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business
modern advanced accounting

Questions and Answers of Modern Advanced Accounting

On March 15, Pereira, Inc., paid property taxes of $600,000 for the calendar year.a. Prepare the journal entry to record the payment of property taxes on March 15. b. Determine the amount of
On December 1, 2023, Venice Company (a U.S.-based company) entered into a three-month forward contract to purchase 1,000,000 pesos on March 1, 2024. The following U.S. dollar per peso exchange rates
Arden Company generated income before income tax of $1,000,000 in the first quarter of the current year. At the end of the first quarter, the company estimated its worldwide effective annual tax rate
Bento Corporation (a U.S.-based company) acquired merchandise on account from a foreign supplier on November 1, 2023, for 100,000 crowns. It paid the foreign currency account payable on January 15,
Brandt Corp. (a U.S.-based company) sold parts to a South Korean customer on December 1, 2023, with payment of 10 million South Korean won to be received on March 31, 2024. The following exchange
On October 1, Tile Co., a U.S. company, purchased products from Azulejo, a Portuguese company, with payment due on December 1. If Tile’s operating income included no foreign exchange gain or loss,
Brief, Inc., had a receivable from a foreign customer that is payable in the customer’s local currency. On December 31, 2023, Brief correctly included this receivable for 200,000 local currency
Matthias Corp. had the following foreign currency transactions during 2024:∙ Purchased merchandise from a foreign supplier on January 20 for the U.S. dollar equivalent of $60,000 and paid the
A company borrows foreign currency on a two-year note at an interest rate of 4 percent per annum. Which of the following items is not an item that might be included in net income related to this
What is a parent-child-grandchild relationship?
On January 1, 2019, Aspen Company acquired 80 percent of Birch Company’s voting stock for $288,000. Birch reported a $300,000 book value, and the fair value of the noncontrolling interest was
On December 20, 2023, Momeier Company (a U.S.-based company) sold parts to a foreign customer at a price of 50,000 rials. Payment is received on January 10, 2024. Currency exchange rates are as
On December 15, 2023, Lisbeth, Inc. (a U.S.-based company), purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days, after it sells the
Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2024:Currency exchange rates for 1 peso for 2024 are as follows:For each of the
On April 1, 2023, Mendoza Company (a U.S.-based company) borrowed 500,000 euros for one year at an interest rate of 5 percent per annum. Mendoza must make its first interest payment on the loan on
On October 1, 2023, Mertag Company (a U.S.-based company) receives an order from a customer in Poland to deliver goods on January 31, 2024, for a price of 1,000,000 Polish zlotys (PLN). Mertag enters
Assume that the U.S. dollar is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2024?a. Marketable equity securities = $16,000 and
Livingston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country with financial statements recorded in pounds (P), the company’s functional currency.
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria, where the local currency unit is the naira (NGN). On December 31, 2023, the subsidiary had the following balance sheet (amounts are
A U.S. company’s foreign subsidiary had these amounts in local currency units (LCU) in 2024:The average exchange rate during 2024 was $1.00 = LCU 1. The beginning inventory was acquired when the
In accordance with U.S. GAAP, which translation combination is appropriate for a foreign operation whose functional currency is the U.S. dollar? Method a. Current rate b. Current rate c.
On January 1, Narnevik Corporation formed a subsidiary in a foreign country. On April 1, the subsidiary purchased inventory on account at a cost of 250,000 local currency units (LCU). One-fifth of
Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2024 with three assets: Cash of 20,000 dinars, Accounts receivable of 80,000 dinars, and Land that cost 200,000
McCarthy, Inc.’s Brazilian subsidiary borrowed 100,000 euros on January 1, 2024. Exchange rates between the Brazilian real (BRL) and euro (€) and between the U.S. dollar ($) and BRL are as
Sullivan’s Island Company began operating a subsidiary in a foreign country on January 1, 2024, by investing capital in the amount of 60,000 pounds. The subsidiary immediately borrowed 140,000
The Isle of Palms Company (IOP), a U.S.-based entity, has a wholly owned subsidiary in Israel that has been determined as having the Israeli shekel (ILS) as its functional currency. On October 1,
The following accounts are denominated in rubles as of December 31, 2024. For reporting purposes, these accounts need to be stated in U.S. dollars. For each account, indicate the exchange rate that
Aguilar Company establishes a subsidiary operation in a foreign country on January 1, 2024. The country’s currency is the rial (R). To start this business, Aguilar invests 10,000 rials. Of this
Compte, Inc. (a U.S.-based company), establishes a subsidiary in Croatia on January 1, 2023. The following account balances for the year ending December 31, 2024, are stated in kuna (K), the local
On December 18, 2024, Stephkado Corporation acquired 100 percent of a Swiss company for 4.0 million Swiss francs (CHF), which is indicative of book and fair value. At the acquisition date, the
Which of the following is an indicator that a foreign currency is the functional currency of a foreign subsidiary?a. Cash flows of the foreign subsidiary directly impact the cash flows of the parent
Stilton Company (a U.S.-based company) has a subsidiary in Canada that began operations at the start of 2024 with assets of 132,000 Canadian dollars (CAD) and liabilities of CAD 54,000. During this
Based on past experience, Maas Corp. (a U.S.-based company) expects to purchase raw materials from a foreign supplier at a cost of 1,000,000 francs on March 15, 2024. To hedge this forecasted
Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto, Canada. Although this wholly owned subsidiary operates
On January 1, 2023, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $126,000. Cayce is a U.S.-based company headquartered in Buffalo, New
Dieckmann Company, a U.S.-based company, acquired a 100 percent interest in Rakona A.S. in the Czech Republic on January 1, 2023, when the exchange rate for the Czech koruna (Kčs) was $0.05.
