All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
advanced financial accounting

Questions and Answers of Advanced Financial Accounting

How are discontinued operations reported on an interim basis?
Dutko Company has three lines of business, each of which is a significant industry segment. Company sales aggregated $1,800,000 in 20X6, of which Segment 3 contributed 60 percent. Traceable costs
Stein Company is a diversified company that discloses supplemental financial information on its industry segments. The following information is available for 20X2:Allocable costs are assigned based
Selected data for a segment of a business enterprise are to be reported separately in accordance with ASC 280 when the revenue of the segment exceeds 10 percent of thea. Combined net income of all
Kimber Company operates in four different industries, each of which is appropriately regarded as a reportable segment. Total sales for 20X2 for all segments combined were $1,000,000. Sales for
The following information pertains to Reding Corporation for the year ended December 31, 20X6.All of Reding’s segments are engaged solely in manufacturing operations. Reding has a reportable
Snow Corporation’s revenue for the year ended December 31, 20X2, was as follows:Snow has a reportable operating segment if that segment’s revenue exceedsa. $6,000.b. $24,000.c. $120,000.d.
Boecker is a multidivisional corporation that has both intersegment sales and sales to unaffiliated customers. Boecker should report segment financial information for each segment meeting which of
In its 20X5 financial statements, Ward should disclose major customer data if sales to any single customer amount to at leasta. $300,000.b. $1,500,000.c. $4,000,000.d. $5,000,000.Ward Corporation, a
In its 20X5 financial statements, Ward should disclose foreign revenues in a specific country if revenues from foreign operations in that country are at leasta. $5,000,000.b. $4,700,000.c.
Which of the following is an inherent difficulty in determining the results of operations on an interim basis?a. Cost of sales reflects only the amount of product expense allocable to revenue
Which of the following reporting practices is permissible for interim financial reporting?a. Use of the gross profit method for interim inventory pricing.b. Use of the direct costing method for
On January 1, 20X2, Harris Inc. paid $40,000 in property taxes on its plant for the calendar year 20X2. In March 20X2, Harris made $120,000 in annual major repairs to its machinery. These repairs
Wenger Company experienced a $420,000 inventory loss from market decline in April 20X2. The company recorded this loss in April 20X2 after its March 31, 20X2, quarterly report was issued. None of
A company that uses the last-in, first-out (LIFO) method of inventory costing finds at an interim reporting date that there has been a partial liquidation of the base-period inventory level. The
During the second quarter of 20X5, Camerton Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Camerton report in its income statement for the second quarter of
On March 15, 20X1, Burge Company paid property taxes of $180,000 on its factory building for calendar year 20X1. On April 1, 20X1, Burge made $300,000 in unanticipated repairs to its plant equipment.
SRB Company had an inventory loss from a market price decline that occurred in the first quarter. The loss was not expected to be restored in the fiscal year.However, in the third quarter, the
For external reporting purposes, it is appropriate to use estimated gross profit rates to determine the cost of goods sold for b. Interia Financial Reporting Year-End Financial Reporting Yes Yes No
On June 30, 20X5, Park Corporation incurred a $100,000 net loss from disposal of a business component. Also, on June 30, 20X5, Park paid $40,000 for property taxes assessed for calendar year 20X5.
Neil Company, which has a fiscal year ending January 31, had the following pretax accounting income and estimated effective annual income tax rates for the first three quarters of the year ended
Beckett Corporation expects to sustain an operating loss of $100,000 for the full year ending December 31, 20X3. Beckett operates entirely in one jurisdiction where the tax rate is 40 percent.
