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modern advanced accounting

Advanced Accounting 7th edition Debra C. Jeter, Paul K. Chaney - Solutions

The following information was available about items that differed between the governmental funds and the government-wide statements. Assume that there are no internal service funds. The schedule of capital assets prepared for the year ended December 31, 2020, included the following items: The bond
The following information is available about items that differ between the governmental funds and the government-wide statements. Assume that there are no internal service funds. The schedule of capital assets prepared for the year ended December 31, 2020, includes the following items: The bond
The following schedule of capital assets was prepared for Capital City. All capital acquisitions were made in a capital projects fund (and paid for with cash). An asset was sold by the general fund for $65,000 cash. Required: Determine how the above information will be reflected on each of the
On January 1, 2012, the city of Nashvegas issued an 8% annual, 10-year, $10,000 bond for $11,472 (an effective yield of 6%). The bonds become due on December 31, 2021. On June 30, 2020, the city of Nashvegas issued an 8% annual, 10-year, $10,000 bond to yield 10% (the proceeds are
On January 1, 2020, Metropolis City issued a 7%, 5-year, $100,000 general obligation bond for $96,007. The bond pays interest annually (on December 31) and was issued to yield 8%. The bond was issued in the capital projects fund, and the proceeds are to be used to build a giant ball that will drop
Circus City issued an 8%, 10-year $2,000,000 bond to build a monorail mass transit system. The city received $1,754,217 cash from the bond issuance on January 1, 2020. The bond yield is 10%. Interest is paid annually on December 31 of each year. Disclosure information about capital assets is
The town of Aberdeen authorized a fire station to be built at an estimated cost of $150,000. On January 1, 2020, 6% bonds with a par value of $150,000 were authorized and issued. Any difference between the par value of the bonds and the proceeds from their sale is transferred to the Debt Service
The City of Minden entered into the following transactions during the year 2021. 1. A bond issue was authorized by vote to provide funds for the construction of a new municipal building, which it was estimated would cost $1,000,000. The bonds are to be paid in 10 equal installments from a Debt
On June 1, 2020, the City of Cape May authorized the construction of a police station at an expected cost of $250,000. Financing will be provided through transfers from a Special Revenue Fund.The following transactions occurred during the fiscal year beginning June 1, 2020, relating to the Capital
The following transactions represent practical situations frequently encountered in accounting for municipal governments. Each transaction is independent of the others. 1. The City Council of Bernardville adopted a budget for the general operations of the government during the new fiscal year.
The Village of Oakridge, which was incorporated recently, began financial operations on July 1, 2020, the beginning of its fiscal year. The following transactions occurred during this first fiscal year, July 1, 2020, to June 30, 2021. 1. The Village Council adopted a budget for general operations
You have been engaged to examine the financial statements of the Town of Bridgeport for the year ended June 30, 2020. Your examination disclosed that, because of the inexperience of the town?s bookkeeper, all transactions were recorded in the General Fund. The following General Fund trial balance
The following activities and transactions are typical of those that may affect the various funds used by a typical municipal government.Required:Prepare journal entries to record each transaction and identify the fund in which each entry is recorded.A. The Greenville City Council passed a
On January 1, 2020, Allentown issued $800,000 of 9% serial bonds at par. Semiannual interest is payable on January 1 and July 1 and principal of $80,000 matures each January 1 starting in 2021. The debt will be serviced through a special tax levy designed especially for this purpose. Therefore,
An administrative section of the County Assessor’s Office of Mecklenburg County serves as the billing and collection agency for all property taxes assessed in Mecklenburg County. A charge of 1% of taxes and penalties collected is apportioned among recipients of the taxes for this service. All
The administrators of the City of Lyons have obtained approval from the City Council to centralize the computer facility as of January 1, 2020. An internal service fund is created to account for the activities of the computer facility. The City Council has approved a contribution of $25,000 from
The City of Dayville has undertaken a sidewalk construction project. The project is being financed by the proceeds from the issue on July 1, 2020, of $500,000 of 7% special assessment debt. One quarter of the principal plus interest is payable on June 30 of each year beginning June 30, 2021.
