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modern advanced accounting

Questions and Answers of Modern Advanced Accounting

If available cash except for a $5,000 contingency fund is distributed immediately, Doc, Fae, and Hal, respectively, should receive:a $0, $60,000, and $15,000 b $11,000, $22,000, and $22,000 c $0,
5. The following balance sheet summary, together with residual profit-sharing ratios, was developed on April 1, 2016, when the Doc, Fae, and Hal partnership began its liquidation:Cash $140,000
4. The partnership of Gee, Ben, and Sim is liquidating and the ledger shows the following:Cash $80,000 Inventories 100,000 Accounts payable 60,000 Gee capital (50%) 40,000 Ben capital (25%) 45,000
3. After all noncash assets have been converted into cash in the liquidation of the Mal and Max partnership, the ledger contains the following account balances:Debit Credit Cash $34,000 —Accounts
2. In accounting for the liquidation of a partnership, cash payments to partners after all nonpartner creditors’ claims have been satisfied, but before final cash distribution, should be according
E 17-12 Liquidation—Various situations 1. In partnership liquidation the final cash distribution to the partners should be made in accordance with the:a Partner profit- and loss-sharing ratios b
3. If a total amount of $7,500 is available for distribution to partners after all nonpartner liabilities are paid, it should be paid as follows:Sam Red Sal a $7,500 $0 $0 b 0 3,750 3,750 c 2,250
2. If $90,000 is available for the first distribution, it should be paid to:Creditors, Including Sal Sam Red Sal (Capital)a $60,000 $18,000 $0 $12,000 b 60,000 9,000 15,000 6,000 c 50,000 12,000
E 17-11 Installment liquidation—Various situations The assets and equities of the Sam, Red, and Sal partnership at the end of its fiscal year on October 31, 2016, are as follows:Assets Equities
2. In January, half of the receivables were collected. Inventory that cost $75,000 was liquidated for $45,000.The land was sold for $250,000.REQuIRED: Prepare a schedule of safe payments for the Dee,
E 17-10 Safe payments schedule The partnership of Dee, Ema, Lyn, and Geo is being liquidated over the first few months of 2016. The trial balance at January 1, 2016, is as follows:Debits Credits Cash
6. Available cash is distributed and the partnership books are closed on July 31, 2016.REQuIRED: Prepare a liquidation statement for the Ace, Ben, Cid, and Don Partnership for the period June 30,
5. Losses from the bankruptcy of Cid are divided among the solvent partners on July 15, 2016.
4. On July 15, 2016, Cid pays $100,000 into the partnership and Don pays $80,000. No further contributions from either Cid or Don are possible.
3. Ace pays $200,000 into the partnership, and partnership liabilities are paid on July 1, 2016.
E 17-9 Statement of partnership liquidation—Partner insolvency case The partnership of Ace, Ben, Cid, and Don is dissolved on January 5, 2016, and the account balances at June 30, 2016, after all
E 17-8 Statement of partnership liquidation—Partner insolvency case After all partnership assets were converted into cash and all available cash distributed to creditors, the ledger of the Dan,
E 17-7 Statement of partnership liquidation The partnership of Ali, Bev, and Cal became insolvent during 2016, and the partnership ledger shows the following balances after all partnership assets
E 17-6 Safe payments schedule The partnership of Sachi, Tora, and Ika is going to be liquidated immediately. The partnership’s financial position on December 31, 2016, is as follows:Cash $15,000
E 17-5 Liquidation—Correcting an error On December 31, 2016, the Slamet, Basuki, and Baskoro partnership’s capital balances after closing are $125,000,$75,000, and $100,000, respectively. Net
E 17-4 Liquidation—Cash distribution, overlooked bill Arjuna, Nakula, and Sadewa announce plans to liquidate their partnership immediately. The partnership’s financial position at December 31,
E 17-3 Liquidation—Cash distribution Jamal, Abdul, and Mira decide to end their partnership on January 1, 2017. The partnership’s financial position at December 31, 2016, is as follows:582
E 17-2 Simple Liquidation The partnership of Binh, Huyen, and Nguyen had profit- or loss-sharing ratio of 50%, 30%, and 20%, respectively. After operating for several years, Binh, Huyen, and Nguyen
E 17-1 Simple liquidation—Schedule of cash available The partnership of Flo and Fay is in the process of liquidation. On January 1, 2016, the ledger shows account balances as follows:Cash $10,000
12. When all partnership assets have been distributed in the liquidation of a partnership, some partners may have debit capital balances and others may have credit capital balances. How are such
11. If a partnership is insolvent, how is the amount of cash distributed to individual partners determined?
10. What are vulnerability ranks? How are they used in the preparation of cash distribution plans for partnership liquidations?
9. A partnership in liquidation has satisfied all of its nonpartner liabilities and has cash available for distribution to partners. Under what circumstances would it be permissible to divide
8. What is a statement of partnership liquidation, and how is the statement helpful to partners and other parties involved in partnership liquidation?
7. How do safe payments computations affect partnership ledger account balances?
6. What are partner equities? Why are partner equities rather than partner capital balances used in the preparation of safe payments schedules?
