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Questions and Answers of
Corporate Finance
Millager Company is a U.S.-based multinational corporation with the U.S. dollar (USD) as its reporting currency. To prepare consolidated financial statements for 2017, the company must translate the
When should a company begin gathering information about differences between IFRS and its existing GAAP to assist in its first time adoption of IFRS?
Has the IASB-FASB convergence process been successful?
Why is it important for U.S. accountants to be familiar with IFRS?
What are three differences between IFRS and U.S. GAAP with respect to the recognition of financial statement items?
What are two differences between IFRS and U.S. GAAP with respect to the classification of financial statement items?
In general terms, how does IFRS for SMEs differ from full IFRS?
Sorocaba Ltda. sold a building to Banco Janeiro on January 1, 2017, for 200,000 reais and then leased it back under a 10-year lease agreement, which is accounted for as an operating lease.The
Izmir A.S. issued convertible bonds at their face value of 100,000 lira on December 31, 2017. The bonds have a 10-year life with interest of 10 percent payable annually. At the date of issue, the
Surat Limited paid cash to acquire an aircraft on January 1, 2017, at a cost of 30,000,000 rupees. The aircraft has an estimated useful life of 40 years and no salvage value. The company has
On January 1, 2017, Xiamen Company made amendments to its defined benefit pension plan that resulted in 60,000 yuan of past service cost. The plan has 5,000 active employees with an average expected
Mikkeli OY acquired a brand name with an indefinite life in 2015 for 40,000 markkas. At December 31, 2017, the brand name could be sold for 35,000 markkas, with zero costs to sell. Expected cash
Llungby AB spent 1,000,000 krone in 2017 on the development of a new product. The company determined that 25 percent of this amount was incurred after the criteria in IAS 36 for capitalization as an
Sapporo K.K. was sued by a competitor in late 2017, and company management concluded that there was a 55 percent probability that the company would lose the lawsuit. The best estimate of the loss on
Tapatio S.A. de C.V. acquired a new piece of manufacturing equipment on January 1, 2016, for a cash price of 500,000 pesos. The equipment was expected to have a useful life of 10 years and no
Harrington Company was sued by an employee in late 2017. General counsel concluded that there was an 80 percent probability that the company would lose the lawsuit. The range of possible loss is
Parnell Company acquired construction equipment on January 1, 2017, at a cost of $78,400. The equipment was expected to have a useful life of six years and a residual value of $10,000 and is being
Trecek Corporation incurs research and development costs of $650,000 in 2017, 30 percent of which relate to development activities subsequent to IAS 36 criteria having been met that indicate an
Rawl Corporation sold a building to a bank at the beginning of 2017 at a gain of $76,000 and immediately leased the building back for a period of four years. The lease is accounted for as an
Hirsch Company acquired equipment at the beginning of 2017 at a cost of $135,000. The equipment has a five-year life with no expected salvage value and is depreciated on a straight-line basis. At
Quantacc Ltd. began operations on January 1, 2015, and uses IFRS to prepare its consolidated financial statements. Although not required to do so, to facilitate comparisons with companies in the
Go to the website www.sec.gov and, under the Filings heading, click on "Filings" and then click on "Company Filing Search." Enter the name of a well-known company such as Facebook. A list of
If a company is not required to follow U.S. GAAP, a statement of realization and liquidation can be prepared during liquidation. What information can be gained from this statement?
Why should a company monitor the reporting of goodwill prior to the filing of a bankruptcy petition?
What situations might raise substantial doubt that a company can meet its financial obligations as they come due for one year from the issuance of the financial statements?
What is meant by the term fresh start accounting?
A company believes that there might be substantial doubt that it can meet its financial obligations as they come due for one year from the issuance of its financial statements. What plans might
A company's management believes that substantial doubt exists that the company can meet its financial obligations as they come due for a one-year period from the issuance of its financial statements.
