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business
modern advanced accounting

Questions and Answers of Modern Advanced Accounting

14. Describe the functions of an agency fund. State the accounting equation for an agency fund.
13. Differentiate between pension trust funds, investment trust funds, and fiduciary trust funds.
12. What does measurement focus mean? What two focuses are used in governmental accounting? Which fund types use each?
11. What is the modified accrual basis of accounting? Which funds utilize the modified accrual basis of accounting?
10. List and explain the four GAAP guidelines for state and local governments, in descending order of authority.
9. What are the simplified and complete accounting equations for a proprietary fund?
8. List the two types of proprietary funds. What distinguishes them from each other?
7. What are the simplified and complete accounting equations for a governmental fund?
6. List the five types of governmental funds. What are the primary distinctions among them?
5. Distinguish between governmental funds, proprietary funds, and fiduciary funds. Which funds are classified as governmental funds?
4. Why do governmental entities use fund accounting? How many funds might be used by a single governmental unit? How many fund types?
3. What are the characteristics of a government?
2. What is the GAAFR? Who creates the GAAFR?
1. What organization provides accounting standards for state and local governmental units? What hierarchy of authority do they use?
PR 18-2 Under what circumstances does a firm emerging from bankruptcy qualify for fresh start reporting? Can you find an example of how a firm should report in a fresh start reporting situation?
PR 18-1 What are the special requirements for the presentation of financial statements for a firm that is operating under Chapter 11 Bankruptcy protection?
3. Prepare a fresh-start balance sheet for Hip as of July 8, 2016.
2. Prepare journal entries to adjust Lop’s accounts for the reorganization plan.
P18-7 Installment liquidation Lop filed for relief under Chapter 11 of the bankruptcy act on January 2, 2016. A summary of Lop’s assets and equities on this date, and at June 30, 2016, follows.
Val is in financial difficulty, and its stockholders and creditors have requested a statement of affairs for planning purposes. The following information is available:1. The company estimates that
P18-6 Financial reporting during bankruptcy The balance sheet of Val at June 30, 2016, contains the following items:Assets Cash $40,000 Accounts receivable—net 70,000 Inventories 50,000 Land 30,000
2. Develop a schedule showing how available cash will be distributed to each class of claims, assuming that(a) the estimated realizable values are actually received and (b) the trustee and other fees
P18-5 Financial reporting during bankruptcy The unsecured creditors of Dan filed a petition under Chapter 7 of the bankruptcy act on July 1, 2016, to force Dan into bankruptcy. The court order for
P18-4 Statement of affairs, claims for each class Pop Inc. filed for Chapter 7 bankruptcy on August 1, 2014, and reported the following (in thousands):Book Value Estimated Net Realizable Values Cash
2. Show how the available cash will be distributed in final liquidation of the corporation.Corporate Liquidations and Reorganizations 623
P18-3 Claims rankings and cash distribution upon liquidation Jun is being liquidated under Chapter 7 of the bankruptcy act. All of Jun’s assets have been converted into cash, and $400,000 cash is
P18-2 Financial reporting during bankruptcy Minang filed a petition under Chapter 7 of the bankruptcy act and was liquidated by a court-appointed trustee. The following financial information was
P18-1[Balance sheet for fresh-start reporting evaluation]Tessa Ltd. which operated under Chapter 11 of the bankruptcy act, released its balance sheet when they submited their reorganization plan as
E18-5 Financial reporting during bankruptcy – Distributions to creditors PT Keraton filed for Chapter 7 bankruptcy and was liquidated by a court-appointed trustee. The following financial report
E18-4 Chapter 7 bankruptcy—expected payment of a bond payable Madeline SA had a bond payable partially secured by 50% of plant assets realization. Madeline file a Chapter 7 bankruptcy and a
E18-3 Financial reporting during bankruptcy—Distributions to creditors Noona Corporation files for Chapter 7 bankruptcy, when the book value of its net land and building is $80,000, and these
4. When fresh-start reporting is used, the initial financial statement disclosures should not include:a Adjustments made in the amounts of individual assets and liabilities b The amount of debt
3. Uni, a parent company with five wholly owned operating subsidiaries, is in the process of preparing consolidated financial statements for the year. Two of Uni’s subsidiaries are operating as
2. Two-and-a-half years after filing the petition for bankruptcy, Hal’s management, its creditors, the equity holders, and other parties in interest agree on a reorganization value of $500,000.