On January 1, 2020, the City of Cape May authorized and issued $200,000 of 5%, three-year term bonds. Interest is payable annually on December 31. A debt service fund is established to accumulate the necessary resources to pay the annual interest on the bonds and to redeem the bonds when they
The following events relate typical activities in a municipality that affect the General Fund.1. The Meadville City Council passed an ordinance approving a general operating budget of $580,000 for fiscal year 2020. The city’s only source of revenue is from property taxes. For 2020, these revenues
The following summary of transactions was taken from the accounts of the Madras School District General Fund before the books were closed for the fiscal year ended June 30, 2020: Additional Information: 1. Property taxes in the amount of $2,870,000 were assessed for the year. Taxes collected
During 2020, the City of Greenfield engaged in the following financial activities:1. The City Council approved the budget for the general operating fund. The budget shows estimated revenues of $1,900,000 and appropriations for expenditures of $1,850,000.2. Property tax assessments for 2020 were
The January 1, 2020, trial balance, the calendar-year 2020 budget, and the 2020 transactions of the City of Roseburg are presented here: Transactions of the City of Roseburg that affected the General Fund during the year are summarized below: 1. The City Council approved the budget and it was
At the beginning of 2020, the City of Fairview reported an Unassigned Fund Balance of $555,000 and a supplies inventory balance of $175,000. During the year, Fairview purchased $225,000 in supplies and used supplies of $220,000. The city reports inventory amounts of Fund
Hunnington Township?s adjusted trial balance for the General Fund at the close of its fiscal year ended June 30, 2021, is presented here: Note 1: The current tax roll and accounts receivable, recorded on the accrual basis as sources of revenue, amounted to $500,000 and $200,000,
In 2020, Bay City purchased supplies valued at $350,000. At the end of the year, $65,000 of the supplies were still in the inventory. No supplies were on hand at the beginning of the year. The city uses the purchases method to account for supplies.Required:A. Prepare the journal entry necessary to
The trial balance for the General Fund of the City of Fairfield as of December 31, 2020, is presented here: Transactions for the year ended December 31, 2021, are summarized as follows: 1. The City Council adopted a budget for the year with estimated revenue of $735,000 and appropriations of
The preclosing trial balance for the General Fund of the City of Springfield is presented below. Note 1: Includes $35,000 of encumbrances from 2019. Required: Prepare the closing entries for the General Fund. City of Springfield The General Fund General Ledger Trial Balance December 31, 2020 Cash
The trial balance for the General Fund of the City of Monte Vista as of December 31, 2020, is presented here: Transactions of the General Fund for the year ended December 31, 2021, are summarized as follows: 1. The City Council adopted the following budget for 2021: Estimated revenue
Following is the preclosing trial balance for the General Fund of the City of Doyle. Note 1: Includes $50,000 of encumbrances from 2020. Required: Prepare in general journal form the closing entries for the General Fund of Doyle City. Doyle City The General Fund General Ledger Trial Balance
The following account balances, among others, were included in the preclosing trial balance of the General Fund of the City of Madison on December 31, 2021.Appropriations ............................................................... $3,488,000Cash
Go online and find the City of Atlanta’s Comprehensive Annual Financial Report for the year ended June 30, 2017. Find footnotes related to defined pensions and other post-employment benefits (OPEB).Required:1. Determine the amount of unfunded pension obligations for all defined pension plans.2.
The following account balances, among others, were included in the preclosing trial balance of the General Fund of the City of Lynchburg on December 31, 2021.Estimated Revenue ................................................................................. $630,000Expenditures
The general ledger trial balance of the General Fund of the City of Bedford on January 1, 2020, shows the following: A summary of activities and transactions for the General Fund during 2020 is presented here: 1. The City Council adopted a budget for the General Fund with estimated revenues of
In the appendix to this chapter, the balance sheet for the General Fund for the City of Atlanta is reported.1. How is the format used on the balance sheet for the general fund different from the format used by for-profit organizations? Which categories of the balance sheet seem to be missing for
What is the significance of the “unassigned fund balance” of an expendable fund entity?