The computation of a company’s third-quarter provision for income taxes should be based on earningsa. For the quarter at an expected effective annual income tax rate.b. For the quarter at the
During the first quarter of 20X5, Stahl Company had income before taxes of $200,000, and its effective income tax rate was 15 percent. Stahl’s 20X4 effective annual income tax rate was 30 percent,
Which of the following items will result in the recognition of a deferred tax asset or liability in the second quarter of 20X7 for Nelson Company?a. The portion of dividends received this quarter on
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items 3. 1. Reportable operating segment 2. 10 percent significance rules. Revenue test for
Two interesting and important topics concerning the SEC are the role it plays in the development of accounting principles and the impact it has had and will continue to have on the accounting
The Securities and Exchange Commission was established in 1934 to help regulate the U.S. securities market. Which of the following statements is true about the SEC?a. The SEC prohibits the sale of
The SEC is organized into several divisions and principal offices. The organization unit that reviews registration statements, annual reports, and proxy statements filed with the Commission isa. The
Regulation S-Xa. Specifies the information that can be incorporated by reference from the annual report into the registration statement filed with the SEC.b. Specifies the regulation and reporting
Which of the following is not a purpose of the Securities Exchange Act of 1934?a. To establish federal regulation over securities exchanges and markets.b. To prevent unfair practices on securities
Regulation S-K disclosure requirements of the SEC deal with the company’s business, properties, and legal proceedings; selected five-year summary financial data; management’s discussion and
In the registration and sales of new securities issues, the SECa. Endorses a security’s investment merit by allowing its registration to “go effective.”b. Provides a rating of the investment
The 1933 Securities Act provides for a 20-day review period between the filing and the effective date of the registration. During this review period, the registrant is prohibited froma. Preparing any
Form 10-K is filed with the SEC to update the information a company supplied when filing a registration statement under the Securities and Exchange Act of 1934. Form 10-K is a report that is filed by
The SEC’s Regulation S-X disclosure requirements addressa. Changes in and disagreements with accountants on accounting and financial disclosure.b. Management’s discussion and analysis of the
Form 10-Q is filed with the SEC to keep both investors and experts apprised of a company’s operations and financial position. For an accelerated filer, Form 10-Q is a report that is filed withina.
Within four days after the occurrence of any event that is of material importance to the stockholders, a company must file a Form 8-K information report with the SEC to disclose the event. An example
Form 8-K must generally be submitted to the SEC within four days after the occurrence of a significant event. Which one of the following is not an event that would be reported by Form 8-K?a. The
Which one of the following items is not required to be included in a company’s periodic 8-K report filed with the SEC when significant events occur?a. Acquisition or disposition of a significant
A major impact of the Foreign Corrupt Practices Act of 1977 is that registrants subject to the Securities Exchange Act of 1934 are required toa. Keep records that reflect the transactions and
Shareholders may ask or allow others to enter their vote at a shareholders’ meeting that they are unable to attend. The document furnished to shareholders to provide background information for
Formation and meaningful utilization of an audit committee of the board of directors is required of publicly traded companies that are subject to the rules of thea. Securities and Exchange
An external auditor’s involvement with a Form 10-Q that is being prepared for filing with the SEC would most likely consist ofa. An audit of the financial statements included in Form 10-Q.b. A
Which of the following statements concerning the prospectus required by the Securities Act of 1933 is correct?a. The prospectus is a part of the registration statement.b. The prospectus should enable
Which of the following securities is exempt from registration under the Securities Act of 1933?a. Shares of nonvoting common stock provided their par value is less than $1.b. Bonds issued by a
Pix Corp. is making a $6,000,000 stock offering. Pix wants the offering exempt from registration under the Securities Act of 1933. Which of the following provisions of Regulation D would Pix have to
A “Tier 1” offering made under the provisions of Regulation A of the Securities Act of 1933 requires that the issuera. File an offering circular with the SEC.b. Sell only to accredited
Which of the following factors by itself requires a corporation to comply with the reporting requirements of the Securities Exchange Act of 1934?a. 600 employees.b. Shares listed on a national
Which of the following persons is not an insider of a corporation subject to the Securities Exchange Act of 1934 registration and reporting requirements?a. An attorney for the corporation.b. An owner
On May 1, 20X1, Cathy and Mort formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Cathy contributed a parcel of land that cost her $10,000. Mort
On July 1, 20X1, James and Short formed a partnership. James contributed cash. Short, previously a sole proprietor, contributed property other than cash, including realty subject to a mortgage, which
Two individuals who were previously sole proprietors form a partnership. Property other than cash that is part of the initial investment in the partnership is recorded for financial accounting
Mutt and Jeff formed a partnership on April 1 and contributed the following assets:The land was subject to a $30,000 mortgage, which the partnership assumed. Under the partnership agreement, Mutt and
On July 1, Mabel and Pierre formed a partnership, agreeing to share profits and losses in the ratio of 4:6, respectively. Mabel contributed a parcel of land that cost her $25,000. Pierre contributed
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items 1. General partner 2. Note payable to a partner 3. Recognition of neither bonus nor goodwill
If the assets are fairly valued on this balance sheet and the partnership wishes to admit Denise as a new one-sixth-interest partner without recording goodwill or bonus, Denise should contribute cash
If assets on the initial balance sheet are fairly valued, Alex and Betty give their consent, and Denise pays Claire $51,000 for her interest, the revised capital balances of the partners would bea.