1. The December 31, 2016, balance sheet will show prepetition liabilities of:a $340,000 (the claims at filing)b $240,000 (the original claims less the secured portion of the mortgage bonds)c $350,000
E18-2 Financial reporting during bankruptcy Use the following information in answering questions 1 and 2:Hal Company filed for protection from creditors under Chapter 11 of the bankruptcy act on July
4. A corporation may not be a debtor in possession if:a The case is initiated in a voluntary filing b The case is initiated in an involuntary filing c Loans other than for goods and services exceed
3. A trustee’s election in a Chapter 7 case requires:a Approval by a majority of creditors b Approval by a majority of claims represented c Approval by a majority in dollar amount of voting
2. Aside from liability discharge provided for in the reorganization plan, the discharge of a debtor corporation’s liabilities occurs when:a The plan is accepted by a majority of unsecured
E18-1 Differences among types of bankruptcy filings and other terminology related to bankruptcy law 1. Bankruptcy Insolvency means:a Book value of assets is greater than liabilities b Fair value of
17. A firm emerging from Chapter 11 bankruptcy that does not qualify for fresh-start reporting must still report the effect of the reorganization plan on its financial position and results of
16. FASB ASC 852 provides two conditions that must be met for an emerging firm to use fresh-start reporting.What are these two conditions?
15. The reorganization value of a firm emerging from Chapter 11 bankruptcy is used to determine the accounting of the reorganized company. Explain reorganization value as used in FASB ASC 852.
14. Describe prepetition liabilities subject to compromise on the balance sheet of a company operating under Chapter 11 of the bankruptcy act.
13. Discuss the requirements for approval of a plan of reorganization.
12. When can a creditors’ committee file a plan of reorganization under a Chapter 11 case?
11. What is a debtor-in-possession reorganization case?
10. Does filing a case under Chapter 11 of the bankruptcy act mean that the company will not be liquidated?Discuss.
9. What is the purpose of a statement of affairs, and how are assets valued in this statement?
8. Does the BAPCPA establish priorities for holders of unsecured nonpriority claims (i.e., general unsecured claims)?
7. Which unsecured claims have priority in a Chapter 7 liquidation case? Discuss in terms of priority ranks.
6. Describe the duties of a trustee in a liquidation case under the BAPCPA 1978.
5. Is a trustee appointed in Title 11 cases? Is a trustee appointed in all Chapter 7 cases? In all Chapter 11 cases? Discuss.
4. What obligations does a debtor corporation have in a bankruptcy case?
3. What are the duties of the U.S. trustee under BAPCPA? Do U.S. trustees supervise the administration of all bankruptcy cases?
2. What is an order of relief and how does it affect a bankruptcy case?
1. How does Chapter 7 bankruptcy differ from Chapter 11 bankruptcy? Which comes first?
Pillow Company is purchasing an 80% interest in the common stock of Sleep Company.Sleep’s balance sheet amounts at book and fair value are as follows:Book Fair Account Value Value Current assets .
Pillow Company is purchasing an 80% interest in the common stock of Sleep Company.Sleep’s balance sheet amounts at book and fair value are as follows:Book Fair Account Value Value Current assets .
Pillow Company is purchasing a 100% interest in the common stock of Sleep Company.Sleep’s balance sheet amounts at book and fair value are as follows:Book Fair Account Value Value Current assets .
Padro Company purchases a controlling interest in Salto Company. Salto had identifiable net assets with a cost of $400,000 and a fair value of $600,000. It was agreed that the total fair value of
What does the elimination process accomplish?AppendixLO1
A parent must normally consolidate a company if it owns over 50% of the outstanding voting common stock of that company. In your own words, explain how a parent could gain control without an over 50%
Johnson Company is considering an investment in the common stock of Bickler Company.What are the accounting issues surrounding the recording of income in future periods if Johnson purchases:a. 10% of
Define push-down accounting, and explain when it may be used and its impact.AppendixLO1
Show the impact of preexisting goodwill on the consolidation process.AppendixLO1
Explain the impact of a noncontrolling interest on worksheet procedures and financial statement preparation.AppendixLO1
Create a determination and distribution of excess (D&D) schedule.AppendixLO1
Apply zone and price analyses to guide the adjustment process to reflect the price paid for the controlling interest.AppendixLO1
Demonstrate the worksheet procedures needed to merge subsidiary accounts.AppendixLO1
Demonstrate the worksheet procedures needed to eliminate the investment account.AppendixLO1
Explain when control might exist without majority ownership.AppendixLO1
State the traditional criteria for presenting consolidated statements, and explain why disclosure of separate subsidiary financial information might be important.AppendixLO1
Differentiate among the accounting methods used for investments, based on the level of common stock ownership in another company.AppendixLO1
PR 8-2 Again, consider the facts presented in PR 8-1 above. Is it acceptable for Pop to continue to account for its investment in Son for the current year, using the equity method of accounting and
PR 8-1 Pop Corporation has owned a 30 percent interest in Son Corporation for ten years, and has properly recorded this investment using the equity method of accounting.On July 1 of the current year
P8-12 Consolidated statement of cash flows–indirect method (sale of an interest)Comparative consolidated financial statements for Pop Corporation and its subsidiary, Son Corporation, at and for the
P8-11 Workpaper (midyear acquisition, preacquisition income and dividends, upstream sale of inventory, downstream sale of inventory item used by subsidiary as plant asset)Pam Corporation acquired an
P8-10 Workpaper (midyear purchase of 10% interest, downstream sales)Pop Corporation acquired a 70 percent interest in Son Corporation on January 1, 2016, for $420,000 cash, when Son’s equity
5. Pam uses the equity method for its 70 percent interest in Sun.REQuIRED: Prepare a consolidation workpaper for the year ended December 31, 2016.298 CHAPTER 8
