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modern advanced accounting
Questions and Answers of
Modern Advanced Accounting
During 2024, the City of Coyote received $10,000, which was recorded as a general revenue in the general fund. It was actually a program revenue earned by the city’s park program.a. What was the
The following unmarried individuals died in 2022. The estate of John Lexington has a taxable value of $4,590,000. The estate of Dorothy Alexander has a taxable value of $6.9 million. The estate of
Sally Anne Williams died on January 1, 2022. All of her property was conveyed to several relatives on April 1, 2022. For federal estate tax purposes, the executor chose the alternate valuation date.
M. Wilson Waltman died on January 1, 2022. All of his property was conveyed to beneficiaries on October 1, 2022. For federal estate tax purposes, the executor chose the alternate valuation date. On
James Albemarle created a trust fund at the beginning of 2022. The income from this fund will go to his son, Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed to
Which of the following is not true concerning gift taxes?a. Gift taxes are not abolished, but a lifetime exclusion of $12.06 million is available in 2022.b. The Tax Cuts and Jobs Act of 2017 will
Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:Additional Information for Fiscal Year 2024∙ Iverson and Oakley’s
Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:Additional Information for Fiscal Year 2024∙ Iverson and Oakley’s
Poseidon Company purchases 80 percent of the common stock of Stuart Company on January 1, 2020, when Stuart has the following stockholders’ equity accounts:To acquire this interest in Stuart,
On January 1, 2024, Platform Company exchanged $1,000,000 for 40 percent of the outstanding voting stock of Vector Company. Especially attractive to Platform was a research project underway at Vector
On January 1, 2024, Pikes Corporation loaned Venti Company $300,000 and agreed to guarantee all of Venti’s long-term debt in exchange for (1) decision-making authority over all of Venti’s
On December 31, 2023, Petra Company invests $20,000 in Valery, a variable interest entity. In contractual agreements completed on that date, Petra established itself as the primary beneficiary of
On January 1, 2023, 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, 2024,
Alford Company and its 80 percent–owned subsidiary, Knight, have the following income statements for 2024:Additional Information for 2024∙ Intra-entity inventory transfers during the year
Highlight, Inc., owns all outstanding stock of Kiort Corporation. The two companies report the following balances for the year ending December 31, 2023:On January 1, 2023, Highlight acquired on the
Place Company owns a majority voting interest in Sassano, Inc. On January 1, 2022, Place issued $1,000,000 of 11 percent 10-year bonds at $943,497.77 to yield 12 percent. On January 1, 2024, Sassano
Porter Corporation is a primary beneficiary for Vince Company, a variable interest entity. When Porter obtained financial control over Vince, any excess fair value over Vince’s book value was
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
Smith, Inc., has the following stockholders’ equity accounts as of January 1, 2024:Haried Company purchases all of Smith’s common stock on January 1, 2024, for $14,040,000. The preferred stock
Ayer Company’s books show current earnings of $430,000 and $46,000 in cash dividends. Zane Company earns $164,000 in net income and declares $11,500 in dividends. Ayer has held a 70 percent
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
Perry Company reports current earnings of $420,000 while declaring $52,000 in cash dividends. Swen Company earns $147,000 in net income and declares $13,000 in dividends. Perry has held a 70 percent
Pesto Company possesses 80 percent of Salerno Company’s outstanding voting stock. Pesto uses the initial value method to account for this investment. On January 1, 2020, Pesto sold 9 percent bonds
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
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
The following describes a set of arrangements between TecPC Company and a variable interest entity (VIE) as of December 31, 2023. TecPC agrees to design and construct a new research and development
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
Following are separate income statements for Amarillo, Inc., and its 80 percent–owned subsidiary, Saltillo Corporation as well as a consolidated statement for the business combination as a whole
Cairns owns 75 percent of the voting stock of Hamilton, Inc. The parent’s interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other
Several years ago, Brant, Inc., sold $900,000 in bonds to the public. Annual cash interest of 9 percent ($81,000) was to be paid on this debt. The bonds were issued at a discount to yield 12 percent.
Paulina, Incorporated, owns 90 percent of Southport Company. On January 1, 2024, Paulina acquires half of Southport’s $500,000 outstanding 13-year bonds. These bonds had been sold on the open
Bravo, Inc., owns all of the stock of Echo, Inc. For 2024, Bravo reports income (exclusive of any investment income) of $480,000. Bravo has 80,000 shares of common stock outstanding. It also has
On January 1, 2022, Aronsen Company acquired 90 percent of Siedel Company’s outstanding shares. Siedel had a net book value on that date of $480,000: common stock ($10 par value) of $200,000 and
On January 1, 2022, Parflex Corporation exchanged $344,000 cash for 90 percent of Eagle Corporation’s outstanding voting stock. Eagle’s acquisition date balance sheet follows:On January 1, 2022,
Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2024, in exchange for $900,000 cash. At the acquisition date, Stanford’s total fair value,
On January 1, 2023, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,141,000 in cash. The price paid was proportionate to Sellinger’s total fair value,
Posada Company acquired 7,000 of the 10,000 outstanding shares of Sabathia Company on January 1, 2022, for $840,000. The subsidiary’s total fair value was assessed at $1,200,000 although its book
Kelsey Corporation acquired 100 percent of Snowdon Company’s outstanding common stock on January 1 for $550,000 in cash. Snowdon reported net assets with a carrying amount of $350,000 at that time.
