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modern advanced accounting

Questions and Answers of Modern Advanced Accounting

E 8-11 Treasury stock by subsidiary Bence NYRT was a 70 percent subsidiary of Nora NYRT. On January 3, 2014, the balance of investment account in Bence NYRT was $350,000 while the total equity of
E 8-10 Computations for sale of an interest Pam Corporation acquired a 90 percent interest in Sun Corporation on July 1, 2017, for $675,000. The stockholders’equity of Sun at December 31, 2016, was
E 8-9 Midyear piecemeal acquisition with goodwill The stockholder’s equity of Son Corporation at December 31, 2015, 2016, and 2017, is as follows (in thousands):December 31, 2015 2016 2017 Capital
2. Assume that the 100,000 shares of common stock are sold to Van Company, one of Sun’s noncontrolling stockholders.a. What is Pam’s percentage ownership interest after the new shares are sold to
E 8-8 Subsidiary issues additional stock under different assumptions Pam Corporation owns two-thirds (600,000 shares) of the outstanding $1 par common stock of Sun Company on January 1, 2016. In
3. Calculate the amount of investment in Talal BSC after the transaction.
2. Prepare a journal entry to adjust investment in Talal BSC account.
E 8-7 Subsidiary sells share to outside entities On January 1, 2014, Yasmeen BSC acquired 90,000 out of 100,000 outstanding common shares of Talal BSC for$720,000. The total stockholders’ equity
E 8-6 Additional stock issued by subsidiary directly to parent The stockholders’ equities of Huanh Corporation and its 90 percent-owned subsidiary, Ngon Corporation, on December 31, 2016, are as
E 8-5 Subsidiary issues additional shares Pupuk Corporation paid $2,500,000 for an 80 percent interest (1,800,000 shares) in Soil Corporation on January 1, 2016.The book value of Soil’s net assets
E 8-4 Computation of gain or loss after deconsolidation Ainun Corporation owns an 80 percent interest in Bahrun Corporation. At December 31, 2016, its Investment in Bahrun account is $3,500,000 and
E 8-3 Journal entries (sale of equity interest—actual sale date assumption)Pare Corporation acquires a 90 percent interest in Siomay Corporation (360,000 shares) for $5,400,000 when its equity is
3. Calculate the amount of investment in Edma HF at the end of 2014.
2. Calculate income from Edma HF in 2014.
E 8-2 Piecemeal Acquisition Information regarding the Victor HF acquisition of Edma HF’s common stock in 2014 is as follows:■ On February 15, Victor HF purchased 5 percent of Edma HF’s common
E 8-1 Allocate income and dividends to controlling, noncontrolling, and preacquisition interests On January 1, 2016, Pablo Corporation acquires a 60 percent interest in Sango Corporation. On July 1,
11. Do common stock dividends and stock splits by a subsidiary affect the amounts that appear in the consolidated financial statements? Explain, indicating the items, if any, that would be affected.
10. Can gains or losses to a parent/investor result from a subsidiary’s/investee’s treasury stock transactions?Explain.
9. When does a treasury stock transaction affect the investment account? How is the effect adjusted?
8. Assume that a subsidiary has 10,000 shares of stock outstanding, of which 8,000 shares are owned by the parent. If the parent purchases an additional 2,000 shares of stock directly from the
7. Assume that a subsidiary has 10,000 shares of stock outstanding, of which 8,000 shares are owned by the parent. What equity method adjustment will be necessary on the parent books if the
6. When a parent sells a part of its interest in a subsidiary during an accounting period, is the income applicable to the interest sold up to the time of sale included in consolidated net income and
5. How are the gains or losses of a sale of interest that results in a deconsolidation measured?
4. Isn’t preacquisition income really noncontrolling interest share?
3. How are previously held investments revalued in a piecemeal acquisition?
2. How are preacquisition earnings accounted for by a parent under the equity method? How are they accounted for in the consolidated income statement?
1. Explain the terms preacquisition earnings and preacquisition dividends.
PR 16-2 Under what circumstances can a partnership expel a partner?