Millager Company is a U.S.-based multinational corporation with the U.S. dollar (USD) as its reporting currency. To prepare consolidated financial statements for 2024, the company must translate the
Jaez Corporation is in the process of going through a reorganization. As of December 31, 2024, the company’s accountant has determined the following information although the company is still
Ristoni Company is in the process of emerging from a Chapter 11 bankruptcy. It will apply fresh start accounting as of December 31, 2024. The company currently has 30,000 shares of common stock
The owners of Litz Corporation have decided to liquidate the business because operating profits have declined dramatically in recent years. The following balance sheet has been produced for Litz as
Becket Corporation’s accountant has prepared the following balance sheet as of November 10, 2024, the date on which the company is to release a plan for reorganizing operations under Chapter 11 of
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2024, the date on which the company is to file a voluntary petition of bankruptcy:Additional
On January 1, 2023, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $30,000, $58,000, and $60,000, respectively. Over the next three years, the business
Smith Corporation has gone through bankruptcy and is ready to emerge as a reorganized entity on December 31, 2024. On this date, the company has the following assets (fair value is based on
The Prince-Robbins partnership has the following capital account balances on January 1, 2024:Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins
Lynch, Inc., is a hardware store operating in Boulder, Colorado. Management recently made several poor inventory acquisitions that have loaded the store with unsalable merchandise. Because of the
The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business’s profit or loss in the following sequence:∙ Jones, the managing partner, receives a bonus
Alford, Beeson, and Carlton have operated a coffee shop for a number of years as a partnership. At the beginning of 2024, capital balances were as follows:Due to a cash shortage, Alford invests an
Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Its creditors are considering an attempt to force liquidation. The company currently
Go to the following website, https://www.goldsgym.com/blog/rsg-group-set-acquire-golds-gym/, and read the article titled, “RSG Group Set to Acquire Gold’s Gym.” Also, search for any other
Go to the following sites, https://www.retaildive.com/news/j-crew-looks-to-exit-bankruptcy-in-comingweeks/ 584159/ and https://us.fashionnetwork.com/news/J-crew-emerges-from-bankruptcy-outlinesnew-
In the early part of 2024, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2023 but had never used an accountant’s services.
The City of Bainland has been undergoing financial difficulties because of a decrease in its tax base caused by corporations leaving the area. On January 1, 2024, the city has a fund balance of only
The following account balances are for the Agee Company as of January 1, 2024, and December 31, 2024. All amounts are denominated in kroner (Kr).Additional Information∙ Agee issued additional
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a
Gorman and Morton form a partnership on May 1, 2022. Gorman contributes cash of $50,000; Morton conveys title to the following properties to the partnership:The partners agree to start their
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2024:According to the articles of partnership, Athos is to receive an allocation
The following is the current balance sheet for a local partnership of doctors:The following questions represent independent situations:a. E is going to invest enough money in this partnership to
Kimble, Sykes, and Gerard open an accounting practice on January 1, 2022, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior partners because of their
The Bui, Clemente, Devian, and Toussaint partnership has terminated operations and is undergoing liquidation. Sales commissions and other liquidation expenses are expected to total $19,000. The
Chen, Korhonen, Lebuca, and Swid 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
The partnership of Larson, Rojas, Spencer, and Tran has decided to terminate operations and liquidate all business property. During this process, the partners expect to incur $8,000 in liquidation
The following condensed balance sheet is for the partnership of Ludolf, Sambal, and Urad, who share profits and losses in the ratio of 6:2:2, respectively:Assuming no liquidation expenses, calculate
The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively:The partners decide to liquidate the
The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,000 but no other assets. Liabilities amount to $30,000. The capital balances area. If both Safar
The partnership of Guerin, Moradi, and Veloso has the following account balances:This partnership is being liquidated. Guerin and Moradi are each entitled to 40 percent of all profits and losses with
Go to the website ir.cedarfair.com and click on “Investor Information” to locate “SEC Filings.” Download Cedar Fair, L.P.’s annual report on Form 10-K filed with the SEC on
One of your colleagues has been hired by the Kim, Ozkan, and Samuels partnership to guide it through the liquidation process. The partnership currently has cash in a bank account that exceeds the
