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Accounting
Applying the principles of control in IFRS 10 Consolidated Financial Statements , as described in Section 22.3.2 of this chapter, you are required to consider whether certain investments of Austin
Splash plc has a number of subsidiaries, one of which, Muck Ltd, was acquired during the year ended 31 December 2009.The draft consolidated financial statements for the year ended 31 December 2009
Epsilon acquired 40% of Zeta when Zeta's retained earnings were $50,000, 25% of Kappa when Kappa's retained earnings were $40,000, and 25% of Lambda when Lambda's retained earnings were $50,000.The
This question concerns an associated company making a loss and possible impairment of goodwill.Hyson plc acquired a 30% interest in the ordinary shares of Green plc on 1 January 20X3 when Green's
On 1 January 20X1 Fibre plc acquired 80% of the ordinary shares of a Singaporean company, Fastlink Ltd, for £6m when Fastlink's retained earnings were $15.5m and the share premium was $0.8m.
On 1 January 20X0 Walpole Ltd acquired 90% of the ordinary shares of a French subsidiary Paris SA. At that date the balance on the retained earnings of Paris SA was €10,000. The non-controlling
(a) According to IAS 21 The Effects of Changes in Foreign Exchange Rates , how should a company decide what its functional currency is?(b) Until recently Eufonion, a UK limited liability company,
Find the financial reports for a company of your own choice. List the company and describe the format of the Annual Report. See if you can also find information on the company's own website about its
The following is an extract from Digital reporting: a progress report, an initiative from the Institute of Chartered Accountants in England & Wales commenting in 2004 on possible barriers to the
Find out more about any of the following topics and write a one-page summary on:(a) The XBRL general ledger work;(b) Use of XBRL by stock exchanges;(c) The commitment by the IFRS to the XBRL
Manufacturing Co. has been negotiating with Fred Paris regarding the sale of some property that represented an old manufacturing site which is now surplus to requirements. Because part of the site
Harvey Storm is chief executive of West Wing Savings and Loans. Harvey authorises a loan to Middleman Properties secured on the land it is about to purchase. Middleman Properties has little money of
In 2010 there was an explosion, fire, sinking and loss of life on board the mobile offshore drilling unit, the Deepwater Horizon, in the Gulf of Mexico. There has since been a final report issued by
Scott Ross, CFO of Ryan Industries PLC, is discussing the publication of the annual report with his managing director Nathan Davison. Graydon says: 'The law requires us to comply with accounting
TYV is a manufacturing entity and produces a range of products in several factories.TYV's trial balance at 30 September 2014 is shown belowNotes:(i) On 1 October 2013 two of TYV's factories, factory
The following information has been taken from the financial statements for Payne plc (Payne) for the year ended 31 March 2013.*Statement of Profit or Loss and Other Comprehensive Income (extracts)
FRS 105 requires that a complete set of financial statements of a micro-entity should include the following:(a) A statement of financial position as at the reporting date with notes included at the
The FRC in its 2009 publication Louder than Words - Principles and Actions for Making Corporate Reports Less Complex and More Relevant included a call for action to 'Ensure disclosure requirements
The following are criticisms made of the IASB's 2015 exposure draft proposing updates to its Conceptual Framework. 1. The framework does not consider the meaning of the term 'true and fair view'
Tan plc has the following assets originated on 1 January 2016: (i) A loan receivable generated from lending £100,000 to a customer of the company. The loan carries interest at 7% per annum payable
Procter Limited, a UK private company has the following financial assets and liabilities in the accounts: (i) An equity investment in Milner plc, a UK listed company. Procter recognizes the
The approach in IAS 39 to the impairment of financial assets was flawed because it did not allow financial institutions to recognize the true losses they expected on loans at the time they had made
George plc will need to adopt IFRS 9 from accounting periods beginning on or after 1 January 2018. George has three different instruments whose accounting George is concerned will change as a result
Donna, Inc. operates a defined benefit pension scheme for staff. The pension scheme has been operating for a number of years but not following IAS 19. The finance director is unsure of which
International Financial Reporting Standards (IFRS) support the use of fair values when reporting the values of assets wherever practical. This involves periodic re-measurements of assets and the
On 1 April 20Y1 Smarty (see question 2) reassessed its future strategy and concluded that it would take up the option to lease the machine for a further two years from 1 October 20Y2. This was
Bertie prepares financial statements to 31 December each year. On 1 January 20X1 Bertie purchased a machine for £200,000 and immediately leased the machine to Carter. The lease term was five years
Delta owned two assets which were sold on 1 April 20X1 - the first day of Delta's accounting period. Both assets were sold for their fair value. Details of the sales are as follows: Asset 1 Asset 1
Under a contract between a customer, Charlie (C) and a freight carrier Solutions Ltd (S), S provides C with 10 rail cars for five years. The cars, which are owned by S, are specified in the contract.