5. What assumptions are made in determining the amount of distributions (or safe payments) to individual partners prior to the recognition of all gains and losses on liquidation?
4. What is the right of offset rule? How does it affect the amount to be distributed to partners in liquidation?
3. What is installment liquidation? How is it carried out?
2. Briefly explain how a partnership is generally liquidated.
1. Under what circumstances is a partnership liquidated?
1. If a parent in accounting for its subsidiary amortizes patents on its separate books, why do we include an adjustment for patents amortization in the consolidation workpaper?
How would push-down accounting simplify consolidated worksheet procedures?AppendixLO1
It seems as if consolidated net income is always less than the sum of the parent’s and subsidiary’s separately calculated net incomes. Is it possible that the consolidated net income of the two
You are working on a consolidated trial balance of a parent and an 80%-owned subsidiary.What components will enter into the total noncontrolling interest, and how will it be displayed in the
A parent company purchased an 80% interest in a subsidiary on January 1, 20X1, at a price high enough to result in goodwill. Included in the assets of the subsidiary are inventory with a book value
A parent company purchased an 80% interest in a subsidiary on July 1, 20X1. The subsidiary reported net income of $60,000 for 20X1, earned evenly during the year. The parent’s net income, exclusive
What is the noncontrolling share of consolidated net income? Does it reflect adjustments based on fair values at the purchase date? How has it been displayed in income statements in the past, and how
What is meant by date alignment? Does it exist on the consolidated worksheet under the following methods, and if not, how is it created prior to elimination of the investment account under each of
A parent company paid $400,000 for a 100% interest in a subsidiary. At the end of the first year, the subsidiary reported net income of $30,000 and paid $5,000 in dividends. The price paid reflected
(Appendix B) Explain the impact of tax-related complications arising on the purchase date.AppendixLO1
(Appendix A) Consolidate a subsidiary using vertical worksheet format.AppendixLO1
Demonstrate an understanding of when goodwill impairment loss exists and how it is calculated.AppendixLO1
Demonstrate the worksheet procedures used for investments purchased during the financial reporting period.AppendixLO1
Distribute and amortize multiple adjustments resulting from the difference between the price paid for an investment in a subsidiary and the subsidiary equity eliminated.AppendixLO1
Describe the special worksheet procedures that are used for an investment maintained under the sophisticated equity method.AppendixLO1
Complete a consolidated worksheet using the cost method for the parent’s investment account.AppendixLO1
Complete a consolidated worksheet using the simple equity method for the parent’s investment account.AppendixLO1
Show how an investment in a subsidiary account is maintained under the simple equity, sophisticated equity, and cost methods.AppendixLO1
PR 9-2 Pop Corporation owns 80 percent of Son Corporation, and properly included Son as a subsidiary in preparing consolidated financial statements for the year ended December 31, 2016. Pop issued
PR 9-1 Par Corporation owns a 30 percent interest in Sox Corporation, which Par properly accounts for using the equity method. Sox is in need of capital and decides to issue an additional 10,000
8. Prepare the adjusting and eliminating entries needed to consolidate the financial statements of Pop and Son for the year ended December 31, 2018.
7. Compute the noncontrolling interest in Son on December 31, 2018.
6. Determine the total stockholders’ equity of Pop and Son on December 31, 2018.
5. Determine the balances of Pop’s and Son’s investment accounts on December 31, 2018.
4. Compute Pop’s and Son’s net incomes for 2018.
3. Prepare journal entries on Son’s books to account for its investment in Pop under the equity method (conventional approach).
2. Prepare journal entries to account for Pop’s investment in Son for 2018 under the equity method (conventional approach).
P9-7 Computations and entries (parent stock mutually held)Pop Corporation purchased an 80 percent interest in Son Corporation for $170,000 on January 1, 2016, when Son’s stockholders’ equity was
P9-6 Consolidation workpaper second year (conventional approach)Par Corporation acquired an 80 percent interest in Sip Corporation for $180,000 cash on January 1, 2016, when Sip had capital stock of
Pamela and Shin declared dividends of $40,000 and $30,000, respectively, in 2014.REQuIRED: Prepare the consolidation workpaper entries and a consolidation workpaper for Pamela Inc.and its subsidiary
P9-4 Computations for mutually held subsidiaries A schedule of intercompany investment interests and separate earnings for Par Corporation, Sit Corporation, and Tot Corporation is presented as
P9-3 Financial statement workpaper (with unrealized profits)Comparative financial statements for Pandu Corporation and its subsidiaries, Sakti and Kunthi Corporations, at December 31, 2016, are as
P9-2 Prepare journal entries, computations, and a financial position summary (unrealized profits)A summary of the assets and equities of Pot Corporation and its 80 percent–owned subsidiary, Sea
P9-1 Indirect Holdings—Income Allocation Schedule The affiliation structure of Polly Ltd. and its subsidiaries is as follows:70%50%80%30%10%Jolly Sally Wally Polly The incomes and dividends of the
2. Compute controlling and noncontrolling interest shares of consolidated net income if the conventional approach is used for Sat’s investment in Pug. Also determine the amount of Pug’s income
1. Determine the balance of Pug’s Investment in Sat account on December 31, 2016, if the treasury stock approach is used for Sat’s investment in Pug.