You have been engaged to do the accounting for the termination and liquidation of the Devi, Smith, and Tavares partnership. Devi has requested an immediate distribution of cash from the partnership
Agarwal, Bergeron, and Cishek 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
On January 1, the partners of Mori, Lux, and Khan (who share profits and losses in the ratio of 5:3:2, respectively) decide to terminate operations and liquidate their partnership. The trial
The partnership of Bauer, Ohtani, and Souza has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances:Part
The partnership of Wing, Mehta, Rodgers, and Yan was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to
The partnership of Garcia, Iglesias, and Kassabian was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate
During the year ended December 31, 2024, Andersen Hospital (operated as a private not-for-profit entity) received and incurred the following:How should this private not-for-profit report each of
During 2024, the City of Coyote contracts to build a bus stop for schoolchildren costing $10,000 as a special assessments project. The city collects $10,000 from directly affected citizens. The
Go to https://comptroller.usc.edu/annual-financial-reports/ to find the 2021 financial statements for the University of Southern California. Required Use those financial statements and the
On December 30, 2024, the City of Coyote borrows $20,000 for the general fund on a 60-day note. In that fund, the city records Cash and Other Financing Sources. In the general information, this city
The City of Coyote records an art display within its general fund. The display generates revenues of $9,000 this year as well as expenditures of $45,000 ($15,000 in expenses and $30,000 to buy land
The City of Coyote mails property tax bills for 2025 to its citizens during August 2024. Property owners could make payments early to receive a discount. The levy becomes legally enforceable on
The City of Coyote mails property tax bills for 2025 to its citizens during August 2024. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15, 2025.
In 2024, the City of Coyote receives a $320,000 cash grant from the state to reduce air pollution. Although a special revenue fund could have been set up, the money remains in the general fund. The
During 2024, the City of Coyote received $10,000, which was recorded as a general revenue in the general fund. It was actually a program revenue earned by the city’s park program.a. What was the
The following unmarried individuals died in 2022. The estate of John Lexington has a taxable value of $4,590,000. The estate of Dorothy Alexander has a taxable value of $6.9 million. The estate of
Sally Anne Williams died on January 1, 2022. All of her property was conveyed to several relatives on April 1, 2022. For federal estate tax purposes, the executor chose the alternate valuation date.
M. Wilson Waltman died on January 1, 2022. All of his property was conveyed to beneficiaries on October 1, 2022. For federal estate tax purposes, the executor chose the alternate valuation date. On
James Albemarle created a trust fund at the beginning of 2022. 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 to
Which of the following is not true concerning gift taxes?a. Gift taxes are not abolished, but a lifetime exclusion of $12.06 million is available in 2022.b. The Tax Cuts and Jobs Act of 2017 will
Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:Additional Information for Fiscal Year 2024∙ Iverson and Oakley’s
Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:Additional Information for Fiscal Year 2024∙ Iverson and Oakley’s
Poseidon Company purchases 80 percent of the common stock of Stuart Company on January 1, 2020, when Stuart has the following stockholders’ equity accounts:To acquire this interest in Stuart,
On January 1, 2024, Platform Company exchanged $1,000,000 for 40 percent of the outstanding voting stock of Vector Company. Especially attractive to Platform was a research project underway at Vector
On January 1, 2024, Pikes Corporation loaned Venti Company $300,000 and agreed to guarantee all of Venti’s long-term debt in exchange for (1) decision-making authority over all of Venti’s
On December 31, 2023, Petra Company invests $20,000 in Valery, a variable interest entity. In contractual agreements completed on that date, Petra established itself as the primary beneficiary of
On January 1, 2023, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $15,000 results from the acquisition. On December 31, 2024,
Alford Company and its 80 percent–owned subsidiary, Knight, have the following income statements for 2024:Additional Information for 2024∙ Intra-entity inventory transfers during the year
Highlight, Inc., owns all outstanding stock of Kiort Corporation. The two companies report the following balances for the year ending December 31, 2023:On January 1, 2023, Highlight acquired on the
Place Company owns a majority voting interest in Sassano, Inc. On January 1, 2022, Place issued $1,000,000 of 11 percent 10-year bonds at $943,497.77 to yield 12 percent. On January 1, 2024, Sassano
Porter Corporation is a primary beneficiary for Vince Company, a variable interest entity. When Porter obtained financial control over Vince, any excess fair value over Vince’s book value was
On June 30, 2024, Plaster, Inc., paid $916,000 for 80 percent of Stucco Company’s outstanding stock. Plaster assessed the acquisition-date fair value of the 20 percent noncontrolling interest at

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