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advanced financial accounting

Questions and Answers of Advanced Financial Accounting

Current reporting standards require the consolidated entity to include all the revenue, expenses, assets, and liabilities of the parent and its subsidiaries in the consolidated financial statements.
Companies have many different practices for pricing transfers of goods and services from one affiliate to another. Regardless of the approaches used for internal decision making and performance
Select the correct answer for each of the following questions.1. A 70 percent owned subsidiary company declares and pays a cash dividend. What effect does the dividend have on the retained earnings
Select the correct answer for each of the following questions.1. On January 1, 20X5, Post Company purchased an 80 percent investment in Stake Company. The acquisition cost was equal to Post's equity
Trim Corporation purchased 100 percent of the voting common stock of Round Corporation on January 1, 20X2, for \(\$ 400,000\). At that date, Round reported the following summarized balance sheet
Trim Corporation purchased 75 percent of the voting common stock of Round Corporation on January 1, 20X2, for \(\$ 300,000\). At that date, Round reported the following summarized balance sheet
Amber Corporation reported the following summarized balance sheet data on December 31, 20X6:On January 1, 20X7, Purple Company purchased 100 percent of the stock of Amber Corporation for \(\$
Farmstead Company reported the following summarized balance sheet data on December 31, 20X8:On January I, 20X9, Horrigan Corporation purchased 70 percent of the stock of Farmstead Company for \(\$
Canton Corporation is a wholly owned subsidiary of Winston Corporation. Winston acquired ownership of Canton on January 1, 20X3, for \(\$ 28,000\) above the reported net assets of Canton. At that
Canton Corporation is a majority-owned subsidiary of Winston Corporation. Winston acquired 75 percent ownership of Canton on January 1,20X3, for \(\$ 133,500\). At that date, Canton reported common
Short Company acquired 75 percent of the common stock of Justice Enterprises on January 1. 20X6, and paid \(\$ 30,000\) more than book value. The entire amount is assigned to equipment with an
Franklin Corporation acquired 90 percent of the voting common stock of Lancaster Company on January 1, 20X1, for \(\$ 486,000\). At the time of the combination, Lancaster reported common stock
Franklin Corporation acquired 90 percent of the voting common stock of Lancaster Company on January 1, 20X1, for \(\$ 486,000\). At the time of the combination. Lancaster reported common stock
Franklin Corporation acquired 90 percent of the voting common stock of Lancaster Company on January 1, 20X1, for \(\$ 486,000\). At the time of the combination. Lancaster reported common stock
Blithe Company purchased 60 percent of the stock of Spirit Company for \(\$ 100,000\) on January 1, 20X6, when Spirit reported \(\$ 120,000\) of common stock outstanding and retained earnings of \(\$
Jersey Company purchased 80 percent of the common stock of Briar Company at the beginning of the current year. On the date of acquisition, Briar Company reported common stock outstanding of \(\$
Boxwell Corporation purchased 60 percent of the ownership of Conway Company on January 1, \(20 X 7\), for \(\$ 277,500\). Conway reported the following net income and dividend payments:On January 1.