On December 31, 20X4, Alan and Dave are partners with capital balances of $80,000 and $40,000, and they share profit and losses in the ratio of 2:1, respectively. On this date, Scott invests $36,000
Boris and Richard are partners who share profits and losses in the ratio of 6:4. On May 1, 20X9, their respective capital accounts were as follows:On that date, Lisa was admitted as a partner with a
At December 31, Rod and Sheri are partners with capital balances of $40,000 and $20,000, and they share profits and losses in the ratio of 2:1, respectively. On this date, Pete invests $17,000 in
The capital accounts of the partnership of Ella, Nick, and Brandon follow with their respective profit and loss ratios:Tony was admitted to the partnership when he purchased directly, for $132,000, a
Fred and Ralph are partners who share profits and losses in the ratio of 7:3, respectively. Their respective capital accounts are as follows:They agreed to admit Lute as a partner with a one-third
If A is the total capital of a partnership before the admission of a new partner, B is the total capital of the partnership after the new partner’s investment, C is the amount of the new
When property other than cash is invested in a partnership, at what amount should the noncash property be credited to the contributing partner’s capital account?a. Contributing partner’s tax
William and Martha drafted a partnership agreement that lists the following assets contributed at the partnership’s formation:The building is subject to a $10,000 mortgage, which the partnership
Smith and Duncan are partners with capital balances of $60,000 and $20,000, respectively. Profits and losses are divided in the ratio of 60:40. Smith and Duncan decided to form a new partnership with
On April 30, 20X5, Apple, Blue, and Crown formed a partnership by combining their separate business proprietorships. Apple contributed $50,000 cash. Blue contributed property with a $36,000 carrying
Norbert’s initial capital balance in Moon-Norbert isa. $20,000.b. $25,000.c. $40,000.d. $60,000.The Moon-Norbert Partnership was formed on January 2, 20X5. Under the partnership agreement, each
Moon’s share of Moon-Norbert’s net income isa. $15,000.b. $12,500.c. $12,000.d. $7,800.The Moon-Norbert Partnership was formed on January 2, 20X5. Under the partnership agreement, each partner
In the Crowe-Dagwood partnership, Crowe and Dagwood had a capital ratio of 3:1 and a profit and loss ratio of 2:1. They used the bonus method to record Elman’s admittance as a new partner. What
Blue and Green formed a partnership in 20X4. The partnership agreement provides for annual salary allowances of $55,000 for Blue and $45,000 for Green. The partners share profits equally and losses
When Jill retired from the partnership of Jill, Bill, and Hill, the final settlement of her interest exceeded her capital balance. Under the bonus method, the excessa. Was recorded as goodwill.b. Was
If the inventory is sold for $300,000, how much should Joan receive upon liquidation?a. $48,000b. $100,000c. $136,000d. $160,000 The balance sheet for the partnership of Joan, Charles, and Thomas,
If the inventory is sold for $180,000, how much should Thomas receive upon liquidation?a. $28,000b. $32,500c. $37,000d. $55,000 The balance sheet for the partnership of Joan, Charles, and Thomas,
The partnership will be liquidated in installments. As cash becomes available, it will be distributed to the partners. If inventory costing $200,000 is sold for $140,000, how much cash should be
In accounting for partnership liquidation, cash payments to partners after all creditors’ claims have been satisfied but before the final cash distribution should be according toa. The partners’
After all noncash assets have been converted into cash in the liquidation of the Adam and Kay Partnership, the ledger contains the following account balances:Available cash should be distributed with
The partnership creditorsa. Must first seek recovery against S because she is personally solvent and has a negative capital balance.b. Will not be paid in full regardless of how they proceed legally
