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fundamentals of advanced accounting

Questions and Answers of Fundamentals Of Advanced Accounting

11. If a donor gives a charity a gift that the charity must convey to a separate beneficiary, what is the normal method of reporting for each party?
10. What is the GAAP hierarchy? What purpose does it serve? Why was it developed?
9.What controversy did the debate over whether not-for-profit organizations should record deprecia¬ tion expense create? How was this issue resolved?
8. Why is a statement of functional expenses prepared for a voluntary health and welfare organization?
7. What ratio is frequently used to assess the efficiency of not-for-profit organizations?
6. What two general types of expenses do private not-for-profit organizations report?
5. What are permanently restricted assets?
4. What are temporarily restricted assets?
3. What financial statements are required for private not-for-profit colleges and universities?
2. What information do financial statement users want to know about a not-for-profit organization?
1. Which organization is responsible for issuing reporting standards for private not-for-profit colleges and universities?
• Should a not-for-profit organization record donations of services?
• How should a not-for-profit organiza¬ tion recognize pledges of support?
• How can a contributor to a charity determine how resources are used?
• How should a not-for-profit organiza¬ tion account for any gifts that it receives, especially those that have been restricted in some manner?
• How should the financial statements for a not-for-profit organization be structured?
• Individuals, foundations, and businesses contribute large amounts of resources to not-for-profit organizations, such as charities and colleges and universities. What financial information do
The partnership of Wilson, Cho, and Arrington has the following account information:Share of Partner Capital Balance Profits and Losses Wilson.$200,000 40% LO6 Cho. 180,000 20 Arrington. 110,000 40
Read the following as well as any other published articles on the bankruptcy of the partnership of Laven- thol & Horwath:“Laventhol Says It Plans to File for Chapter 11,” The Wall Street Journal,
Go to the Web site www.napico.com and click on “Partnership Financial Information—Click Here.” Then click on “2006 Annual Reports” to access the annual report for National Tax Credit
A client of the CPA firm of Harston and Mendez is a medical practice of seven local doctors. One doc¬ tor has been sued for several million dollars as the result of a recent operation. Because of
Part A The partnership ofWingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and
The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances:Cash.$
Following is a series of independent cases. In each situation, indicate the cash distribution to be made at the end of the liquidation process. Unless otherwise stated, assume that all
On January 1, 2009, the partners ofVan, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to liquidate their partnership. The trial balance at this date
The partnership of W, X, Y, and Z has the following balance sheet:Cash.. $ 30,000 Liabilities.. . $42,000 Other assets. LO6. 220,000 W, capital (50% of profits and losses) . . .60,000 X, capital
March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 2:3:1 basis, respectively. Recently, each partner has become personally insol¬
The following information concerns two different partnerships. These problems should be viewed as independent situations.Part A The partnership of Ross, Milburn, and Thomas has the following account
Alocal partnership is to be liquidated. Commissions and other liquidation expenses are expected to total $19,000. The business’s balance sheet prior to the commencement of liquidation is as
The following partnership is being liquidated beginning on July 13, 2009:Cash.. . . . $ 36,000 Liabilities. LO6. . . . $50,000 Noncash assets..... 174,000 Able,loan._ 10,000 Able, capital
The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and liquidate all business property. During this process, the partners expect to incur $8,000 in liquida¬
The following balance sheet is for a local partnership in which the partners have become very unhappy with each other.Cash.$ 40,000 Land. 130,000 Building.120,000 Total assets. $290,000 LO6
Apartnership has liquidated all assets but still reports the following account balances:Loan from White Black, capital . . . White, capital . . Green, capital . . Brown, capital . . Blue, capital . .
Apartnership’s balance sheet is as follows:Cash.$ 60,000 Noncash assets. 120,000 Total assets. $180,000 Liabilities.... $ 50,000 Babb, capital. 60,000 Whitaker, capital. 20,000 LO6 Edwards,
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:Cash.$ 40,000 Otherassets. 140,000 LO6
The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:Cash.$ 90,000 LO6 Otherassets. 820,000
Apartnership currently holds three assets: cash, $10,000; land, $35,000; and a building, $50,000. The partners anticipate that expenses required to liquidate their partnership will amount to $5,000.
