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business
modern advanced accounting
Advanced Accounting Concepts And Practice 9th Edition Arnold J. Pahler - Solutions
Basic Understanding of the Nature of Goodwill Shelley and Brett are children who live one street apart. Shelley has saved $100, and Brett has saved $250. Each child desires to open a lemonade stand on his or her own front lawn. Each invests $100 in the business, using $75 to buy a table, a chair, a
Comprehensive: Acquisition of Assets for Cash PBX Company acquired all the assets of Sprint Company by assuming responsibility for all of its liabilities and paying $1,500,000 cash. Informa¬tion with respect to Sprint at the date of combination follows:ired 1. Does the acquisition appear to be a
Comprehensive: Acquisition of Common Stock for Cash Assume the same information as in Prob¬lem 4-1 except that PBX Company acquired all the outstanding common stock of Sprint Company rather than acquiring all Sprint’s assets and assuming all its liabilities.Required Respond to requirements 2-10
Comprehensive: Acquisition of Common Stock for Common Stock Assume the same information as provided in Problem 4-1 except that PBX Company gave as consideration 50,000 shares of its$10 par value common stock (of which 950,000 shares are already outstanding) having a market value of $30 per share
Limiting Legal Liability and Consistency Pentex is having merger discussions with Sentex. All of Pentex’s business acquisitions to date have been acquisitions of common stock resulting in parentsubsidiary relationships. Pentex prefers to legally insulate each of its acquired businesses from all
How Much to Pay for an Accounting Practice The practitioner of an accounting sole proprietor¬ship is retiring and is planning to sell the practice, which grosses $100,000 per year and nets$60,000.Required How much would you be willing to pay to acquire this practice?
Accounting versus Tax Treatment (Appendix-related) Pineco plans to embark on a business acqui¬sition program to diversify its product lines. The controller is unclear about whether the tax treat¬ment determines the accounting treatment or whether the accounting treatment determines the tax
Determining Financial Reporting Impact of a Merger under the Purchase Method (Debt Ratio and Return on Investment) PDQ Inc. is contemplating a business combination with Sprint Inc. on 1/1/06. Selected information follows:1. PDQ will issue 10,000 shares of its $1 par value common stock to Sprint in
Determining if a True Loss Occurred On 1/1/06, Pyco Company acquired 100% of Syco Com¬pany (which was privately owned) for $50 million of consideration when Pyco’s common stock had a fair value of $50 per share. Immediately before the combination, Pyco had (1) total stock¬holders equity of $20
What is the name of the organization that issues international accounting standards? Where is this organization located? What was its predecessor organization?
What are the expected advantages of all countries complying with international GAAP?
Are existing international standards of a higher or lotcer quality than U.S. accounting stan¬ dards?
How many international standards have been issued to date?
Are the financial statements of foreign registrants who use international accounting standards accepted by the Securities and Exchange Commission? Why or why not?
How do fluctuations in the exchange rates impact domestic exporters}
What is the difference between conversion and translation}
What is the direct quotation rate? The indirect quotation rate?
What are floating or free exchange rates?
What are fixed or official exchange rates?
What is meant when a currency is said to be strengthening} When a currency is weakening}
What is purchasing power parity theory}
Is purchasing power parity theory a cause of exchange rate changes?
What effect does foreign inflation have on exchange rates? What effect does doinestic infla¬tion have on exchange rates?
What does denominated mean?
What is the distinction between a foreign transaction and foreign currency transaction}
What four dates can exist in an importing or exporting foreign currency transaction?
Summarize the two-transaction perspective.
Summarize the one-transaction perspective.
How do bank wire transfers work? Does currency physically move between countries?
What are the concerns and desires of a domestic exporter} What are they for a domestic im¬porter!
What is the primary objective of accounting for changes in the ownership of a partnership?
What three methods are available to achieve equity among partners when a change in owner¬ship occurs?
Does each method to achieve equity always treat each partner equitably?
Under the bonus method, is the bonus temporary or permanent?
Is recognizing goodwill on a partner’s admission into a partnership considered to be in accord with GAAP?
How would you describe a business combination of two partnerships that is in substance a pooling of interests}
Is a business combination that is in substance a purchase (as opposed to a pooling of interests)deemed a change in ownership with respect to the acquiring partnership?
How does an accountant know whether the bonus method, the special profit and loss sharing provision method, or the recording the goodwill method should be used to reflect a change in ownership?