On January 1, 2023, Procise Corporation acquired 100 percent of the outstanding voting stock of GaugeRite Corporation for $1,980,000 cash. On the acquisition date, GaugeRite had the following balance
Apollo Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Stande, emerged as a candidate for
Pelota Company recently acquired several businesses and recognized goodwill in each acquisition. Pelota allocated the resulting goodwill to its three reporting units: R-one, R-two, and R-three.
On January 1, 2023, French Company acquired 60 percent of K-Tech Company for $300,000 when K-Tech’s book value was $400,000. The fair value of the newly comprised 40 percent noncontrolling interest
On October 18, 2023, Armstrong Auto Corporation (“Armstrong”) announced its plan to acquire 80 percent of the outstanding 500,000 shares of Bardeen Electric Corporation’s (“Bardeen”) common
On January 1, 2022, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc., for $540,000 cash. The acquisition-date fair value of the noncontrolling interest was
On January 1, 2022, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc., for $540,000 cash. The acquisition-date fair value of the noncontrolling interest was
In its fiscal year 2020, Tapestry, Inc., the company that makes Coach and Kate Spade bags as well as Stuart Weitzman, reported a $210.7 million charge for goodwill impairment. Referring to
Herbert, Inc., acquired all of Rambis Company’s outstanding stock on January 1, 2023, for $574,000 in cash. Annual excess amortization of $12,000 results from this transaction. On the date of the
Prior to 2021, United States Steel Corporation (U.S. Steel), a global steelmaker, had owned a 49.9 percent equity interest in Big River Steel Holdings LLC (Big River Steel). Big River Steel owns one
Costco Wholesale Corporation owns and operates membership warehouses in the United States, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, and Iceland. Costco also engages in
On January 1, 2023, 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, 2023, Holland Corporation paid $8 per share to a group of Zeeland Corporation shareholders to acquire 60,000 shares of Zeeland’s outstanding voting stock, representing a 60 percent
Amie, Inc., has 100,000 shares of $2 par value stock outstanding. Prairie Corporation acquired 30,000 of Amie’s shares on January 1, 2021, for $120,000 when Amie’s net assets had a total fair
On January 1, 2024, Pasture Company acquires 80 percent of Spring Company for $1,712,000 in cash consideration. The remaining 20 percent noncontrolling interest shares had an acquisition-date
On January 1, 2023, Harrison, Inc., acquired 90 percent of Starr Company in exchange for $1,125,000 fair-value consideration. The total fair value of Starr Company was assessed at $1,200,000.
On January 1, 2023, Perlman Corporation exchanged $1,710,000 cash for 90 percent of the outstanding voting stock of Stein Company. The consideration transferred by Perlman provided a reasonable basis
On January 1, 2024, Morey, Inc., exchanged $178,000 for 25 percent of Amsterdam Corporation. Morey appropriately applied the equity method to this investment. At January 1, the book values of
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2024, for $802,720 cash. At the acquisition date, Sierra’s total fair value, including the
The following are several account balances taken from the records of Karson and Reilly as of December 31, 2024. A few asset accounts have been omitted here. All revenues, expenses, and dividend
Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2022. Miller paid $664,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20
On January 1, 2022, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor’s shares continued to trade at a total value of $210,000. The new subsidiary
Nascent, Inc., acquires 60 percent of Sea-Breeze Corporation for $414,000 cash on January 1, 2021. The remaining 40 percent of the Sea-Breeze shares traded near a total value of $276,000 both before
Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2024:Gibson acquired 60 percent of Davis on April 1, 2024, for $528,000. On that date,
On January 1, 2023, Payne Company bought a 15 percent interest in Scout Company. The acquisition price of $184,500 reflected an assessment that all of Scout’s accounts were fairly valued within the
On July 1, 2024, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $720,000 in cash and equity securities. The remaining 30 percent of Atlanta’s
The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., for $7.20 per share on January 1, 2023. The remaining 20 percent of Devine’s shares also traded
Adams Corporation acquired 90 percent of the outstanding voting shares of Barstow, Inc., on December 31, 2022. Adams paid a total of $603,000 in cash for these shares. The 10 percent noncontrolling
On January 1, 2024, Johnsonville Enterprises, Inc., acquired 80 percent of Stayer Company’s outstanding common shares in exchange for $3,000,000 cash. The price paid for the 80 percent ownership
Pitino acquired 90 percent of Brey’s outstanding shares on January 1, 2022, in exchange for $342,000 in cash. The subsidiary’s stockholders’ equity accounts totaled $326,000, and the
On January 1, 2023, PondBlue Company purchased 100 percent of the outstanding voting stock of SweetWater, Inc., for $1,000,000 in cash and other consideration. At the purchase date, SweetWater had
The individual financial statements for Abbey Company and Bellstar Company for the year ending December 31, 2024, follow. Abbey acquired a 60 percent interest in Bellstar on January 1, 2023, in
