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advanced financial accounting

Questions and Answers of Advanced Financial Accounting

On January 1, 2013, Miran acquired all the shares of Winter for $160,000. The financial statements of the two entities at December 31, 2013, contained the following information:Additional
Select the correct answer for each of the following questions:1. On January 1, 20X1. Kalb Company purchased at par 500 of the \(\$ 1,000\) face value, 8 percent bonds of Lane Corporation as a
On January 2, 20X7, Tristar Bank determined it was probable that a \(\$ 400,000\) note receivable from Johnson Corporation was unlikely to be paid in full at maturity. The note had been issued
On December 15, 20X5, Thom Corporation informed Linco Company that Thom would be unable to repay its \(\$ 80,000\) note due on December 31 to Linco. Linco agreed to accept title to Thom's delivery
On December 31, 20X2, Clark Company entered into a debt-restructuring agreement with Astro Company, which was experiencing financial difficulties. Clark restructured a \(\$ 90,000\) note receivable
Select the correct answer for each of the following questions.1. A client has joined other creditors of Jet Company in a composition agreement seeking to avoid the necessity of a bankruptcy
The plan of reorganizing for Taylor Companies, Inc.. was approved by the court, stockholders, and creditors on December 31, 20X1. The plan calls for a general restructuring of all debt of Taylor
Select the correct answer for each of the following questions.1. Lear Company ceased doing business and is in bankruptcy. Among the claimants are employees seeking unpaid wages. The following
The carrying values and estimated fair values of the assets of Penn Inc. are as follows:Debts of Penn Inc. are as follows:\section*{Required}a. Prepare a schedule to calculate the net estimated
The book values and estimated realizable values of the assets of Royal Company on May 31, 20X1, are as follows:Equities of Royal Company are as follows:\section*{Required}a. Prepare a statement of
A trustee has been appointed for Pace Inc., which is being liquidated under Chapter 7 of the Bankruptcy Reform Act. The following transactions occurred after the assets were transferred to the
Davis Inc. is in serious financial trouble and enters into an agreement with White Company, one of its creditors. Davis has a 8 percent note payable due to White Company for \(\$ 80.000\) plus \(\$
During the recent recession. Polydorous Inc. accumulated a deficit in retained earnings. Although still operating at a loss. Polydorous posted better results during 20X1. Polydorous is having trouble
The balance sheet of Solo Inc., a company in reorganization proceedings, on March 31, 20X1, is as follows:The plan of reorganization was approved on March 31, 20X1, by the court, the stockholders,
Name Brand Company is to be liquidated under Chapter 7 of the Bankruptcy Act. The balance sheet on July \(31,20 \mathrm{X} 1\), is as follows:1. Marketable securities consist of 1,000 shares of Wooly
Tower Inc. advises you that it is facing bankruptcy proceedings. As the company's CPA, you are aware of its condition. The balance sheet of Tower Inc. on December 31, 20X1, and supplementary data are
On January 2, 20X2, the Hobbes Company files a petition for relief under Chapter 11 of the Bankruptcy Act. The company had disastrous operating performance during the recent recession and needs time
A trustee, R. Smith, has been appointed for Nelson Company, which is being liquidated under Chapter 7 of the Bankruptcy Reform Act. The trial balance at the beginning of the liquidation on May 1,
Thomas Company holds an overdue note receivable of \(\$ 600,000\) plus recorded accrued interest of \(\$ 36,000\). The effective interest rate is 6 percent. As the result of a court-imposed
Mayne Manufacturing Company has incurred substantial losses for several years and has become insolvent. On March 31, 20X4, Mayne petitioned the court for protection from creditors and submitted the
Select the correct answer for each of the following questions.1. For the summer session of \(20 \mathrm{X} 2\), Pacific University assessed its students \(\$ 1,700,000\) (net of refunds), covering
Select the correct answer for each of the following questions.Questions 1 through 3 are based on the following data:Under Dodge Hospital's established rate structure, the hospital would have earned
The following are transactions and events of the general fund of Sycamore Hospital, a not-for-profit entity, for the 20X6 fiscal year ending December 31, 20X6.1. A total of \(\$ 6,200,000\) in
The following are selected transactions of the specific-purpose fund, the plant fund, and the endowment fund of Toddville Hospital, a not-for-profit entity:1. The endowment fund received new
Select the correct answer for each of the following questions.1. Which basis of accounting should a voluntary health and welfare organization use?a. Cash basis for all funds.b. Modified accrual basis
The following are the \(20 \mathrm{X} 2\) transactions of the Midwest Heart Association, which has the following funds and fund balances on January 1, 20X2:1. Unrestricted pledges total \(\$
Atwater Health Services, a voluntary health and welfare organization, has provided support for low-income families in the town of Atwater for approximately 20 years. In 20X6, Atwater Health Services
Select the correct answer for each of the following questions.1. On January 2, 20X2, a nonprofit botanical society received a gift of an exhaustible fixed asset with an estimated useful life of 10
The following is a list of selected account balances in the unrestricted operating fund for the Pleasant School:\section*{Required}Prepare a statement of activities for the unrestricted operating
Friendly College is a small, privately supported liberal arts college. The college uses a fund structure: however, it prepares its financial statements in conformance with FASB 117.Partial balance
Brookdale Hospital hired an inexperienced controller early in \(20 \mathrm{X} 4\). Near the end of \(20 \mathrm{X} 4\), the board of directors decided to put on a major fund-raising campaign. They
A group of civic-minded merchants in Eldora organized the "Committee of 100 " for the purpose of establishing the Community Sports Club, a nonprofit sports organization for local youth. Each of the
You have been hired to provide accounting assistance to Grace Hospital. The December 31, 20X1, balance sheet was prepared by a bookkeeper who thought hospitals reported funds as follows:During \(20
The postclosing trial balance of the general fund of Serene Hospital, a not-for-profit entity, on December 31, 20X1, was as follows:During \(20 \mathrm{X} 2\) the following transactions occurred:1.
