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modern advanced accounting
Questions and Answers of
Modern Advanced Accounting
Paiton, Inc., and Sandra Corporation formed a business combination on January 1, 2022, when Paiton acquired a 60 percent interest in Sandra’s common stock for $312,000 in cash. The book value of
On January 1, 2023, Mona, Inc., acquired 80 percent of Lisa Company’s common stock as well as 60 percent of its preferred shares. Mona paid $65,000 in cash for the preferred stock, with a call
On January 1, 2023, Gomez Company acquired 90 percent of Martin Company’s outstanding stock for $720,000. The 10 percent noncontrolling interest had an assessed fair value of $80,000 on that date.
Acme Corporation has been operating profitably since its creation in 1998. At the beginning of 2022, Acme acquired a 70 percent ownership in Beta Company. At the acquisition date, Acme prepared the
On June 30, 2024, Plaster, Inc., paid $916,000 for 80 percent of Stucco Company’s outstanding stock. Plaster assessed the acquisition-date fair value of the 20 percent noncontrolling interest at
Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 40 percent of this subsidiary’s convertible bonds. The following consolidated financial statements are for 2023 and 2024
On January 1, 2022, Uncle Company purchased 80 percent of Nephew Company’s capital stock for $500,000 in cash and other assets. Nephew had a book value of $600,000, and the 20 percent
On January 1, 2022, Allan Company acquired 80 percent of Bond Company. Of Bond’s total business fair value, $125,000 was allocated to copyrights with a 20-year remaining life. Subsequently, on
Boulder, Inc., obtained 90 percent of Rock Corporation on January 1, 2019. Annual amortization of $22,000 is applicable on the allocations of Rock’s acquisition-date business fair value. On January
Parson Company acquired an 80 percent interest in Syber Company on January 1, 2023. Any portion of Syber’s business fair value in excess of its corresponding book value was assigned to trademarks.
Arriba and its 80 percent–owned subsidiary (Abajo) reported the following figures for the year ending December 31, 2024 (credit balances indicated by parentheses). Abajo paid dividends of $30,000
On January 1, 2023, Abbey acquires 90 percent of Benjamin’s outstanding shares. Financial information for these two companies for the years 2023 and 2024 follows (credit balances indicated by
Walmart, Inc., has three operating segments: Walmart U.S., Walmart International, and Sam’s Club. The following information was extracted from quarterly reports for Walmart, Inc. (amounts in
Sienna Company developed a specialized banking application software program that it licenses to various financial institutions through multiple-year agreements. On January 1, 2024, these licensing
Volata Company began operations on January 1, 2023. In the second quarter of 2024, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company’s interim
Pavin acquires all of Stabler’s outstanding shares on January 1, 2021, for $460,000 in cash. Of this amount, $30,000 was attributed to equipment with a 10-year remaining life and $40,000 was
On September 1, 2023, Stone Company received an order to sell a machine to a customer in Australia at a price of 100,000 Australian dollars. Stone shipped the machine and received payment on March 1,
On July 1, 2023, Mifflin Company borrowed 200,000 euros from a foreign lender, evidenced by an interest-bearing note due on July 1, 2024. The note is denominated in euros. The U.S. dollar equivalent
On March 15, Pereira, Inc., paid property taxes of $600,000 for the calendar year.a. Prepare the journal entry to record the payment of property taxes on March 15. b. Determine the amount of
On December 1, 2023, Venice Company (a U.S.-based company) entered into a three-month forward contract to purchase 1,000,000 pesos on March 1, 2024. The following U.S. dollar per peso exchange rates
Arden Company generated income before income tax of $1,000,000 in the first quarter of the current year. At the end of the first quarter, the company estimated its worldwide effective annual tax rate
Bento Corporation (a U.S.-based company) acquired merchandise on account from a foreign supplier on November 1, 2023, for 100,000 crowns. It paid the foreign currency account payable on January 15,
Brandt Corp. (a U.S.-based company) sold parts to a South Korean customer on December 1, 2023, with payment of 10 million South Korean won to be received on March 31, 2024. The following exchange
On October 1, Tile Co., a U.S. company, purchased products from Azulejo, a Portuguese company, with payment due on December 1. If Tile’s operating income included no foreign exchange gain or loss,
Brief, Inc., had a receivable from a foreign customer that is payable in the customer’s local currency. On December 31, 2023, Brief correctly included this receivable for 200,000 local currency
Matthias Corp. had the following foreign currency transactions during 2024:∙ Purchased merchandise from a foreign supplier on January 20 for the U.S. dollar equivalent of $60,000 and paid the
A company borrows foreign currency on a two-year note at an interest rate of 4 percent per annum. Which of the following items is not an item that might be included in net income related to this
What is a parent-child-grandchild relationship?
