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Accounting
Rachel borrowed $10,000 and agreed to pay back the loan with five consecutive annual payments, with the first payment occurring in one year. If the annual interest rate is 5%, what is the amount of
Hua Tran financed a new automobile by paying $7,500 cash and agreeing to make 40 monthly payments of $500 each, the first payment to be made one month after the purchase. The loan bears interest at
State the accounting method used for each of the following investments according to IFRS: 1. Held-for-trading investment 2. Held-to-maturity investment 3. Having a significant influence over the
On January 15, 2015, White Alberta Inc. invested in bonds issued for $200,000 by Wheat Grain Inc. and in 10,000 shares of Ontario Sun Inc. at $10 per share. White Alberta's intention is to resell the
On January 1, 2015, Super Magic Inc. acquired 600,000 shares representing 40% of Pure Water Inc.'s shares at $10 per share. Pure Water Inc.'s net income at year-end is $600,000 and Super Magic Inc.
What impact does the level of ownership have on the amount of goodwill reported under the acquisition method?
How is the amount of goodwill assigned to the noncontrolling interest determined when less than full ownership is acquired?
Within the measurement period following a business combination, the acquisition-date fair value of buildings acquired is determined to be less than initially recorded. How is the reduction in value
P Company purchased 80 percent of the shares of S Company in 20X6 under the purchase method. How would the amount of goodwill reported under the purchase method differ from the amount to be reported
What major differences occur between using pooling-of-interests accounting for a business combination and using the acquisition method?
What basis of accounting normally is used in recording the assets and liabilities transferred to a new wholly owned subsidiary?
How might the concept of a beneficial interest impact the reporting of an interest in another company?
When does a non controlling interest arise in a business combination?
Why did corporate management often prefer pooling-of-interests accounting in recording business combinations?
Accounting procedures for business combinations historically have differed across countries. Pooling-of-interests, for many years a preferred method in the United States, was not acceptable in most
Accounting standards continually evolve. One area where significant change has occurred over the past decade is in recording and accounting for goodwill. Prior to 2002, companies were required to
Kmart started in 1899 as the S. S. Kresge Company, better known as the five-and-dime store. Sears has its roots in the 1880s and incorporated as Sears, Roebuck and Company in 1893. In 2005, the two
Krantz Company and Dull Corporation decided to form a partnership. Krantz agreed to transfer the following assets and accounts payable to K&D Partnership in exchange for 60 percent ownership:Dull
Good Corporation and Nevall Company formed G&W Partnership in which Good received 75 percent ownership and Nevall received 25 percent ownership. The following assets were transferred by Good and
How are extraordinary items of the investee disclosed by the investor under equity-method reporting?
How does the elimination process change when consolidated statements are prepared after-rather than at-the date of acquisition?
How is consolidated net income computed in a consolidation worksheet?
Give a definition of consolidated retained earnings.
Describe an investor's treatment of an investee's prior-period dividends and earnings when the investor acquires significant influence through a purchase of additional stock. Discuss.
How is the receipt of a dividend recorded under the equity method? Under the cost method?
Why must intercompany receivables and payables be eliminated when consolidated financial statements are prepared?
What is the noncontrolling interest in a subsidiary?
Which theory of consolidation is closest to current accounting practice?
The use of proportionate or pro rata consolidation generally has not been acceptable in the United States. Normally, a significant investment in the common stock of another company must be either
March Corporation acquired 65 percent of Ember Corporation's ownership on January 2, 2008, for $708,500. At that time, Ember's net assets had a book value of $810,000 and a fair value of $960,000.
Sharp Company will acquire 90 percent of Moore Company in a business combination. The total consideration has been agreed on, but the nature of Sharp's payment has not. It is expected that on the
Under what conditions is push-down accounting considered appropriate?
What is the term differential used to indicate?
What conditions must exist for a negative differential to occur?
Where is the balance assigned to the noncontrolling interest reported in the consolidated balance sheet?
Does a noncontrolling shareholder have access to any information other than the consolidated financial statements to determine how well the subsidiary is doing? Explain.
What portion of other comprehensive income reported by a subsidiary is included in the consolidated statement of comprehensive income as accruing to parent company shareholders?
Prior to the adoption of FASB 141R (ASC 805), how was the amount of the differential determined?
Prior to the adoption of FASB 141R (ASC 805), how was the amount reported as goodwill determined when majority ownership was acquired at an amount greater than book value?
Prior to the adoption of FASB 141R (ASC 805), how was the amount of consolidated net income of a less-than-wholly-owned subsidiary determined?
What portion of consolidated retained earnings is assigned to the noncontrolling interest in the consolidated balance sheet?
How is the income assigned to the noncontrolling interest normally computed?
How is income assigned to the noncontrolling interest shown in the consolidation worksheet?
Farmstead Company reported the following summarized balance sheet data on December 31, 20X8:On January 1, 20X9, Horrigan Corporation acquired 70 percent of Farmstead's stock for $210,000, the book
Cameron Corporation acquired 70 percent of Darla Corporation's common stock on December 31, 20X4, for $87,500. Data from the balance sheets of the two companies included the following amounts as of
Glitter Enterprises acquired 60 percent of Lowtide Builders' stock on December 31, 20X4. Glitter acquired its shares for $90,000, the book value of the shares acquired. At that date, the fair value
Many companies transfer inventories from one affiliate to another. Often the companies have integrated operations in which one affiliate provides the raw materials, another manufactures finished
Shortly after a parent company purchased its subsidiary's bonds from a nonaffiliate, the subsidiary retired the entire issue. How is the gain or loss on bond retirement reported by the subsidiary
How does the consolidation process deal with preferred stock of a subsidiary?