At State College, where football has long reigned as king and fans are near fanatical in their attendance, the frenzy for football tickets has recently reached an all-time high. With requests for home game tickets at an unprecedented level, prices on everything from parking passes to hotel rooms to
Jan and Sue have engaged successfully as partners in their law firm for a number of years. Soon after their state?s incorporation laws are changed to allow professionals to incorporate, the partners decide to organize a corporation to take over the business of the partnership. The after-closing
Mark Malone, Pete Patton, and Sally Spencer formed a partnership on January 1, 2019. Their original capital investments (all cash) were $140,000, $160,000, and $100,000, respectively. During the first year of operations, Mark withdrew $30,000, and the partnership reported a net income of $60,000.
Part ABaker, Strong, and Weak have called on you to assist them in winding up the affairs of their partnership. You are able to gather the following information. 1. The trial balance of the partnership at June 30, 2019, is as follows. 2. The partners share profits and losses as follows: Baker,
Hann, Murphey, and Ryan have operated a retail furniture store for the past 30 years. Their business has been unprofitable for several years, since several large discount furniture stores opened in their sales territory. The partners recognize that they will be unable to compete with the larger
The Discount Partnership is being liquidated. The current balance sheet is shown here. Dawson, Feeney, and Hardin share profits and losses in a 30:40:30 ratio. Required: A. Prepare a schedule of partnership liquidation for each of the following three independent cases. (1) The noncash assets are
During a liquidation, at which point may cash be distributed to any of the partners?
The partnership agreement of ABC Associates provides that income should be allocated in the following manner:1. Each partner receives interest of 20% of beginning capital.2. Sue receives a salary of $25,000 and Josh receives a salary of $21,000.3. Josh also receives a bonus of 10%.4.
Select the best answer for each of the following.1. Which of the following is not a characteristic of a partnership?(a) Limited life.(b) Mutual agency.(c) Limited liability.(d) Right to dispose of partnership interest.2. The articles of partnership need not include which of the following?(a)
Select the best answer for each of the following.? 1. Jon and Joe formed a partnership on July 1, 2019, and invested the following assets: The realty was subject to a mortgage of $25,000, which was assumed by the partnership. The partnership agreement provides that Jon and Joe will share profits
Partner C buys a 60% interest from the partnership by bringing her business to combine with that of AB. Partners A and B share profits in a 3:1 ratio. Required: A. Does this admission qualify as a business combination under GAAP? B. Determine which business is to be identified as the acquirer and
Bill and Jane share profits and losses in a 70:30 ratio. Mike is to be admitted into a partnership upon the investment of $14,000 for a one-third capital interest. Account balances for Bill and Jane on June 30, 2019 just before the admission of Mike are as follows: It is agreed that for purposes
Brian Snow and Wendy Waite formed a partnership on July 1, 2018 Brian invested $20,000 cash, inventory valued at $15,000, and equipment valued at $67,000. Wendy invested $50,000 cash and land valued at $120,000. The partnership assumed the $40,000 mortgage on the land. On June 30, 2019, the
Neal, Palmer, and Ruppe are partners in a real estate company. Their respective capital balances and profit-sharing ratios are as follows: Neal wishes to withdraw from the partnership on January 1, 2020, Palmer and Ruppe have agreed to pay Neal $300,000 from the partnership assets for his 50%
Hill, Jones, and Vose have been partners throughout 2019. Their average balances for the year and their balances at the end of the year before closing the nominal accounts are as follows: The income for 2019 is $108,000 before charging partners? salary allowances and before payment of interest on
The December 31, 2019, balance sheet of the Datamation Partnership is shown below. Dave, Allen, and Matt share profits and loses in the ratio of 50:30:20. The inventory on December 31 has a fair value of $68,000; accrued interest on the note payable to Dave is to be recognized as of December 31.