James Bright has just taken up the position of managing director following the unsatisfactory achievements of the previous incumbent. James arrives as the accounts for the previous year are being
The following list of balances has been extracted from the records of Cowgale company as at 31 October 2011, the end of Cowgale's most recent financial year:The following additional information is
The trial balance for LPO at 31 December 2013 was as follows:Notes: (i) Closing inventory at 31 December 2013 was $562,000. (ii) On 31 December 2013, LPO disposed of some obsolete plant and equipment
(a) On 1 October 2012, Paradigm acquired 75% of Strata's equity shares by means of a share exchange of two new shares in Paradigm for every five acquired shares in Strata. In addition, Paradigm
The following are the summarized financial statements of two companies, Peel and Caval, for the financial year ended 31 October 2011.Income Statements for the year ended 31 October 2011Statements of
Rumpus plc is a public listed manufacturing company. Its summarized consolidated financial statements for the year ended 31 March 2014 (and 2013 comparatives where relevant) are as follows:Rumpus
Arnold plc and Bunny plc agreed to establish a Joint Operation, Carlton, which started trading on 1 January20X1. Carlton is an unincorporated business, which is financed and managed by Arnold and
The following trial balance relates to Amethyst as at 31 March 2015:The following information is relevant: 1. After the year end stock take it was discovered that goods worth $4 million, which were
Geoworld Enterprises plc has the following information extracted from its statement of income and payroll
Wonder Kid Enterprises Company has produced the following results over the last three years:Management has just issued its annual report for 20XZ and a fair reading of their commentary is that the
What are some reasons why accounting has adopted "historical" financial statements as the model? What are some disadvantages associated with presenting "historical" financial statements?
What are some of the uses of financial statements?
What is the primary way in which corporations differ from proprietorships and partnerships? What are some of the factors that might affect a person's decision about the form of organization that
Jill Riggins owns and operates Jill's Java coffee shop. She proposes to account for the shop's revenue when she receives cash. Which accounting concept or principle does Jill violate? a. Accrual
Anthony's Consulting, Inc. started business in 2015 with total assets of $32,000 and total liabilities of $14,000. At the end of 2015, Anthony's total assets were $42,000 and total liabilities were
Kablossom started business in 2015 with total assets of $35,000 and total liabilities of $32,000. At the end of 2015, Kablossom's total assets were $65,000, and total liabilities were $20,000. After
The order in which assets were listed and described in the text is the order in which you will see them listed on the statement of financial position. What is the organizing principle behind the
Distinguish between an event and a transaction. Are all transactions events? Are all events transactions? Why or why not? What are the implications of your answers with respect to journal entries?
