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advanced financial accounting

Questions and Answers of Advanced Financial Accounting

On January 1, 20X1. Eddy decides to retire from the partnership of Cobb, Davis, and Eddy, who share profits and losses in the ratio of \(3: 2: 1\) respectively. The following condensed balance sheets
Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra's capital is \(\$
C. Eastwood, A. North, and M. West are manufacturers' representatives in the architecture business. Their capital accounts in the ENW partnership for \(20 \mathrm{X} 1\) were as
The following condensed balance sheet is presented for the partnership of Der. Egan, and Oprins, who share profits and losses in the ratio of \(4: 3: 3\), respectively.Assume that the partnership
The Champion Play Company is a partnership that sells sporting goods. The partnership agreement provides for 10 percent interest on invested capital, salaries of \(\$ 24,000\) to Luc and \(\$
The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire from the partnership. The partnership balance sheet reported the following
Select the correct answer for each of the following questions.1. When property other than cash is invested in a partnership, at what amount should the noncash property be credited to the contributing
The balance sheet of the Can-Yu Partnership at December 31, 20X5, appears below:Can and Yu share profits and losses in the ratio 30:70. On January 1, 20X6. Sea was admitted into the
The partnership of Jordan and O'Neal began business on January 1, 20X7. The following assets were contributed by each partner (the noncash assets are stated at their fair values on January 1,
Candy, Davis, and Evans, who are accountants, agreed to combine their individual practices into a partnership as of January 1,20X3. The partnership includes the following features.1. Each partner's
The Glidden Manufacturing Company was organized as a partnership by Howard and Pat on January 1, 20X7, and has operated for one year. At the time the partnership was formed, Howard and Pat made the
The partnership of Abbott, Robinson, and Stevens engaged you to adjust its accounting records and convert them uniformly to the accrual basis in anticipation of admitting Kingston as a new partner.
The DELS partnership was formed by combining individual accounting practices on May 10, 20X1. The initial investments were as follows:\section*{Required}a. Prepare the journal entry to record the
Chemax Inc. manufactures a wide variety of pharmaceuticals, medical instruments, and other related medical supplies. Eighteen months ago the company developed and began to market a new product line
Periodic reporting adds complexity to accounting by requiring estimates, accruals, deferrals, and allocations. Interim reporting creates even greater difficulties in matching revenue and
Bennett Inc. is a publicly held corporation whose diversified operations have been separated into five industry segments. Bennett is in the process of preparing its annual financial statements for
A major producer of cereal breakfast foods had been reporting in its annual reports just one dominant product line (cereals) in only the U.S. domestic geographic area. The company had no other
The manager you work for has asked you to perform some research to determine what types of information public companies are providing on their Internet home pages. The public company you work for is
The company you work for is considering going public. Your current position is within the external financial reporting group. The manager you work for wants you to review some public company
Amalgamated Products has seven operating segments. Data on the segments are as follows:Included in the \(\$ 105,000\) revenue of the Bicycles segment are sales of \(\$ 25.000\) made to the Sporting
Select the correct answer for each of the following questions.1. Barbee Corporation discloses supplementary operating segment information for its two reportable segments. Data for \(20 \mathrm{X} 5\)
Select the correct answer for each of the following questions.1. In considering interim financial reporting, how did the Accounting Principles Board conclude that such reporting should be viewed?a.
During June, Kissick Hardware, which uses a perpetual inventory system, sold 920 units from its LIFO-base inventory, which had originally cost \(\$ 12\) per unit. The replacement cost is expected to
Comeback Company, a calendar-year entity, had 9,000 medical instruments in its beginning inventory for \(20 \mathrm{X} 2\). On December 31. 20X1, the instruments had been adjusted down to \(\$
Select the correct answer for each of the following questions.1. According to APB Opinion No. 28, "Interim Financial Reporting," income tax expense in an income statement for the first interim period
Information about the domestic and foreign operations of Radon Inc. is as follows:\section*{Required}Prepare schedules showing appropriate tests to determine which countries are material, using a 10
Sales by Knight Inc. to major customers are as follows:\section*{Required}If worldwide sales total \(\$ 43,000,000\) for the year, which of Knight's customers should be disclosed as major customers?