The CAB Partnership, although operating profitably, has had a cash flow problem. Unable to meet its current commitments, the firm borrowed $34,000 from a bank giving a long-term note. During a recent meeting, the partners decided to obtain additional cash by admitting a new partner to the firm.
On January 1, 2019, Tony and Jon formed T&J Personal Financial Planning with capital investments of $480,000 and $340,000, respectively. The partners wanted to draft a profit and loss agreement that would reward each individual for the resources invested in the partnership. Accordingly, the
The partnership of Cain, Gallo, and Hamm engaged you to adjust its accounting records and convert them uniformly to the accrual basis in anticipation of admitting Kerns as a new partner. Some accounts are on the accrual basis and some are on the cash basis. The partnership?s books were closed at
Dave, Brian, and Paul are partners in a retail appliance store. The partnership was formed January 1, 2019, with each partner investing $45,000. They agreed that profits and losses are to be shared as follows: 1. Divided in the ratio of 40:30:30 if net income is not sufficient to cover salaries,
Tom and Julie formed a management consulting partnership on January 1, 2019. The fair value of the net assets invested by each partner follows: During the year, Tom withdrew $15,000 and Julie withdrew $12,000 in anticipation of operating profits. Net profit for 2019 was $50,000, which is to be
Day and Night formed an accounting partnership in 2019. Capital transactions for Day and Night during 2019 are as follows: Partnership net income for the year ended December 31, 2019; is $68,400 before considering salaries or interest. Required: Determine the amount of profit that is to be
Spur Company’s actual earnings for the first two quarters of 2019 and its estimate during each quarter of its annual earnings are:Actual first-quarter earnings ................................................ $ 400,000Actual second-quarter earnings
Actual quarterly earnings and quarterly estimates of annual earnings for Sloan Company for the year ended December 31, 2019 are as follows: The combined state and federal tax rate for 2019 is 30%. Sloan Company estimated it would have permanent differences between accounting income and taxable
The following information is available for Bailey Company for 2019:1. On January 2, 2014, Bailey paid property taxes amounting to $60,000 on its plant and equipment for the calendar year 2019. In late March 2019 Bailey made major repairs to its machinery amounting to $66,000. These repairs will
Bismac Industries is a diversified company whose operations are conducted in five product lines, L, M, N, O, and P. Segmented financial information is to be included with the December 31, 2019 annual report. Financial information pertaining to each segment for 2019 is as follows: Additional
LAX Inc. has the following income before income tax and estimated effective annual income tax rates for the first three quarters of 2019. Required: What should be LAX?s income tax provision in the third-quarter income statement? (AICPA adapted) Estimated Effective Annual Tax Rate at End of
Branson Industries conducts operations in five major industries, A, B, C, D, and E. Financial data relevant to each industry for the year ending December 31, 2019, are as follows: Included in the sales of segments C and E are intersegment sales of $120,000 and $40,000, respectively. Corporate
The following information concerns the operations of Blane Company for the year ended December 31, 2019. Required: Determine the operating profit (loss) for each of Blane?s two segments for 2019. (In Thousands of Dollars) Segment General Segment Office Net sales (operating revenue) Cost of goods
In its financial reports, Cracker Barrel states that their stores represent a single, integrated operation with two related substantially integrated product lines. The operating expenses of the restaurant and retail product lines of a Cracker Barrel store are shared and are indistinguishable in
In the Appendix to this chapter, found from your instructor, the partial segmental disclosures for General Electric (GE) are provided. 1. How does GE organize and present its segment data? 2. Compute the following ratios for 2011, 2012, and 2013 for each segment reported. a. Segment profit
A translation adjustment results from the process of translating financial statements of a foreign subsidiary from its functional currency into dollars. Where is the translation adjustment reported in the financial statements if the current rate method is used to translate the accounts?
