cost was \($34,008\) million. Grupo Modelo’s equity
George Corporation acquired all of the stock of Johnson Corporation on January 2, 2016. The book value of the net assets of Johnson on that date was \($200\) million and the fair values of
On July 1, 2016, Prestige Communications acquired all of the voting stock of Southern Light Technologies for \($300\) million in cash. At the date of acquisition, Southern Light's stockholders'
Peak Entertainment acquires its 100-percent-owned subsidiary Saddlestone Inc. on January 1, 2016. In preparing to consolidate Peak and Saddlestone at December 31, 2016, you assemble the following
During 2017, Peerless Company's wholly- owned subsidiary, Safeco Inc. reported net income of \($1,600,000\) and declared and paid dividends of \($600,000\). Peerless acquired Safeco on January 2,
Data for Planet Two Communications and its wholly-owned subsidiary, Stage 4 Networks, are given below. PlanetTwo acquired Stage 4 on January 1, 2009. PlanetTwo uses the complete equity method to
On December 31, 2009, Adams Corporation acquired all of the stock of Baker Company. The fair value of Adams' shares used in the exchange was \($7,500,000\). At the time of acquisition, the book value
In 2014, Time Warner, Inc. spun off its wholly owned unit, Time Inc., as an independent, publicly traded company. The spin-off was achieved by distributing new Time Inc. shares to the holders of Time
An acquisition takes place on January 1,2015. At December 31, 2015, you observe the following consolidation eliminating entries:Property and equipment and identifiable intangibles revaluations are
International Foods, a U.S. company, acquired two companies in 2016. As a result, its consolidated financial statements include the following acquired intangibles:Goodwill was assigned to the
When Parson Company acquired all of Soaper Company’s stock on July 1, 2016, Soaper’s inventory was undervalued by \($160,000,000\), plant assets with a 10-year life were overvalued by
During the year ended July 27, 2013, Cisco Systems, Inc. acquired the following identifiable intangible assets through its purchase of two companies:Cisco acquired NDS Group at the beginning of
Pace acquired Saber on January 1, 2016, attributing its \($200\) million excess of acquisition cost over book value to identifiable intangible assets valued at \($40\) million, with a 5-year life,
Pendragon Corporation acquired all of the stock of Sherwood, Inc. for \($400\) million in cash. Sherwood’s stockholders’ equity accounts at the date of acquisition were as follows:The following
International Technology Inc. (ITI) acquires all of the voting stock of Global Outsourcing Corporation (GOC) on June 30, 2015. Amounts paid are as follows (in millions):The earnings contingency
On January 1, 2016, Paxon Corporation acquired all of the outstanding common stock of Saxon Company for \($1.8\) billion cash. The balance sheets of Paxon and Saxon, immediately prior to the
Progressive Corporation acquired all of the outstanding stock of Static Company on June 30, 2016, by issuing 200,000 shares of its \($1\) par value common stock valued at \($75\) per share. Direct
During the period 2011-2013, Yahoo! Inc. made several acquisitions. Following is a summary of information from the footnotes to Yahoo's 2013 10-K report on the largest of these acquisitions. All
Proha Company acquired all of Sonara Company's voting stock for \($40\) million cash. The book value of Sonara's net assets on that date was \($8\) million. The book values of Sonara's individual
In 2013, AB InBev acquired the remainder of the stock of Grupo Modelo that it did not previously own. AB InBev had previously reported its investment in Grupo Modelo using the equity method. All
GM Financial, General Motors Company's financing segment, has special purpose entities that are consolidated in GM's financial statements. GM Financial transfers receivables and lease-related assets
Piedmont Corporation acquired all of the voting stock of Stearns Company. Below is information on acquisition costs, and the separate balance sheets of Piedmont and Stearns, as well as the
International Auto (IA) acquires all of the stock of Genuine Parts (GP) and reports the acquisition as a stock investment on its own books. The acquisition involves the following payments. All
Packard Industries acquires all of the stock of Steamobile Company for \($20\) million in cash, and reports the acquisition as a stock acquisition on its own books. The balance sheet accounts of
On the 2017 consolidated working paper, eliminating entry (R) reduces Investment in Salem bya. \($3,100,000\)b. \($5,200,000 \)c. \($6,400,000 \) d. \($8,000,000 \)On January 1, 2014,
On the 2017 consolidation working paper, eliminating entry (O) increases consolidated operating expense.a. \($1,600,000 \)b. \($2,100,000\) c. \($2,900,000\)d. \($3,200,000 \)On
What is 2017 equity in net income of Salem, reported on Portland's books using the complete equity method?a. \($400,000\)b. \($900,000\)c. \($1,200,000\)d. \($2,500,000 \)On January 1, 2014,
On Portland’s December 31, 2017, trial balance, what is the balance in its Investment in Salem account, using the complete equity method?a. \($22,800,000\)b. \($23,200,000 \)c.