World Inc. estimates total federal and state tax rates to be 50 percent. World's first-quarter earnings are \(\$ 300,000\) and expected annual earnings are \(\$ 1,500,000\). For the year, premiums
Tem Technology has a first-quarter operating loss of \(\$ 100,000\) and expects the following income for the other three quarters:Tem estimated the effective annual tax rate at 40 percent at the end
Badger Corporation has prepared the following data, in thousands of dollars, for its industry segments for the year ended December 31, 20X4:\section*{Required}a. Apply the three 10 percent
The Symbiotic Chemical Company has four major industry segments and operates both in the U.S. domestic market and in several foreign markets. Information about its revenue from the specific industry
Listed below are six independent cases on how accounting facts might be reported on an individual company's interim financial reports.a. Bean Company was reasonably certain it would have an employee
West Corporation reported the following consolidated data for \(20 \mathrm{X} 2\) :Data reported for West's four operating divisions are as follows:Intersegment sales are priced at cost, and all
Calvin Inc. has operating segments in five different industries: apparel, building, chemical, furniture, and machinery. Data for the five segments for 20X1 are as follows:1. The corporate
Chris Inc. has accumulated information for its second-quarter income statement for 20X2:1. First-quarter income before taxes was \(\$ 100,000\), and the estimated effective annual tax rate was 40
At the end of the second quarter of 20X1, Malta Corporation assembled the following information:1. The first quarter resulted in a \(\$ 90,000\) loss before taxes. During the second quarter, sales
Burrows Company is in the process of preparing its income statement for the quarter ended June 30, 20X5. The following information was assembled for the period April 1 through June 30, 20X5-the
For many years, the Clark Company operated exclusively in the United States, but recently it expanded its operations to the Pacific Rim countries of New Zealand, Singapore, and Australia. After a
During the third quarter of its \(20 \mathrm{X} 2\) fiscal year, the Square Q Company is considering the methods of accounting for accounting changes on its interim statements. Preliminary data are
Burnell Inc. reported the following income statement for the quarter ended March 31, 20X5:The following events occurred during the second quarter:1. Burnell warranties its products for one year after
Multiplex Inc., a public company whose stock is traded on a national stock exchange, reported the following information on its consolidated financial statements for 20X5:The management of Multiplex
Watson Inc., a multinational company, has operating divisions in France, Mexico, and Japan as well as in the United States. The company reported the following information on its consolidated
Which securities act-the 1933 or 1934 act-regulates the initial registration of securities? Which regulates the periodic reporting of publicly traded companies?
What are the objectives of the integrated disclosure system?
Present the five major items included in the basic information package.
What types of public offerings of securities are exempted from the comprehensive registration requirements of the \(\mathrm{SEC}\) ?
When can a company use a Form S-1 registration form? In what circumstances must the company use a Form S-3 registration form?
Define the following terms, which are part of the SEC terminology: (a) customary review, (b) comment letter, (c) red herring prospectus, (d) shelf registration.
What types of items are reported on Form 8-K?
Describe Parts I and II of the Foreign Corrupt Practices Act. What is the impact of this act on companies and public accountants?
\({ }^{*}\) What role has the SEC played in defining the relationship between public accountants (external. independent auditor) and publicly traded companies?