Alocal dental partnership has been liquidated and the final capital balances are as follows:Atkinson, capital (40% of all profits and losses). $ 60,000 Kaporale, capital(30%). 20,000 LO6 Dennsmore,
A local partnership has only two assets (cash of $10,000 and land with a cost of $35,000). All lia¬ bilities have been paid and the following capital balances are currently being recorded. The
A partnership has the following account balances: Cash, $70,000; Other Assets, $540,000; Liabili¬ ties, $260,000; Nixon (50% of profits and losses), $170,000; Cleveland (30%), $110,000; Pierce
A partnership has gone through liquidation and now reports the following account balances:Cash. $16,000 Loan fromJones. 3,000 LO6 Wayman, capital. (2,000) (deficit)Jones, capital.(5,000)
Carney, Pierce, Menton, and Hoelin are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate the business. At the start of this process, capital
Apartnership is currently holding $400,000 in assets and $234,000 in liabilities. The partnership is to be liquidated, and $20,000 is the best estimation of the expenses that will be incurred during
Apartnership has the following capital balances: A (20% of profits and losses) = $100,000; B (30% of profits and losses) = $120,000; C (50% of profits and losses) = $180,000. If the part¬ nership is
A partnership has the following balance sheet just before final liquidation is to begin:Cash .Inventory . . Other assets LO6$ 26,000 31,000 62,000 Total$119,000 Liabilities. $ 50,000 Art, capital
What is a predistribution plan?a. A guideline for the cash distributions to partners during a liquidation.b. A list of the procedures to be performed during a liquidation.c. A determination of the
Alocal partnership is considering possible liquidation because one of the partners (Bell) is insol¬ vent. Capital balances at the current time are as follows. Profits and losses are divided on a
A local partnership is liquidating and is currently reporting the following capital balances:Angela, capital (50% share of all profits and losses). $ 19,000 Woodrow, capital (30%).18,000 LO6 Cassidy,
What is the marshaling of assets?a. A list of all partnership assets prepared when a formal accounting is to be made.b. A ranking of claims to be paid when a partner has become insolvent. LO6c. The
During a liquidation, if a partner’s capital account balance drops below zero, what should happen?a. The other partners file a legal suit against the partner with the deficit balance.b. The partner
Which of the following statements is true concerning the accounting for a partnership going through liquidation?a. Gains and losses are reported directly as increases and decreases in the appropriate
If a partnership is liquidated, how is the final allocation of business assets made to the partners?a. Equally. LO6b. According to the profit and loss ratio.c. According to the final capital account
How is a predistribution plan created for a partnership liquidation? LO6
What is the purpose of a proposed schedule of liquidation, and how is it developed? LO6
How do loans from partners affect the distribution of assets in a partnership liquidation? What alter¬ natives can affect the handling of such loans? LO6
A partner is personally insolvent. Can this partner’s creditors claim partnership assets? LO6
What is the purpose of the marshaling of assets doctrine? What does it specifically state? LO6
How are safe capital balances computed when preliminary distributions of cash are to be made dur¬ ing a partnership liquidation? LO6
According to the Uniform Partnership Act, what events should occur if a partner incurs a negative capital balance during the liquidation process? LO6
What is the purpose of a schedule of liquidation? What information does it convey to its readers? LO6
After liquidating all property and paying partnership obligations, what is the basis for allocating remaining cash among the partners? LO6
Why are liquidation gains and losses usually recorded as direct adjustments to the partners’ capital accounts? LO6
Why would the members of a partnership elect to terminate business operations and liquidate all noncash assets? LO6
What is the difference between the dissolution of a partnership and the liquidation of partnership property? LO6
How does an accountant determine which partners receive cash during a partnership liquidation? LO6
What are safe capital balances, and how are they determined? LO6
How are any remaining assets distrib¬ uted if a partnership or one of its part¬ ners becomes insolvent? LO6
In a partnership liquidation, what hap¬ pens if one or more partners report a deficit capital balance? LO6
What information should an accoun¬ tant report to reflect the liquidation of a partnership? LO6
Under what conditions would a part¬ nership be liquidated? LO6
ANALYSIS CASE 2 A law firm is preparing to file a federal estate tax return (Form 706). The estate’s executor has elected to use the alternate valuation date. The partner in charge of filing this
ANALYSIS CASE 1 Use an Internet search engine to locate an explanation of the benefits of a grantor retained annuity trust. If you are unable to locate relevant resources, try linking to
RESEARCH CASE 3 A client, Beth Voga, asks for advice. She tells you that her grandmother, a widowed resident of Montana, has no will. She asks whether any portion of her grandmother’s estate will
RESEARCH CASE 2 A staff employee for the CPA firm of O’Brien, Leahy, and Sweeney is currently preparing Form 1041 as an income tax return for an estate. The staff employee knows that the estate is
RESEARCH CASE 1 The CPA firm of Simon, Winslow, and Tate has been approached by a client who is interested in infor¬ mation about the possibility of establishing a minor’s Section 2503(c) trust.Go
42. Elenry O’Donnell created an inter vivos trust fund. He owns a large department store in Higgins, Utah. He also owns a tract of land adjacent to the store used as an extra parking lot when the
41. James Albemarle created a trust fund at the beginning of 2007. The income from this fund will go to his son Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed
40. After the death of Lennie Pope, his will was read. It contained the following provisions:• $110,000 in cash goes to decedent’s brother, Ned Pope.• Residence and other personal property go
39. Jerry Tasch’s will has the following provisions:• $ 150,000 in cash goes to Thomas Thorne.• All shares of Coca-Cola go to Cindy Phillips.• Residence goes to Kevin Simmons.• All other
38. The executor of Gina Purcell’s estate has recorded the following information:Assets discovered at death (at fair value):Cash.$600,000 Life insurancereceivable. 200,000 Investments:Walt
37. The executor of Rose Shield’s estate listed the following properties (at fair value):Cash.$300,000 Life insurance receivable.200,000 Investments in stocks andbonds. 100,000 Rentalproperty.
