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Accounting
Newly formed Health First Corporation has 100,000 shares of $5 par common stock authorized. On March 1, 2010, Health First issued 20,000 shares of the stock for $12 per share. On May 2 the company
Farmer, Inc., was organized on June 5, 2010. It was authorized to issue 400,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock had
Collins Corporation issued 10,000 shares of no-par common stock for $20 per share. Collins also issued 2,000 shares of $50 par, 5 percent noncumulative preferred stock at $55 per share.RequiredRecord
Gaines Corporation was formed when it issued shares of common stock to two of its shareholders. Gaines issued 5,000 shares of $10 par common stock to S. Gaines in exchange for $75,000 cash (the issue
Woodard Corporation repurchased 3,000 shares of its own stock for $40 per share. The stock has a par of $10 per share. A month later Woodard resold 1,500 shares of the treasury stock for $45 per
The following information pertains to Kwon Corp. at January 1, 2010.Common stock, $10 par, 50,000 shares authorized,2,000 shares issued and outstanding $20,000Paid-in capital in excess of par, common
On October 1, 2011, Evans Corporation declared a $50,000 cash dividend to be paid on December 30 to shareholders of record on November 20.RequiredRecord the events occurring on October 1, November
When Collum Corporation was organized in January 2011, it immediately issued 10,000 shares of $60 par, 5 percent, cumulative preferred stock and 20,000 shares of $10 par common stock. The company’s
J&J Corporation had the following stock issued and outstanding at January 1, 2010.1. 50,000 shares of $5 par common stock.2. 5,000 shares of $100 par, 5 percent, noncumulative preferred stock.On
Hu Corp. had the following stock issued and outstanding at January 1, 2010.1. 50,000 shares of no-par common stock.2. 10,000 shares of $100 par, 3 percent, cumulative preferred stock. (Dividends are
Magee Corporation issued a 4 percent stock dividend on 30,000 shares of its $10 par common stock. At the time of the dividend, the market value of the stock was $30 per share.Requireda. Compute the
The market value of Lan Corporation’s common stock had become excessively high. The stock was currently selling for $160 per share. To reduce the market price of the common stock, Lan declared a
Mighty Drugs (one of the three largest drug makers) just reported that its 2010 third quarter profits are essentially the same as the 2009 third quarter profits. In addition to this announcement, the
Merck & Company is one of the worlds largest pharmaceutical companies. The following data were taken from the companys 2007 annual report.The following data were taken from
Upton Company was started on January 1, 2011, when the owners invested $160,000 cash in the business. During 2011, the company earned cash revenues of $120,000 and incurred cash expenses of $82,000.
Flesher Corporation was authorized to issue 100,000 shares of $5 par common stock and 50,000 shares of $50 par, 5 percent, cumulative preferred stock. Flesher Corporation completed the following
Millsaps Corp. completed the following transactions in 2010, the first year of operation.1. Issued 30,000 shares of $10 par common stock at par.2. Issued 2,000 shares of $30 stated value preferred
Carter Corporation reports the following information in its January 1, 2010, balance sheet:Stockholders’ equityCommon stock, $10 par value,50,000 shares authorized, 30,000 shares issued and
Davis Corp. completed the following transactions in 2010, the first year of operation.1. Issued 30,000 shares of $20 par common stock for $30 per share.2. Issued 5,000 shares of $50 par, 4 percent,
The stockholders' equity section of the balance sheet for Atkins Company at December 31, 2011, is as follows.Note: The market value per share of the common stock is $25, and the market value per
Brian Walter was working to establish a business enterprise with four of his wealthy friends. Each of the five individuals would receive a 20 percent ownership interest in the company. A primary goal
The following events were experienced by Baskin, Inc.1. Issued common stock for cash.2. Paid cash to purchase treasury stock.3. Declared a cash dividend.4. Issued cumulative preferred stock.5. Issued
Google, Inc., operates the worlds largest Internet search engine. International Business Machines Corporation (IBM) is one of the worlds largest computer hardware and software
Understanding real-world annual reportsRequiredUse the Topps Company’s annual report in Appendix B to answer the following questions.a. Does Topps’ common stock have a par value, and if so how
Listed here are the stockholders' equity sections of three public companies for years ending in 2007 and 2006.RequiredDivide the class in three sections and divide each section into groups of three
Listed here are data for five companies. These data are from companies' annual reports for the fiscal year indicated in the parentheses. The market price per share is the closing price of the
Use one of the many financial information sites on the Internet, such as CNBC, CNNMoney, Google Finance, or Yahoo Finance, to complete the requirements below. Some of the sites require you to enter a
During 2010, Jason Corporation and Fitzgerald Corporation reported net incomes of $7,000 and $9,600, respectively. Each company had 2,000 shares of common stock issued and outstanding. The market
Jim Baku and Scott Hanson are thinking about opening a new restaurant. Baku has extensive marketing experience but does not know that much about food preparation. However, Hanson is an excellent
Louise Stinson, the chief financial officer of Bostonian Corporation, was on her way to the president’s office. She was carrying the latest round of bad news. There would be no executive bonuses
Using either PepsiCo’s most current Form 10-K or the company’s annual report, answer the questions below. To obtain the Form 10-K use either the EDGAR system following the instructions in
Identify the types of nonexchange revenues that are most likely to result in differences in the timing of recognition between the accrual and modified accrual bases of accounting.
