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Questions and Answers of Banking

NakatomiToyota buys its cars from Toyota Motors-USA, and sells them to U.S. customers. One of its customers is EcoHire, a car rental firm which buys cars from Nakatomi Toyota at a wholesale price.
Umaru Oil of Nigeria has purchased $1,000,000 of oil drilling equipment from Gunslinger Drilling of Houston, Texas. Umaru Oil must pay for this purchase over the next 5 years at a rate of $200,000
Sunny Coast Enterprises has sold a combination of films and DVDs to Hong Kong Media Incorporated for US$100,000, with payment due in 6 months. Sunny Coast Enterprises has the following alternatives
Sunny Coast Enterprises has been approached by a factor that offers to purchase the Hong Kong Media Imports receivable at a 16% per annum discount plus a 2% charge for a non-recourse clause.a. What
Whatchamacallit Sports (Whatchamacallit) is considering bidding to sell $100,000 of ski equipment to Phang Family Enterprises of Seoul, Korea. Payment would be due in 6 months. Since Whatchamacallit
1. How are pricing, currency of denomination, and financing interrelated in the value-chain for Crosswell's penetration of the Brazilian market? Can you summarize them using Exhibit B? 2. How
Slinger Wayne, a U.S.-based private equity firm, is trying to determine what it should pay for a tool manufacturing firm in Honduras named Carambola. Slinger Wayne estimates that Carambola will
Melinda Deane, a new analysts at Hermosa and a recent MBA graduate, believes that it is a fundamental error to evaluate the Argentine project's prospective earnings and cash flows in dollars, rather
Finisterra, S.A., located in the state of Baja California, Mexico, manufactures frozen Mexican food which enjoys a large following in the U.S. states of California and Arizona to the north. In order
Grenouille Properties (U.S.) expects to receive cash dividends from a French joint venture over the coming three years. The first dividend , to be paid December 31, 2011, is expected to be
Natural Mosaic Company (U.S.) is considering investing Rs50,000,000 in India to create a wholly owned tile manufacturing plant to export to the European market. After five years the subsidiary would
Doohickey Devices, Inc., manufactures design components for personal computers. Until the present, manufacturing has been subcontracted to other companies, but for reasons of quality control Doohicky
Privately owned Wenceslas Refining Company is considering investing in the Czech Republic so as to have a refinery source closer to its European customers. The original investment in Czech korunas
Hermosa Beach Components, Inc., of California exports 24,000 sets of low-density light bulbs per year to Argentina under an import license that expires in five years. In Argentina the bulbs are sold
As a result of their analysis in the previous question, Hermosa wishes to explore the implications of being able to grow sales volume by 4% per year. Argentine inflation is expected to average 5% per
In addition to the assumptions employed in problem 8, Hermosa now wishes to evaluate the prospect of being able to sell the Argentine subsidiary at the end of year 5 at a multiple of the business's
What are the primary driving forces that motivate cross-border mergers and acquisitions?
What are the three stages of a cross-border acquisition? What are the core financial elements integral to each stage?
What are the currency risks that arise in the process of making a cross-border acquisition?
What are the largest contingent currency exposures that arise in the process of pursuing and executing a cross-border acquisition?
