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Questions and Answers of Accounting

Martin Corporation, a U.S. import???export firm, enters into a forward contract on October 2, 2011, to speculate in euros. The contract requires Martin to deliver 1,000,000 euros to the exchange
In July of 2011, Sue enters into a forward agreement with Ann to lock in a sales price for wheat. Sue anticipates selling 300,000 bushels of wheat at the market in March of 2012. Ann agrees to a
Consider the same basic facts as in P12-2, but instead of a forward contract Sue purchases put options to sell 300,000 bushels at $6.20 per bushel. The options cost $0.05 a bushel.REQUIRED1.
The accounts of Lincoln International, a U.S. corporation, show $81,300 accounts receivable and $38,900 accounts payable at December 31, 2011, before adjusting entries are made. An analysis of the
Shelton Corporation of New York is an international dealer in jewelry and engages in numerous import and export activities. Shelton's receivables and payables in foreign currency units before
Define the functional currency concept and briefly describe how a foreign entity’s functional currency is determined. Why is this definition critical from a financial reporting perspective?
How does ASC Topic 830 define a highly inflationary economy? If the economy is deemed to be highly inflationary, which method for converting the financial statements to the reporting currency is
What procedure is used to allocate the investment purchase price at the date of acquisition of a foreign subsidiary?
Describe what the current rate method is and under what circumstances it should be used.
Describe what the temporal method is and under what circumstances it should be used.
If the current rate method is used, the gain or loss on translation is included under other comprehensive income. Explain why this makes sense economically.
The gain or loss on remeasurement is included in net income each year if the temporal method is used. Explain why this makes sense economically.
Under what circumstances would a foreign entity’s financials statements need to be both remeasured and translated? Would this process have an effect on both the income statement and other
If a company’s sales were very seasonal—for example, a holiday-tree grower—would it be appropriate to use the annual average exchange rate to translate and remeasure sales and other expenses?
In the current-rate-method example in the chapter, the parent’s other comprehensive income adjustment related to its investment in the subsidiary was larger than the other comprehensive income
Under the current rate method, all the expenses are translated using some form of current-period exchange rate. Under the temporal method, some expenses such as salaries and utilities are translated
How does the choice of functional currency affect how the gain or loss on a hedge of a net investment in a foreign subsidiary is reported in the financial statements?
1. A German subsidiary of a U.S. firm has the British pound as its functional currency. Under the provisions of ASC Topic 830, the U.S. dollar from the subsidiary’s viewpoint would be:(a) Its local
1. When consolidated financial statements for a U.S. parent and its foreign subsidiary are prepared, the account balances expressed in foreign currency must be converted into the currency of the
On January 1, 2011, Pai, a U.S. firm, purchases all the outstanding capital stock of Sta, a British firm, for $990,000, when the exchange rate for British pounds is $1.65. The book values of Sta's
Stadt Corporation of the Netherlands is a 100 percent-owned subsidiary of Port Corporation, a U.S. firm, and its functional currency is the U.S. dollar. Stadt’s books of record are maintained in
On January 1, 2011, Pan acquired all the stock of Sim of Belgium for $1,200,000, when Sim had 20,000,000 euros (Eu) capital stock and Eu 15,000,000 retained earnings. Sim’s net assets were fairly
Pal acquired all the stock of Sta of Britain on January 1, 2011, for $163,800, when Sta had capital stock of £60,000 and retained earnings of £30,000. Sta’s assets and liabilities were fairly
Pac of the United States purchased all the outstanding stock of Swi of Switzerland for $1,350,000 cash on January 1, 2011. The book values of Swi's assets and liabilities were equal to fair values on
1. Fay had a realized foreign exchange loss of $15,000 for the year ended December 31, 2011, and must also determine whether the following items will require year-end adjustment: Fay had an $8,000
Pak purchased a 40 percent interest in Sco of Germany for $1,080,000 on January 1, 2011. The excess cost over book value is due to a patent with a 10-year amortization period. A summary of Sco's net
Pla purchased a 40 percent interest in Sor, a foreign company, on January 1, 2011, for $342,000, when Sor's stockholders' equity consisted of 3,000,000 LCU capital stock and 1,000,000 LCU retained
Pyl acquired all the outstanding capital stock of Soo of London on January 1, 2011, for $800,000, when the exchange rate for British pounds was $1.60 and Soo's stockholders' equity consisted of
Pet acquired 80 percent of the common stock of Sul for $4,000,000 on January 2, 2011, when the stockholders' equity of Sul consisted of 5,000,000 euros capital stock and 2,000,000 euros retained
Par of Chicago acquired all the outstanding capital stock of Sar of London on January 1, 2011, for $1,200,000. The exchange rate for British pounds was $1.60 and Sar's stockholders' equity was
Phi, a U.S. firm, acquired 100 percent of Stu's outstanding stock at book value on January 1, 2011, for $112,000. Stu is a New Zealand company, and its functional currency is the U.S. dollar. The
Pel, a U.S. firm, paid $308,000 for all the common stock of Sar of Israel on January 1, 2011, when the exchange rate for sheqels was $0.35. Sar's equity on this date consisted of 500,000 sheqels
PWA Corporation paid $1,710,000 for 100 percent of the stock of SAA Corporation on January 1, 2011, when the stockholders' equity of SAA consisted of 5,000,000 LCU capital stock and 3,000,000 LCU
San is a 90 percent-owned foreign subsidiary of Par, acquired by Par on January 1, 2011, at book value equal to fair value, when the exchange rate for LCUs of San's home country was $0.24. Sans
What is an operating segment?
