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Questions and Answers of Accounting

Pat Corporation purchased 40 percent of the voting stock of Sue Corporation on July 1, 2011, for $300,000. On that date, Sue's stockholders' equity consisted of capital stock of $500,000, retained
John Corporation acquired a 70 percent interest in Jojo Corporation on April 1, 2011, when it purchased 14,000 of Jojo's 20,000 outstanding shares in the open market at $13 per share. Additional
When does a corporation become a subsidiary of another corporation?
In allocating the excess of investment fair value over book value of a subsidiary, are the amounts allocated to identifiable assets and liabilities (land and notes payable, for example) recorded
If the fair value of a subsidiary’s land was $100,000 and its book value was $90,000 when the parent acquired its 100 percent interest for cash, at what amount would the land be included in the
Define or explain the terms parent company, subsidiary company, affiliates, and associates.
What is a noncontrolling interest?
Describe the circumstances under which the accounts of a subsidiary would not be included in the consolidated financial statements.
A summary of changes in Pen Corporation's Investment in Sam account from January 1, 2011, to December 31, 2013, follows (in thousands): ADDITIONAL INFORMATION1. Pen acquired its 80 percent interest
Pop Corporation acquired a 70 percent interest in Stu Corporation on January 1, 2011, for $1,400,000, when Stu's stockholders' equity consisted of $1,000,000 capital stock and $600,000 retained
In what general ledger would you expect to find the account “goodwill from consolidation”?
How should the parent’s investment in subsidiary account be classified in a consolidated balance sheet? In the parent’s separate balance sheet?
Name some reciprocal accounts that might be found in the separate records of a parent and its subsidiaries.
Why are reciprocal amounts eliminated in preparing consolidated financial statements?
How does the stockholders’ equity of the parent that uses the equity method of accounting differ from the consolidated stockholders’ equity of the parent and its subsidiaries?
Is there a difference in the amounts reported in the statement of retained earnings of a parent that uses the equity method of accounting and the amounts that appear in the consolidated retained
Is noncontrolling interest share an expense? Explain.
Describe how total noncontrolling interest at the end of an accounting period is determined.
What special procedures are required to consolidate the statements of a parent that reports on a calendar year basis and a subsidiary whose fiscal year ends on October 31?
Does the acquisition of shares held by noncontrolling shareholders constitute a business combination?
1. A 75 percent-owned subsidiary should not be consolidated when:a. Its operations are dissimilar from those of the parent companyb. Control of the subsidiary does not lie with the parent companyc. T
1. Under GAAP, a parent company should exclude a subsidiary from consolidation if:a. I t measures income from the subsidiary under the equity methodb. T he subsidiary is in a regulated industryc. T
1. Cobb Company's current receivables from affiliated companies at December 31, 2011, are (1) a $75,000 cash advance to Hill Corporation (Cobb owns 30 percent of the voting stock of Hill and accounts
Pin Corporation paid $1,800,000 for a 90 percent interest in San Corporation on January 1, 2011; San's total book value was $1,800,000. The excess was allocated as follows: $60,000 to undervalued
On December 31, 2011, the separate-company financial statements for Pan Corporation and its 70 percent-owned subsidiary, Sad Corporation, had the following account balances related to dividends (in
Book values and fair values of Sli Corporation's assets and liabilities on December 31, 2010, are as follows (in thousands): On January 1, 2011, Por Corporation acquires all of Sli's capital stock
Summary income statement information for Pas Corporation and its 70 percent-owned subsidiary, Sit, for the year 2012 is as follows (in thousands): REQUIRED: 1. Assume that Pas acquired its 70
Pob Corporation acquired an 80 percent interest in Sof Corporation on January 2, 2011, for $1,400,000. On this date the capital stock and retained earnings of the two companies were as follows (in
Pas and Sal Corporations' balance sheets at December 31, 2010, are summarized as follows (in thousands): Pas acquired 80 percent of the voting stock of Sal on January 2, 2011, at a cost of
Comparative income statements of Pek Corporation and Slo Corporation for the year ended December 31, 2013, are as follows (in thousands): ADDITIONAL INFORMATION1. Slo is a 90 percent-owned
On December 31, 2011, Pen Corporation purchased 80 percent of the stock of Sut Company at book value. The data reported on their separate balance sheets immediately after the acquisition follow. At
Par Corporation acquired 70 percent of the outstanding common stock of Set Corporation on January 1, 2011, for $350,000 cash. Immediately after this acquisition the balance sheet information for the
PJ Corporation pays $5,400,000 for an 80 percent interest in Sof Corporation on January 1, 2011, at which time the book value and fair value of Sof's net assets are as follows (in
Pam Corporation purchased a block of Sap Company common stock for $520,000 cash on January 1, 2011. Separate-company and consolidated balance sheets prepared immediately after the acquisition are
Adjusted trial balances for Pal and Sor Corporations at December 31, 2011, are as follows (in thousands): Pal purchased all the stock of Sor for $800,000 cash on January 1, 2011, when Sor's
Per Corporation paid $900,000 cash for 90 percent of Sim Corporation's common stock on January 1, 2011, when Sim had $600,000 capital stock and $200,000 retained earnings. The book values of Sim's
Por Corporation acquired 80 percent of the outstanding stock of Sle Corporation for $560,000 cash on January 3, 2011, on which date Sle's stockholders' equity consisted of capital stock of $400,000
On January 1, 2011, Pod Corporation made the following investments: 1. Acquired for cash, 80 percent of the outstanding common stock of Saw Corporation at $140 per share. The stockholders' equity of
Pan Corporation purchased 90 percent of Son Corporation's outstanding stock for $7,200,000 cash on January 1, 2011, when Son's stockholders' equity consisted of $4,000,000 capital stock and
The consolidated balance sheet of Pan Corporation and its 80 percent subsidiary, Sun Corporation, contains the following items on December 31, 2015 (in thousands): Pan Corporation uses the equity
How does partnership liquidation differ from partnership dissolution?