E 9-13 Computations (treasury stock and conventional)Pug Corporation acquired a 70 percent interest in Sat Corporation for $238,000 on January 2, 2015, when Sat’s equity consisted of $200,000
2. If the conventional approach is used, Pet’s income on a consolidated basis is denoted P = $100,000 + $0.9S and Sod’s income on a consolidated basis is denoted S = $60,000 + 0.15P. Given these
1. If the treasury stock approach is used, Pet’s income and controlling share of consolidated net income for 2016 will be computed:a $100,000 (90% • $60,000)b $100,000 (90% • $67,500)c
Pet Corporation owns 90 percent of Sod Corporation’s common stock and Sod owns 15 percent of Pet, both acquired at fair value equal to book value. Separate incomes and dividends of the affiliates
4. Son’s noncontrolling interest share of consolidated income is:a $34,316 b $25,500 c $45,755 d $30,675 E 9-12 Mutually held parent stock
3. Tin’s noncontrolling interest share of consolidated income is:a 0.15(230,000)b 230,000 0.25A c 0.15(230,000) 0.25A d 0.15C
2. The equation, in a set of simultaneous equations, that computes B is:a B • 170,000 0.15C 0.75A b B • 170,000 0.15C c B • 0.2(170,000) 0.15(230,000)d B • 0.2(170,000) 0.15C
1. The equation, in a set of simultaneous equations, that computes A is:a A • 0.75(190,000 0.8B 0.7C)b A • 190,000 0.8B 0.7C c A • 0.75(190,000) 0.8(170,000) 0.7(230,000)d A •
The following notations relate to the following questions:A = Pin’s consolidated income - its separate income plus its share of the consolidated incomes of Son and Tin B = Son’s consolidated
E 9-11[Based on AICPA] Mutually held parent-company stock Pin, Inc., owns 80 percent of the capital stock of Son Company and 70 percent of the capital stock of Tin, Inc. Son owns 15 percent of the
E 9-10 Prepare computations (subsidiary stock mutually held, no unrealized profits)Intercompany investment percentages and 2016 earnings for three affiliates are as follows:Percentage Interest in Sad
E 9-9 Calculate consolidated net income (conventional method, no complications)Pan Corporation owns an 80 percent interest in Sol Company and Sol owns a 30 percent interest in Pan, both acquired at a
E 9-8 Calculating net income, noncontrolling interest share, and controlling interest share with unrealized profits The affiliation structure for Parang Corporation and Subsidiaries is as
E 9-7 Calculation of controlling share, noncontrolling share, and effect on investment The affiliation structure for a group of interrelated companies is diagrammed as follows:60%70%70%90% 60%Hachi
E 9-6 Calculate controlling interest share and noncontrolling interest share of consolidated net income Pet Company owns 90 percent of the stock of Man Corporation and 70 percent of the stock of Nun
E 9-5 Prepare income allocation schedule Pal Corporation owns 80 percent each of the voting common stock of Sal and Tea Corporations. Sal owns 60 percent of the voting common stock of Won Corporation
E 9-4 Determine equation to compute income from subsidiary, controlling share, and noncontrolling interest share The affiliation structure of Putra Corporation and its subsidiaries is as
E 9-3 Mutual holdings—Treasury stock approach and conventional approach Penn AG acquired an 80 percent interest in Sinn AG on January 1, 2013, for $250,000, when Sinn’s common stock was at
E 9-2 Income allocation schedule Magadha Corporation owns a 75 percent interest in Shiva Corporation and a 90 percent interest in Bhima Corporation.Bhima, in turn, owns a 25 percent interest in
E 9-1 Calculation of indirect holdings ownership Pandu Tbk acquired a 90 percent interest in Sunda Tbk on January 1, 2012, when the book value of its net assets was the same as fair value. On January
15. If companies in an affiliation structure account for investments on an equity basis, how can noncontrolling interests be determined without the use of simultaneous equations?
14. How do consolidation procedures for mutual holdings involving the father-son-grandson type of affiliation structure differ from those for mutually held parent stock?
13. P’s separate earnings are $100,000, and S’s separate earnings are $40,000. P owns an 80 percent interest in S, and S owns a 10 percent interest in P. What is the controlling share of
12. Describe the concept of a constructive retirement of parent stock. Should the parent adjust its equity accounts when its stock is constructively retired?
11. Under the treasury stock approach, a mutually held subsidiary accounts for its investment in the parent on a cost basis. Are dividends received by the subsidiary from the parent included in
10. Are the treasury stock and conventional approaches equally applicable to all mutual holdings? Explain.
9. How does a treasury stock differ from the conventional approach for mutual holdings? Which type of accounts in particular show these differences?
8. If a parent owns 80 percent of the voting stock of a subsidiary, and the subsidiary in turn owns 20 percent of the stock of the parent, what kind of affiliation structure is involved? Explain.

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