Asp Corporation holds 60 percent ownership of Parry Company, which it acquired on January 1, 20X1. Asp Corporation paid \(\$ 226,000\) for its ownership of Parry. At acquisition, Parry had retained
Farrow Corporation acquired 70 percent of the stock of Rand Company on January 1, 20X7, for \(\$ 300,000\). Other relevant data are as follows:The excess of purchase price over book value was
Blake Corporation acquired 100 percent of the voting shares of Shaw Corporation on January 1, 20X3, at underlying book value. Blake uses the equity method in accounting for its investment in Shaw
Blake Corporation acquired 100 percent of the voting shares of Shaw Corporation on January 1, \(20 \mathrm{X} 3\), at underlying book value. Blake uses the equity method in accounting for its
Kennelly Corporation purchased all the common shares of Short Company on January 1, 20X5, for \(\$ 180,000\). On that date, the book value of the net assets reported by Short Company was \(\$
Proud Corporation purchased 80 percent of the voting stock of Stergis Company on January 1, 20X3, at underlying book value. Proud Corporation uses the equity method in accounting for its ownership of
Proud Corporation purchased 80 percent of the voting stock of Stergis Company on January 1, 20X3, at underlying book value. Proud Corporation uses the equity method in accounting for its ownership of
Tollway Corporation purchased 75 percent of the common stock of Stem Corporation on January 1, 20X8, for \(\$ 435,000\). At that date, Stem reported common stock outstanding of \(\$ 300,000\) and
Palmer Corporation purchased 70 percent of the ownership of Krown Corporation on January 1, 20X8, for \(\$ 140,000\). At that date Krown reported capital stock outstanding of \(\$ 120,000\) and
On December 31, 20X4, Holly Corporation purchased 90 percent of the common stock of Brinker Inc. for \(\$ 888.000\), a price that was \(\$ 240.000\) in excess of the book value of the shares
City Touring Company holds 70 percent ownership of Country Playgrounds Inc. and uses the cost method in accounting for its investment. During 20X5, Country Playgrounds reported net income of \(\$
Cable Corporation purchased 70 percent of the ownership of Brush Company on January 1, 20X5, and paid \(\$ 220,000\). At that date. Brush Company reported the book value of its net assets as\(\$
Blake Corporation purchased 100 percent of the voting shares of Shaw Corporation on January 1, 20X3, at underlying book value. Blake uses the cost method in accounting for its investment in Shaw
The trial balances for Blake Corporation and Shaw Corporation as of December 31, 20X4, are as follows:Blake purchased 100 percent ownership of Shaw Corporation on January 1, 20X3, at a cost of \(\$
Lintner Corporation purchased 80 percent of the voting stock of Knight Company on January 1, 20X6, at underlying book value. Lintner uses the cost method in accounting for its investment in Knight
The separate condensed balance sheets and income statements of Purl Corporation and its wholly owned subsidiary, Scott Corporation, are as follows:- On January 1, 20X0, Purl purchased for \(\$
Penn Corporation acquired 75 percent of the voting common stock of Eastland Company on January \(1,20 \mathrm{X} 2\), for \(\$ 648,000\). The purchase differential was assigned to equipment with a
Bolt Corporation is 80 percent owned by Allied Foundries Inc. The shares of Bolt were acquired by Allied on January \(1,20 \mathrm{X} 2\), for \(\$ 160,000\). Selected stockholders' equity balances
Quill Corporation purchased 70 percent of the stock of North Company on January 1, 20X9, for \(\$ 105,000\). The following stockholders' equity balances were reported by the companies immediately
Rise Corporation purchased 60 percent of the voting common stock of Doughboy Company on January 1, 20X7, for \(\$ 400,000\). At the date of acquisition, Doughboy reported common stock outstanding of
Power Corporation acquired 75 percent of the ownership of Best Company on January 1, 20X8, for \(\$ 96,000\). At that date, the fair value of Best's buildings and equipment was \(\$ 20,000\) greater
Power Corporation acquired 75 percent of the ownership of Best Company of January 1, 20X8, for \(\$ 96,000\). At that date, the fair value of Best's buildings and equipment was \(\$ 20,000\) greater
Terrier Corporation was created on January 1, 20X2, and quickly became successful. On January 1, 20X5, the owner sold 75 percent of the stock to Richards Company for \(\$ 12,000\) over book value.
Case Inc. acquired all the outstanding \(\$ 25\) par common stock of Frey Inc. on December 31, \(20 \times 3\), in exchange for 40,000 shares of its \(\$ 25\) par common stock. The business
Thompson Company spent \(\$ 240.000\) to buy all the stock of Lake Corporation on January 1, \(20 \times 2\). The balance sheets of the two companies on December \(31,20 \times 3\), showed the
Thompson Company spent \(\$ 240,000\) to buy all the stock of Lake Corporation on January 1, 20X2. On December 31,20X4, the trial balances of the two companies are as follows:Lake Corporation
Pillar Corporation acquired 80 percent ownership of Stanley Wood Products Company on January 1. 20X1, for \(\$ 160,000\). On that date Stanley Wood Products reported retained eamings of \(\$ 50,000\)
Bigelow Corporation purchased 80 percent of Granite Company on January 1, 20X7, for \(\$ 173,000\). The trial balances for the two companies on December \(31,20 \times 7\), included the following
Bigelow Corporation purchased 80 percent of Granite Corporation on January 1, 20X7, for \(\$ 173,000\). The trial balances for the two companies on December \(31,20 \mathrm{X} 8\), included the
Buckman Corporation and Eckel Mining Company reported the following balance sheet data as of December 31, 20X3:Buckman Corporation purchased controlling ownership of Eckel Mining Company on January
Amber Corporation acquired 60 percent ownership of Sparta Company on January 1, 20X8, at underlying book value. Trial balance data at December 31, 20X8, for Amber and Sparta are as follows:Sparta
Amber Corporation acquired 60 percent ownership of Sparta Company on January 1, 20X8, at underlying book value. Trial balance data at December 31, 20X9, for Amber and Sparta are as follows:Sparta
Trial balance data for Light Corporation and Star Company on December 31, 20X6, are as follows:Light Corporation purchased all the shares of Star Company on January 1, 20X5, for \(\$ 220,000\). The
Rapid Delivery Corporation was created on January 1, 20X2, and quickly became successful. On January 1, 20X6, the owner sold 80 percent of the stock to Samuelson Company at underlying book value.