36.During 2007, an estate generated income of $20,000:Rental income . . Interest income . Dividend income$9,000 6,000 5,000 The interest income is conveyed immediately to the beneficiary stated in
35.Donna Stober’s estate has the following assets (all figures approximate fair value):Investments in stocks andbonds. $1,400,000 House. 700,000 Cash. 70,000 Investment land.60,000
34. Zac Peterson’s estate reports the following information:Value of estate assets.$2,300,000 Conveyed to spouse.1,000,000 Conveyed to children.230,000 Conveyed to trust fund for benefit of cousin.
33. Marie Hardy’s will has the following provisions:“1 leave the cash balance deposited in the First National Bank (up to a total of $50,000) to Jack Abrams. 1 leave $18,000 cash to Suzanne
32. The will of Josh O’Brien has the following stipulations:Antique collection goes to Usa Lunn.All money in the First Savings Bank goes to Richard Blaine.Cash of $9,000 goes to Nelson Tucker.All
31. Answer each of the following questions:a. What are the objectives of probate laws?b. What tasks does the executor of an estate perform?c. What assets are normally included as estate properties?d.
30. Define each of the following terms:a. Will.b. Estate.c. Intestate.d. Probate laws.e. Trust.f. Inter vivos trust.g. Charitable remainder trust.h. Remainderman.i. Executor.j. Homestead allowance.
29.An estate has the following income:Rentalincome. $5,000 Interestincome. 3,000 Dividendincome. 1,000 The interest income was immediately conveyed to the appropriate beneficiary. The dividends were
28.The estate of Nancy Hanks reports the following information:Value of estate assets.$1,400,000 Conveyed to spouse.700,000 Conveyed to children.100,000 Conveyed to charities.420,000 Funeralexpenses.
27. Which of the following is a charitable lead trust?a. The income of the trust fund goes to an individual until death at which time the principal is con¬ veyed to a charitable organization.b.
26. What is the difference between a testamentary trust and an inter vivos trust?a. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.b. A
25. In recording the transactions of an estate, when are liabilities recorded?a. When incurred.b. At the date of death.c. When the executor takes responsibility for the estate.d. When paid.
24. In an estate, which of the following is charged to income rather than to principal?a. Funeral expenses.b. Investment costs.c. Property taxes.d. Losses on the sale of investments.
23. What is a remainderman?a. A beneficiary that receives the principal left in an estate or trust after a specified time.b. The beneficiary of the decedent’s life insurance policy.c. An executor
22. The executor of an estate is filing an income tax return for the current period. Revenues of $ 12,000 have been earned. Which ofthe following is not a deduction allowed in computing taxable
21. A couple has written a will that leaves part of their money to a trust fund. The income from this trust will benefit the surviving spouse until death, with the principal then going to their
20. Which of the following is not true concerning gift taxes?a. Gift taxes will not be abolished but a lifetime exclusion of $1 million is created.b. The Economic Growth and Tax Relief Reconciliation
19. M. Wilson Waltman died on January 1, 2007. All of his property was conveyed to beneficiaries on October 1, 2007. For federal estate tax purposes, the executor chose the alternate valuation date.
18. Sally Anne Williams died on January 1, 2007. All of her property was conveyed to several relatives on April 1,2007. For federal estate tax purposes, the executor chose the alternate valuation

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