What types of complexities arise in applying the equity method to accounting for an investment in a partnership?
In what types of situations could it be appropriate to use equity-method reporting even though the investor does not hold voting common stock of the investee?
Explain how the existence of a subsidiary's preferred shares might affect the amount of goodwill reported following the purchase of the subsidiary.
Major companies often have investments in a number of other entities. The types of entities, ownership shares, and circumstances may differ considerably for these various investments, thus leading to
Moss Company invested $90,000 in TF Partnership on January 1, 20X1, for a 45 percent share of its profits and losses. At December 31, 20X2, Moss reported total assets of $510,000 (excluding its
Tye Corporation invested in an unincorporated joint venture and elected to use pro rata consolidation in preparing its financial statements. For the year ended December 31, 20X3, Tye reported income
Down Corporation paid $96,000 to acquire 30 percent of the ownership of DF Partnership on January 1, 20X4, and shares in its profits and losses at 30 percent. DF Partnership did not make any
How does the use of interperiod tax allocation procedures affect the amount of income assigned to noncontrolling shareholders in the period in which unrealized intercompany profits are recorded by
Why are changes in inventory balances not shown in the statement of cash flows when the direct method is used in presenting the cash flows from operating activities?
Are sales included in the consolidation worksheet in computing cash flows from operating activities when the indirect method or direct method is used?
What portion of the sales of an acquired company is included in the consolidated income statement following a midyear acquisition?
How-if at all-should the following items be reported on the financial statements? a. Foreign Currency Receivable from Broker b. Foreign Currency Transaction Loss c. Foreign Currency Transaction
Search online to obtain and or prepare charts of the monthly average direct exchange rates for the past two years for the U.S. dollar versus (1) the Japanese yen, (2) the European euro, (3) the
What is the attitude toward the possible use of IFRS in the United States?
PricewaterhouseCoopers offers a publication on its Web site entitled "IFRS and US GAAP: similarities and differences: September 2010" that provides a topic-based comparison. Access this publication
How does the application of the lower-of-cost-or-market valuation method for inventories differ between interim statements and annual statements?
How might the accounting for an advertising campaign expenditure of $200,000 in the first quarter of a company's fiscal year differ between the integral theory and the discrete theory of interim
How is the tax benefit of an interim period's operating loss treated if the future realizability of the tax benefit is not assured beyond a reasonable doubt?
Specifically, what items are in the determination of a segment's profit or loss?
How can interim reports be used by investors to identify a company's seasonal trends?
Distinguish between the discrete and integral views of interim reporting. Which view is used in APB Opinion No. 28?
The company you work for is considering going public. Your current position is within the external financial reporting group. The manager you work for wants you to review some public company
Which securities act-1933 or 1934-regulates the initial registration of securities? Which regulates the periodic reporting of publicly traded companies?
Currently, you are an experienced senior working at a public accounting firm. For the upcoming busy season you received a new client, a publicly traded corporation. The manager on this client is
What is a joint venture? How are corporate joint ventures accounted for on the books of the investor companies?
J. Nitty and G. Gritty are considering the formation of a partnership to operate a crafts and hobbies store. They have come to you to obtain information about the basic elements of a partnership
Although few partnerships provide publicly available financial reports, some limited partnerships do provide their financial reports. These limited partnerships usually have a general partner or
One of the partners of the partnership for which you are the accountant asks you to compare the major features of the Revised Uniform Partnership Act of 1997 with those of the original Uniform
How is a deficit in a partner's capital account eliminated if he or she is personally insolvent?
Where is an interfund transfer reported on the general fund's financial statements?
Are all expenditures encumbered?
Why do some governmental units not report small amounts of supply inventories in their balance sheets?
You have a friend who was just elected to the County Board for your county. One of the first items of business for the County Board is to prepare a budget for the new fiscal period. Your friend does
This case focuses on the general fund of a governmental unit.RequiredUsing the Comprehensive Annual Financial Report (CAFR) for a governmental entity chosen by your instructor, answer the following
For each general fund transaction listed in items 1 through 12, select the appropriate recording for the transaction listed next to letters A through O. A letter may be selected once, more than once,
Which governmental funds use operating budgets? Which use capital budgets?
Using the Internet, find the comprehensive annual financial report (CAFR) of a local government selected by your instructor. At a minimum, a CAFR will include (1) management's discussion and analysis
The Statements of Governmental Accounting Standards are the final step in the GASB's decision making process. Standard setting has a number of specific steps, with open and thorough study of the
Where are fixed assets recorded for a VHWO? Is depreciation recorded for a VHWO?
What is the market value unit method of accounting for investments?
Should a rotary club, an ONPO, report depreciation expense? Why or why not?
How are donated services accounted for by a hospital? How does it account for donated equipment and donated medical supplies?
Where is a gain on the sale of hospital properties recorded by a hospital? How is the gain reported in the hospital's financial statements?
Is depreciation accounted for by a hospital? Why or why not?
What are the nonjudicial actions available to a financially distressed company? What judicial actions are available?
How are the sales of assets reported on the statement of realization and liquidation?
Explain the use of the account Reorganization Value in Excess of Amount Assigned to Identifiable Assets during a Chapter 11 reorganization.
What financial statements must be filed by a company during a Chapter 11 reorganization?
What are the rights of creditors with priority in a Chapter 7 liquidation?
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