IPW, Inc. began operations on January 1, 2015. The seven transactions recorded during January by the company accountant are shown in the following T-accounts:Complete the following table. For each
The following transactions occurred during April 2015 in Sion, Inc.'s operations:1. Salaries Expense for the month of April was $4,600. Sion made a monthly payment to employees on the fifteenth of
McDonald Consulting, Inc. completed the following transactions during December 2015, its first month of operations: Dec 2 Sold $10,000 of shares to Dan McDonald to start the consulting
The following transactions occurred during May 2015 of Lion, Inc.'s operations:1. Sales on account were $5,700.2. Interest Expense for the month of May was $1,600. Lion made a monthly interest
Meo Consulting, Inc. completed the following transactions during February 2015, its first month of operations:Feb 2Sold 6,500 shares for $65,000 to DaPing Meo to start the consulting practice.3 Paid
The following transactions occurred during March 2015 from KopyKat, Inc.'s operations:Requirements 1. For each T-account, calculate the missing amount. 2. Explain transactions (1) to (4), which
Gleaner Advertising, Inc.'s trial balance on September 30, 2015, shows the following:Gleaner completed the following transactions in October: Oct 2 Paid three months rent for $1,200/month. 3 Signed a
Teddy Sargent opened an accounting firm on May 1, 2015. During the month of May the business completed the following transactions: May 1 The business sold $80,000 of shares to open the firm, Sargent
The following transactions occurred during July 2015 from Dragon Boat, Inc.'s operations:Requirements 1. For each T-account, calculate the missing amount. 2. Explain transactions (1) to (4), which
Smile Maids, Inc.'s trial balance on February 28, 2015, shows the following:Smile Maids, Inc. completed the following transactions in March: Mar 2 Signed a contract worth $1,200/month for a year to
Why does the time period in which revenue is recognized matter?
Why do companies prepare adjusting entries?
What kind of account is Accumulated Depreciation? How is it reported on the financial statements?
After closing its accounts at October 31, 2015, Simmons Realty, Inc. had the following account balances:Prepare Simmons Realty's post-closing trial balance at October 31, 2015. List accounts in
Suppose you started up your own tree trimming business. A customer paid you $175 in advance to trim his or her tree while he or she was on vacation. You trimmed trees for other customers but they
The June 30, 2015, adjusted trial balance of Energized Espresso, Inc. is shown next.Requirements 1. Prepare the June closing entries for Energized Espresso, Inc. 2. Calculate the ending balance in
The trial balance of Nina's Novelty, Inc. at September 30, 2015, and the data needed for the month-end adjustments follow:a. Insurance coverage still remaining at September 30, $800. b. Supplies used
The September 30, 2015, adjusted trial balance of Java Jolt, Inc. is shown next.Requirements1. Prepare the September closing entries for Java Jolt, Inc.2. Calculate the ending balance in retained
Moore, Corp. completed the following selected transactions and prepared these adjusting entries during May:May 1 Prepaid insurance for May through July, $2,700.3 Performed service on account,
Record the following petty cash transactions of Handy Dan in the journal; explanations are not required. Nov 1 Established a petty cash fund with a $100 balance. 30 The petty cash fund had $33 in
Record the following petty cash transactions of Xeno, Corp. in the journal; explanations are not required. Jun 1 Established a petty cash fund with a $200 balance. 30 The petty cash fund had $22 in
Jamie's Music School created a $200 petty cash fund on March 1. During the month, the fund custodian uthorized and signed petty cash tickets as follows:Requirements 1. Record the journal entry to
Hazelnut maintains a petty cash fund of $150. On November 30, the fund holds $7 cash, and petty cash tickets for office supplies, $90, and delivery expense, $50. Requirements 1. Make the journal
Christine's Music School created a $220 petty cash fund on October 1. During the month, the fund custodian authorized and signed petty cash tickets as follows:Requirements 1. Record the journal entry
Maple maintains a petty cash fund of $250. On April 30, the fund holds $19 cash, petty cash tickets for office supplies, $185, and delivery expense, $40. Requirements 1. Make the journal entry to
On July 1, Chi Kong creates a petty cash fund with a balance of $300. During July, Elise Sautter, the fund custodian, signs the following petty cash tickets:On July 31, prior to replenishment, the
On March 1, Fab Kong creates a petty cash fund with a balance of $300. During March, Elise Sautter, the fund custodian, signs the following petty cash tickets:On March 31, prior to replenishment, the
What accounts will appear on the financial statements of a merchandiser that will not appear on those of a service-oriented company?
What are the accounts involved in recording the sale of merchandise on credit?