Slocome Travel owns a travel agency that operates in London. Account balances in pounds for the subsidiary are summarized below: Exchange rates for the British pound for 2019 were as follows: January 1 ............................... ? ?$1.5403December 31 ........................ ? ?
P Company holds an 80% interest in SFr Company, a Swiss company. A trial balance for P Company and SFr Company at December 31, 2020, and other data are given in Problems 13-3 and 13-4. Ignore deferred income taxes in the assignment of the difference between implied and book value. Required: A. If
Dorsey Corporation purchased 90% of the common stock of Lansing Company on January 1, 2008. The cost of the investment was equal to the book value interest acquired. Lansing Company operates two retail stores and an exporting business in London that specializes in buying and selling British
For this problem, refer to the information provided in Problem 13-3 for P Company and SFr Company. Ignore deferred income taxes in the assignment of the difference between implied and book value. Required: A. If you have not already done so, prepare a workpaper to translate the trial balance of the
Define remeasurement.
Pasquale Company is a manufacturer of oil drilling equipment located in Canada. The company is 90% owned by a U.S. parent company. The accounting department of Pasquale Company accumulated the following 2019 information for the company?s auditor. Equipment: 1. The equipment account contained the
Use the information provided in Problem 13-3 for P Company and SFr Company. Required:A. Convert the accounts of the foreign subsidiary, assuming that the U.S. dollar is the functional currency of both companies. For this problem assume that the subsidiary?s beginning (1/1/20) retained earnings
The ______ is the functional currency of a foreign subsidiary that is a direct and integral component or extension of a U.S. parent company. In such cases, the ______ method of translation is used to translate (remeasure) the accounts into dollars.
On January 2, 2019, P Company, a U.S.-based company, acquired for 2,000,000 francs an 80% interest in SFr Company, a Swiss company. On January 2, 2019, SFr Company reported a retained earnings balance of 480,000 francs. SFr?s books are maintained in Swiss francs and are in conformity with U.S.
The ______ is the functional currency of a foreign subsidiary with operations that are relatively self-contained and integrated within the country in which it is located. In such cases, the ______ method of translation would be used to translate the accounts into dollars.
Red Hat, Inc. reported the following in its 2017 10K:Non-GAAP disclosuresIn accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), the income statements of our non-U.S. operations are translated into U.S. dollars using the average exchange rates for each
On January 1, 2019, a U.S. company purchased 100% of the outstanding stock of Ventana Grains, a company located in Latz City, New Zealand. Ventana Grains was organized on January 1, 2000. All the property, plant, and equipment held on January 1, 2019, was acquired when the company was organized.
Red Hat, Inc. reported comprehensive income from 2013 to 2015 as follows ($ thousands): Required: A. Which method does Red Hat use to translate foreign subsidiaries? Why? B. Explain the change in the translation adjustment from 2013 to 2015. 2013 2014 2015 Net income Unrealized loss on available-
1. On June 1, 2019, a U.S. firm contracts to sell equipment (with an asking price of 2,000,000 krona) in Sweden. The firm will take delivery and will pay for the equipment on August 1, 2019. 2. Spot rates were as follows (dollars per krona): Spot ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?RateJune
Consider the following information: 1. On December 1, 2019, a U.S. firm contracts to sell equipment (with an asking price of 1,000,000 pesos) in Mexico. The firm will take delivery and will pay for the equipment on March 1, 2020. 2. On December 1, 2019, the company enters into a forward contract to
Consider the following information: 1. On December 1, 2019, a U.S. firm plans to purchase a piece of equipment (with an asking price of 100,000 francs) in Switzerland during January of 2020. The transaction is probable, and the transaction is to be denominated in euros. 2. On December 1, 2019, the
On November 15, 2019, Solanski Inc. imported 500,000 barrels of oil from an oil company in Venezuela. Solanski agreed to pay 50,000,000 bolivars on January 15, 2020. To ensure that the dollar outlay for the purchase will not fluctuate, the company entered into a forward contract to buy 50,000,000
On October 1, 2019, Fairchange Corporation ordered some equipment from a supplier for 300,000 euros. Delivery and payment are to occur on November 15, 2019. The spot rates on October 1 and November 15, 2019, are $1.20 and $1.30, respectively.Required:A. Assume that Fairchange purchased an option
Roland Brothers, Inc. purchased equipment from a British firm for £120,000 on April 1, 2019. To finance the purchase of the equipment, the president of the company signed a note for £120,000 with a British bank. The loan is denominated in pounds, matures on March 31, 2020, and bears interest at
How are foreign currency exchange gains and losses from hedging a forecasted transaction handled?