On January 1, 2019, Aspen Company acquired 80 percent of Birch Company’s voting stock for $288,000. Birch reported a $300,000 book value, and the fair value of the noncontrolling interest was
On December 20, 2023, Momeier Company (a U.S.-based company) sold parts to a foreign customer at a price of 50,000 rials. Payment is received on January 10, 2024. Currency exchange rates are as
On December 15, 2023, Lisbeth, Inc. (a U.S.-based company), purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days, after it sells the
Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2024:Currency exchange rates for 1 peso for 2024 are as follows:For each of the
On April 1, 2023, Mendoza Company (a U.S.-based company) borrowed 500,000 euros for one year at an interest rate of 5 percent per annum. Mendoza must make its first interest payment on the loan on
On October 1, 2023, Mertag Company (a U.S.-based company) receives an order from a customer in Poland to deliver goods on January 31, 2024, for a price of 1,000,000 Polish zlotys (PLN). Mertag enters
Assume that the U.S. dollar is the subsidiary’s functional currency. What balances does a consolidated balance sheet report as of December 31, 2024?a. Marketable equity securities = $16,000 and
Livingston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country with financial statements recorded in pounds (P), the company’s functional currency.
Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria, where the local currency unit is the naira (NGN). On December 31, 2023, the subsidiary had the following balance sheet (amounts are
A U.S. company’s foreign subsidiary had these amounts in local currency units (LCU) in 2024:The average exchange rate during 2024 was $1.00 = LCU 1. The beginning inventory was acquired when the
In accordance with U.S. GAAP, which translation combination is appropriate for a foreign operation whose functional currency is the U.S. dollar? Method a. Current rate b. Current rate c.
On January 1, Narnevik Corporation formed a subsidiary in a foreign country. On April 1, the subsidiary purchased inventory on account at a cost of 250,000 local currency units (LCU). One-fifth of
Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2024 with three assets: Cash of 20,000 dinars, Accounts receivable of 80,000 dinars, and Land that cost 200,000
McCarthy, Inc.’s Brazilian subsidiary borrowed 100,000 euros on January 1, 2024. Exchange rates between the Brazilian real (BRL) and euro (€) and between the U.S. dollar ($) and BRL are as
Sullivan’s Island Company began operating a subsidiary in a foreign country on January 1, 2024, by investing capital in the amount of 60,000 pounds. The subsidiary immediately borrowed 140,000
The Isle of Palms Company (IOP), a U.S.-based entity, has a wholly owned subsidiary in Israel that has been determined as having the Israeli shekel (ILS) as its functional currency. On October 1,
The following accounts are denominated in rubles as of December 31, 2024. For reporting purposes, these accounts need to be stated in U.S. dollars. For each account, indicate the exchange rate that
Aguilar Company establishes a subsidiary operation in a foreign country on January 1, 2024. The country’s currency is the rial (R). To start this business, Aguilar invests 10,000 rials. Of this
Compte, Inc. (a U.S.-based company), establishes a subsidiary in Croatia on January 1, 2023. The following account balances for the year ending December 31, 2024, are stated in kuna (K), the local
On December 18, 2024, Stephkado Corporation acquired 100 percent of a Swiss company for 4.0 million Swiss francs (CHF), which is indicative of book and fair value. At the acquisition date, the
Which of the following is an indicator that a foreign currency is the functional currency of a foreign subsidiary?a. Cash flows of the foreign subsidiary directly impact the cash flows of the parent
Stilton Company (a U.S.-based company) has a subsidiary in Canada that began operations at the start of 2024 with assets of 132,000 Canadian dollars (CAD) and liabilities of CAD 54,000. During this
Based on past experience, Maas Corp. (a U.S.-based company) expects to purchase raw materials from a foreign supplier at a cost of 1,000,000 francs on March 15, 2024. To hedge this forecasted
Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto, Canada. Although this wholly owned subsidiary operates
On January 1, 2023, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $126,000. Cayce is a U.S.-based company headquartered in Buffalo, New
Dieckmann Company, a U.S.-based company, acquired a 100 percent interest in Rakona A.S. in the Czech Republic on January 1, 2023, when the exchange rate for the Czech koruna (Kčs) was $0.05.