On June 15, 2015, Bailey's Department Store purchased $4,300 of inventory on account from one of its suppliers. The terms were 3/15, n/45, FOB shipping point. On June 18 Bailey's Department Store
On September 14, 2015, C & T Machinery, Inc. sold $2,300 of inventory (cost is $1,350) on account to one of its customers. The terms were 1/10, n/30, FOB destination. On September 16, C & T
The following transactions occurred during April 2015 for Angelo's Garden Centre, Inc.:Apr 3Purchased $3,500 of goods on account, terms 2/10, n/30, FOB shipping point.6Returned $400 of defective
On November 15, 2015, Chandler's Department Store purchased $5,100 of inventory on account from one of its suppliers. The terms were 3/15, n/45, FOB shipping point. On November 18 Chandler's
On November 14, 2015, Amazing Sound, Inc. sold $3,100 of inventory (cost is $1,330) on account to one of its customers. The terms were 3/10, n/30, FOB destination. On November 16, Amazing Sound, Inc.
The following transactions occurred during April 2015 for Sandy Salon Products, Inc.:Apr 3Purchased $3,400 of goods on account, terms 1/15, n/30, FOB shipping point.6Returned $500 of defective
The account balances for the year ended December 31, 2015, for Williams Industries are listed next:Requirements 1. Prepare Williams' Industries' multi-step income statement. 2. Prepare Williams'
The accounts for the year ended March 31, 2015, for Clark Industries, Inc. are listed next:Requirements 1. Prepare Clark Industries' multi-step income statement. 2. Prepare Clark Industries'
How are the financial statements of a manufacturer different from those of a merchandiser with respect to inventory?
In a period of rising prices, which cost-flow assumption would produce the highest net income? Why?
Motion Auto would like to assign the newest costs of inventory items to its ending inventory. Which inventory costing method should Motion Auto choose?
At the end of the current year, Cuppa Joes' Inventory account balance was $12,600. A physical count of the inventory revealed that inventory on hand totalled $12,200. What amount should Cuppa Joes
Mackay Industries' sales for the year ended December 31, 2015, were $1,287,000 and cost of goods sold amounted to $707,000. Beginning inventory was $58,000 and ending inventory was $77,000.a. Compute
Hamilton Furniture doesn't expect prices to change dramatically and wants to use a method that averages price changes. Which inventory method would best meet Hamilton Furniture's goal? What if
Kimco's sales for the year 2015 were $575,000 ($230/unit). On January 1, 2015, Kimco's beginning inventory showed 450 units, costing $40,500. During 2015, Kimco purchased 2,650 units at $95 each.
GDL Enterprises has the following account balances at December 31, 2015. The inventory balance was determined using FIFO.GDL Enterprises has determined that the replacement cost (current market
Calco's sales for the year 2015 were $115,000 ($92/unit). On January 1, 2015, Calco's beginning inventory showed 120 units, costing $4,800. During 2015, Calco purchased 1,420 units at $38 each.
Lally Industries shows the following financial statement data for 2013, 2014, and 2015.Prior to issuing the 2015 statements, auditors found that the ending inventory for 2013 was understated by
What are the different types of sales? Explain the difference between gross sales and net sales.
Under which method, percentage of sales or aging, would the balance in Allowance for Doubtful Accounts just before the adjusting entry affect the amount of the adjusting entry? Why?
If a company with a December 31 year-end lends money in the form of a six-month note on November 1, which accounts will be credited when the note is paid off on 4/30?
Atlas Travel ended 2014 with Accounts Receivable of $90,000 and an Allowance for Doubtful Accounts balance of $8,000. During 2015, Atlas Travel had the following activity:a. Service revenue earned
Gorav Dental Group started 2015 with Accounts Receivable of $120,000 and an Allowance for Doubtful Accounts balance of $6,000. The following information relates to Gorav Dental's 2015 operations: a.
Limo.com had the following balances on December 31, 2015, before the year-end adjustments:The aging of receivables yields these data:Journalize Limo.com's entry to adjust the allowance account to its
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