On October 1, 2019, Fairchange Corporation ordered some equipment from a supplier for 300,000 euros. Delivery is to occur on November 15, 2019, while payment is expected to occur on December 15, 2019. The spot rates on October 1, November 15, and December 15, 2019, are $1.20, $1.30, and $1.28,
On October 1, 2019, Fairchange Corporation ordered some equipment from a supplier for 300,000 euros. Delivery and payment are to occur on November 15, 2019. The spot rates on October 1 and November 15, 2019, are $1.20 and $1.30, respectively.Required:A. Assume that Fairchange entered into a forward
Sharon Myers, chief finance officer for Sitco Products, convinced the president of the company to enter into a 90-day forward contract to sell 900,000 Swedish kronas as a speculative venture. When the forward contract was acquired on November 1, 2019, the spot rate for the krona was $.5045 and the
Consider the following information: 1. On December 1, 2011, a U.S. firm plans to sell a piece of equipment [with an asking price of 200,000 units of a foreign currency (FC)] during January of 2012. The transaction is probable, and the transaction is to be denominated in euros. 2. The company enters
Vanderbilt Clothing Company placed a clothing order with a company located in Taiwan. The order was placed on November 1, 2019, for delivery on May 1, 2020. Vanderbilt agreed to pay for the goods on May 1, 2020, with the delivery of 5,000,000 Taiwan dollars. To protect against fluctuations in the
A U.S. company estimated that, in the first two months of 2016, its export sales to a Swiss company would generate 400,000 francs. On December 1, 2020, in an effort to protect against the weakening franc, the company purchased an option (out of the money) to sell 400,000 Swiss francs at an exchange
ASI recently completed the development and installation of an accounting information system for a company located in Rio De Janeiro, Brazil. The company considered that all revenue realization criteria were satisfied and accordingly recorded on October 2, 2019, a receivable from the foreign
Citron Company is a U.S.-based citrus grower. On October 1, 2019, the company entered into a contract to ship 25,000 boxes of grapefruit on January 28 to Japan. Payment of 50,100,000 yen is to be received on March 29, 2020. On October 1, Citron also entered into a forward contract to sell
Select the best answer for each of the following.1. A sale of goods by a U.S. company was denominated in a foreign currency. The sale resulted in a receivable that was fixed in terms of the amount of foreign currency that would be received. Exchange rates between the dollar and the currency in
Apple Company was incorporated in Delaware in 2012. On November 2, 2019, the controller of the company entered into a forward contract to sell 50,000 British pounds for $1.5920 on March 1, 2020. The following exchange rates were quoted on the indicated dates: Apple Company?s fiscal year-end is
Select the best answer for each of the following. 1. A forward contract is a hedge of an identifiable foreign currency commitment if (a) The forward contract is designated as, and is effective as, a hedge of a foreign currency commitment. (b) The foreign currency commitment is firm. (c) The amount
Centennial Exchange of St. Louis, Missouri, imports and exports grains. The company has a September 30 fiscal year-end. The periodic inventory system and the weighted-average cost flow method are used by the company to account for inventory cost. The company negotiated the following transactions
On December 1, 2019, Tuscano Corp. entered into a transaction to import raw materials from a foreign company. The account is to be settled on February 1 with the payment of 60,000 foreign currency units (FCU). On December 1, Tuscano also entered into a forward contract to hedge the exposed position

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