Following are the adjusted current funds trial balances of Community Association for Handicapped Children, a voluntary health and welfare organization, on June 30, 20X4\section*{Required}a. Prepare a
Helping Hand, a voluntary health and welfare organization, provides a variety of services in the local community. The following transactions occurred in the fiscal year ending June 30, 20X7:1. The
Listed below are four independent transactions or events that relate to a local government and to a voluntary health and welfare organization:1. A disbursement of \(\$ 25,000\) was made from the
DeKalb Hospital, a large not-for-profit organization, has adopted an accounting policy that does not imply a time restriction on gifts of long-lived assets.For each of the six items presented, select
The following information is contained in the funds that are used to account for the transactions of the Hospital of Havencrest, which is operated by a religious organization. The balances in the
Match the transactions on the left with the effects of the transactions on the statement of changes in net assets of a private, not-for-profit hospital. Transactions 1. Billed patients for services
Buckwall University (BU), a private university, had the following transactions during the year ended June 30, 20X8:1. Assessed students \(\$ 2,000,000\) for tuition for the winter semester, starting
Items 1 through 6 represent various transactions pertaining to Crest Haven, a voluntary health and welfare organizations, for the year ended December 31, 20X2. The information presented also includes
This problem consists of three parts concerning nongovernmental not-for-profit organizations. Part A consists of three items, Part B consists of six items, and Part \(\mathrm{C}\) consists of eight
Alpha Hospital, a large not-for-profit organization, has adopted an accounting policy that does not imply a time restriction on gifts of long-lived assets.\section*{Required}For items 1 through 6 ,
What is the difference between a Chapter 7 action and a Chapter 11 bankruptcy action?
What is a troubled debt restructuring? Are all debt restructurings accounted for in the same manner?
Summarize the procedures for determining if a gain or loss from debt restructuring is reported.
Explain the two steps involved with accounting for the transfer of noncash assets in settlement of a restructured debt.
How is a gain from a troubled debt restructuring reported on the debtor's financial statements? How is a loss reported on the creditor's financial statements?
Under what circumstances will a gain be shown by a debtor in a modification of terms of the debt agreement?
How is interest expense computed by the debtor after a modification of terms in which the carrying value of the debt is less than the modified total future cash flows?
What is usually included in the plan of reorganization filed as part of a Chapter 11 reorganization? Does FASB 15 apply to debt restructurings that are part of a reorganization plan? Explain.
Describe the statement of affairs used in planning an anticipated liquidation.
Elec-Tric Inc. is experiencing financial difficulties and is seeking ways to settle a \(\$ 100,000\) debt with one of its creditors. The creditor is willing to accept \(\$ 70,000\) in cash or accept
The creditors of the Lost Hope Company have had several meetings with the company's management to discuss the financial difficulties of the company. Lost Hope currently has a significant deficit in
You are working in your office late on a report regarding bankruptcies. You need to locate more information and have heard that the American Banking Institute (ABI) has a website that would be
Explain the marshaling of assets procedure in a partnership liquidation.
X. Y, and \(\mathrm{Z}\) are partners. The partnership is liquidating, and Partner \(\mathrm{Z}\) is personally insolvent. What implications may this have for Partners \(\mathrm{X}\) and
Define the right of offset in a partnership liquidation. When will the right of offset be used in a liquidation?
If a partnership is insolvent, and some partners have positive capital balances but others have deficits, against which partners may partnership creditors proceed to satisfy their claims?
What is the schedule of safe payments to partners used for?
The installment liquidation process uses a worst-case assumption in computing the payments to partners. What does this worst-case assumption mean?
Define loss absorption power and explain its importance in the determination of cash distributions to partners.
