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advanced financial accounting

Questions and Answers of Advanced Financial Accounting

Pesto Company paid $164,000 to acquire 40 percent ownership of Sauce Company on January 1, 20X2. Net book value of Sauce’s assets on that date was $300,000. Book values and fair values of net
Paragraph Corporation acquired controlling ownership of Sentence Corporation on December 31, 20X3, and a consolidated balance sheet was prepared immediately. Partial balance sheet data for the two
On January 1, 20X0, Pepper Corporation issued 6,000 of its $10 par value shares to acquire 45 percent of the shares of Salt Manufacturing. Salt Manufacturing’s balance sheet immediately before the
Plug Corporation acquired 35 percent of Spark Corporation’s stock on January 1, 20X8, by issuing 25,000 shares of its $2 par value common stock. Spark Corporation’s balance sheet immediately
Summer Company holds assets with a fair value of $120,000 and a book value of $90,000 and liabilities with a book value and fair value of $25,000.RequiredCompute the following amounts if Parade
Pawn Corporation purchased 30 percent of Shop Company’s common stock on January 1, 20X5, by issuing preferred stock with a par value of $50,000 and a market price of $120,000. The following amounts
Pencil Company purchased 40 percent ownership of Stylus Corporation on January 1, 20X1, for $150,000. Stylus’s balance sheet at the time of acquisition was as follows:During 20X1, Stylus
Point Corporation acquired 60 percent of Stick Company’s stock on January 1, 20X3, for $24,000 in excess of book value. On that date, the book values and fair values of Stick’s assets and
Peace Corporation acquired 75 percent of the ownership of Symbol Company on January 1, 20X1. The fair value of the noncontrolling interest at acquisition was equal to its proportionate share of the
Song Corporation was created on January 1, 20X0, to develop computer software. On January 1, 20X5, Polka Company purchased 90 percent of Song’s common stock at underlying book value. At that date,
Pirate Company purchased 60 percent ownership of Ship Corporation on January 1, 20X1, for $82,800. On that date, the noncontrolling interest had a fair value of $55,200 and Ship reported common stock
Pistol Corporation acquired 70 percent of Scope Corporation’s voting stock on May 18, 20X1. The companies reported the following data with respect to intercompany sales in 20X4 and 20X5:Pistol
Plaza Corporation purchased 70 percent of Square Company’s voting common stock on January 1, 20X5, for $291,200. On that date, the noncontrolling interest had a fair value of $124,800 and the book
Pop Corporation acquired 70 percent of Soda Company’s voting common shares on January 1, 20X2, for $108,500. At that date, the noncontrolling interest had a fair value of $46,500 and Soda reported
The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts:Pint acquired the shares of Saloon Company on
Player Company acquired 60 percent ownership of Scout Company’s voting shares on January 1, 20X2. During 20X5, Player purchased inventory for $20,000 and sold the full amount to Scout Company for
Print Corporation acquired all outstanding $10 par value voting common stock of Size Inc. on January 1, 20X9, in exchange for 25,000 shares of its $20 par value voting common stock. On December 31,
Phone Corporation owns 80 percent of Smart Company’s stock. At the end of 20X8, Phone and Smart reported the following partial operating results and inventory balances:Phone regularly prices its
Pie Bakery owns 60 percent of Slice Products Company’s stock. During 20X8, Slice produced 100,000 bags of flour, which it sold to Pie Bakery for $900,000. On December 31, 20X8, Pie had 20,000 bags
Pie Bakery owns 60 percent of Slice Products Company’s stock. On January 1, 20X9, inventory reported by Pie included 20,000 bags of flour purchased from Slice at $9 per bag. By December 31, 20X9,
Planner Corporation owns 60 percent of Schedule Company’s voting shares. During 20X3, Planner produced 25,000 computer desks at a cost of $82 each and sold 10,000 of them to Schedule for $94 each.
Summer Company sells all its output at 25 percent above cost. Parade Corporation purchases all its inventory from Summer. Selected information on the operations of the companies over the past three
Plump Corporation holds 60 percent ownership of Slim Company. Each year, Slim purchases large quantities of a gnarl root used in producing health drinks. Slim purchased $150,000 of roots in 20X7 and
Paint Corporation owns 60 percent of Stain Company’s shares. Partial 20X2 financial data for the companies and consolidated entity were as follows:On January 1, 20X2, Paint’s inventory contained
In preparing the consolidation worksheet for Pencil Corporation and its 60 percent-owned subsidiary, Stylus Company, the following consolidation entries were proposed by Pencil’s
Pawn Corporation acquired 70 percent of Shop Corporation’s voting stock on January 1, 20X2, for $416,500. The fair value of the noncontrolling interest was $178,500 at the date of acquisition. Shop
Which of the following is not needed to compute the present value of an investment?a. The length of time between the investment and future receiptb. The interest ratec. The rate of inflationd. The
The present value of $3,000 at the end of seven years at 8% interest isa. $2,228.b. $1,749.c. $3,000.d. $15,618.Select the best choice from among the possible answers given.
Consolidation accountinga. Eliminates all liabilities.b. Reports the receivables and payables of the parent company only.c. Combines the accounts of the parent company and its subsidiary companies.d.
Dividends received on an equity-method investmenta. Decrease the investment account.b. Increase stockholders’ equity.c. Increase dividend revenue.d. Increase the investment account.Select the best
Select an industry in which you are interested, and use the leading company in that industry as the benchmark. Then select two other companies in the same industry. For each category of ratios in the
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Suppose you manage High Peaks Performance, Inc., a Vermont sporting goods store that lost money during the past year. To turn the business around, you must analyze the company and industry data for
Research has shown that over 50% of financial statement frauds are committed by companies that recognize revenue improperly. What does this mean? Describe the most common ways companies improperly
To follow is the 2018 income statement of Kurzic Imports, Inc.1. How much gross profit did Kurzic earn on the sale of its products in 2018? How much was income from continuing operations? How much
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Project 1.Each member of the group should obtain the annual report of a different company. Select companies in different industries. Evaluate each company’s trend of cash flows for the most recent
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Thompson Technology, Inc., and Beaudoin Catering Corporation are asking you to recommend their stock to your clients. Because Thompson and Beaudoin earn about the same net income and have similar
company uses the direct method to prepare the statement of cash flows. Select an activity for each of the following transactions:1. Receiving cash dividends is a/an __________________ activity.2.
On an indirect method statement of cash flows, a gain on the sale of plant assets isa. Added to net income in the operating activities section.b. Deducted from net income in the operating activities
On an indirect method statement of cash flows, an increase in accounts payable isa. Deducted from net income in the operating activities section.b. Reported in the financing activities section.c.
On an indirect method statement of cash flows, an increase in prepaid insurance isa. Added to net income.b. Added to increases in current assets.c. Deducted from net income.d. Included in payments to
If the indirect method is used, which of the following items appears on a statement of cash flows?a. Collections from customersb. Payments to suppliersc. Cash receipt of interest revenued.
Selling equipment for cash is reported on the statement of cash flows undera. Operating activities.b. Investing activities.c. Financing activities.d. Noncash investing and financing activities.Select
The issuance of stock for cash is reported on the statement of cash flows undera. Financing activities.b. Operating activities.c. Noncash investing and financing activities.d. Investing
Paying off bonds payable is reported on the statement of cash flows undera. Noncash investing and financing activities.b. Financing activities.c. Operating activities.d. Investing activities.Select
Aurum Investments specializes in low-risk government bonds. Identify each of Aurum’s transactions as operating (O), investing (I), financing (F), noncash investing and financing (NIF), or a
Describe how the statement of cash flows helps investors and creditors do each of the following:a. Predict future cash flowsb. Evaluate management decisions
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
The global economic recession that started in 2007 has impacted every business. The recession was especially hard on banks, automobile manufacturing, and retail companies. Banks were largely
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Apple Inc.’s consolidated financial statements appear in Appendix A and online in the filings section of www.sec.gov.Requirements1. Refer to Apple’s Consolidated Balance Sheets and Note 7
St. Genevieve Petroleum Company is an independent oil producer in Baton Parish, Louisiana. In February, company geologists discovered a pool of oil that tripled the company’s proven reserves. Prior
George Campbell paid $50,000 for a franchise that entitled him to market Success Associates software programs in the countries of the European Union. Campbell intended to sell individual franchises
Business is going well for Air Parking Unlimited (APU), a company that operates remote parking lots near major airports. The board of directors of the family-owned company believes that APU could
Complete each of the following statements with one of the terms listed here.a. _________ represents the amount of stockholders’ equity that the corporation has earned through profitable operations
Answer the following questions about the characteristics of a corporation’s stock:1. Who are the real owners of a corporation?2. What privileges do preferred stockholders have over common
What are two main advantages that a corporation has over a proprietorship and a partnership? What are two main disadvantages of a corporation? Describe the authority structure of a corporation. Who
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Refer to Apple Inc.’s consolidated financial statements in Appendix A and online in the filings section of www.sec.gov.Requirements1. Examine Note 5—Income Taxes—in the Notes to Consolidated
1. Journalize the following transactions of Lyons Communications, Inc.:2. At December 31, 2018, after all year-end adjustments have been made, determine the carrying amount of Lyons’ bonds payable,
1. Journalize the following transactions of Laporte Communications, Inc.:2. At December 31, 2018, after all year-end adjustments have been made, determine the carrying amount of Laporte’s bonds
Select the best choice from among the possible answers given.Amortizing the discount on bonds payablea. Increases the recorded amount of interest expense.b. Reduces the semiannual cash payment for
On January 31, 2018, Dunkin Logistics, Inc., issued five-year, 3% bonds payable with a face value of $8,000,000. The bonds were issued at 93 and pay interest on January 31 and July 31. Dunkin
Complete the following statements with one of the terms listed here.1. The ________ measures the proportion of a company’s total liabilities to its total assets.2. ________ is usually a long-term
Read each statement below, indicate if it is true or false, and give a brief explanation of your answer.1. When a bond is issued at a discount, the semiannual amount of interest expense will be
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Refer to Apple Inc.’s consolidated financial statements in Appendix A and online in the filings section of www.sec.gov.Requirements1. Did accounts payable for Apple increase or decrease in 2016?