Pillar Corporation acquired 80 percent ownership of Stanley Wood Products Company on January 1, 20X1, for \(\$ 160,000\). On that date Stanley Wood Products reported retained earnings of \(\$
On December 31, 20X6. Greenly Corporation and Lindy Company entered into a business combination in which Greenly acquired all the common stock of Lindy for \(\$ 935.000\). At the date of combination,
Select the most appropriate answer for each of the following questions.1. If A Company purchases 80 percent of the stock of B Company on January 1, 20X2, immediately after the acquisition:a.
Select the correct answer for each of the following questions.1. Beni Corporation purchased 100 percent of Carr Corporation's outstanding capital stock for \(\$ 430,000\) cash. Immediately before the
On December 31, 20X3, Broadway Corporation reported common stock outstanding of \(\$ 200.000\). additional paid-in capital of \(\$ 300,000\), and retained earnings of \(\$ 100,000\). On January 1,
On June 10, 20X8, Brown Corporation purchased 60 percent of the common stock of Amber Company. Summarized balance sheet data for the two companies immediately after the stock purchase are as
Elder Corporation purchased 75 percent of the voting common stock of Dynamic Corporation on December 31, 20X4, for \(\$ 388,000\). At the date of combination, Dynamic reported the following:At
Snow Corporation purchased all of the voting shares of Conger Corporation on January 1, 20X2. for \(\$ 365,000\). At that time Conger reported common stock outstanding of \(\$ 80,000\) and retained
Simon Corporation purchased 100 percent of the common stock of Faith Corporation on December \(31,20 \mathrm{X} 2\), for \(\$ 150,000\). Data from the balance sheets of the two companies included the
Simon Corporation purchased 100 percent of the common stock of Faith Corporation on December \(31,20 \times 2\), for \(\$ 189,000\). Data from the balance sheets of the two companies included the
Glitter Enterprises purchased 60 percent of the stock of Lowtide Builders Inc. on December 31, 20X4. Balance sheet data for Glitter and Lowtide on January 1, 20X5, are as
The balance sheet of Sparkle Corporation at January 1, 20X7, reflected the following balances:Harrison Corporation, which had just entered into an active acquisition program, purchased 80 percent of
Planter Corporation purchased 70 percent of the common stock of Silk Corporation on December 31. 20X2. Balance sheet data for the two companies immediately following the acquisition are given
Jefferson Company purchased all of the common shares of Louis Corporation on January 2. 20X3. for \(\$ 789.000\). At the date of combination, the balance sheet of Louis Corporation appeared as
General Corporation purchased 80 percent of the voting common stock of Strap Company on January 1, \(20 \mathrm{X} 4\), for \(\$ 138,000\). The balance sheet of Strap at the date of acquisition
Select the correct answer for each of the following questions.1. Parent Company holds 80 percent of the stock of Subsidiary Company. Parent net assets are \(\$ 400,000\), and Subsidiary net assets
On January 1, 20X9. Long Corporation purchased 60 percent of the common stock of Shortway Company and recorded the following entry:The book values and fair values of the balance sheet items reported
Shutter Company owns 90 percent of the stock of Pleasantdale Dairy. The balance sheets of the two companies immediately after the acquisition of Pleasantdale showed the following amounts:At the date
Thorne Corporation purchased controlling ownership of Skyler Corporation on December 31, 20X3, and a consolidated balance sheet was prepared immediately. Partial balance sheet data for the two
Kasper Corporation acquired controlling interest over Timmin Company on January 1, 20X7, and a consolidated balance was prepared. Partial balance sheet data for Kasper Corporation and Timmin Company
Teresa Corporation purchased all the voting shares of Sally Enterprises on January 1, 20X4. Balance sheet amounts for the companies on the date of acquisition were as follows:The buildings and
Retail Records Inc. purchased all the voting shares of Decibel Studios on January 1, 20X2, for \(\$ 280,000\). The balance sheet of Retail Records immediately after the combination contained the
Cameron Corporation purchased 70 percent of the common stock of Darla Corporation on December \(31,20 \times 4\), for \(\$ 87,500\). Data from the balance sheets of the two companies included the