Partner A has a capital credit of \(\$ 25,000\). Partner B's capital credit is also \(\$ 25,000\). Partners A and B share profits and losses in a \(60: 40\) ratio, respectively. Which partner will
The partnership of A. Bull and T. Bear is in the process of termination. The partners have disagreed on virtually every decision and have decided to liquidate the present business, with each partner
Alexander and Bell agreed to liquidate their partnership. You have been asked to assist them in this process, and you prepare the following balance sheet for the date of the beginning of the
After successfully operating a partnership for several years, the partners have proposed to incorporate the business and admit another investor. The original partners will purchase at par an amount
Hiller, Luna, and Welsh are attempting to form a partnership to operate a travel agency. They have agreed to share profits in a ratio of \(4: 3: 2\), but cannot agree on the terms of the partnership
Select the correct answer for each of the following questions.Questions 1, 2, and 3 are based on the following information:The balance sheet for the partnership of Joan, Charles, and Thomas, whose
Select the correct answer for each of the following questions.1. On January 1, 20X7, the partners of Casey, Dithers, and Edwards, who share profits and losses in the ratio of \(5: 3: 2\),
The Good Times Company, a partnership, has assets of \(\$ 32,000\) and liabilities of \(\$ 40,000\). The partners' personal finances are as follows:\section*{Required}Prepare a schedule showing the
Amp, Volt, and Watt are partners in the Electric Company and share profits in a 5:3:2 ratio. The balance sheet on June 30, 20X1, when they decide to liquidate the business. is as follows:The noncash
Several years ago, Dan and Rob formed the True Lumber Company, a partnership. Last year, they admitted Jay as a partner and recognized goodwill at that time. However, after failing to gain a
Partners Miller and Bell have decided to liquidate their business. The ledger shows the following account balances:Miller and Bell share profits and losses in a \(8: 2\) ratio. The 12 percent note
Refer to the data in exercise 16-6 for the Miller and Bell partnership. Use the same facts, but now assume that the 12 percent note payable to Bell continues to accrue interest during the liquidation
Aken, Prince, and Bird share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows:Liquidation expenses are expected to be
Refer to the data in Exercise 16-8. During the liquidation process for the APB Partnership, the following events occurred:1. During the first month of liquidation, noncash assets with a book value of
Cal, Dailey, and Evans decide to liquidate their partnership. They share profits in a ratio of \(5: 3: 2\). The loans and capital accounts of the partnership are as follows:The partnership has \(\$
When Alice and Betty decided to incorporate their partnership, the trial balance was as follows:The partnership's books will be closed, and new books will be used for A \& B Corporation. The
Select the correct answer for each of the following questions.1. On December 31, 20X7, Judy is a fully vested participant in a company-sponsored pension plan. According to the plan's administrator.
Leonard and Michelle have asked you to prepare their statement of changes in net worth for the year ended August \(31,20 \times 3\). They have prepared the following comparative statement of
The Carlos, Dan, and Gail (CDG) Partnership has decided to liquidate as of December 1, 20X6. A balance sheet as of December 1, 20X6, appears below:1. The personal assets (excluding partnership
The trial balance of the NOT Partnership on April 30, 20X1, is presented below. The profit and loss percentages are shown in the trial balance:The partnership is being liquidated. Liquidation
On January 1,20X1, the partners of Able, Black, and Ciou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The partnership trial balance at
The partnership of Fox, Gold, and Hare has asked you to assist it in winding up the affairs of the business. You compile the following information.1. The trial balance of the partnership on June
Refer to the facts in Problem 16-17. The partners have decided to liquidate their partnership by installments instead of accepting the offer of \(\$ 100.000\). Cash is distributed to the partners at
The Jackson. Jensen, and Johnson (JJJ) Partnership has decided to liquidate its operations as of December 31, 20X6. A balance sheet prepared at that date is presented as follows:\section*{Required}a.
The KGB Partnership decided to liquidate the partnership as of June 30, 20X5. The balance sheet of the partnership as of this date is presented as follows:1. According to the partnership agreement,
Refer to the information contained in Problem 16-20. Assume the following amounts of cash were received during the months of July, August, and September from the sale of the noncash assets of the KGB
Match the terms on the left with the descriptions on the right. A description may be used only once. Terms 1. Dissolution 2. Right of offset 3. A partner's loss absorption power 4. Liquidation 5.
A partnership involves an association between two or more persons to carry on a business as coowners for profit. Items 1 through 10 relate to partnership agreements.\section*{Required}The statement
What are the 11 funds generally used by local and state governments? Briefly state the purpose of each fund.
Compare the modified accrual basis with the accrual accounting basis.
Why do some governmental units not report small amounts of inventories of supplies in their balance sheets?
What are the main differences between the lapsing and nonlapsing methods of accounting for encumbrances outstanding at the end of the fiscal year? What are the differences in accounting between the
The general fund agrees to lend the enterprise fund \(\$ 2,000\) for three months. How is this interfund loan reported on the financial statements of the general fund?
Explain how an expenditure may be classified by (1) function. (2) activity, and (3) object within the financial statements of a governmental unit.
Governmental accounting gives substantial recognition to budgets, with budgets being recorded in the accounts of the governmental unit.\section*{Required}a. What is the purpose of a governmental
William Bates is executive vice president of Mavis Industries Inc., a publicly held industrial corporation. Bates has just been elected to the city council of Gotham City. Before assuming office as a
Select the correct answer for each of the following questions.1. One of the differences between accounting for a governmental (not-for-profit) unit and a commercial (for-profit) enterprise is that a

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