PR 16-1 What defines a business as a partnership? What factors need to be examined to determine if an individual is a partner, and not some other type of participant in the business?
P 16-14 Partnership income allocation Tim and Las have been operating an accounting firm as partners for a number of years, and at the beginning of 2016, their capital balances were $60,000 and
P 16-13 Recording new partner investment—Complex non-revaluation and revaluation cases A condensed balance sheet for the Pet, Qua, and She partnership at December 31, 2016, and their profitand
3. Prepare a profit distribution schedule for the Par and Boo partnership assuming monthly salary allowances of $800 and $1,000 for Par and Boo, respectively; interest allowances at a 12 percent
2. Prepare a statement of partnership capital assuming that the partnership agreement provides for monthly salary allowances of $800 and $1,000 for Par and Boo, respectively, and for the division of
P 16-12 Partnership income allocation The partnership of Par and Boo was formed and commenced operations on March 1, 2016, with Par contributing $30,000 cash and Boo investing cash of $10,000 and
P 16-11 Partnership income allocation—Multiple years Har, Ion, and Jer formed a partnership on January 1, 2016, with each partner contributing $20,000 cash.Although the partnership agreement
P 16-10 Recording new partner investment—Various situations The AT Partnership was organized several years ago, and on January 1, 2016, the partners agree to admit Car for a 40 percent interest in
P 16-9 Recording new partner investment—Various situations Three partners, Pat, Mic, and Hay, have capital balances and profit-sharing ratios at December 31, 2016, as follows:Pat $144,000 profit
4. Dar invests $90,000 cash in the partnership for a 30% interest in the capital and profits, and partnership assets are not revalued.
3. Dar invests $80,000 cash in the partnership for a 20 percent interest in the capital and profits, and partnership assets are revalued.
2. Dar invests $75,000 cash in the partnership for a 25 percent interest in the partnership capital and profits, and partnership assets are revalued.
P 16-8 Recording new partner investment—Various situations The capital accounts of the Ann, Bob, and Car partnership at December 31, 2016, together with profitand loss-sharing ratios, are as
P 16-7 Purchases of interest from existing partners Kiyoshi and Masao are partners with capital balances of $1,750,000 and $1,500,000, respectively. They divide the profits as follows: 70% to Kiyoshi
3. Give the journal entry (one entry) to correct the books on January 1, 2019.
2. Calculate the balances that should be in the three capital accounts on January 1, 2019, taking into account the corrections that must be made for errors made in the calculation of income in the
P 16-6 Partner income allocation—Correction of error The partnership of Jon, Kel, and Gla was created on January 2, 2016, with each of the partners contributing cash of $30,000. Reported profits,
P 16-5 Profit or loss allocation Ahmed, Kamal, and Karim are in a partnership. They agree on a profit- or loss-sharing ratio of 20 percent, 30 percent, and 50 percent, respectively. In the
3. Remaining profits are to be divided 30 percent, 30 percent, and 40 percent to Ale, Car, and Eri, respectively.Ale had a capital balance of $60,000 at January 1, 2016, and had drawings of $8,000 on
2. Partners are to receive 10 percent interest on average capital balances. Drawings are excluded from computing these averages.
P 16-4 Partnership income allocation—Complex, net loss The partnership agreement of Ale, Car, and Eri provides that profits are to be divided as follows:1. Ale is to receive a salary allowance of
P 16-3 Partnership income allocation Ash and Bar are partners with capital balances on January 1, 2016, of $70,000 and $80,000, respectively.The partnership agreement provides that each partner is
2. Prepare a balance sheet for the Mor, Osc, and Tre partnership on January 2, 2016, after the admission of Tre, assuming that the assets are not revalued.