On January 1, 2023, Bretz, Inc., acquired 60 percent of the outstanding shares of Keane Company for $573,000 in cash. The price paid was proportionate to Keane’s total fair value although at the
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2024. Prepare a condensed statement of revenues, expenditures, and other changes in
A city has only one activity, its school system. The school system is accounted for within the general fund. For convenience, assume that, at the start of 2024, the school system and the city have no
On January 1, 2024, the City of Hastings creates a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time,
The City of Raylan has a rather large warehouse that it no longer needs. The city had previously used the warehouse to store supplies and equipment for the school system, police department, and other
The City of Leonard decides to lease school desks for its school system rather than buy them because the lessor will do all scheduled maintenance. On January 1, 2024, the school system leases 5,000
Reynolds County has three large trucks with a total net book value of $600,000 and remaining lives of six years with no expected residual value. County officials lease the trucks to the City of
Prior to the creation of government-wide financial statements, the City of Loveland did not report the cost of its infrastructure assets. Now city officials are attempting to determine reported
The following transactions relate to the general fund of the City of Lost Angels for the year ending December 31, 2024. Prepare a statement of revenues, expenditures, and other changes in fund
Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2024. Not all transactions have been included here. Only the general fund
The City of Lawrence opens a solid waste landfill in 2024 that is at 54 percent of capacity on December 31, 2024. City officials had initially anticipated closure costs of $2 million but later that
Help & Save is a private not-for-profit entity that operates in Kansas. Swim For Safety is a private not-for-profit entity that operates in Missouri. The leaders of these two organizations have
The County of Maxnell decides to create a waste management department and offer its services to the public for a fee. As a result, county officials plan to account for this activity as an enterprise
Government officials of the City of Johnson expect to receive general fund revenues of $400,000 in 2024 but approve spending only $380,000. Later in the year, as they receive more information, they
On December 1, 2024, a state government awards a city government a grant of $1 million to be used specifically to provide hot lunches for all schoolchildren. No money is received until June 1, 2025.
Read the following articles and any other papers that are available on setting governmental accounting standards:“The Governmental Accounting Standards Board: Factors Influencing Its Operation and
On January 1, 2024, a rich citizen of the Town of Ristoni donates a painting valued at $300,000 to be displayed to the public in a government building. Although this painting meets the three criteria
On January 1, 2024, the City of Graf pays $60,000 for a work of art to display in the local library. The city will take appropriate measures to protect and preserve the piece. However, if the work is
The following information pertains to the City of Williamson for 2024, its first year of legal existence.For convenience, assume that all transactions are for the general fund, which has three
The City of Pfeiffer starts the year of 2024 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the
The City of Bernard starts the year of 2024 with the following unrestricted amounts in its general fund: cash of $20,000 and investments of $70,000. In addition, it holds a small building bought on
The Jones family lost its home in a fire during December 2024. On December 25, 2024, a philanthropist sent money to the Amer Benevolent Society, a private not-for-profit entity, specifically to be
The Willson Center is a private not-for-profit entity. During 2024, it receives pledges of $600,000 that it expects to collect during 2025. Of that amount, 10 percent is viewed as conditional. Of the
The Watson Foundation, a private not-for-profit entity, starts 2024 with cash of $100,000; contributions receivable (net) of $200,000; investments of $300,000; and land, buildings, and equipment
Under Lennon Hospital’s standard rate structure, it earns $9 million in patient service revenues for the year ended December 31, 2024. Lennon does not expect to collect this entire amount because
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows:Additional Information:∙ On December 31, 2023, Patrick acquired 100
The following book and fair values were available for Beech Company as of June 1:Alder Company pays $3,900,000 cash and issues 20,000 shares of its $2 par value common stock (fair value of $50 per
The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean Corporation, are as follows:Additional Information:∙ On December 31, 2023, Patrick acquired 100
Peak issues 51,000 new shares of its common stock valued at $3 per share for all of the outstanding stock of Scene. Peak also incurred attorney costs of $10,000 related to the combination. Prior to
On January 1, 2024, Delta Co. is considering purchasing a 40 percent ownership interest in Omega Co., a privately held enterprise, for $700,000. Omega predicts its profit will be $185,000 in 2024,
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