What is a simple partnership liquidation, and how are distributions to partners computed?
UPA specifies a priority ranking for distribution of partnership assets in liquidation. What is the ranking?
What is the right of offset rule? How does it affect the amount to be distributed to partners in a liquidation?
What assumptions are made in determining the amount of distributions (or safe payments) to individual partners prior to the recognition of all gains and losses on liquidation?
What are partner equities? Why are partner equities rather than partner capital balances used in the preparation of safe payments schedules?
How do safe payments computations affect partnership ledger account balances?
What is a statement of partnership liquidation, and how is the statement helpful to partners and other parties involved in partnership liquidation?
A partnership in liquidation has satisfied all of its non-partner liabilities and has cash available for distribution to partners. Under what circumstances would it be permissible to divide available
What are vulnerability ranks? How are they used in the preparation of cash distribution plans for partnership liquidations?
If a partnership is insolvent, how is the amount of cash distributed to individual partners determined?
When all partnership assets have been distributed in the liquidation of a partnership, some partners may have debit capital balances and others may have credit capital balances. How are such balances
The partnership of Folly and Frill is in the process of liquidation. On January 1, 2011, the ledger shows account balances as follows: On January 10, 2011, the lumber inventory is sold for
After closing entries were made on December 31, 2011, the ledger of Mike, Nan, and Okey contained the following balances: Due to unsuccessful operations, the partners decide to liquidate the
Fred, Ethel, and Lucy have decided to liquidate their partnership. Account balances on January 1, 2011, are as follows: The partners agree to keep a $10,000 contingency fund and to distribute
Jan, Kim, and Lee announce plans to liquidate their partnership immediately. The assets, equities, and profit and loss sharing ratios are summarized as follows. The other assets are sold for
The profit and loss sharing agreement of the partnership of Ali, Bart, and Carrie provides a salary allowance for Ali and Carrie of $10,000 each. Partners receive a 10 percent interest allowance on
A condensed balance sheet with profit sharing percentages for the Evers, Freda, and Grace partnership on January 1, 2011, shows the following: On January 2, 2011, the partners decide to liquidate
The partnership of Alice, Betty, and Carle became insolvent during 2011, and the partnership ledger shows the following balances after all partnership assets have been converted into cash and all
After all partnership assets were converted into cash and all available cash distributed to creditors, the ledger of the Daniel, Eric, and Fred partnership showed the following balances: The
The partnership of Ace, Ben, Cid, and Don is dissolved on January 5, 2011, and the account balances at June 30, 2011, after all non-cash assets are converted into cash, are as follows: 1. The
The partnership of Denver, Elsie, Fannie, and George is being liquidated over the first few months of 2011. The trial balance at January 1, 2011, is as follows: 1. The partners agree to retain
The assets and equities of the Quen, Reed, and Stacy partnership at the end of its fiscal year on October 31, 2011, are as follows: The partners decide to liquidate the partnership. They estimate
1. In a partnership liquidation, the final cash distribution to the partners should be made in accordance with the: a. Partner profit and loss sharing ratios b. Balances of partner capital
Barney, Betty, and Rubble are partners in a business that is in the process of liquidation. On January 1, 2011, the ledger accounts show the balances indicated: The cash is distributed to partners
The December 31, 2011, balance sheet of the Chan, Dickerson, and Grunther partnership, along with the partners' residual profit and loss sharing ratios, is summarized as follows: The partners
Fred, Flint, and Wilma announced the liquidation of their partnership beginning on January 1, 2011. Profits and losses are divided 30 percent to Fred, 20 percent to Flint, and 50 percent to Wilma.