A company's management believes that substantial doubt exists that the company can meet its financial obligations as they come due for a one-year period of time from the issuance of its financial
Jaez Corporation is in the process of going through a reorganization. As of December 31, 2017, the company's accountant has determined the following information although the company is still several
Ristoni Company is in the process of emerging from a Chapter 11 bankruptcy. It will apply fresh start accounting as of December 31, 2017. The company currently has 30,000 shares of common stock
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2017, the date on which the company is to file a voluntary petition of bankruptcy: LIMESTONE
The following balance sheet has been produced for Litz Corporation as of August 8, 2017, the date on which the company is to begin selling assets as part of a corporate liquidation:LITZ
Becket Corporation's accountant has prepared the following balance sheet as of November 10, 2017, the date on which the company is to release a plan for reorganizing operations under Chapter 11 of
Lynch, Inc., is a hardware store operating in Boulder, Colorado. Management recently made some poor inventory acquisitions that have loaded the store with unsalable merchandise. Because of the drop
Use the trial balance presented for Lynch, Inc., in problem (51). Assume that the company will be liquidated and the following transactions will occur:In problem (51)∙ Accounts receivable of
Go the following story about the bankruptcy filing of the Great Atlantic & Pacific Tea Company (better known as A & P): www.usatoday.com/story/money/2015/07/20/p-grocery-chain-filesbankruptcy
Go to www.epiqbankruptcysolutions.com or www.kccllc.net and select one of the current active bankruptcy cases.RequiredLook through all of the information that is available for the case that you
Go to www.epiqbankruptcysolutions.com or www.kccllc.net and select one of the current active bankruptcy cases. If available, go to an online business publication database such as Factiva or
The Prince-Robbins partnership has the following capital account balances on January 1, 2018:Prince, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000Robbins, Capital . . . . . . .
Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2018, capital balances were as follows:Purkerson . . . . . . . . . . . . . . . . .
On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $30,000, $58,000, and $60,000, respectively. Over the next three years, the business
In the early part of 2018, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2017 but had never used an accountant's services.Hugh
Boswell and Johnson form a partnership on May 1, 2016. Boswell contributes cash of $50,000; Johnson conveys title to the following properties to the partnership:______________________ Book Value
Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California, to be operated as a partnership. Gray and Stone will serve as the senior partners because of their
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2018: Assets . . . . . . . . . . . . $320,000 Liabilities . . . . . . . . . .
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a
Erin Carson, Megyn Delaney, and Caitlin Erikson form a partnership as a first step in creating a business. Carson invests most of the capital but does not plan to be actively involved in the
Kelly Fernandez and Michael Webster have decided to create a business. They have financing available and have a well-developed business plan. However, they have not yet decided which type of legal
The Ace and Deuce partnership has been created to operate a law firm. The partners are attempting to devise a fair system to allocate profits and losses. Ace plans to work more billable hours each
Go to the Buckeye Partners, L.P. website where forms filed with the SEC are available through the Investor Center. Find Buckeye's recent annual financial statements in their 10-K report for the
The balance sheet for the Delphine, Xavier, and Olivier partnership follows:Delphine, Xavier, and Olivier share profits and losses in the ratio of 4:4:2, respectively. The partners have agreed to
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis respectively wish to retire and have agreed to liquidate the business. Liquidation
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash . . . . . . . . . . . . . . . . . . . . . . $ 36,000 Noncash assets . . . . . .
The partnership of Hendrick, Mitchum, and Redding has the following account balances:Cash . . . . . . . . . . . . . . . . . . . . . . $ 50,000Noncash assets . . . . . . . . . . . . . .
The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $20,000 but no other assets. Liabilities amount to $30,000. The capital balances areAnderson
The partnership of Winn, Xie, Yang, and Zed has the following balance sheet:Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $10,000 that is
The partnership of Butler, Osman, and Ward was formed several years as a local tax preparation firm. Two partners have reached retirement age and the partners have decided to terminate operations and
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2017. Prepare a condensed statement of revenues, expenditures, and other changes in
Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2017. Not all transactions have been included here. Only the general fund
A city has only one activity, its school system. The school system is accounted for within the general fund. For convenience, assume that, at the start of 2017, the school system and the city have no
The following transactions relate to the General Fund of the city of Lost Angels for the year ending December 31, 2017. Prepare a statement of revenues, expenditures, and other changes in fund
Government officials of the City of Jones expect to receive general fund revenues of $400,000 in 2017 but approve spending only $380,000. Later in the year, as they receive more information, they
On December 1, 2017, a state government awards a city government a grant of $1 million to be used specifically to provide hot lunches for all schoolchildren. No money is received until June 1, 2018.