4. Sun sold land that cost $8,000 to Pam for $10,000 on October 15, 2016. Pam still owns the land.
3. Pam Corporation sold equipment to Sun on July 1, 2016, for $30,000. This equipment was purchased by Pam on July 1, 2013, for $36,000 and is being depreciated over a six-year period using the
2. Other current liabilities of Sun Corporation on December 31, 2016, include $10,000 dividends declared on December 15 and unpaid at year-end. Sun also declared $10,000 dividends on March 15, 2016.
1. Sun Corporation paid $102,850 for all of Pam’s outstanding bonds on July 1, 2016. These bonds were issued on January 1, 2016, bear interest at 12 percent, have interest payment dates of July 1
P8-9 Workpaper (noncontrolling interest, preacquisition income, downstream sale of equipment, upstream sale of land, subsidiary holds parent’s bonds)Pam Corporation paid $175,000 for a 70 percent
P8-8 Workpaper (midyear acquisition of 80% interest, downstream inventory sales)Pop Corporation acquired an 80 percent interest in Son Corporation on October 1, 2016, for $82,400, equal to 80 percent
P8-7 Consolidated income statement (midyear purchase of additional interest)Comparative separate-company and consolidated balance sheets for Pam Corporation and its 70 percent–owned subsidiary, Sun
P8-6 Midyear purchase of additional interest, preacquisition income Pop Corporation purchased a 70 percent interest in Son Corporation on January 2, 2016, for $98,000, when Son had capital stock of
P8-5 Subsidiary issues additional shares Pam Corporation purchased 9,000 shares of Sun Corporation’s $50 par common stock at $90 per share on January 1, 2016, when Sun had capital stock of $500,000
P8-4 Reduction of interest owned under three options Pop Corporation owns 300,000 of 360,000 outstanding shares of Son Corporation, and its $8,700,000 Investment in Son account balance on December
P8-3 Sale of an interest during accounting period, upstream building sale Piero SAA was a 90 percent-owned subsidiary of Isac SAA acquired for $3,600,000 on January 1, 2014.The total net assets for
3. Prepare a journal entry on Pop’s books to adjust for the additional share issuance on January 1, 2018, if gain or loss is not recognized.
2. Determine Pop’s percentage interest in Son on January 1, 2018, immediately after the additional stock issuance.
P8-2 Computations and entries (subsidiary issues additional shares to public)Pop Corporation purchased 480,000 shares of Son Corporation’s common stock (an 80 percent interest)for $10,600,000 on
4. Rayan SAL’s income and expenses occurred proportionately during the year.REQuIRED: Prepare a workpaper to consolidate the financial statement of Adnan SAL and subsidiary for the year ended
3. Rayan SAL declared dividends of $100,000 and $150,000 on March 1, 2014, and December 31, 2014, respectively
2. On August 1, 2014, Rayan SAL sold land to Adnan SAL with a gain of $150,000. Rayan SAL sold the land to an outside party in 2016.
P8-1 Mid year acquisition, overvalued inventory, upstream sale of land On July 1, 2014, Adnan SAL acquired 75 percent of Rayan SAL for $3,750,000. Rayan SAL stockholders’equity on July 1, 2014 was
E 8-13 Computations and entries (subsidiary issues additional shares to outside entities)Pop Corporation paid $1,800,000 for 90,000 shares of Son Company’s 100,000 outstanding shares on January 1,
E 8-12 Journal entries when subsidiary issues additional shares directly to parent Pam Corporation’s Investment in Sun Company account had a balance of $475,000 at December 31, 2016. This balance

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