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
fundamentals of advanced accounting

Questions and Answers of Fundamentals Of Advanced Accounting

Padre holds 100 percent of the outstanding shares of Sonora. On January 1,2009, Padre transferred equipment to Sonora for $95,000. The equipment had cost $130,000 originally but had a $50,000 book
On January 1, 2009, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $810,000 in cash and stock options. At the acquisition date, NetSpeed had Common Stock
Akron, Inc., owns all outstanding stock of Toledo Corporation. Amortization expense of $ 15,000 per year for patented technology resulted from the original acquisition. For 2010, the companies had
Penguin Corporation acquired 80 percent of the outstanding voting stock of Snow Company on January 1, 2009, for $420,000 in cash and other consideration. At the acquisition date, Penguin assessed
On January 1, 2009, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne Company for $300,000 consideration. At the acquisition date, the fair value of the 40 percent
Smith Corporation acquired 80 percent ofthe outstanding voting stock ofKane, Inc., on January 1, 2009, when Kane had a net book value of $400,000. Any excess fair value was assigned to intangi¬ ble
On January 1, 2009, Corgan Company acquired 80 percent of the outstanding voting stock of Smash¬ ing, Inc., for a total of $980,000 in cash and other consideration. At the acquisition date, Smashing
Following are several figures reported for Preston and Sanchez as of December 31, 2010: LO8 Inventory ..Sales ..........Investment income Cost of goods sold Operating expenses Preston$400,000 800,000
What is the consolidated total for inventory at December 31 ? LO8a. $240,000.b. $248,000.c. $250,000.d. $260,000.
What is the consolidated total for equipment (net) at December 31 ? LO8a. $740,000.b. $756,000.c. $760,000.d. $765,000.
What is the consolidated total of noncontrolling interest appearing on the balance sheet? LO8a. $85,500.b. $83,100.c. $87,000.d. $70,500.
What is the total of consolidated expenses? LO8a. $30,000.b. $36,000.c. $37,500.d. $39,000.
What is the total of consolidated cost of goods sold? LO8a. $140,000.b. $152,000.c. $132,000.d. $145,000.
What is the total of consolidated revenues? LO8a. $500,000.b. $460,000.c. $420,000.d. $400,000.
Wallton Corporation owns 70 percent of the outstanding stock of Hastings, Incorporated. On January 1, 2008, Wallton acquired a building with a 10-year life for $300,000. Wallton anticipated no
Dunn Corporation owns 100 percent of Grey Corporation’s common stock. On January 2, 2009, Dunn sold to Grey for $40,000 machinery with a carrying amount of $30,000. Grey is depreciating the
Hardwood, Inc,, holds a 90 percent interest in Pittstoni Company. During 2009, Pittstoni sold inven¬ tory costing $77,000 to Hardwood for $110,000. Of this inventory, $40,000 worth was not sold to
Use the same information as in problem 5 except assume that the transfers were from Bottom Com¬ pany to Top Company. What are the consolidated sales and cost of goods sold? LO8a. $1,000,000 and
Top Company holds 90 percent of Bottom Company’s common stock. In the current year, Top reports sales of $800,000 and cost of goods sold of $600,000, For this same period. Bottom has sales of
Bellgiade, Inc., acquired a 60 percent interest in Hansen Company several years ago. During 2009, Hansen sold inventory costing $75,000 to Bellgrade for $100,000. A total of 16 percent of this
In computing the noncontrolling interest’s share of consolidated net income, how should the sub¬ sidiary’s income be adjusted for intercompany transfers? LO8a. The subsidiary’s reported income
King Corporation owns 80 percent of Lee Corporation’s common stock. During October, Lee sold merchandise to King for $100,000. At December 31, 50 percent of this merchandise remains in King’s
Which of the following describes the impact on consolidated financial statements of upstream and downstream transfers? LO8a. No difference exists in consolidated financial statements between upstream
If a seller makes an intercompany sale of a depreciable asset at a price above book value, the seller’s beginning Retained Earnings is reduced when preparing each subsequent consolidation. Why does
Why does an intercompany sale of a depreciable asset (such as equipment or a building) require sub¬ sequent adjustments to depreciation expense within the consolidation process? LO8
A subsidiary sells land to the parent company at a significant gain. The parent holds the land for two years and then sells it to an outside party, also for a gain. How does the business combination
The consolidation process applicable when intercompany land transfers have occurred differs somewhat from that used for intercompany inventory sales. What differences should be noted? LO8
When a subsidiary sells inventory to a parent, the intercompany profit is removed from the sub¬ sidiary’s income and reduces the income allocation to the noncontrolling interest. Is the profit
King Company owns a 90 percent interest in the outstanding voting shares of Pawn Company. No excess fair-value amortization resulted from the acquisition. Pawn reports a net income of$l 10,000 for
A worksheet is being developed to consolidate Williams, Incorporated, and Brown Company. These two organizations have made considerable intercompany transactions. How would the consolidation process
How do intercompany profits present in any year affect the noncontrolling interest calculations? LO8
James, Inc., sells inventory to Matthews Company, a related party, at James’s standard markup. At the current fiscal year-end, Matthews still holds some portion of this inventory. If consoli¬
How are unrealized inventory gross profits created, and what consolidation entries does the presence of these gains necessitate? LO8
Padlock Corp. owns 90 percent of Safeco, Inc. During the year, Padlock sold 3,000 locking mecha¬ nisms to Safeco for $900,000. By the end of the year, Safeco had sold all but 500 of the locking