Cameron Corporation purchased 70 percent of the common stock of Darla Corporation on December 31,20X4, for \(\$ 102,200\). Data from the balance sheets of the two companies included the following
Forward Company was 75 percent acquired by Quinn Company on January 1, 20X9. The following balance sheet information was provided by the companies at the time:\section*{Required}a. Give all
Skyhigh Airlines acquired 80 percent of the stock of Klunker Car Rentals for \(\$ 285,000\) on January 1, 20X2. Summarized balance sheets for the two companies on January 1, 20X2, are presented
Whitehurst Electronics published the following balance sheet for December 31, 20X5:The balance sheet for Shocker Manufacturing for December 31, 20X5, appeared as follows:Whitehurst acquired 80
Astor Corporation acquired 60 percent of the outstanding shares of Shield Company on January 1, 20X7. Balance sheet data for the two companies immediately following the purchase were as follows:As
On January 2. 20X8, B.N. Counter Corporation purchased 75 percent of the outstanding common stock of Ticken Tie Company. In exchange for Ticken Tie's stock. B.N. Counter issued bonds payable with a
Compared with at the date of combination, how does the elimination process change when consolidated statements are prepared after the date of acquisition?
What are the three parts of the consolidation workpaper, and what sequence is used in completing the workpaper parts?
How is the amount of income assigned to a noncontrolling interest determined?
How are dividend declarations of a subsidiary reported in the consolidated retained earnings statement?
Why is the income assigned to the noncontrolling interest treated as a deduction in computing consolidated net income?
What portion of other comprehensive income reported by a subsidiary is included in the consolidated statement of other comprehensive income as accruing to the parent company shareholders?
How is consolidated net income computed in a consolidation workpaper?
Why is the beginning retained earnings balance for each company entered in the three-part consolidation workpaper rather than the ending balance?
When Ajax was preparing its consolidation workpaper, the differential was properly assigned to buildings and equipment. What additional entry generally must be made in the workpaper?
How will other comprehensive income elements reported by a subsidiary affect the consolidated financial statements?
What type of adjustment must be made in preparing the consolidation workpaper if a differential is assigned to land and the subsidiary disposes of the land in the current period?
Why are the eliminating entries that are used in preparing the consolidation workpaper different when the parent uses the cost method in accounting for its investment rather than the equity method?
The newest clerk in the accounting office recently entered trial balance data for the parent company and its subsidiaries on the new company microcomputer. After a few minutes of additional work
A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to work alone for some time, the employee seeks assistance in
Following a purchase-type business combination, any differential (excess of cost over the book value of the net assets acquired) must be allocated to specific assets and liabilities each time
Select the correct answer for each of the following questions.1. When a parent-subsidiary relationship exists, consolidated financial statements are prepared in recognition of the accounting concept
Select the correct answer for each of the following questions.1. Par Corporation owns 60 percent of Sub Corporation's outstanding capital stock. On May 1, 20X8, Par advanced Sub \(\$ 70,000\) in
Select the correct answer for each of the following questions.1. How would the retained earnings of a subsidiary acquired in a business combination usually be treated in a consolidated balance sheet
On January 1, 20X3, Guild Corporation reported total assets of \(\$ 470,000\), liabilities of \(\$ 270,000\), and stockholders' equity of \(\$ 200,000\). At that date, Bristol Corporation reported
Potter Company purchased 100 percent of the voting common shares of Stately Corporation by issuing bonds with a par value and fair value of \(\$ 135,000\) to the existing shareholders of Stately.

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