During 2017, the City of Coyote contracted to build a bus stop for schoolchildren costing $10,000 as a special assessments project for which it collected $10,000 from affected citizens. The
On December 30, 2017, the City of Coyote borrowed $20,000 for the general fund on a 60-day note. In that fund, both Cash and Other Financing Sources were recorded. In the general information above
An art display set up for the City of Coyote was recorded within the general fund and generated revenues of $9,000 but had expenditures of $45,000 ($15,000 in expenses and $30,000 to buy land for the
The City of Coyote mailed property tax bills for 2018 to its citizens during August 2017. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15,
The City of Coyote mailed property tax bills for 2018 to its citizens during August 2017. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15,
In 2017, the City of Coyote received a $320,000 cash grant from the state to reduce air pollution. Assume that although a special revenue fund could have been set up, the money remained in the
During 2017, the City of Coyote's General Fund received $10,000, which was recorded as a general revenue when it was actually a program revenue earned by its park program.a. What was the correct
Authoritative GAAP for state and local governments is divided into two categories with the first category having more authority than the second. What sources of GAAP are found in both of these
What does the management's discussion and analysis (MD&A) normally include? Where does a state or local government present this information? Discuss in detail.
The accountants for a city government are attempting to determine the appropriate method of reporting a series of unique financial transactions. They have reviewed all of the authoritative sources of
Officials for the city of Winfield have agreed to forgo real estate taxes normally charged to Jamieson Corporation for the subsequent 10 years. In exchange, Jamieson has agreed to build a
On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time,
The City of Lawrence opens a solid waste landfill in 2017 that is at 54 percent of capacity on December 31, 2017. The city had initially anticipated closure costs of $2 million but later that year
On January 1, 2017, a rich citizen of the Town of Ristoni donates a painting valued at $300,000 to be displayed to the public in a government building. Although this painting meets the three criteria
On January 1, 2017, the City of Graf pays $60,000 for a work of art to display in the local library.The city will take appropriate measures to protect and preserve the piece. However, if the work is
The County of Maxnell decides to create a sanitation department and offer its services to the public for a fee. As a result, county officials plan to account for this activity within the enterprise
The following information pertains to the City of Williamson for 2017, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three
The City of Bernard starts the year of 2017 with the following unrestricted amounts in its general fund: cash of $20,000 and investments of $70,000. In addition, it holds a small building bought on
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the
Use the information in problem 37 to prepare the 2017 fund financial statements for the governmental funds and the proprietary funds. A statement of cash flows is not required. Assume that
The Watson Foundation, a private not-for-profit entity, starts 2017 with cash of $100,000; contributions receivable (net) of $200,000; investments of $300,000; and land, buildings, and equipment of
What are temporarily restricted net assets?
What are permanently restricted net assets?
During the year ended December 31, 2017, Anderson Hospital (operated as a private not-for-profit entity) received and incurred the following:Fair value of donated medicines . . . . . . . . . . . . .
Under Lennon Hospital's rate structure, it earned patient service revenue of $9 million for the year ended December 31, 2017. However, Lennon did not expect to collect this entire amount because it
Wilson Center is a private not-for-profit voluntary health and welfare entity. During 2017, it received unrestricted pledges of $600,000, 60 percent of which were payable in 2017, with the remainder
Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for-profit entity that operates in Missouri. The leaders of these two organizations have
During 2016, an estate generated income of $20,000:Rental income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,000Interest income . . . . . . . . . . . . . . . . . . . . . . . . .
James Albemarle created a trust fund at the beginning of 2016. The income from this fund will go to his son Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed to
The major advantage of debt financing is: a. It allows a firm to use creditors' money. b. Interest payments are more predictable than dividend payments. c. Interest payments are not required when a
Economic units that need to borrow money are said to be: a. Lender-savers b. Borrower-spenders c. Balanced budget keepers. d. None of the above.
How does the business cycle affect the nominal interest rate and inflation rate?
Depreciation and amortization expenses are: a. Part of current assets on the balance sheet. b. After-tax expenses that reduce a firm's cash flows. c. Long-term liabilities that reduce a firm's net
Hillman Corporation reported current assets of $3,495,055 for the year ending December 31, 2013 and current assets of $3,103,839 for the year ending December 31, 2012. Current liabilities for the
Del Bridge Construction had long- term assets before depreciation of $990,560 on December 31, 2012 and $1,211,105 on December 31, 2013. How much cash flow was invested in long-term assets for Del
Manz Property Management Company announced that in the year ended June 30, 2013, its earnings before taxes amounted to $1,478,936. Calculate its taxes using Exhibit 3.6?
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