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advanced financial accounting

Questions and Answers of Advanced Financial Accounting

Exacto Company reported net assets of $260,000 on January 1, 20X5, and reported the following net income and dividends for the years indicated:True Corporation acquired 75 percent of Exacto's common
Bishop Enterprises acquired 100 percent of Mangle Manufacturing Company's common shares on January 1, 20X7, for $1,250,000, a price that was $55,000 in excess of the book value of the shares
How does an eliminating entry differ from an adjusting entry?
Ball Corporation's owners recently offered to sell 60 percent of their ownership to Timber Corporation for $450,000. Timber's business manager was told that Ball's book value was $300,000, and she
Although Sloan Company had good earnings reports in 20X5 and 20X6, it had a negative retained earnings balance on December 31, 20X6. Jacobs Corporation purchased 80 percent of Sloan's common stock on
What is the justification for using a differential clearing account in preparing consolidated statements?
When majority ownership is acquired, what portion of the fair value of assets held by the subsidiary at acquisition is reported in the consolidated balance sheet?
Using the data presented in E5-11, prepare a solution assuming the business combination occurred prior to the effective date of FASB 141R.Data From in E5-11Canton Corporation is a majority-owned
Why are eliminating entries in the consolidation workpaper different when the parent accounts for its investment in a subsidiary using the cost method rather than the equity method? What is the major
Using the data presented in E5-13, prepare a solution assuming the business combination occurred prior to the effective date of FASB 141R.Data From in E5-13,Pioneer Corporation purchased 80 percent
Using the data presented in E5-5, prepare a solution assuming the business combination occurred prior to the effective date of FASB 141R.E5-5,Power Company owns 90 percent of Pleasantdale Dairy's
Blake Corporation purchased 100 percent of Shaw Corporation's voting shares on January 1, 20X3, at underlying book value. Blake uses the cost method in accounting for its investment in Shaw. Shaw's
Lintner Corporation purchased 80 percent of Knight Company's voting stock on January 1, 20X6, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 20
The trial balances for Blake Corporation and Shaw Corporation as of December 31, 20X4, follow:Blake acquired 100 percent ownership of Shaw on January 1, 20X3, at a cost of $150,000, which was equal
Using the data presented in P5-28, prepare a solution using the accounting procedures in effect prior to the effective date of FASB 141R.P5-28,Porter corporation acquired 70 percent of Darla
Using the data presented in P5-33, prepare a solution as if the business combination occurred prior to the effective date of FASB 141R.P5-33,Power Corporation acquired 75 percent of Best Company's
Using the data presented in P5-32, prepare a solution as if the business combination occurred prior to the effective date of FASB 141R.P5-32,Power Corporation acquired 75 percent of Best Company's
Trial balance data for Light Corporation and Star Company on December 31, 20X5, are as follows:Light acquired all of Star's shares on January 1, 20X5, for $220,000. The full differential is assigned
Trial balance data for Light Corporation and Star Company on December 31, 20X6, are as follows:Light acquired all of Star's shares on January 1, 20X5, for $220,000, which was equal to the fair value
Rapid Delivery Corporation was created on January 1, 20X2, and quickly became successful. On January 1, 20X6, the owner sold 80 percent of the stock to Samuelson Company at underlying book value. At
Master Corporation acquired 80 percent ownership of Stanley Wood Products Company on January 1, 20X1, for $160,000. On that date, the fair value of the noncontrolling interest was $40,000, and
A subsidiary sold a depreciable asset to the parent company at a profit of $1,000 in the current period. Will the income assigned to the noncontrolling interest in the consolidated income statement
In the elimination of a prior-period unrealized intercorporate gain on depreciable assets, why does the debit to Retained Earnings decrease over time?
Why is there need for an eliminating entry when an intercompany inventory transfer is made at cost?
On December 20, 20X2, Evert Corporation paid Frankle Company $180,000 for inventory that Frankle had purchased for $240,000. Frankle had not previously recognized a loss and reduced the inventory's
How do unrealized intercompany profits on an upstream sale of inventory made during the current period affect the computation of consolidated net income and income to the controlling interest?
The price of high-quality burnwhistles fluctuates substantially from month to month. As a result, it is not uncommon for a company that deals in burnwhistles to report a substantial gain in one
What effect will a subsidiary's 15 percent stock dividend have on the consolidated financial statements?
How do interperiod income tax allocation procedures affect consolidation eliminating entries in the period in which unrealized intercompany profits arise?
When a convertible bond of a subsidiary is treated as common stock in computing the subsidiary's diluted earnings per share, how is the interest on the bond treated in the computation of diluted
Match the descriptions of terms on the left with the terms on the right. Some terms may be used once, more than once, or not at all. January 1 December 31 Average for 20X5 RM 1 = $.21 RM 1 =
a. Prepare a workpaper to develop a consolidated statement of cash flows for 20X4 using the direct method of computing cash flows from operations. b. Prepare a consolidated statement of cash flows
Match the terms on the left side with the descriptions on the right. A description may be used once, more than once, or not at all. Contractual Obligations Long-term debt obligations Capital lease
The IASB Web site can be found at www.iasb.org. Access the Web site and click on the link at the top of the page for Current Projects. On the Current Projects page, click on the IASB link. You may
Explain the accounting for pledges from donors to a VHWO.