What is a reportable segment according to FASB ASC Topic 280? What criteria are used in determining what operating segments are also reportable segments?
How are the segments that are not reportable segments handled in the required disclosures of FASB ASC Topic 280?
Describe the 10% operating-profit test for determining reportable segments.
Describe the 10% asset test for determining reportable segments.
Assume that an enterprise has ten operating segments. Of these, five segments qualify as reportable segments by passing one of the 10% tests. However, their combined revenues from sales to
What disclosures are required for the reportable segments and all remaining segments in the aggregate?
When is an enterprise required to include information in its financial statements about its foreign and domestic operations?
Must a major customer be identified by name?
Do the requirements of FASB ASC Topic 280 apply to financial statements for interim periods? If so, how?
Explain how a company estimates its annual effective tax rate for interim reporting purposes.
What is the difference between the integral theory and the discrete theory with respect to interim financial reporting?
Describe the minimum financial information to be disclosed in interim reports under the provisions of FASB ASC Topic 270.
1. The disclosure requirements for an operating segment do not include:(a) Unusual items(b) Income tax expense or benefit(c) Extraordinary items(d) Cost of goods or services sold2. A reconciliation
Vic Corporation operates entirely in the United States but in different industries. It segments the business based on industry. Total sales of the segments, including intersegment sales, are as
Sur Corporation's internal divisions are based on industry. The revenues, operating profits, and assets of the operating segments of Sur are presented in thousands of dollars as follows: REQUIRED:
The sales in thousands of dollars of the segments of Wow Corporation (Wow is organized on a geographic basis) for 2011 are as follows: The $178,000 sales to unaffiliated customers is the amount of
1. Coy Corporation and its divisions are engaged solely in manufacturing operations. The following data (consistent with prior years' data) pertain to the industries in which operations were
A summary of the segment operations of the Nog Corporation for the year ended December 31, 2011, follows: 1. For which of the following geographic areas will separate disclosures be required if only
1. Interim reporting under FASB ASC Topic 270 guidelines refers to financial reporting:(a) On a monthly basis(b) On a quarterly basis(c) On a regular basis(d) For periods less than a year2. A
The estimated and actual pretax incomes of Ent Corporation by quarter for 2011 were as follows: Ent calculated its estimated annual effective income tax rate to be 27.8333 percent, based on
1. An inventory loss from a market price decline occurred in the first quarter, and the decline was not expected to reverse during the fiscal year. However, in the third quarter, the inventory's
Tap Manufacturing Company records sales of $1,000,000 and cost of sales of $550,000 during the first quarter of 2011. Tap uses the LIFO inventory method, and its inventories are computed as follows:
The following information has been accumulated for use in preparing segment disclosures for Wod Corporation (in thousands): REQUIRED1. Determine Wod's reportable segments under the 10 percent
The following data for 2011 relate to Hay Industries, a worldwide conglomerate: REQUIRED: Answer the following questions related to Hay's required segment disclosures and show computations:1.
DaP Corporation's home country is the United States, but it also has operations in Canada, Mexico, Brazil, and South Africa and reports internally on a geographic basis. Information relevant to DaP's
Mer Corporation has five major operating segments and operates in both domestic and foreign markets. Mer is organized internally on an industry basis. Information about its revenue from operating
Selected information, which is reported to the chief operating officer, for the five segments of Rad Company for the year ended December 31, 2011, is as follows: The lumber segment has not been a
The consolidated income statement of Tut Company for 2011 is as follows (in thousands): Tut's operations are conducted through three domestic operating segments with sales, expenses, and assets as
The information that follows is for Cob Company at and for the year ended December 31, 2011. Cob's operating segments are cost centers currently used for internal planning and control purposes.
Tor Corporation is subject to income tax rates of 20 percent on its first $50,000 pretax income and 34 percent on amounts in excess of $50,000. Quarterly pretax accounting income for the calendar
Explain why the noncash investments of partners should be recorded at their fair values.
Is there a conceptual difference between partner drawings and withdrawals? Is there a practical difference?
Why do some profit sharing agreements provide for salary and interest allowances?
When a profit sharing agreement specifies that profits should be divided using the ratio of capital balances, how should capital balances be computed?
Explain how a partner could have a loss from partnership operations for a period even though the partnership had net income.
The concept of partnership dissociation has a technical meaning under the provisions of UPA. Explain the concept.