1. Using the sales forecasts for Tysabri presented in Exhibit A, and using the discounted cash flow model presented in Exhibit B, what do you think Elan is worth? 2. What other considerations do you
Perez, Inc., applies the equity method for its 25 percent investment in Senior, Inc. During 2018, Perez sold goods with a 40 percent gross profit to Senior, which sold all of these goods in 2018. How
Alex, Inc., buys 40 percent of Steinbart Company on January 1, 2017, for $530,000. The equity method of accounting is to be used. Steinbart's net assets on that date were $1.2 million. Any excess of
BuyCo, Inc. holds 25 percent of the outstanding shares of Marqueen Company and appropriately applies the equity method of accounting. Excess cost amortization (related to a patent) associated with
Hawkins Company has owned 10 percent of Larker, Inc., for the past several years. This ownership did not allow Hawkins to have significant influence over Larker. Recently, Hawkins acquired an
In January 2017, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc., for $700,000. This investment gave Domingo the ability to exercise significant influence over
Evan Company reports net income of $140,000 each year and declares an annual cash dividend of $50,000. The company holds net assets of $1,200,000 on January 1, 2017. On that date, Shalina purchases
On its acquisition-date consolidated balance sheet, what amount should TruData report as patented technology (net)?a. $200,000b. $230,000c. $410,000d. $430,000On July 1, TruData Company issues 10,000
On its acquisition-date consolidated balance sheet, what amount should TruData report as common stock?a. $70,000b. $300,000c. $350,000d. $370,000On July 1, TruData Company issues 10,000 shares of its
On July 1, TruData Company issues 10,000 shares of its common stock with a $5 par value and a $40 fair value in exchange for all of Webstat Company's outstanding voting shares. Webstat's
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows:Additional Information:• On December 31, 2017, Patrick acquired 100
In the December 31, 2017, consolidated balance sheet of Patrick and its subsidiary, what amount of total stockholders' equity should be reported?a. $1,100,000b. $1,125,000c. $1,150,000d.
In February 2015, Arctic Cat, Inc., acquired the assets and liabilities of MotorFist, LLC, a privately owned company based in Idaho Falls, Idaho, in exchange for $9.118 million in cash and contingent
Reimers Company acquires Rollins Corporation on January 1, 2017. As part of the agreement, the parent states that an additional $100,000 payment to the former owners of Rollins will be made in 2018,
What is consolidated net income for Phoenix and Sedona for 2018?a. $148,000b. $203,000c. $228,000d. $238,000On January 1, 2016, Phoenix Co. acquired 100 percent of the outstanding voting shares of
What is Phoenix's consolidated retained earnings balance at December 31, 2018?a. $250,000b. $290,000c. $330,000d. $360,000On January 1, 2016, Phoenix Co. acquired 100 percent of the outstanding
On its December 31, 2018, consolidated balance sheet, what amount should Phoenix report for Sedona's customer list?a. $10,000b. $20,000c. $25,000d. $50,000On January 1, 2016, Phoenix Co. acquired 100
Kaplan Corporation acquired Star, Inc., on January 1, 2017, by issuing 13,000 shares of common stock with a $10 per share par value and a $23 market value. This transaction resulted in recognizing
Assume that Chapman Company acquired Abernethy's common stock for $490,000 in cash. As of January 1, 2017, Abernethy's land had a fair value of $90,000, its buildings were valued at $160,000, and its
Assume that Chapman Company acquired Abernethy's common stock for $500,000 in cash. Assume that the equipment and long-term liabilities had fair values of $220,000 and $120,000, respectively, on the
Assume that Chapman Company acquired Abernethy's common stock by paying $520,000 in cash. All of Abernethy's accounts are estimated to have a fair value approximately equal to present book values.