During the late 1920s, approximately 55 percent of all personal savings in the United States were used to purchase securities. Public confidence in the business community was extremely high as stock
The development of accounting theory and practice has been influenced directly and indirectly by many organizations and institutions. Two of the most important institutions have been the Financial
The U.S. Securities and Exchange Commission (SEC) was created in 1934 and consists of five commissioners and a staff of approximately 1,900. The SEC professional staff is organized into five
The Securities and Exchange Commission has the authority to regulate proxy solicitations. This authority is derived from the Securities and Exchange Act of 1934 and is closely tied to the disclosure
Bandex Inc. has been in business for 15 years. The company has compiled a record of steady but not spectacular growth. Bandex's engineers have recently perfected a product that has an application in
The Jerford Company is a well-known manufacturing company with several wholly owned subsidiaries. The company's stock is traded on the New York Stock Exchange, and the company files all appropriate
The purpose of the Securities Act of 1933 is to regulate the initial offering of a firm's securities by ensuring that investors are given full and fair disclosure of all pertinent information about
The company that employs you is a U.S. publicly traded corporation that manufactures chemicals. You are in the external financial reporting department, and your position requires that you keep
Currently, you are an experienced senior working at a public accounting firm. For the upcoming busy season you received a new client, a publicly traded corporation. The manager on this client is
For each of the seven cases presented below, work the case twice and select the best answer. First assume that the foreign currency is the functional currency; then assume that the U.S. dollar is the
The following information should be used for questions 1,2 , and 3 . Select the best answers under each of two alternative assumptions: (a) the LCU is the functional currency and the translation
Use the following information for questions 1, 2, and 3.Bartell Inc., a U.S. company, acquired 90 percent of the common stock of a French company on January 1,20X5, for \(\$ 160,000\). The net assets
On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of SFr 60,000. RoadTime's December 31, 20X1, trial balance in
Refer to the data in exercise 12-5.Requireda. Prepare a proof of the translation adjustment computed in exercise 12-5.b. Where is the translation adjustment reported on the consolidated financial
Refer to the data in exercise 12-5, but assume that the dollar is the functional currency for the foreign subsidiary.Required Prepare a schedule remeasuring the December 31. 20X1, trial balance from
Refer to the data in exercises 12-5 and 12-7\section*{Required}a. Prepare a proof of the remeasurement gain or loss computed in exercise 12-7.b. How should this remeasurement gain or loss be reported
Refer to the data in exercise 12-5, but now assume that the exchange rates were as follows:The receivable from Popular Creek Corporation is denominated in Swiss francs. Popular Creek's books show a
Refer to the data in exercise \(12-5\), but now assume that the exchange rates were as follows:The receivable from Popular Creek Corporation is denominated in Swiss francs. Popular Creek's books show
Duff Company is a subsidiary of Rand Corporation and is located in Madrid, Spain, where the currency is the Spanish peseta (P). Data on Duff's inventory and purchases are as follows:The beginning
The Thames Company is located in London, England. The local currency is the British pound ( \(£\) ).On January 1, 20X8. Dek Company purchased an 80 percent interest in Thames Company for \(\$
The Bentley Company owns a subsidiary in India. The subsidiary's balance sheets for the last two years are presented below, in rupees \((\mathrm{R})\) :The Bentley Company formed the subsidiary on
On December 31, 20X2, your company's Mexican subsidiary sold land at a selling price of \(3,000,000\) pesos. The land had been purchased for \(2.000,000\) pesos on January 1, 20XI, when the exchange
Hawk Company sold inventory to United Ltd., an English subsidiary. The goods cost Hawk \(\$ 8,000\) and were sold to United for \(\$ 12,000\) on November 27, payable in British pounds. The goods are
On January 1, 20X1. Par Company purchased all the outstanding stock of North Bay Company, located in Canada, for \(\$ 120.000\). On January 1, 20X1, the direct exchange rate for the Canadian dollar (
On January 1, 20X5, Taft Company acquired all of the outstanding stock of Bordeaux Inc., a French company at a cost of \(\$ 151.200\). The net assets of Bordeaux on the date of acquisition were
Refer to the information contained in problem 12-17. Assume the U.S. dollar is the functional currency, not the franc.\section*{Required}a. Prepare a schedule remeasuring the trial balance from
Refer to the information presented in problem 12-17, and to your answer to part \(a\) of problem \(12-17\).\section*{Required}Prepare a schedule providing a proof of the translation adjustment.