Barker Company owns 80 percent of the outstanding voting stock of Walden Company. During the current year, intercompany sales amount to $100,000. These transactions were made with a markup equal to
Intercompany transfers between the component companies of a business combination are quite com¬ mon. Why do these intercompany transactions occur so frequently? LO8
Why does the transfer of a depreciable asset frequently result in the recording of excess depreciation in subsequent years? LO8
The intercompany sale of land and depreciable assets also can occur between the members of a business combination. What impact does the spe¬ cific type of property being conveyed have on the
How do intercompany transactions affect the balances reported for a noncontrolling interest? What impact does the direction of these transfers (upstream versus downstream) have on the noncontrolling
Gains on intercompany transactions are considered unrealized until the assets are resold to outsiders or consumed. Prior to the realization of these gains, what adjustments are required in producing
How do intercompany transfers of inventory or other assets between par¬ ent and subsidiary affect the consolida¬ tion process? LO8
COMMUNICATION CASE Go to the Web site www.independentsector.org/issues/accountability/Checklist/index.html. Read the var¬ ious items listed in the checklist for accountability. Write a short report
ANALYSIS CASE 2 Go to the Web site of a private not-for-profit college or university such as Duke (www.duke.edu), Van¬ derbilt (www.vanderbilt.edu), Notre Dame (www.nd.edu), or Georgetown
ANALYSIS CASE 1 Go to the Web site of a private not-for-profit organization such as Christian Children’s Fund (www.christ- ianchildrensfund.org), the American Heart Association
RESEARCH QUESTION 2 Go to the Web site www.guidestar.org and enter the name of a private not-for-profit organization. Considerable information will be available about the entity. It should be
RESEARCH CASE 1 The law firm of Hackney and Walton has decided to start supporting a worthy charity. The partners want to select an organization that makes good use of its resources to meet its
45. On December 25 ofYear 2, the organization received a $40,000 cash gift. The donor specified that the organization hold the money for four months. If, at the end of four months, the donor still
44. On January 1, Year 2, several supporters of the organization spent their own money to construct a garage for its vehicles that is worth $70,000. It should last for 10 years and will have no
43. Assume that the organization is a charity that charges its “members” monthly dues totaling $100,000 per year (in both Year 1 and Year 2). However, the members get nothing for their dues. The
42. At the beginning ofYear 1, the organization received $50,000 in cash as a gift with the stipulation that the money be used to buy a bus for its use. It made the appropriate entry at that time. On
41. During Year 1, the organization received a gift of $80,000. The donor specified that this money be invested in government bonds with the interest to be used to pay the salaries of the
40. Assume that this organization is a private college that charged students $600,000 but then provided $140,000 in financial aid. The $600,000 was reported as a revenue; the $140,000 was shown as an
39. The Watson Foundation, a not-for-profit organization, starts the year with cash of $ 100.000, pledges receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment of
38. You are preparing a statement of activities for the University of Richland, a private not-for-profit organization. The following questions should be viewed as independent of each other.Part 1
37. The College of Central North (a private school) has the following events and transactions:a. On January 1, Year 1, the board of trustees voted to restrict $1.9 million of previously unre¬
36. The following questions concern the accounting principles and procedures applicable to a private not-for-profit organization. Write answers to each question.a. What is the difference between
35. The University of Danville is a private not-for-profit university that starts the current year with $700,000 in net assets: $400,000 unrestricted, $200,000 temporarily restricted, and $100,000
34. A local private not-for-profit health-care entity incurred the following transactions during 2008. Record each of these transactions in appropriate journal entry form. Prepare a schedule
33. A private not-for-profit organization is working to create a cure for a deadly disease. The organiza¬ tion starts the year with cash of $700,000. Ofthis amount, unrestricted net assets total
32. Wilson Center is a private not-for-profit voluntary health and welfare organization. During 2008, it received unrestricted pledges of $600,000, 60 percent of which were payable in 2008, with the
31. Under Lennon Hospital’s rate structure, it earned patient service revenue of $9 million for the year ended December 31, 2008. However, Lennon did not expect to collect this entire amount
30. The following questions concern the appropriate accounting for a private not-for-profit health-care entity. Write complete answers for each question.a. What is a third-party payor, and how have
29. During the year ended December 31,2008, Anderson Hospital (operated as a private not-for-profit organization) received and incurred the following:Fair value of donatedmedicines. $ 54,000 Fair
28. A voluntary health and welfare organization receives $32,000 in cash from solicitations made in the local community. The organization receives an additional $1,500 from members in payment of
27. A voluntary health and welfare organization sends a mailing to all of its members including those who have donated in the past and others who have not donated. The mailing, which cost $22,000,
26. A voluntary health and welfare organization has the following expenditures:Research to curedisease. $60,000 Fund-raisingcosts. 70,000 Work to helpdisabled. 40,000 Administrativesalaries. 90,000
25. A voluntary health and welfare organization produces a statement of functional expenses. What is the purpose of this statement?a. Separates current unrestricted and current restricted funds.b.