Impairment loss for 2016 for the customer lists and brand names, following U.S. GAAP, isa. \($0 \)b. \($300,000\)c. \($1,800,000\)d. \($2,100,000\)A company reports the following intangibles at
Goodwill impairment loss for 2016, following U.S. GAAP, isa. \($6,000,000\)b. \($5,600,000\) c. \($2,200,000\)d. \($600,000 \)A company reports the following intangibles at December 31,
Goodwill impairment loss for 2016, following IFRS, isa. \($600,000 \)b. \($2,200,000\)c. \($5,600,000 \)d. \($6,000,000 \)A company reports the following intangibles at December 31, 2016,
Impairment loss for 2016 for the customer lists and brand names, following IFRS, isa. \($0\)b. \($300,000\)c. \($1,800,000\)d. \($2,100,000 \)A company reports the following intangibles at
Companies that invest in other companies often prefer using the equity method instead of consolidating their investments, because consolidating woulda. reduce their stockholders’ equity.b. reduce
AUS. company consolidates a VIE with which it has a contractual relationship, but no equity investment. If the company and the entity were not previously under common control, at the date the company
The consolidation working paper at the date of acquisition takes the book value balances of a parent and subsidiary anda. eliminates the parent’s equity accounts and revalues the parent’s assets
Total acquisition cost reported by PR (the debit to Investment on PR’s books) isa. \($50,000\)b. \($50,200\)c. \($50,400\)d. \($50,600 \)PR Company pays \($10,000\) in cash and
Plastic Corporation is contemplating a business combination with Steel Corporation at December 31, 2015. Steel's condensed balance sheet on that date appears below (in millions):Required Prepare the
Presented below are the book values and fair values of the assets and liabilities of Axtel, Inc. and Barcel, Inc. on October 4, 2016, immediately prior to a business combination.Previously unreported
In December 2013, FireEye, Inc. acquired all of the outstanding shares of privately held Mandiant Corporation, a provider of computer security products, for \($106,538,000\) in cash and 16,921,000
All amounts are in millions. Invensus Corporation, headquartered in Germany, acquired Clearline Systems on January 1, 2016. Total acquisition cost was 60,000. Clearline's book value at the date of
Lisa Corporation made an offer to acquire the assets and assume the liabilities of Toga Corpo- ration. Toga's balance sheet as of December 31, 2016, appears below. Toga has no unrecorded identifiable
On January 2, 2017, Fisher Corporation acquired all of the voting common stock of Grant Corporation for its own stock worth \($10,000,000,\) in a merger Grant's condensed balance sheet on January 2,
On January 2, 2015, Fiser, Inc. acquired Vixen Pharmaceuticals for \($1.25\) billion cash, in a merger. Vixen had two promising products for treating common infections under review by the U.S. Food
In fiscal 2013, Avnet, Inc. acquired several companies. The following table summarizes the date-of-acquisition fair values of the net assets acquired (in thousands).Avnet incurred \($116,382\)
In mid-2013, Salesforce.com, Inc., a global leader in CRM (customer relationship management) services, acquired all of the outstanding stock of ExactTarget, a global provider of digital marketing
In 2013, the online travel company priceline.com, Inc. acquired KAYAK Corporation, a travel meta-search website. Amounts paid related to the acquisition were as follows (dollars in thousands):The
PR recognizes previously unrecorded intangibles ofa. \($1,000\)b . \($5,000\) c. \($13,000\)d. \($15,000\) PR Company pays \($10,000\) in cash and issues no-par stock with a fair value of
PR credits capital stock in the amount ofa. \($40,000\)b. \($50,000\)c. \($39,600\)d. \($39,200\) PR Company pays \($10,000\) in cash and issues no-par stock with a fair value of \($40,000\)
PR records expenses ofa. \($0\)b. \($200\)c. \($400\)d. \($600\) PR Company pays \($10,000\) in cash and issues no-par stock with a fair value of \($40,000\) to acquire all of SX
Three months after the acquisition, a fire damages SX’s equipment, reducing its fair value from \($6,000\) to \($4,000\). How does PR report this event?a. Loss of \($2,000\), reported on the income
Now assume the acquisition cost to PR is \($60,000\) (not the right answer). Other facts are the same as originally reported. Goodwill reported on this acquisition isa. \($35,600\) b.