P 16-2 Recording new partner investment—Revaluation and nonrevaluation cases The partnership of Mor and Osc is being dissolved, and the assets and equities at book value and fair value and the
P 16-1 Partnership income allocation—Statement of partnership capital Ell, Far, and Gar are partners who share profits and losses 30 percent, 30 percent, and 40 percent, respectively, after Ell and
E 16-21 Partnership retirement—Various situations The Cas, Don, and Ear partnership balance sheet and profit and loss percentages at June 30, 2016, are summarized as follows:Assets $500,000 Cas
3. If a new partnership agreement is not established, how will profits and losses be divided?Partnerships—Formation, Operations, and Changes in Ownership Interests 559
2. In designing a new partnership agreement, how should profits and losses be divided?
E 16-20 Recording new partner investment After operating as partners for several years, Gro and Ham decided to sell one-half of each of their partnership interests to Lot for a total of $70,000, paid
7. On June 30, 2016, the balance sheet for the partnership of Wil, Bro, and Low, together with their respective profit and loss ratios, is summarized as follows:Assets, at cost $300,000 Wil loan
6. Dix, a partner in an accounting firm, decided to withdraw from the partnership. Dix’s share of the partnership profits and losses was 20 percent. Upon withdrawing from the partnership, he was
5. Ker and Pat are partners with capital balances of $60,000 and $20,000, respectively. Profits and losses are divided in the ratio of 60:40. Ker and Pat decide to admit Gra, who invested land with a
On June 1, 2016, Sid was admitted to the partnership when he purchased, for $132,000, a proportionate interest from New and Sha in the net assets and profits of the partnership. As a result of this
4. The capital accounts of the partnership of New, Sha, and Jac on June 1, 2016, are presented, along with their respective profit and loss ratios:New $139,200 1/2 Sha 208,800 1/3 Jac 96,000
3. Wil desires to purchase a one-fourth capital and profit and loss interest in the partnership of Eli, Geo, and Dic. The three partners agree to sell Wil one-fourth of their respective capital and
2. Elt and Don are partners who share profits and losses in the ratio of 7:3, respectively. On November 5, 2016, their respective capital accounts were as follows:Elt $70,000 Don 60,000$130,000 On
The assets and liabilities are recorded and presented at their respective fair values. Jon is to be admitted as a new partner with a 20 percent capital interest and a 20 percent share of profits and
1. Partners All, Bak, and Coe share profits and losses 50:30:20, respectively. The balance sheet at April 30, 2016, follows:Assets Equities Cash $40,000 Accounts payable $100,000 Other assets 360,000
5. Bec, an active partner in the Bec and Cri partnership, receives an annual bonus of 25 percent of partnership net income after deducting the bonus. For the year ended December 31, 2016, partnership
4. Fox, Gre, and How are partners with average capital balances during 2016 of $120,000, $60,000, and $40,000, respectively. Partners receive 10 percent interest on their average capital balances.
3. Pla, a partner in the Bri Partnership, has a 30 percent participation in partnership profits and losses. Pla’s capital account had a net decrease of $60,000 during the calendar year 2016. During
2. When property other than cash is invested in a partnership, at what amount should the noncash property be credited to the contributing partner’s capital account?a Fair value at the date of
E 16-17 Partnership income allocation and new partner investment—Various situations 1. Cob, Inc., a partner in TLC Partnership, assigns its partnership interest to Ben, who is not made a partner.