24. George H. Ruth takes a leave of absence from his job to work full-time for a voluntary health and welfare organization for six months. Ruth fills the position of finance director, a position that
23. A voluntary health and welfare organization receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the
22. An organization of high school seniors performs volunteer services for patients at a nearby nursing home. The nursing home would not otherwise provide these services, such as wheeling patients in
21. In 2008, Wells Hospital received an unrestricted bequest of common stock with a fair value of $50,000. The testator paid $20,000 for the stock in 2000. Wells should record the bequest toa.
20. Theresa Johnson does volunteer work for a local not-for-profit organization as a community ser¬ vice. She replaces without charge an administrator who would have otherwise been paid $31,000.
19. A local citizen gives a not-for-profit organization a cash donation that is restricted for research activities. The money should be recorded ina. Unrestricted Net Assets.b. Temporarily Restricted
18. A not-for-profit hospital provides its patients with services that would normally be charged at $ 1 million. However, it estimates a $200,000 reduction because ofcontractual adjustments. It
17. What is a contractual adjustment?a. An increase in a patient’s charges caused by revisions in the billing process utilized by a health care entity.b. A year-end journal entry to recognize all
16. Mercy for America, a private not-for-profit health-care facility located in Durham, North Carolina, charged a patient $8,600 for services. It actually billed this amount to the patient’s
15. In the accounting for health-care providers, what are third-party payors?a. Doctors who reduce fees for indigent patients.b. Charities that supply medicines to hospitals and other health-care
14. A not-for-profit organization receives two gifts. One is $80,000 and is restricted for paying salaries of teachers who help children learn to read. The other is $110,000, which is restricted for
13. What is the significance of the GAAP hierarchy?a. It tells which accounting body has more overall authority.b. When two sources of accounting guidance conflict, it identifies the one that has
12. Pel Museum is a private not-for-profit organization. If it received a contribution of historical artifacts, it need not recognize the contribution if the artifacts are to be sold and it will use
11. The Jones family lost its home in a fire. On December 25, 2008, a philanthropist sent money to the Amer Benevolent Society, a not-for-profit organization, specifically to purchase furniture for
10.On December 30, 2008, Leigh Museum, a not-for-profit organization, received a $7,000,000 dona¬ tion of Day Co. shares with donor-stipulated requirements as follows:The museum is to sell shares
9. FASB SFAS 117, “Financial Statements of Not-for-Profit Organizations,” focuses ona. Basic information for the organization as a whole.b. Standardization of fund information reported.c.
8. To send a mailing, a private not-for-profit charity spends $ 100,000. The mailing solicits donations and provides educational and other information about the charity. Which of the following is
7. A private not-for-profit organization has the following activities performed by volunteers for no charge. In which case should it report no amount of contribution?a. A carpenter builds a porch on
6. A private not-for-profit university charges its students tuition of $1 million. However, financial aid grants total $220,000. In addition, the school receives a $100,000 grant restricted for
5. A donor gives Charity 1 $50,000 in cash that it must convey to Charity 2. However, the donor can revoke the gift at any time prior to its conveyance to Charity 2. Which of the following statements
4. A private not-for-profit organization receives three donations:One gift of $70,000 is unrestricted.One gift of $90,000 is restricted to pay the salary of the organization’s workers.One gift of $
3.Which of the following statements is true?I. Private not-for-profit universities must report depreciation expense. II. Public universities must report depreciation expense.a. Neither I nor II is
2.A large not-for-profit organization’s statement of activities should report the net change for net assets that are Unrestricted Permanently Restricted a.Yes Yes b.Yes No c.No No d.No Yes
1.Ahospital has the following account balances:Revenue from newsstand.$ 50,000 Amounts charged to patients.800,000 Interestincome. 30,000 Salaryexpense—nurses. 100,000 Bad debts.10,000 Undesignated
20. What is a contractual adjustment? How does a health-care organization account for a contractual adjustment?
19. What is a third-party payor, and how does the presence of such payors affect the financial account¬ ing of a health-care organization?
18. When should membership dues be considered revenue rather than contributions?
17. What is the difference between an unconditional promise to give and an intention to give?
16. A private not-for-profit organization receives numerous pledges of financial support to be conveyed at various times over the next few years. Under what condition should it recognize these
15. A private not-for-profit organization sends a direct mail solicitation for donations. However, the orga¬ nization also includes other information with the mailing. Under what conditions can the
14. When does a not-for-profit organization record donated services?
13. If a donor gives a charity a gift that the charity must convey to a separate beneficiary, what is the method of reporting for each party if the charity receives variance powers enabling it to
12. If a donor gives a charity a gift that the charity must convey to a separate beneficiary, what is the method of reporting for each party if the donor retains the right to revoke or redirect use

Showing 100 - 200 of 2718

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
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