The partnership creditors should seek recovery of their claimsa. From the partnership, including additional contributions from F and S.b. From the personal assets of either F or A.c. From the
On January 1, 20X7, the partners of Casey, Dithers, and Edwards, who share profits and losses in the ratio of 5:3:2, decided to liquidate their partnership. On this date, its condensed balance sheet
In a partnership liquidation, the final cash distribution to the partners should be made in accordance with thea. Partners’ profit and loss–sharing ratio.b. Balances of the partners’ capital
If the firm, as shown on the balance sheet, is dissolved and liquidated by selling assets in installments and if the first sale of noncash assets having a book value of $90,000 realizes $50,000 and
If the facts are as in question 3 except that $3,000 cash is to be withheld, the respective partners would then receive (to the nearest dollar)The balance sheet for the Art, Blythe, and Cooper
If each partner properly received some cash in the distribution after the second sale, if the cash to be distributed amounts to $12,000 from the third sale, and if unsold assets with an $8,000 book
The following condensed balance sheet is for the partnership of Arnie, Bart, and Kurt, who share profits and losses in the ratio of 4:3:3, respectively:The partners agreed to dissolve the partnership
On December 31, 20X7, Judy is a fully vested participant in a company-sponsored pension plan. According to the plan’s administrator, Judy has at that date the nonforfeitable right to receive a lump
On December 31, 20X7, Mr. and Mrs. McManus owned a parcel of land held as an investment. They had purchased it for $95,000 in 20X0, and the mortgage on it had a principal balance of $60,000 at
Rich Drennen’s personal statement of financial condition at December 31, 20X6, shows net worth of $400,000 before consideration of employee stock options owned on that date. Information relating to
Nancy Emerson owns 50 percent of the common stock of Marks Corporation. She paid $25,000 for this stock in 20X3. At December 31, 20X8, her 50 percent stock ownership in Marks had a current value of
In a personal statement of financial condition, which of the following should be reported at estimated current values? Investments in Closely Held Business Investments in Leaseholds b. Yes Yes Yes No
Personal financial statements should include which of the following statements? Financial Condition Changes in Net Worth Cash Flows P No b. Yes Yes No No Yes Yes Yes No d. Yes Yes Yes
A business interest that constitutes a large part of an individual’s total assets should be presented in a personal statement of financial condition asa. A single amount equal to the proprietorship
Personal financial statements should report assets and liabilities ata. Historical cost.b. Historical cost and, as additional information, at estimated current values at the date of the financial
The following information pertains to Kent’s marketable equity securities:Kent sold the Zee stock in January 20X3 for $10,200. In his personal statement of financial condition at December 31, 20X3,
Personal financial statements should report an investment in life insurance at thea. Face amount of the policy less the amount of premiums paid.b. Cash value of the policy less the amount of any
Mrs. Taft owns a $150,000 insurance policy on her husband’s life. The policy’s cash value is $125,000, and there is a $50,000 loan against it. The Tafts’ personal statement of financial
Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items 1. Dissolution 2. Partner's loss Descriptions/Explanations A. Sale of partnership assets,
On January 1, 20X5, Post Company acquired an 80 percent investment in Stake Company. The acquisition cost was equal to Post’s equity in Stake’s net assets at that date. On January 1, 20X5, Post
In the January 1, 20X8, consolidated balance sheet, the amount of goodwill reported should bea. $0.b. $76,000.c. $95,000.d. $156,000.On January 1, 20X8, Ritt Corporation acquired 80 percent of Shaw

Showing 1400 - 1500 of 2940

First
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved