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modern advanced accounting

Advanced Accounting 13th Global Edition Joseph H. Anthony, Bruce Bettinghaus, Floyd A. Beams, Kenneth Smith - Solutions

E 4-4 Excess assigned to identifiable net assets Palat Ltd. paid $3,600,000 cash to acquire 90 percent of Sanun Ltd.’s voting stock on January 1, 2014. Sanun’s total stockholders’ equity at the time was $5,000,000. The differences between the book values and fair values of Sanun’s assets
E 4-3 Consolidation with dividends Anele PLC became a 75 percent-owned subsidiary of Folake PLC in January 2014. In April and September 2014, Anele PLC declared dividends of $200,000 each. However, the September dividend has not been paid.REQuIRED:Assume that Folake PLC did not declare any dividend
2. Determine the amount of Patent that should appear in the consolidated balance sheet at December 31, 2017.
1. Determine the amount of goodwill.
E 4-2 Consolidation under the equity method Nur PJSC purchased 80 percent outstanding common stock of Salim PJSC for $800,000 cash on January 1, 2014.The total net assets of Salim PJSC at the time of the acquisition were $900,000. At that time, the identified net assets book values of Salim PJSC
10. Under the trial balance approach to consolidation workpapers, which of the following is used?a Unadjusted trial balances b Adjusted trial balances c Postclosing trial balances d Either a orb, depending on the circumstances
9. On consolidation workpapers, consolidated ending retained earnings is determined by:a Adding beginning consolidated retained earnings and the controlling share of consolidated net income and subtracting parent dividends b Adding end-of-the-period retained earnings of the affiliates c Adjusting
8. On consolidation workpapers, the investment in subsidiary account balances are:a Always eliminated b Carried forward to the consolidated balance sheet c Eliminated when the financial statement approach is used d Allocated between controlling and noncontrolling stockholders
7. On consolidation workpapers, the controlling share of consolidated net income is determined by:a Subtracting noncontrolling interest share from parent’s net income b Adding net income of the parent and subsidiary c Making adjustment to the parent’s income d Deducting consolidated expenses
6. On consolidation workpapers, individual stockholders’ equity accounts of a subsidiary are:a Eliminated b Eliminated only to the extent of noncontrolling interest c Added to parent stockholders’ equity accounts d Eliminated to the extent of the parent’s interest
5. Net profit on consolidation workpapers is:a Adjusted under all circumstances b Adjusted when the parent uses the cost method c Adjusted when the parent uses the equity method d Not an account balance and, therefore, not subject to adjustment
4. Most mistakes made in consolidating financial statements appear when:a Consolidated net income does not equal parent net income b The consolidated balance sheet does not balance c The total of the adjustment column does not equal the total of the elimination column d The amount of retained
3. The portion of a subsidiary’s share that is not owned by the parent is called:a Noncontrolling interest b Noncontrolling interest share c Income from subsidiary d Controlling interest share
2. The portion of a subsidiary’s net income that is not given to the parent is called:a Noncontrolling interest b Noncontrolling interest share c Income from subsidiary d Controlling interest share
1. Under the equity method, the change in the investment account over a period is equal to:a The difference between income from a subsidiary recognized on the parent’s book and dividends received from the subsidiary b The difference between dividends received from a subsidiary and income from the
13. How is reciprocity established between a parent company’s investment account and the equity accounts of its subsidiary when the cost method is used?
12. Can the method used by a parent company in accounting for its subsidiary investments be determined by examining the separate financial statements of the parent and subsidiary companies?
11. Controlling share of consolidated net income is a measurement of income to the stockholders of the parent, but does a change in cash as reflected in a statement of cash flows also relate to other stockholders of the parent?
10. Explain why noncontrolling interest share is added to the controlling share of consolidated net income in determining cash flows from operating activities.
9. When preparing a consolidated cash flow statement, should we use the consolidated balance sheet and the income statement or the separate parent and subsidiary statements? Explain.
8. When is it necessary to adjust the parent’s retained earnings account in the preparation of consolidation workpapers? In answering this question, explain the relationship between parent-retained earnings and consolidated retained earnings.
7. In what way do the adjustment and elimination entries for consolidation workpapers differ for the financial statement and trial balance approaches?
6. The financial statement and trial balance workpaper approaches illustrated in the chapter generate comparable information, so why learn both approaches?
5. What represents the change in an investment account for a particular period?
4. If a parent uses the equity method but does not amortize the difference between fair value and book value on its separate books, its net income and retained earnings will not equal its share of consolidated net income and consolidated retained earnings. How does this affect consolidation
3. How are the workpaper procedures for the investment in subsidiary, income from subsidiary, and subsidiary’s stockholders’ equity accounts alike?
2. What is the sequence of workpaper adjustments and eliminations while preparing a consolidated financial statement?
1. What is a fiduciary? How does it relate to estate and trust accounting?
P23-8 Creation of a trust You have been hired as trustee for the testamentary trust created by the will of Tom Josephson. The trust is created on June 30, 2015. (Use the information provided in P 23-6 and P 23-7.) The trust initially invests the proceeds from the estate in a checking account, which
P23-7 Charge and discharge statement for an estate Use the information in P 23-6 to prepare a charge–discharge statement for the estate of Tom Josephson for the period May 16, 2015 through June 30, 2015.Estates and Trusts 793
P23-6 Estate accounting Tom Josephson dies on May 16, 2015, leaving a valid will. The will reads as follows:I leave my automobile to my niece, Pat. I leave my stock investment accounts to my niece, Sue. I leave income on my estate to the local humane society. Estate expenses are to be paid from
P23-5 Creation of a trust You have been hired as trustee for the testamentary trust created by the will of George Wilson. The trust is created on April 30, 2015. (Use the information provided in P 23-3 and P 23-4.) The trust initially invests the proceeds from the estate in a checking account,
P23-4 Charge and discharge statement for an estate Use the information in P 23-3 to prepare a charge–discharge statement for the estate of George Wilson for the period March 1, 2015 through April 30, 2015.
P23-3 Estate accounting George Wilson dies on March 1, 2015, leaving a valid will. The will reads as follows:I leave my home, furnishings, remaining bank account balances and personal possessions to my wife Helen. I leave my automobile to my nephew, Dennis. I leave my stock investment accounts to
P23-2 Charge and discharge statement Use the information from P23-1 above to prepare a charge–discharge statement for the estate of Ali Sung for the period July 1 to August 25, 2014.
P23-1 Estate accounting journal entries Ali Sung died of illness on July 1, 2014. Before passing away, he had appointed his son, Deeja Sung, as the executor of his estate. Ali left a will as follows:Specific devises Villa in Bali for his son, Deeja Sung $50,000 Villa in Raja Ampat for her daughter,
E 23-12 Estate tax calculation Ms. Jacki Jerome, a famous rock superstar, dies on November 28, 2015, and leaves her entire estate, with a fair value of$23,400,000 (after settling all estate expenses and liabilities) to her cousin Maggie.REQuIRED: Calculate the federal tax on Ms. Jerome’s estate.
E 23-11 Estate tax calculation Mr. Chuck Rainy dies on May 21, 2015, and leaves his entire estate, with a fair value of $7,200,000 (after settlement of all estate expenses and liabilities) to be equally divided among his sole surviving family members, his daughters Emily and Laura, and his son
E 23-10 Estate tax calculation Mr. Dogbert dies on March 1, 2015, and leaves his entire estate, with a fair value of $10,600,000 (after settlement of all estate expenses and liabilities) to his sole surviving family member, his daughter Emily.REQuIRED 1. Calculate the federal tax on Mr. Dogbert’s
E 23-9 Prepare journal entries for a trust You serve as the trustee for the Josephine Frederick testamentary income trust. The trust was created by the will of her late husband, John. Under the terms of John’s will, all assets are transferred to the trust to cover living expenses for his spouse.
E 23-8 Prepare journal entries for a trust You serve as the trustee for the Lisa Wyatt Trust. The following transactions occur during June and July 2015:June 1 Open the trust account, depositing the $1,000,000 transferred from the estate of Cheri James into a non-interest-bearing checking account
E 23-7 Prepare charge and discharge statement for the Sooner XXV trust Use information from E 23-6 to prepare a charge and discharge statement for the trust for the period September 15, 2015 through December 31, 2015.788 CHAPTER 23
E 23-6 Charge and Discharge System Use the information from E23-6 to prepare a charge and discharge statement for Kitty Trust.
E 23-5 Journal entries and accounting for an estate You serve as the executor for the estate of Jeff Carpenter, who passed away on August 25, 2015, at the age of 102. Jeff’s estate consisted of two certificates of deposit totalling $800,000 and a $15,000 balance in his checking account. Total
E 23-4 Accounting for an estate K.T. Tim has been appointed to serve as executor for the estate of Ms. Lisa Triciao, who passed away on August 15, 2015.Ms. Triciao’s assets consisted of the following:Asset Book Value Fair Value Cash $118,225 $118,225 Savings accounts 250,000 250,000 ViaReggio
E 23-3 Journal entries for a trust You have been appointed as a trustee for Kitty Trust and are requested to open a trust account on January 1, 2014, by depositing $500,000 from Segara Estate into a non-interest-bearing checking account. On January 3, 2014, you deposit half of the checking account
E 23-2 Prepare journal entries for an estate You serve as the executor for the estate of Maribeth Rainy. The following transactions occur during July 2015:a The Rainy estate included a certificate of deposit in the amount of $600,000. On the date of death, there was $11,600 of accrued but unpaid
E 23-1 Claim payments journal entries Yusaku Honda died on August 1, 2014, and appointed his son, Shinichi Honda, as the executor for his estate, which means that Yusaku Honda died testate. The will lists the following items:1. Summer palace for his grandson, Kodomo Honda, secured for mortgage
11. Are estate income taxes the responsibility of the estate or its beneficiaries?E x E R c I S E S
10. Summarize reasons why it may be important to have a will.
9. Briefly summarize how income earned on estate property should be treated by a beneficiary for purposes of filing a federal tax return. Where should the beneficiary look to provide this information?
8. Is it possible to avoid estate taxation by giving assets as gifts prior to death?
7. How should assets and liabilities be measured in the accounting records of an estate?
6. Does the calculation of the federal estate tax permit any deductions?
5. What is a charge–discharge statement?
4. How does an executor account for the properties of an estate?
3. What is the meaning of a devise in estate accounting?
2. Briefly summarize differences between principal and income transactions for estates and trusts. Why is the classification important in estate and trust accounting?
3. Locate the Web site for the county in which your college or university is located. Has the county recorded any new debt this year in its governmental funds? How much? How can you tell?
2. Locate the Web site for the municipality in which your college or university is located.List one major event that has occurred recently and will be recorded in the accounting records. What fund or funds will be affected by this event?
1. Choose a CAFR from a city, county, or other local government. Review the CAFR and answer the following questions:a. How many governmental funds does the government have? List the name of one special revenue fund.b. Does the government have a capital projects fund? For what purpose was it
2. Prepare financial statements for the CPF for the year ended June 30, 2017.
1. Prepare all journal entries in the funds necessary to account for the transactions and events given. (If amounts are not known, use xxx.)
P 20-12 Capital projects fund journal entries and financial statements The City of Catalina authorized the construction of a new recreation center at a total cost of $1,000,000 on June 15, 2016. On the same date, the city approved a $1,000,000, 8 percent, 10-year general obligation serial bond
P 20-11 Capital projects fund journal entries and balance sheet [AICPA adapted]In a special election held on May 1, 2016, the voters of the City of Cerone approved a $10,000,000 issue of 6 percent general obligation bonds maturing in 20 years. The proceeds of this sale will be used to help finance
P 20-10 Journal entries associated with a capital project On June 15, 2016, Malmo City authorizes the issuance of $500,000 par of 6 percent serial bonds to be issued on July 1, 2016, and to mature in annual serials of $100,000 beginning on July 1, 2017. The proceeds of the bond issue are to be used
P 20-9 Capital projects fund journal entries The City of Stockholm authorized construction of a $600,000 addition to the municipal building in September 2016. The addition will be financed by $200,000 from the general fund and a $400,000 serial bond issue to be sold in April 2017.710 CHAPTER 20
P 20-8 Debt service fund journal entries The Town of Lilehammar has $3,000,000 of 6 percent bonds outstanding. Interest on the general obligation, general government indebtedness is payable semiannually each March 31 and September 30.December 31 is the fiscal year-end. Record the following
P 20-7 Preparation of a fund statement of revenues, expenditures, and changes in fund balance The following information regarding the fiscal year ended December 31, 2016, was drawn from the accounts and records of the Volendam County general fund:Revenues and Other Asset Inflows Taxes $10,000,000
P 20-6 Journal entries from trial balance [AICPA adapted]The following information was abstracted from the accounts of the general fund of the City of Lahti after the books had been closed for the fiscal year ended June 30, 2016:Trial Balance June 30, 2015 Transactions July 1, 2015, to June 30,
3. An analysis of the transactions in the vouchers payable for the year ended June 30, 2016, follows:Debit (Credit)Current expenditures $(2,700,000)Expenditures for prior years (58,000)Vouchers for payment to other funds (210,000)Cash payments during the year 2,640,000 Net change $(328,000)4.
2. Estimated uncollectible taxes from the prior year were written off.
P 20-5 Reconstruct general fund journal entries [AICPA adapted]The following summary of transactions was taken from the accounts of the Oslo School District general fund before the books had been closed for the fiscal year ended June 30, 2016:Postclosing Balances June 30, 2015 Preclosing Balances
P 20-4 Governmental fund conversion worksheet The postclosing trial balance for the City of Fort Collins governmental funds at June 30, 2016, shows the following ledger account balances:DR CR Cash and cash equivalents $541,100 Investments 520,000 Taxes receivable 520,000 Accounts receivable 187,500
1. Prepare journal entries to record the budget and each of the following transactions:a. The treasurer of Tyler sends out property tax bills of $200,000; 1 percent is considered uncollectible.b. Current property taxes of $176,000 and past-due taxes of $14,000 were collected.c. A specific property
P 20-3 Governmental fund journal entries, budgetary comparison, and reconciling items The Town of Tyler approved the following general fund budget for the fiscal year July 1, 2016, to June 30, 2017:TOWN OF TYLER GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1, 2016 TO JUNE 30, 2017 Revenue Sources
P 20-2 Preparation of general fund statements The preclosing account balances of the general fund of the City of Batavia on June 30, 2017, were as follows:Debits Cash $80,000 Taxes receivable—delinquent 160,000 Due from County 18,000 Estimated revenues 1,000,000 Expenditures 940,000 Nonreciprocal
E 20-15 Governmental fund reconciliation to total net position The following data are available from the City of Boulder’s financial records on September 30, 2016:a. The net change in fund balance—total governmental funds for the city is $1,408,950.b. The city purchased general fixed assets at
4. Revenues reported as collected in advance on the fund balance sheet using the 60-day criteria are recognized as revenue in the government-wide statement.REQuIRED: Determine the village’s general fund net position that will appear on the government-wide statement of net position.
3. A capital lease payable in the amount of $75,000 is noted in the internal debt records. This was recorded as an other financing source in the general fund.
2. General long-term debt recorded in the internal debt records is $100,000. This was recorded as an other financing source in the general fund.
1. The village owns general fixed assets with a historical cost of $100,000 and accumulated depreciation totaling $65,000.
E 20-14 Governmental fund reconciliation to total net position The postclosing trial balance for the Village of Alantown general fund at June 30, 2016, shows the following ledger account balances:Debits Cash $410,000 Investments 300,000 Tax receivable—delinquent 150,000 Accounts receivable 30,000
E 20-13 Governmental fund journal entries For each of the following transactions, note the fund(s) affected, and prepare appropriate journal entries.1. General obligation bonds with a par value of $750,000 are issued at $769,000 to finance construction of a government office building.2. A Community
6. The township received a $100,000 restricted grant for certain library programs from another unit of government.The grant will be accounted for in the general fund.7. The township incurred $75,000 of expenditures for the programs covered by the library grant.
E 20-12 General fund journal entries Prepare the journal entries required to record the following transactions in the general fund of Rochester Township.1. Borrowed $75,000 by issuing six-month tax anticipation notes.2. Ordered equipment with an estimated cost of $33,000.3. Received the equipment
1. Estimated revenues for the fiscal year were $250,000 and appropriations were $248,000.2. The tax levy for the fiscal year, of which 99 percent is believed to be collectible, was $200,000.3. Taxes collected were $150,000.4. A short-term loan of $15,000 was made to the special revenue fund.5.
E 20-11 General fund journal entries Prepare entries in the general fund to record the following transactions and events:
E 20-10 Preparation of a fund statement of revenues, expenditures, and changes in fund balance The trial balance of the general fund of Madelyn City before closing at December 31, 2013, contained the following accounts and balances:Fund balance—unassigned $25,000 Estimated revenues 100,000
E 20-9 Preparation of fund balance sheet A general ledger trial balance at June 30, 2013, for Millar City is as follows:Debits Credits Cash $12,000 —Taxes receivable 30,000 —Allowance for uncollectible taxes — $2,000 Due from other funds 3,000 —Supplies inventory, June 30, 2013 4,000
E 20-8 Governmental fund closing entries A general ledger trial balance for Any City contained the following balances at June 30, 2013, just before closing entries were made:Due from other funds $600 Fund balance—unassigned 3,000 Estimated revenues 18,000 702 CHAPTER 20 Revenues 17,380
E 20-7 General fund journal entries (property taxes)The following events and transactions relate to the levy and collection of property taxes for Jedville Township:March 21, 2016—Property tax bills for $2,500,000 are sent to property owners. An estimated 2 percent of the property tax levies are
5. The following information pertains to Amber Township’s general fund at December 31, 2016:Total assets, including $200,000 of cash $1,000,000 Total liabilities 600,000 Fund balance—restricted 100,000 Appropriations do not lapse at year-end. At December 31, 2016, what amount should Amber
In 2017, Tedfred’s total fund balance increased by:a $3,000,000 b $2,500,000 c $1,500,000 d $1,000,000
4. The following information pertains to Tedfred’s general fund for 2017:Appropriations $6,500,000 Expenditures 5,000,000 Other financing sources 1,500,000 Other financing uses 2,000,000 Revenues 8,000,000
What amount should Coral City report for 2016 net property tax revenues?a $700,000 b $690,000 c $600,000 d $500,000
3. The following information pertains to property taxes levied by Coral City for the calendar year 2016:Collections during 2016 $500,000 Expected collections during the first 60 days of 2017 100,000 Expected collections during the balance of 2017 60,000 Expected collections during January 2018
2. Capital City was awarded a $3,000,000 grant from the state. Of this grant, $1,500,000 was sent to the city and recorded in a special revenue fund. Qualified expenditures of that fund totaled $900,000 in the year that the grant was received. What amount of revenues should the city recognize with
E 20-6 Multiple choice [AICPA adapted]1. The following information pertains to Walnut Corners:2016 governmental fund revenues that became measurable and available in time to be used for payment of 2016 liabilities$16,000,000 Revenues earned in 2014 and 2015 and included in the$16,000,000 indicated
5. Property taxes are considered:a Derived tax revenues b Imposed nonexchange revenues c Government-mandated nonexchange transactions d Voluntary nonexchange transactions

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