Match the transactions on the left with the effects of the transactions on the statement of activities for a voluntary health and welfare organization. A transaction may have more than one effect.
Will the expected amount of deferred income taxes be larger under the cost method or the equity method? Explain.
St. John Corporation is barely solvent and has been seeking an equity investor that would be interested in making a capital contribution so that the company would hopefully return to performance
Marshall Tool and Die Company has been experiencing significant foreign competition and a declining market. Annual net losses from operations have averaged $250,000 over the last three years. The
Cutler Manufacturing manufactures and distributes specialty piping used in the construction industry. Due to the recent contraction in the commercial construction market, the company has had
Cutler Manufacturing manufactures and distributes specialty piping used in the construction industry. Due to the recent contraction in the commercial construction market, the company has had
Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any appropriate entries.1. Private University coordinated its annual special event
Select the best answer for each of the following multiple-choice items. (Nos. 2–10 are AICPA adapted.)1. Which of the following is required as part of the complete set of financial statements for a
Transactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending December 31, 2019.a. Gross revenues of $5,000,000 were earned for service to Medicare patients.b.
Record the following annuity and life income activities of Private University:1. On July 1, 2019, R. W. Fields, emeritus professor of accounting, moved out of the state. Fields donated to the
Select the best answer for each of the following multiple-choice items.1. Super Seniors is a not-for-profit organization that provides services to senior citizens. Super employs a full-time staff of
Go to the Web site of a not-for-profit organization. Are audited financial statements provided on the Web site? Is other financial information made available? Assuming you are a potential donor,
Explain the accounting for funds received by an organization acting as an agent, a trustee, or an intermediary, rather than as a donor or donee. What might be the reasoning for the differences?
Packer City’s balance sheet and statement of revenues, expenditures, and changes in fund balances are shown below for the governmental funds. Information on capital assets and long-term obligations
From the following information, prepare a statement of net position for the city of Lucas as of June 30, 2019.
From the following information, prepare a statement of net position for the city of Lucas as of June 30, 2019.
Search the Internet for a popular report of a state or city government. Evaluate the usefulness of the popular report from the perspective of the citizen. In particular, focus on financial accounting
Go to the GASBWeb site, and review the list of current projects and recently released standards. What are the most pressing issues facing the Board? In your opinion, is the Board effectively
Based on the information presented in the 2013 city of Milwaukee, Wisconsin, financial statements, list the major funds disclosed by the city. How were these funds determined? Likewise, what minimum
Based on the information presented in the 2013 city of Milwaukee, Wisconsin, financial statements, list the major funds disclosed by the city. How were these funds determined? Likewise, what minimum
Select the best answer for each of the following multiple-choice items. (Nos. 1, 2, 4, 6, 9, and 10 are AICPA adapted.)1. Which of the following statements is incorrect concerning a governmental
Explain the difference between expenses and expenditures in a state and a local government.
The debt service fund does not use budgetary accounts. What is the logic for not doing so?
The debt service fund does not use budgetary accounts. What is the logic for not doing so?
The debt service fund does not use budgetary accounts. What is the logic for not doing so?
Select the best answer for each of the following multiple-choice questions. (Nos. 1, 5, and 7–10 are AICPA adapted.)1. The encumbrances control account of a governmental unit is increased when a
Go to the GASB Web site at http://www.gasb.org. Write a brief description of the mission of the GASB, its relation to the FASB, and the current project agenda of the GASB board. Are there any
Rexcam is a partnership owned by Wilson, Watts, and Franklin that manufactures special machine tools used primarily in injection molding applications. The partnership had operated very profitably for
Radix, Inc., operates primarily as a distributor of components for gasoline compressors. In the first quarter of 2015, the company reported a gross profit of $248,000 on net sales of $1,360,000.
McClure Manufacturing reported a pretax loss from operations of $45,000 for the first quarter of 2017. The estimated effective annual tax rate at that time was based on the following information:1. A
Baxter Holdings reported pretax income from continuing operations of $800,000 in the first quarter of the current year. At that point, projected pretax income for the rest of the year was $1,000,000.
Baxter Holdings reported pretax income from continuing operations of $800,000 in the first quarter of the current year. At that point, projected pretax income for the rest of the year was $1,000,000.
Campione Manufacturing acquired an 80% interest in DaLuca Distributors, a foreign corporation established on November 1, 2010, for 650,000 foreign currency units (FC). Campione acquired its 80%
Techno Builders has acquired a 70% interest in the equity of a foreign company, Prefabco, whose functional currency is the FC. Although Prefabco began operations in June 2012 when 1 FC equaled $1.95,
Baxter Industries, Inc., is a U.S. company that has a wholly owned subsidiary. The subsidiary maintains its book and records in a foreign currency (FC) and the majority of its local expenses such as
Brico Enterprises, a U.S. corporation, acquired an 80% interest in Bandar Distributors in June 2012 when 1 FC equaled $1.62. Bandar is a foreign corporation whose functional currency is the FC. The
Since a primary beneficiary’s share of VIE income is not based on common stock ownership, how might it be calculated?