5. The December 31, 2016, balance sheet of the Ben, Car, and Das partnership is summarized as follows:Cash $100,000 Car loan $100,000 Other assets, at cost 500,000 Ben capital 100,000 Car capital
4. If no goodwill is recognized, the capital balances of McC and New immediately after the admission of Oak will be:a McC, $65,000; New, $45,000 b McC, $66,667; New, $46,666 c McC, $67,500; New,
3. If the goodwill is recognized in accounting for the admission of Oak, what amount of goodwill will be recorded?a $60,000 b $20,000 c $10,000 d $6,667
2. Lin and Que are partners with capital balances of $50,000 and $70,000, respectively, and they share profits and losses equally. The partners agree to take Dun into the partnership for a 40 percent
E 16-16 Recording new partner investment and partner retirements—Various situations 1. Shi purchased an interest in the Ton and Olg partnership by paying Ton $40,000 for half of his capital and
Gin is retiring from the partnership, and the partners agreed that she should receive $200,000 cash as payment in full for her share of partnership assets. If the goodwill implied by the settlement
5. The balance sheet of the Fre, Gin, and Peg partnership on December 31, 2016, together with profit-sharing ratios, revealed the following:Cash $240,000 Fre capital (30%) $200,000 Other assets
4. Fin and Rho have capital balances of $100,000 and $80,000, respectively, and they share profits equally. The partners agree to accept Che for a 25 percent interest in capital and profits for her
3. On December 31, 2016, Tin and Web, who share profits and losses equally, have capital balances of $170,000 and$200,000, respectively. They agree to admit Zen for a one-third interest in capital
2. Tho and Mar are partners having capital balances of $50,000 and $60,000, respectively. They admit Jay to a onethird interest in partnership capital and profits for an investment of $65,000. If the
There is a $30,000 mortgage on the building that the partnership agrees to assume. Ken contributes $50,000 cash to the partnership. Bil and Ken agree that Ken’s capital account should equal Ken’s
E 16-15 Recording new partner investment and partner retirements—Various situations 1. Bil and Ken enter into a partnership agreement in which Bil is to have a 60 percent interest in capital and
E 16-14 Partnership retirement—revaluation and nonrevaluation The capital account balances and profit-sharing ratios of the Akamu, Nani, Kalena, and Maile partnership on December 31, 2016, after
E 16-13 Partnership income allocation—Salary allowance, bonus, and additional contributions during the year Kat and Edd formed the K & E partnership several years ago. Capital account balances on
E 16-12 Partner retirement entries—Fair value adjustment A balance sheet at December 31, 2016, for the Bec, Dee, and Lyn partnership is summarized as follows:Assets $800,000 Liabilities $200,000
E 16-11 Recording partner retirement—Revaluation case Capital balances and profit-sharing percentages for the Achmad, Fakhry, and Fatimah partnership on December 31, 2016, just before the
2. What is the profit-sharing ratio for Shin, Miku, and Tora?
E 16-10 Calculating new partner investment—Nonrevaluation case Capital balances and profit sharing percentages for the partnership of Shin and Miku on January 1, 2016, are as follows:Shin (64%)
2. Prepare the journal entry or entries to record Wal’s admission to the partnership assuming that he invests$140,000 in the partnership for the 20 percent interest and that partnership capital is
E 16-9 Recording new partner investment—Revaluation cases The capital balances and profits- and loss-sharing percentages for the Sip, Jog, and Run partnership at December 31, 2016, are as
E 16-8 Recording new partner investment—Revaluation case Wang, Sun, and Cong are partners in a book store business and, in accordance to their partnership agreement, divide profits or losses at 40
2. Calculate the balance of each partner’s capital if the assets of the partnership are not revalued.
E 16-7 Investing in existing partnership Liu and Wang are in a partnership with a profit-sharing ratio of 40 percent and 60 percent, respectively. Liu has a capital balance of $3,000,000 and Wang has
E 16-6 Partnership income allocation—Assignment of interest to a third party Capital balances and profit- and loss-sharing ratios of the partners in the BIG Entertainment Galley are as follows:Ben
2. Determine profit that should be allocated to Wero and Amy.
E 16-5 Profit allocation Wero and Amy are members of a partnership. The partnership agrees to use weighted average capital balances for its profit- and loss-sharing. The changes in partnership
E 16-4 Partnership income allocation–Salary allowance, bonus, and interest Rama, Shinta, and Lesmana created a partnership to own and operate a video rental store. The partnership agreement
E 16-3 Partnership income allocation—Salary allowance Mel and Dav created a partnership to own and operate a health-food store. The partnership agreement provided that Mel receive a salary of
E 16-2 Partnership income allocation—Bonus Arn, Bev, and Car are partners who share profits and losses 30:30:40, respectively, after Bev, who manages the partnership, receives a bonus of 10 percent

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