On January 1, 2018, Jay Company acquired all the outstanding ownership shares of Zee Company. In assessing Zee's acquisition-date fair values, Jay concluded that the carrying value of Zee's long-
Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2015. On that date, Paar's equipment (10-year remaining life) has a book value of $420,000 but a fair value of $520,000. Kimmel has
How would the answer to problem (5) have been affected if the parent had applied the initial value method rather than the equity method? a. No effect: The method the parent uses is for internal
Dosmann, Inc., bought all outstanding shares of Lizzi Corporation on January 1, 2016, for $700,000 in cash. This portion of the consideration transferred results in a fair-value allocation of $35,000
On January 1, 2017, Innovus, Inc., acquired 100 percent of the common stock of ChipTech Company for $670,000 in cash and other fair-value consideration. ChipTech's fair value was allocated among its
On January 1, 2017, Hi-Speed.com acquired 100 percent of the common stock of Wi-Free Co. for cash of $730,000. The consideration transferred was allocated among Wi-Free's net assets as follows:At the
Amie, Inc., has 100,000 shares of $2 par value stock outstanding. Prairie Corporation acquired 30,000 of Amie's shares on January 1, 2015, for $120,000 when Amie's net assets had a total fair value
On January 1, 2017, Grand Haven, Inc., reports net assets of $760,000 although equipment (with a four-year remaining life) having a book value of $440,000 is worth $500,000 and an unrecorded patent
On January 1, 2017, 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, 2018,
What is consolidated net income for 2018?a. $194,000b. $197,500c. $203,000d. $238,000On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc., for
Assuming that Pride, in its internal records, accounts for its investment in Star using the equity method, what amount of retained earnings would Pride report on its January 1, 2018, consolidated
Since 1995, Starbucks Corporation had owned a 39.5 percent equity interest in Starbucks Coffee Japan, Ltd. ("Starbucks Japan"). Its joint venture partner, Sazaby League of Japan also owned a 39.5
On October 18, 2017, Armstrong Auto Corporation ("Armstrong") announced its plan to acquire 80 percent of the outstanding 500,000 shares of Bardeen Electric Corporation's ("Bardeen") common stock in
Fred, Inc., and Herman Corporation formed a business combination on January 1, 2016, when Fred acquired a 60 percent interest in Herman's common stock for $312,000 in cash. The book value of
Prairie Corporation is a primary beneficiary for Vintage Company, a variable interest entity. When Prairie obtained financial control over Vintage, any excess fair value over Prairie's book value was
Net cash flows from operating activities werea. $12,000b. $20,000c. $24,000d. $25,000Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co.
On December 1, 2017, Ringling Company (a U.S.-based company) entered into a three-month forward contract to purchase 1,000,000 pesos on March 1, 2018. The following U.S. dollar per peso exchange
Torres Corporation (a U.S.-based company) expects to order goods from a foreign supplier at a price of 100,000 pounds, with delivery and payment to be made on September 20. On July 20, Torres
What was the net impact on Jensen Company's 2017 income as a result of this fair value hedge of a firm commitment? a. $-0-. b. $680.30 decrease in income. c. $300 increase in income. d. $980.30
On October 1, 2017, Tile Co., a U.S. company, purchased products from Azulejo, a Portuguese company, with payment due on December 1, 2017. If Tile's 2017 operating income included no foreign exchange
Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2017, Brief correctly included this receivable for 200,000 local currency units
On July 1, 2017, Mifflin Company borrowed 200,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2018. The note is denominated in euros. The U.S. dollar equivalent
Grace Co. had a Chinese yuan payable resulting from imports from China and a Mexican peso receivable resulting from exports to Mexico. Grace recorded foreign exchange losses related to both its yuan
Matthias Corp. had the following foreign currency transactions during 2017: ∙ Purchased merchandise from a foreign supplier on January 20 for the U.S. dollar equivalent of $60,000 and paid the
St. Philip Company ordered parts costing €100,000 from a foreign supplier on January 15 when the spot rate was $0.20 per €. A one-month forward contract was signed on that date to purchase
Import/Export Company, a U.S. company, made a number of import purchases and export sales denominated in foreign currency in 2015. Information related to these transactions is summarized in the
Assume that the won is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2017? a. Marketable equity securities = $16,000 and Inventory =
Assume that the U.S. dollar is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2017? a. Marketable equity securities = $16,000 and
A U.S. company's foreign subsidiary had these amounts in local currency units (LCU) in 2017: Cost of goods sold . . . . . . . . . . . . . . . . . . . . LCU 5,000,000 Beginning inventory . . . . . . .