Under the recording the goodwill method, what substantively has occurred?
Under the bonus method, what substantively has occurred?
What is the distinction between a dissociation and a dissolution when a partner withdraws?
When a partner withdraws from a partnership after many years and has a gain on the liqui¬dation of his or her interest, is such gain treated as a capital gain for income tax-reporting purposes?
How are partnership liquidations different from corporate liquidations?
What is the significance of maintaining partners’ capital accounts in the profit and loss shar¬ing ratio?
How is a deficit balance in a partner’s capital account disposed of if that partner is unable to eliminate the deficit through setoff or contribution?
In what ratio should realization gains and losses during liquidation be shared among the part¬ners? Why?
How is the rule of setoff applied?
What is the function of the statement of realization and liquidation}
In what order does the RUPA specify that cash distributions are to be made to creditors and partners during liquidation?
Is the order in Question 7 strictly followed in all situations? Why or why not?
How does the marshaling of assets procedure work? What procedure replaced it?
Under what conditions may cash be distributed to partners on the installment basis rather than in a lump sum}
When a partnership is insolvent and some partners have positive capital account balances, but other partners have deficit balances, against which partners may creditors proceed personally to obtain full payment of their claims?
How is a partner’s personal payment to partnership creditors treated on the partnership’s books?
What role does GAAP play in determining trust income.^ Explain.
How do we determine whether a transaction pertains to principal or incomei
What is the nature of the relationship between a trust income beneficiary and a trust principal beneficiary}
What are legacies and devises'!
Are estate liabilities recorded in the opening entry for an estate? Explain why or why not.
An estate fiduciary may have to deal with what four types of taxes?
Under the Revised Uniform Principal and Income Act, when do the rights of income benefici¬aries begin?
When is the accrual method used in accounting for estates and trusts?
What are the major tasks of an estate fiduciary?
What is an accountant’s role with respect to distinguishing between principal and income transactions?
Must assets and transactions pertaining to income be accounted for in separate general ledgers? Explain.
What is the difference between the Governmental Finance Officers Association (GFOA), the National Council on Governmental Reporting (NCGA), and the Governmental Accounting Standards Board (GASB)?
For governmental units, what is the relationship of the pronouncements of the GASB and the FASB?
Where does GAAFR (the “blue book”) fit into the governmental GAAP hierarchy?
Must all state and local governmental units prepare their financial statements in accordance with GASB pronouncements?
What are some of the unique aspects of the governmental sector compared with the private sector}
For governmental activities, what account(s) are used to describe a fund’s equity? What account(s) is(are) used for business-type activities}
What is the relationship between revenues and expenditures?
What is meant by fund accountingi
What is meant by measurement focus}
What are the alternative measurement focuses?
What measurement focus is used for governmental activities} What measurement focus is used for business-type activities}
What is meant by interperiod equity?
To what does basis of accounting refer?
What is the major reporting deficiency that currently exists for governmental units?
What are the 11 major types of funds?
Are general capital assets and general long-term liabilities accounted for in funds? Why or why not}
When is it appropriate to depreciate a governmental unit’s capital assets?
Is the modified accrual basis of accounting in accordance with GAAP? Why or why not}
What is meant by budgetary accounting}
What are the two major categories of interfund activities? What are the specific types of inter¬fund transactions within each category?
How are interfund transfers classified in the operating statement of governmental funds? In proprietary funds?
What is the difference between an interfund transfer and an interfund service}
What is the difference between an expenditure and an encumbrance}
When is a Special Revenue Fund used instead of the General Fund?
What is the relationship between a Capital Projects Fund and the GCA-GLTL g/l?
Do general capital assets include all capital assets? Why or why not?
What is the relationship between the Debt Service Funds and the GCA-GLTL g/l?
What is the difference in meaning of the term general long-term liabilities as used in govern¬ment and as used in private industry?
Do General Long-Term Liabilities include all long-term debt? Why or why not?
What determines whether special assessment receivables are recorded in a Debt Service Fund or in an Agency Fund?
Which fund is used to account for construction activity to be financed from a special assess¬ment to certain property owners?
What is the distinction between an Agency Fund and a Trust Fund?
What are the three types of Trust Funds?
In what way are Enterprise Funds and Internal Service Funds similar to commercial opera¬ tions?
What significance may be attributed to the fact that the billings of an Internal Service Fund or an Enterprise Fund exceed its costs and expenses?
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