Refer to Apple Inc.’s consolidated financial statements in Appendix A and online in the filings section of www.sec.gov.Requirements1. Did accounts payable for Apple increase or decrease in 2016?
The top management of Flashline Services examines the following company accounting records at July 29, immediately before the end of the year, July 31:Total current assets ..................... $
An end-of-period adjusting entry that debits Unearned Revenue most likely will credita. A revenue.b. An asset.c. A liability.d. An expense.Select the best choice from among the possible answers given.
What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd. Revenue accountSelect the best choice from among the possible answers given.
Failure to accrue interest expense results ina. An overstatement of net income and an understatement of liabilities.b. An understatement of net income and an overstatement of liabilities.c. An
For the purpose of classifying liabilities as current or noncurrent, the term operating cycle refers toa. the time period between the date the sale is made and the date the related revenue is
EnviroFriend Structures, Inc., builds environmentally sensitive structures. The company’s 2018 revenues totaled $2,780 million. At December 31, 2018, and 2017, the company had, respectively, $656
Martinson Cycles, Inc., a motorcycle manufacturer, included the following note in its annual report:NOTES TO CONSOLIDATED FINANCIAL STATEMENTS7 (In Part): Commitments and ContingenciesThe Company
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Visit a local business and do the following.Requirements1. List all its plant assets.2. If possible, interview the manager. Gain as much information as you can about the business’s plant assets.
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Refer to Apple Inc.’s Consolidated Financial Statements in Appendix A and online in the filings section of www.sec.gov, and answer the following questions:Requirements1. Refer to Note 1 and Note 3
Toledo National Bank purchased land and a building for the lump sum of $6 million. To get the maximum tax deduction, the bank’s managers allocated 80% of the purchase price to the building and only
The following questions are unrelated except that they all apply to plant assets and intangible assets:1. The manager of Wallace Manufacturing regularly buys plant assets and debits the cost to
Suppose you are considering investing in two businesses, Bahama Bakery and Burgers Galore. The two companies are virtually identical, and both began operations at the beginning of the current year.
In 2016, The Cheesecake Factory Incorporated (NASDAQ: CAKE) opened its first New York City restaurant. The new Cheesecake Factory is in Queens and is 8,850 square feet and seats 240 guests.Rather
A company purchased mineral assets holding approximately 240,000 tons of ore for $960,000. The estimated residual value of the assets is zero. During the first year, 40,000 tons are extracted and
Which of the following costs are reported on a company’s income statement and balance sheet?Income statement Balance sheeta. Cost of goods sold Accumulated depreciationb. Accumulated deprecation
Acton, Inc., uses the double-declining-balance method for depreciation on its computers. Which item is not needed to compute depreciation for the first year?a. Estimated residual valueb. Expected
Which statement about depreciation is false?a. A major objective of depreciation accounting is to allocate the cost of using an asset against the revenues it helps to generate.b. Depreciation should
A capital expenditurea. Adds to an asset.b. Is expensed immediately.c. Is a credit like capital (equity).d. Records additional capital.Select the best choice from among the possible answers given.
Chester Consultants purchased a building for $430,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $70,000. After using the building for 20 years,
Assume Byron Athletic Products, Inc., purchased conveyor-belt machinery. Classify each of the following expenditures as a capital expenditure or an immediate expense related to machinery:a. Purchase
Sugar Ridge Manufacturing bought three used machines in a $167,000 lump-sum purchase. An independent appraiser valued the machines as shown:Machine No. ...................... Appraised Value1
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Obtain the annual reports of ten companies, two from each of five different industries. Most companies’ financial statements can be downloaded from their websites.Requirements1. Compute each
This case will help you learn to use a company’s inventory notes. The notes are part of the financial statements. They give details that would clutter the financial statements themselves. Refer to
The inventory costing method a company chooses can affect its financial statements and the decisions of the people who use those statements.Requirements1. Company A uses the LIFO inventory method and
The sum of ending inventory and cost of goods sold isa. Net purchases.b. Beginning inventory.c. Cost of goods available (or cost of goods available for sale).d. Gross profit.Select the best choice

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