Which of the following items is remeasured using the current exchange rate under the temporal method? a. Bonds payable. b. Dividends declared. c. Additional paid-in capital. d. Amortization of
In accordance with U.S. generally accepted accounting principles, which translation combination is appropriate for a foreign operation whose functional currency is the U.S. dollar? ....Method
What amount does Newberry's consolidated balance sheet report for this inventory at December 31, 2017? a. $16,000. b. $17,000. c. $18,000. d. $19,000. Newberry, Inc., whose reporting currency is the
What amount does Newberry's consolidated income statement report for cost of goods sold for the year ending December 31, 2018? a. $16,000. b. $17,000. c. $18,000. d. $19,000. Newberry, Inc., whose
Charles Edward Company established a subsidiary in a foreign country on January 1, 2017, by investing FC 3,200,000 when the exchange rate was $0.50/FC. Charles Edward negotiated a bank loan of FC
On January 1, 2016, Parker, Inc., a U.S.-based firm, acquired 100 percent of Suffolk PLC located in Great Britain for consideration paid of 52,000,000 British pounds ($), which was equal to fair
The payment made to Clark beyond his capital account was for Clark's share of previously unrecognized goodwill. After recognizing partnership goodwill, what is Manning's capital balance after Clark
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
A partnership has the following capital balances: Henry (50% of gains and losses) . . . . . . . . . . . . $ 135,000 Thomas (30%) . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
A partnership has the following capital balances: Comprix (35% of gains and losses) . . . . . . . . . ... $150,000 Heflin (40%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The capital balance for Maxwell is $110,000 and for Russell is $40,000. These two partners share profits and losses 70 percent (Maxwell) and 30 percent (Russell). Evan invests $50,000 in cash into
A partnership has liquidated all assets but still reports the following account balances: The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent;
A local partnership is liquidating and is currently reporting the following capital balances: Barley, capital (50% share of all profits and losses) . . . ...... $ 44,000 Carter, capital (30%) . . . .
A partnership has the following balance sheet prior to liquidation (partners' profit and loss ratios are in parentheses):During liquidation, other assets are sold for $80,000, liabilities are paid
A partnership has the following capital balances: X (50 percent of profits and losses) = $150,000; Y (30 percent of profits and losses) = $120,000; Z (20 percent of profits and losses) = $80,000. If
Go to the website www.napico.com and click on "Partnership Financial Information-Click Here." Then click on "2015 Annual Reports" to access the Form 10-K annual report for Real Estate Associates
A $110,000 payment is made on a long-term liability. Of this amount, $10,000 represents interest. Which of the following is not true for the recording of this transaction? a. Reduce liabilities by
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, 2017, the city has a fund balance of only
Which of the following has the least amount of official authority for the financial reporting of state and local governments? a. GASB Technical Bulletins. b. GASB Statements of Governmental
City government officials are analyzing a complicated financial transaction. A GASB Implementation Guide seems to provide one reporting answer and a GASB Concepts Statement seems to provide a
A city agrees to allow the Jones Company to operate within its geographical boundaries without having to pay real estate taxes for the following 10 years. In exchange, Jones agrees to continue
A city provides a local business with a tax abatement so that real estate taxes will be avoided for the next five years. In exchange, the business agrees to construct a new facility to hire 50 or
Reread the Management Focus on Boeing and answer the following questions:a) What are the benefits to Boeing of outsourcing manufacturing of components of the Boeing 787 to firms based in other
Reflect on the purpose and practical application of taxi market regulation by city authorities. What does this type of regulation accomplish? What are the drawbacks? How has this allowed Uber to
How have local authorities and competitive actors responded to Uber's market entry strategies?
Why do labor costs made up such a small percentage of the cost to produce an iPhone?
Why is it more difficult for Apple to find engineers in the U.S. than in China?
Where are the iPhone's components produced and purchased?
What factors have contributed to the growth of India's software industry?
How has India's software industry changed in recent years? What are the implications of these changes for American companies like IBM and Microsoft?

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