Now assume PR paid \($8,000\) in cash for SX’s net assets. There are no consultant fees, and no shares are issued. Assume that SX’s previously unrecorded intangible assets, capitalizable per
Which one of the following is most likely to be reported as part of goodwill?a. Brand namesb. Broadcast rights c. Non-competition agreementsd. Favorable location
What is the current standard for reporting acquired in-process R&D?a. Not reported; becomes part of goodwillb. Capitalized as an asset only if it is more likely than not that the outcome will be a
Which of the following items related to an acquired company is most likely to be recorded by the acquirer?a. Warranty liabilityb. Pending lawsuit, where the acquired company is the defendantc.
Values In 2016, Plummer Corporation acquired the net assets of Singer Company. The purchase price was \($85\) million. Plummer’s annual reports for 2016 and 2017 provide the following information
Potluck Corp. acquired all of the net assets of Sauers Corp. on June 30, 2016, in an acquisition reported as a merger. The fair values of Sauers Corp.’s identifiable net assets at the date of
On January 3, 2015, Prance Corporation purchased all of the business operations of Step Corporation for \($10\) million cash. The acquisition is recorded as a merger. Step’s identifiable assets and
As part of its acquisition of Broadvision Inc., Aircastle Corporation enters into the following agreements:1. After four years, Aircastle will pay the former shareholders of Broadvision an amount
In 2013, Flowers Foods, Inc. acquired certain assets of Hostess Brands, Inc., including the Wonder and Butternut bread brands and related assets. Flowers incurred \($16\) million in out-of-pocket
On January 1, 2016, Asure Corporation acquires the net assets of BlueBox Inc. and records the acquisition as a merger. Asure’s acquisition entry looks like this (amounts in thousands):Brand names
Airmedia Corporation acquires Bridgeline Inc. for cash and stock on January 1, 2015. One of Bridgeline’s previously unreported identifiable intangible assets is developed technology, which Airmedia
A company has the following investment activity during 2016 and 2017:Security E is impaired in 2017, but is not impaired in 2016. Security F is not impaired in 2017. Requireda. Prepare the journal
On January 2, 2016, a U.S. company invests in the following corporate debt securities, classified as held-to-maturity per ASC Topic 320: 1. 5-year \($1,000,000\) face value corporate bond paying 6
Monster Beverage Corporation is a public U.S. company that produces and distributes "alternative" energy drinks. Its 2013 balance sheet includes \($396\) million in held-to-maturity bonds. Monster
On January 2, 2014, Best Beverages acquired 45 percent of the stock of Better Bottlers for \($30\) million in cash. Best Beverages accounts for its investment using the equity method. At the time of
Rance Corporation paid \($10\) mil- lion in cash to acquire 30 percent of the voting stock of Seaway Company on January 2, 2015. Rance uses the equity method to report its investment. Seaway's book
Bristol Corporation acquired 40 percent of the voting stock of Manchester Corporation on January 2, 2016, for \($3.2\) million in cash. Manchester's balance sheet and estimated fair values of its
Harcker Corporation acquires 40 percent of Jackson Corporation's voting stock on January 3, 2017, for \($40\) million in cash. Jackson's net assets were fairly reported at \($100\) million at the
On January 2, 2016, Parker Corporation in- vests in the stock of Quarry Corporation. Quarry's book value is \($4\) million and its assets and liabilities are reported at amounts approximating fair
On January 3, 2016, Allen Corporation and Barkely Corporation invested \($5\) million each in cash to form Albar Enterprises, a joint venture that develops new products benefitting both corporations.
Nestlé is a Swiss multinational food and beverage company. Its financial statement balances are reported in Swiss francs (CHF). In late 2012 Nestlé acquired Wyeth Nutrition, an infant nutrition
On its January 1, 2016, balance sheet, Ericsson Corporation reports the following balances related to its investments:During 2016, Ericsson sold for \($43,000\) trading securities carried at
The Coca-Cola Company's 2013 annual report discloses the fol- lowing information regarding its investments in AFS securities: 2013 net loss on AFS securities, from the 2013 statement of comprehensive
In 2013, The Coca-Cola Company acquired the remaining outstanding shares of Fresh Trading Ltd. Coca-Cola had previously reported its investment using the equity method. Assume the following
In 2013, AB InBev completed its acquisition of Grupo Modelo. AB InBev had previously held a significant interest in Grupo Modelo. Although AB InBev is headquartered in Belgium, its financial
The total gain on trading securities reported on the 2016 income statement isa. $20,000b. $25,000e. $45,000d. \($60,000\) On January 1, 2016, a company’s balance sheet reports its investments
The gain on AFS securities reported on the 2016 income statement isa. $ 3,000b. $ 4,000c. $ 9,000d. \($10,000\) On January 1, 2016, a company’s balance sheet reports its investments in
Investment in HTM securities reported on the December 31, 2016 balance sheet isa. $203,846b. $204,938c. $207,544d. \($207,997\) On January 1, 2016, a company’s balance sheet reports its
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