If a partner sells his or her partnership interest directly to a third party, the partnership may or may not be dissolved. Under what conditions is the partnership dissolved?
How does the purchase of an interest from existing partners differ from the acquisition of an interest by investment in a partnership?
Why is the goodwill procedure best described as a revaluation procedure?
Explain the bonus procedure for recording an investment in a partnership. When is the bonus applicable to old partners, and when is it applicable to new partners?
The goodwill procedure was used to record the investment of a new partner in the XYZ Partnership, but immediately thereafter, the entire business was sold for an amount equal to the recorded capital
Bob invests $10,000 cash for a 25 percent interest in the capital and earnings of the BOP Partnership. Explain how this investment could give rise to (a) Recording goodwill, (b) The write-down of the
Car and Lam establish an equal partnership in both equity and profits to operate a used-furniture business under the name of C&L Furniture. Car contributes furniture inventory that cost $120,000 and
Arnold, Beverly, and Carolyn are partners who share profits and losses 40:40:20, respectively, after Beverly, who manages the partnership, receives a bonus of 10 percent of income, net of the bonus.
Mel and Dav created a partnership to own and operate a health-food store. The partnership agreement provided that Mel receive a salary of $10,000 and Dav a salary of $5,000 to recognize their
The partnership agreement of Dan, Hen, and Bai provides that profits are to be divided as follows:■ Bai receives a salary of $24,000, and Hen receives a salary of $18,000 for time spent in the
On December 31, 2011, the total partnership capital (assets less liabilities) for the Bird, Cage, and Dean partnership is $186,000. Selected information related to the preclosing capital balances as
Capital balances and profit and loss sharing ratios of the partners in the BIG Entertainment Galley are as follows:Ben capital (50%) .... $ 700,000Irv capital (30%) ..... 480,000Geo capital (20%)
The capital accounts of the Fax and Bel partnership on September 30, 2011, were:Fax capital (75% profit percentage) ... $140,000Bel capital (25% profit percentage) ... 60,000Total capital
Bow and Mon are partners in a retail business and divide profits 60 percent to Bow and 40 percent to Mon. Their capital balances at December 31, 2011, are as follows:Bow capital .... $90,000Mon
The capital balances and profits and loss sharing percentages for the Sprint, Jog, and Run partnership at December 31, 2011, are as follows:Sprint capital (30%) ... $160,000Jog capital (50%) ....
Capital balances and profit sharing percentages for the partnership of Man, Eme, and Fot on January 1, 2011, are as follows:Man (36%) ...... $140,000Eme (24%) ..... 100,000Fot (40%) ...... 160,000
Capital balances and profit and loss sharing ratios for the Nix, Man, and Per partnership on December 31, 2011, just before the retirement of Nix, are as follows:Nix capital (30%) ...... $128,000Man
A balance sheet at December 31, 2011, for the Beck, Dee, and Lynn partnership is summarized as follows: Dee is retiring from the partnership. The partners agree that partnership assets, excluding
Kathy and Eddie formed the K & E partnership several years ago. Capital account balances on January 1, 2011, were as follows:Kathy ..... $496,750Eddie ..... $268,250The partnership agreement
The capital account balances and profit and loss sharing ratios of the Byd, Box, Dar, and Fus partnership on December 31, 2011, after closing entries are as follows:Byd (30%) ..... $ 30,000Box (20%)
1. Bill and Ken enter into a partnership agreement in which Bill is to have a 60% interest in capital and profits and Ken is to have a 40% interest in capital and profits. Bill contributes the
1. Shirley purchased an interest in the Tony and Olga partnership by paying Tony $40,000 for half of his capital and half of his 50 percent profit sharing interest. At the time, Tony's capital
1. Cob, Inc., a partner in TLC Partnership, assigns its partnership interest to Bean, who is not made a partner. After the assignment, Bean asserts the rights to:I Participate in the management of
1. Partners Allen, Baker, and Coe share profits and losses 50:30:20, respectively. The balance sheet at April 30, 2011, follows: The assets and liabilities are recorded and presented at their
The partnership agreement of Kray, Lam, and Mann provides for the division of net income as follows:1. Lam, who manages the partnership, is to receive a salary of $11,000 per year.2. Each partner is
After operating as partners for several years, Gro and Ham decided to sell one-half of each of their partnership interests to Iot for a total of $70,000, paid directly to Gro and Ham.At the time of
The Cas, Don, and Ear partnership balance sheet and profit and loss percentages at June 30, 2011, are summarized as follows: On July 1, 2011, the partners agree that Cas is to retire immediately
Ellen, Fargo, and Gary are partners who share profits and losses 20 percent, 20 percent, and 60 percent, respectively, after Ellen and Fargo each receive a $12,000 salary allowance. Capital balances
The partnership of Mortin and Oscar is being dissolved, and the assets and equities at book value and fair value and the profit and loss sharing ratios at January 1, 2011, are as follows: Mortin

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