On January 1, 2016, Ashland Company purchases a 25% interest in Cramer Company for $195,000. Ashland Company prepares the following determination and distribution of excess schedule:The following
Turf Company purchases a 30% interest in Minnie Company for $90,000 on January 1, 2015, when Minnie has the following stockholders’ equity:The excess cost was due to a building that is being
Company R purchases a 25% interest in Company E on January 1, 2014, at its book value of $20,000. From 2014 through 2018, Company E earns a total of $200,000. From 2019 through 2023, it loses
Company R purchases a 25% interest in Company E on January 1, 2014, at its book value of $20,000. From 2014 through 2018, Company E earns a total of $200,000. From 2019 through 2023, it loses
Company E reports net income of $100,000 for 2015. Assume the income is earned evenly throughout the year. Dividends of $10,000 are paid on December 31. What will Company R report as investment
Company E reports net income of $100,000 for 2015. Assume the income is earned evenly throughout the year. Dividends of $10,000 are paid on December 31. What will Company R report as investment
Company R owns a 30% interest in Company E, which it acquires at book value. Company E reports net income of $50,000 for 2015 (ignore taxes). There is an intercompany sale of equipment at a gain of
Assume the same facts as for Question 1 above. The fair value of the investment in Company E is $220,000 on December 31, 2015. Answer the following questions assuming the investment is recorded using
Company R pays $170,000 for a 30% interest in Company E on January 1, 2015. Company E’s total stockholders’ equity on that date is $500,000. The excess price is attributed to equipment with a
Shelby Corporation purchases 90% of the outstanding stock of Borner Company on January 1, 2015, for $603,000 cash. At that time, Borner Company has the following stockholders’ equity balances:
The following diagram depicts the relationships among Mary Company, John Company, and Joan Company on December 31, 2018:Mary Company purchases its interest in John Company on January 1, 2016, for
The audit of Barns Company and its subsidiaries for the year ended December 31, 2016, is completed. The working papers contain the following information:a. Barns Company acquires 4,000 shares of Webo
Myles Corporation and its subsidiary, Downer Corporation, have the following trial balances as of December 31, 2017:Myles Corporation acquires its 60% interest in Downer Corporation for $348,000 on
The following diagram depicts the investment affiliations among Companies M, N, and O:The following facts apply to 2017 operations:All investments are made at a price equal to book value.1. Prepare
Baker Company acquires an 80%interest in the common stock of Cain Company for $440,000 on January 1, 2015. The price is equal to the book value of the interest acquired. Baker Company maintains its
You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid:1. Assume Company A acquires an
The following comparative statements of stockholders’ equity are prepared for Nolan Corporation:Tarman Corporation acquires 60% of Nolan Corporation common stock for $12 per share on January 1,
Subsidiary Company S had the following stockholders’ equity on January 1, 2018, prior to issuing 5,000 additional new shares:Prior to the sale of additional shares, the parent owned 90,000 shares.
Subsidiary Company S had the following stockholders’ equity on January 1, 2018, prior to issuing 20,000 additional new shares to noncontrolling shareholders:At that time, the parent company owned
Subsidiary Company S had the following stockholders’ equity on December 31, 2017, prior to distributing a 10% stock dividend:The fair value of the shares distributed is $50 each. What is the effect
Brian Construction Company has the following stockholders’ equity on January 1, 2015, the date on which Roller Company purchases an 80% interest in the common stock for $720,000:Brian Construction
Rob Company purchases a 90% interest in Venus Company for $418,500 on January 1, 2017. Any excess of cost over book value is attributed to equipment, which is being depreciated over 20 years. Both
Rob Company purchases a 90% interest in Venus Company for $418,500 on January 1, 2017. Any excess of cost over book value is attributed to equipment, which is being depreciated over 20 years. Both
Rob Company purchases a 90% interest in Venus Company for $418,500 on January 1, 2017. Any excess of cost over book value is attributed to equipment, which is being depreciated over 20 years. Both
Company S has the following stockholders’ equity on January 1, 2019:The preferred stock is cumulative and has dividends one year in arrears on January 1, 2019.Company P purchased an 80% interest in
Company P purchased an 80% interest (8,000 shares) in Company S for $800,000 on January 1, 2015. Company S’s equity on that date was $900,000. Any excess of cost over book value was attributed to
Refer to the preceding facts for Penske’s acquisition of Stock common stock. Penske accounts for its investment in Stock using the simple equity method, including income tax effects. During 2017,
Refer to the preceding facts for Penske’s acquisition of Stock common stock. Penske uses the simple equity method to account for its investment in Stock. During 2016, Stock sells $30,000 worth of

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