The government-wide Statement of Net Assets separately displays governmental activities and business activities. Why are internal service funds most commonly displayed as governmental activities?
Answer the following questions with regard to infrastructure:a. What is infrastructure?b. What are the two methods that might be used to record infrastructure expense from year to year? How is the
Under the reporting model required by GASB Statement 34, fund statements are required for governmental, proprietary, and fiduciary funds. Government-wide statements include the Statement of Net
List some of the major adjustments required when converting from fund financial statements to government-wide statements.
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2012:Cash and cash equivalents, governmental
The following information is available for the preparation of the government-wide financial statements for the City of Northern Pines for the year ended June 30, 2012:Expenses:General government . .
The City of Grinders Switch maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in
The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City’s
Presented on the following pages are partial financial statements for the City of Shenandoah, including:Fiscal year 2012:A. Total Governmental Funds: Balance SheetStatement of Revenues,
The fund-basis financial statements of Jefferson County have been completed for the year 2012 and appear in the first tab of the Excel spreadsheet provided with this exercise. The following
The fund-basis financial statements of the City of Cottonwood have been completed for the year 2012 and appear in the first tab of the Excel spreadsheet provided with this exercise. In addition, the
GASB Statement 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, provides guidance for reporting by special-purpose entities. That
Presented below is the governmental funds balance sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. Prepare a combined Governmental Funds
Presented below is the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balance the Trinity Parish Fire District, a special-purpose entity engaged in a single governmental
Southern State University had the following account balances as of June 30, 2012. Debits are not distinguished from credits, so assume all accounts have a “normal” balance:Accounts receivable . .
Western State University had the following account balances for the year ended and as of June 30, 2012. Debits are not distinguished from credits, so assume all accounts have a “normal”
The New City College reported deferred revenues of $607,000 as of July 1, 2011, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related
Eastern State College had the following trial balance as of July 1, 2011, the first day of its fiscal year (in thousands):During the fiscal year ended June 30, 2012, the following transactions
The fund-basis financial statements of Cherokee Library District (a special-purpose government engaged only in governmental activities) have been completed for the year 2012 and appear in the second
Consider FASB standards for reporting by private not-for-profit organizations and answer the following:a. What are the financial reports required of all not-for-profits? What additional report is
Consider FASB standards for accounting for contributions and answer the following:a. Outline revenue recognition criteria for resources restricted for (1) Time and (2) Purpose.b. Describe the
Consider FASB standards for mergers and acquisitions by not-for-profit organizations.Answer the following questions:a. What is the difference between a merger and an acquisition?b. What is the
For the following transactions and events, indicate what effect each will have on the three classes of net assets using this format. Put an X in the appropriate column. If the net assets are
Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by filling in the amounts that would appear in each of the shaded areas.
On January 1, the Voluntary Action Agency received a cash contribution of $300,000 restricted to the purchase of buses to be used in transporting senior citizens. On January 2 of that same year,
On January 1, 2012, a foundation made a pledge to pay $30,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary health and welfare organization
The Evangelical Private School follows FASB standards of accounting and reporting. Record the following transactions during the year ended June 30, 2012.1. Cash contributions were received as
The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following pre-closing trial balance at
The Folpe Museum Association, a nonprofit organization, had the following transactions for the year ended December 31, 2012.1. Cash contributions to the Association for the year included (a)
The Grant Wood Arts Association had the following trial balance as of January 1, 2012, the first day of the year:During the year ended December 31, 2012, the following transactions occurred:1. Cash
Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2011, the organization had the following account
The Association of Women in Government established an Educational Foundation to raise money to support scholarship and other education initiatives. The Educational Foundation is a private
For each of the following, identify (1) Which accounting standards–setting body has primary authority, (2) The required financial statements, and (3) The account titles used in the equity section
With regard to private-sector colleges and universities:a. List the three net asset classes required under FASB Statement 117.b. List the financial reports required under FASB Statement 117.c.