The partnership of Gary, Henry, Ian, and Joseph is preparing to liquidate. Profit and loss sharing ratios are shown in the summarized balance sheet at December 31, 2011, as follows: REQUIRED1.
Eli, Joe, and Ned agree to liquidate their consulting practice as soon as possible after the close of business on July 31, 2011. The trial balance on that date shows the following account
Jones, Smith, and Tandy are partners in a furniture store that began liquidation on January 1, 2011, when the ledger contained the following account balances: The following transactions and events
The after-closing trial balance of the Lin, Mary, and Nell partnership at December 31, 2011, was as follows: ADDITIONAL INFORMATION1. The partnership is to be liquidated as soon as the assets can
Jason, Kelly, and Becky, who share partnership profits 50 percent, 30 percent, and 20 percent, respectively, decide to liquidate their partnership. They need the cash from the partnership as soon as
The balance sheet of Roger, Susan, and Tom, who share partnership profits 30 percent, 30 percent, and 40 percent, respectively, included the following balances on January 1, 2011, the date of
Account balances for the Rob, Tom, and Val partnership on October 1, 2011, are as follows: The partners have decided to liquidate the business. Activities for October and November are as
The adjusted trial balance of the Jee, Moore, and Olsen partnership at December 31, 2011, is as follows:Cash ............ $ 50,000Accounts receivable—net .... 100,000Nonmonetary
The after-closing trial balances of the Beams, Plank, and Timbers partnership at December 31, 2011, included the following accounts and balances:Cash ................. $120,000Accounts
Bankruptcy proceedings may be designated as voluntary or involuntary . Distinguish between the two types, including the requirements for filing of an involuntary petition.
What are the duties of the U.S. trustee under BAPCPA? Do U.S. trustees supervise the administration of all bankruptcy cases?
What obligations does a debtor corporation have in a bankruptcy case?
Is a trustee appointed in Title 11 cases? In all Chapter 7 cases? Discuss.
Describe the duties of a trustee in a liquidation case under the BAPCPA 1978.
Which unsecured claims have priority in a Chapter 7 liquidation case? Discuss in terms of priority ranks.
Does the BAPCPA establish priorities for holders of unsecured non-priority claims (that is, general unsecured claims)?
What is the purpose of a statement of affairs, and how are assets valued in this statement?
Does filing a case under Chapter 11 of the bankruptcy act mean that the company will not be liquidated? Discuss.
What is a debtor-in-possession reorganization case?
When can a creditors’ committee file a plan of reorganization under a Chapter 11 case?
Discuss the requirements for approval of a plan of reorganization.
Describe prepetition liabilities subject to compromise on the balance sheet of a company operating under Chapter 11 of the bankruptcy act.
The reorganization value of a firm emerging from Chapter 11 bankruptcy is used to determine the accounting of the reorganized company. Explain reorganization value as used in FASB ASC 852.
FASB ASC 852 provides two conditions that must be met for an emerging firm to use fresh-start reporting. What are these two conditions?
A firm emerging from Chapter 11 bankruptcy that does not qualify for fresh-start reporting must still report the effect of the reorganization plan on its financial position and results of operations.
1. Bankruptcy Insolvency means:a. Book value of assets is greater than liabilitiesb. Fair value of assets is less than liabilitiesc. Inability to meet financial obligations as they come dued.
Use the following information in answering questions 1 and 2:Hal Company filed for protection from creditors under Chapter 11 of the bankruptcy act on July 1, 2011. Hal had the following liabilities
Ram holds a $200,000 note receivable from Pat. It has been learned that Pat filed for Chapter 7 bankruptcy and that the expected recovery of non-secured claims is 35¢ on the dollar. Inventory items
Bax has been operating under Chapter 11 of the Bankruptcy Code for the past 15 months. On March 31, 2011, just before confirmation of its reorganization plan, Bax’s reorganization value is
Hol is in bankruptcy and is being liquidated by a court-appointed trustee. The financial report that follows was prepared by the trustee just before the final cash
The balance sheet of Sco appeared as follows on March 1, 2011, when an interim trustee was appointed by the U.S. trustee to assume control of Sco's estate in a Chapter 7 case. ADDITIONAL
Justin Corporation filed a petition under Chapter 7 of the bankruptcy act in January 2011. On March 15, 2011, the trustee provided the following information about the corporation's financial
Fabulous Fakes Corporation is being liquidated under Chapter 7 of the bankruptcy act. All assets have been converted into cash, and $374,500 cash is available to pay the following claims:1.

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