Millager Company is a U.S.-based multinational corporation with the U.S. dollar (USD) as its reporting currency. To prepare consolidated financial statements for 2024, the company must translate the
Jaez Corporation is in the process of going through a reorganization. As of December 31, 2024, the company’s accountant has determined the following information although the company is still
Ristoni Company is in the process of emerging from a Chapter 11 bankruptcy. It will apply fresh start accounting as of December 31, 2024. The company currently has 30,000 shares of common stock
The owners of Litz Corporation have decided to liquidate the business because operating profits have declined dramatically in recent years. The following balance sheet has been produced for Litz as
Becket Corporation’s accountant has prepared the following balance sheet as of November 10, 2024, the date on which the company is to release a plan for reorganizing operations under Chapter 11 of
The following balance sheet has been prepared by the accountant for Limestone Company as of June 3, 2024, the date on which the company is to file a voluntary petition of bankruptcy:Additional
On January 1, 2023, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $30,000, $58,000, and $60,000, respectively. Over the next three years, the business
Smith Corporation has gone through bankruptcy and is ready to emerge as a reorganized entity on December 31, 2024. On this date, the company has the following assets (fair value is based on
The Prince-Robbins partnership has the following capital account balances on January 1, 2024:Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins
Lynch, Inc., is a hardware store operating in Boulder, Colorado. Management recently made several poor inventory acquisitions that have loaded the store with unsalable merchandise. Because of the
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
Alford, Beeson, and Carlton have operated a coffee shop for a number of years as a partnership. At the beginning of 2024, capital balances were as follows:Due to a cash shortage, Alford invests an
Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Its creditors are considering an attempt to force liquidation. The company currently
Go to the following website, https://www.goldsgym.com/blog/rsg-group-set-acquire-golds-gym/, and read the article titled, “RSG Group Set to Acquire Gold’s Gym.” Also, search for any other
Go to the following sites, https://www.retaildive.com/news/j-crew-looks-to-exit-bankruptcy-in-comingweeks/ 584159/ and https://us.fashionnetwork.com/news/J-crew-emerges-from-bankruptcy-outlinesnew-
In the early part of 2024, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2023 but had never used an accountant’s services.
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, 2024, the city has a fund balance of only
The following account balances are for the Agee Company as of January 1, 2024, and December 31, 2024. All amounts are denominated in kroner (Kr).Additional Information∙ Agee issued additional
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a
Gorman and Morton form a partnership on May 1, 2022. Gorman contributes cash of $50,000; Morton conveys title to the following properties to the partnership:The partners agree to start their
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2024:According to the articles of partnership, Athos is to receive an allocation
The following is the current balance sheet for a local partnership of doctors:The following questions represent independent situations:a. E is going to invest enough money in this partnership to
Kimble, Sykes, and Gerard open an accounting practice on January 1, 2022, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior partners because of their
The Bui, Clemente, Devian, and Toussaint partnership has terminated operations and is undergoing liquidation. Sales commissions and other liquidation expenses are expected to total $19,000. The
Chen, Korhonen, Lebuca, and Swid are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate the business. At the start of this process, capital
The partnership of Larson, Rojas, Spencer, and Tran has decided to terminate operations and liquidate all business property. During this process, the partners expect to incur $8,000 in liquidation
The following condensed balance sheet is for the partnership of Ludolf, Sambal, and Urad, who share profits and losses in the ratio of 6:2:2, respectively:Assuming no liquidation expenses, calculate
The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively:The partners decide to liquidate the
The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,000 but no other assets. Liabilities amount to $30,000. The capital balances area. If both Safar
The partnership of Guerin, Moradi, and Veloso has the following account balances:This partnership is being liquidated. Guerin and Moradi are each entitled to 40 percent of all profits and losses with
Go to the website ir.cedarfair.com and click on “Investor Information” to locate “SEC Filings.” Download Cedar Fair, L.P.’s annual report on Form 10-K filed with the SEC on
One of your colleagues has been hired by the Kim, Ozkan, and Samuels partnership to guide it through the liquidation process. The partnership currently has cash in a bank account that exceeds the
You have been engaged to do the accounting for the termination and liquidation of the Devi, Smith, and Tavares partnership. Devi has requested an immediate distribution of cash from the partnership
Agarwal, Bergeron, and Cishek have been in partnership for a number of years. The partners allocate all profits and losses on a 2:3:1 basis, respectively. Recently, each partner has become personally
On January 1, the partners of Mori, Lux, and Khan (who share profits and losses in the ratio of 5:3:2, respectively) decide to terminate operations and liquidate their partnership. The trial
The partnership of Bauer, Ohtani, and Souza has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances:Part
The partnership of Wing, Mehta, Rodgers, and Yan was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to
The partnership of Garcia, Iglesias, and Kassabian was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate
During the year ended December 31, 2024, Andersen Hospital (operated as a private not-for-profit entity) received and incurred the following:How should this private not-for-profit report each of
During 2024, the City of Coyote contracts to build a bus stop for schoolchildren costing $10,000 as a special assessments project. The city collects $10,000 from directly affected citizens. The
Go to https://comptroller.usc.edu/annual-financial-reports/ to find the 2021 financial statements for the University of Southern California. Required Use those financial statements and the
On December 30, 2024, the City of Coyote borrows $20,000 for the general fund on a 60-day note. In that fund, the city records Cash and Other Financing Sources. In the general information, this city
The City of Coyote records an art display within its general fund. The display generates revenues of $9,000 this year as well as expenditures of $45,000 ($15,000 in expenses and $30,000 to buy land
The City of Coyote mails property tax bills for 2025 to its citizens during August 2024. Property owners could make payments early to receive a discount. The levy becomes legally enforceable on
The City of Coyote mails property tax bills for 2025 to its citizens during August 2024. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15, 2025.
In 2024, the City of Coyote receives a $320,000 cash grant from the state to reduce air pollution. Although a special revenue fund could have been set up, the money remains in the general fund. The
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