Define and outline the accounting required for each of the following types of agreements:a. Charitable lead trusts.b. Charitable remainder trusts.c. Perpetual trust held by a third party.
During the year ended June 30, 2012, the following transactions were recorded by St. Ann’s College, a private institution:1. Tuition and fees amounted to $6,800,000, of which $4,500,000 was
Record the following transactions on the books of Calvin College, which follows FASB standards, for Calvin’s fiscal year, which ends on June 30, 2012.1. During the year ended June 30, 2012, a donor
Record the following transactions on the books of Carnegie College, a private institution that follows FASB standards. The year is 2012.1. During 2012, Carnegie received a pledge in the amount of
Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2012.Assume the January 1, 2012, net asset balances are as follows: $1,000,000
Comprehensive Problem. As of July 1, 2011, the trial balance for Korner College was as follows:During the year ended June 30, 2012, the following transactions occurred:1. Cash collections included:
Presented below are comparative post-closing trial balances for a college. In addition, cash transactions for the year ended December 31, 2012, are summarized in the T-account.Comparative activity
Describe the accounting treatment by hospitals and health care organizations for each of the following:a. Charity care.b. Bad debts.c. Contractual adjustments.
Describe the accounting treatment by hospitals and health care organizations for property, plant, and equipment acquisitions using each of the following:a. Unrestricted resources.b. Temporarily
For each of the following transactions and events, indicate the effect it will have on each of the three categories appearing in the Statement of Operations for a not-for-profit health care
Briefly describe the following items related to financial reporting by(a) Private not-for-profit health care entities;(b) Government-owned health care entities;(c) Commercial health care entites:(1)
With regard to accounting for private, not-for-profit health care entities, do the following:a. Outline the accounting required, under FASB guidance, for a(n):(1) Endowment gift received in cash.(2)
During 2011, the following transactions were recorded by the Baton Rouge Community Hospital, a private-sector, not-for-profit institution.1. Gross charges for patient services, all charged to Patient
Record the following transactions on the books of Hope Hospital, which follows FASB and AICPA standards. The year is 2012.1. Hope received $135,000 in cash from pledges made in 2011 that were
St. Joseph’s Hospital follows FASB standards of accounting and reporting. On January 1, 2011, St. Joseph’s received $1,400,000, restricted to the purchase of cancer diagnostic equipment. On
As of January 1, 2012, the trial balance for Haven Hospital was as follows:During the fiscal year ended December 31, 2012, the following transactions occurred:1. Patient service revenue amounted to
Presented below are account balances for Monterey Hospital. In addition, cash transactions for the year ended December 31, 2012, are summarized in the T-account.Required:Using the information above
Presented below are the computed amounts of ratios for the Village of Elizabeth example appearing in the chapter.a. Using the financial statements provided in Illustrations 25 through
Presented below are financial statements (except cash flows) for two not-for-profit organizations. Neither organization has any permanently restricted net assets.a. Calculate the following
With regard to the Government Auditing Standards:a. Differentiate among the different types of professional engagements.b. Assume you are auditing a city that has a summer youth employment program.
You have been assigned the task of writing the audit report for the City of X. The scope includes the basic financial statements, although the report is attached to a complete Comprehensive Annual
With respect to the Single Audit Act of 1984 and amendment of 1996 relating to state and local governments and not-for-profit organizations:a. Distinguish between major and non-major programs.b. List
A local government has five federal grants. Expenditures amounted to $2,000,000 during the year, as follows:Type AHUD grant, new and never audited.........$600,000HHS grant, audited last year, no
With regard to tax-exempt organizations:a. Define a 501(c) (3) organization.b. Define a public charity.
With regard to filing requirements for 501(c)(3) organizations:a. List those entities that are not required to file.b. What are the three financial statements required in Form 990?
With regard to Unrelated Business Income Tax (UBIT), answer the following questions:a. Which four conditions will automatically exempt entities from UBIT?b. What are some exceptions to UBIT provided
You and a few friends have decided to establish a not-for-profit organization in your community to help provide shelter and food to the homeless and transients. Outline the steps you would take to
With regard to service efforts and accomplishments reporting, define the following terms:a. Service efforts.b. Service accomplishments.c. Inputs.d. Outputs.e. Outcomes.f. Efficiency measures.g.
Assume you are an analyst charged with the responsibility of advising investors regarding the general obligation and revenue bonds of 10 cities. You have Comprehensive Annual Financial Reports for
Indicate the information you would extract and some ratios you might calculate from the Comprehensive Annual Financial Report for each of the following major areas. Do not limit your answer to the 10
What are the required financial statements of a federal agency?
What are the required financial statements of the U.S. government?
What bodies are responsible for establishing accounting standards for the federal government and its agencies?
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