Refer to the information given in problem 12-17, and your answer to part \(a\) of problem 12-18.\section*{Required}Prepare a schedule providing a proof of the remeasurement gain or loss. For this
On January 1, 20X4, Alum Corporation acquired Franco Company, a French subsidiary, by purchasing all the common stock at book value. Franco's trial balances on January 1, 20X4, and December 31, 20X4,
Refer to the information in problem 12-21. Assume that the dollar is the functional currency.\section*{Required}a. Prepare a schedule remeasuring the December 31, 20X4, trial balance of Franco
Alamo Inc. purchased 80 percent of the outstanding stock of Western Ranching Company, a company located in Australia, on January 1, 20X3. The purchase price was A \(\$ 200,000\), and A \(\$ 40,000\)
Refer to the information given in problem 12-23 for Alamo and its subsidiary, Western Ranching. Assume that the Australian dollar ( \(\mathrm{A} \$\) ) is the functional currency and that Alamo uses
Refer to the information given in problems 12-23 and 12-24 for Alamo and its subsidiary, Western Ranching. Assume that the Australian dollar (A\$) is the functional currency and that Alamo uses the
Refer to the information in problem 12-23. Assume the U.S. dollar is the functional currency.\section*{Required}a. Prepare a schedule remeasuring the December 31, 20X3, trial balance of Western
Refer to the information given in problems 12-23 and 12-26* for Alamo and its subsidiary, Western Ranching. Assume that the U.S. dollar is the functional currency and that Alamo uses the basic equity
Refer to the information given in problems 12-23 and 12-27 for Alamo and its subsidiary, Western Ranching. Assume that the U.S. dollar is the functional currency and that Alamo uses the basic equity
On January 1, 20X1, the Kiner Company formed a foreign subsidiary that issued all its currently outstanding common stock on that date. Selected accounts from the balance sheets, all of which are
Refer to the information in problem 12-29 for Kiner Company and its foreign subsidiary.\section*{Required}Prepare a schedule translating the selected accounts into U.S. dollars as of December 31,
What are the three 10 percent significance tests used to determine reportable segments under FASB 131? Give the numerator and denominator for each of the tests.
A company has 10 industry segments, of which the largest five account for 80 percent of the combined revenues of the company. What considerations are important in determining the number of segments
Only two materiality tests are used to determine separately reportable foreign operations. What are these two tests? Why isn't the third test, the profit or loss test, used to assess foreign
Describe the process of updating the estimate of the effective tax rate in the second quarter of a company's fiscal year.
The Allied Company made a change in depreciation accounting during the third quarter of its fiscal year. This change is a cumulative-effect type of accounting change. Describe the effect of this
Following are descriptions of several independent situations.1. Rockford Company has a subsidiary in Argentina. The subsidiary does not have much debt, because of the high interest costs resulting
Petie Products Company was incorporated in Wisconsin in 20X0 as a manufacturer of dairy supplies and equipment. Since incorporating, Petie has doubled in size about every three years and is now
Wahl Company's 20X5 consolidated financial statements include two wholly owned subsidiaries. Wahl Company of Australia (Wahl A) and Wahl Company of France (Wahl F). Functional currencies are the U.S.
Dundee Company owns 100 percent of a subsidiary located in Ireland. The parent company uses the Irish pound as the subsidiary's functional currency. At the beginning of the year, the debit balance in
The following footnote was abstracted from a recent annual report of Johnson \& Johnson Company: \(\square\)\section*{Footnote 7: Foreign Currency Translation}For translation of its international
Many larger U.S. companies have significant investments in foreign operations. For example, McDonald's Corporation, the food service company, obtains 47 percent of its consolidated revenues, 44

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