401 Practice Final
93 Pages

401 Practice Final

Course Number: ACCT 401, Spring 2011

College/University: Strayer

Word Count: 6556

Rating:

Document Preview

Name: __________________________ Date: _____________ 1. If a portion of an investment is sold, the value of the shares sold is determined by using the: 1. first-in, first-out method. 2. average cost method. 3. specific identification method. A) 1 B) 2 C) 3 D) 1 and 3 2. If a parent company acquires additional shares of its subsidiary's stock directly from the subsidiary for a price less than their book...

Unformatted Document Excerpt
Coursehero >> District of Columbia >> Strayer >> ACCT 401

Course Hero has millions of student submitted documents similar to the one
below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

__________________________ Name: Date: _____________ 1. If a portion of an investment is sold, the value of the shares sold is determined by using the: 1. first-in, first-out method. 2. average cost method. 3. specific identification method. A) 1 B) 2 C) 3 D) 1 and 3 2. If a parent company acquires additional shares of its subsidiary's stock directly from the subsidiary for a price less than their book value: 1. total noncontrolling book value interest increases. 2. the controlling book value interest increases. 3. the controlling book value interest decreases. A) 1 B) 2 C) 3 D) 1 and 3 3. Under the partial equity method, the workpaper entry that reverses the effect of subsidiary income for the year includes a: 1. credit to Equity in Subsidiary Income. 2. debit to Subsidiary Income Sold. 3. debit to Equity in Subsidiary Income. A) 1 B) 2 C) 3 D) both 1 and 2 Page 1 4. Polk Company owned 24,000 of the 30,000 outstanding common shares of Sloan Company on January 1, 2010. Polk's shares were purchased at book value when the fair values of Sloan's assets and liabilities were equal to their book values. The stockholders' equity of Sloan Company on January 1, 2010, consisted of the following: Common stock, $15 par value $ 450,000 Other contributed capital 337,500 Retained earnings 712,500 Total $1,500,000 Sloan Company sold 7,500 additional shares of common stock for $90 per share on January 2, 2010. If Polk Company purchased all 7,500 shares, the book entry to record the purchase should increase the Investment in Sloan Company account by A) $562,500. B) $590,625. C) $675,000. D) $150,000. E) Some other account. Page 2 5. Polk Company owned 24,000 of the 30,000 outstanding common shares of Sloan Company on January 1, 2010. Polk's shares were purchased at book value when the fair values of Sloan's assets and liabilities were equal to their book values. The stockholders' equity of Sloan Company on January 1, 2010, consisted of the following: Common stock, $15 par value $ 450,000 Other contributed capital 337,500 Retained earnings 712,500 Total $1,500,000 Sloan Company sold 7,500 additional shares of common stock for $90 per share on January 2, 2010. If all 7,500 shares were sold to noncontrolling stockholders, the workpaper adjustment needed each time a workpaper is prepared should increase (decrease) the Investment in Sloan Company by A) ($140,625). B) $140,625. C) ($112,500). D) $112,500. E) None of these. Page 3 6. On January 1, 2006, Parent Company purchased 32,000 of the 40,000 outstanding common shares of Sims Company for $1,520,000. On January 1, 2010, Parent Company sold 4,000 of its shares of Sims Company on the open market for $90 per share. Sims Company's stockholders' equity on January 1, 2006, and January 1, 2010, was as follows: 1/1/0 6 1/1/1 0 Com mon stock , $10 par value $400 ,000 $400 ,000 Othe r contr ibute d capit al 400, 000 400, 000 Retai ned earni ngs 800 ,000 1,4 Page 4 A) $68,000. B) $170,000. C) $96,000. D) $200,000. E) None of these. Page 5 7. On January 1, 2006, Patterson Corporation purchased 24,000 of the 30,000 outstanding common shares of Stewart Company for $1,140,000. On January 1, 2010, Patterson Corporation sold 3,000 of its shares of Stewart Company on the open market for $90 per share. Stewart Company's stockholders' equity on January 1, 2006, and January 1, 2010, was as follows: 1/1/0 6 1/1/1 0 Com mon stock , $10 par value $ 300, 000 $ 300, 000 Othe r contr ibute d capit al 300, 000 300, 000 Retai ned earni ngs 6 Page 6 A) $165,000. B) $206,250. C) $120,000. D) $142,500. E) None of these. Page 7 8. On January 1, 2006, Peterson Company purchased 16,000 of the 20,000 outstanding common shares of Swift Company for $760,000. On January 1, 2010, Peterson Company sold 2,000 of its shares of Swift Company on the open market for $90 per share. Swift Company's stockholders' equity on January 1, 2006, and January 1, 2010, was as follows: 1/1/06 1/1/10 Com mon stock, $10 par value $200, 000 $200, 000 Other contri buted capita l 200,0 00 200,0 00 Retain ed earnin gs 400, 000 70 0,000 Page 8 A) $120,000. B) $115,000. C) $105,000. D) $84,000. E) None of these. 9. The purchase by a subsidiary of some of its shares from the noncontrolling stockholders results in an increase in the parent's percentage interest in the subsidiary. The parent company's share of the subsidiary's net assets will increase if the shares are purchased: A) at a price equal to book value. B) at a price below book value. C) at a price above book value. D) will not show an increase. Use the following to answer questions 10-12: On January 1, 2006, Perk Company purchased 16,000 of the 20,000 outstanding common shares of Self Company for $760,000. On January 1, 2010, Perk Company sold 2,000 of its shares of Self Company on the open market for $90 per share. Self Company's stockholders' equity on January 1, 2006, and January 1, 2010, was as follows: 1/1/06 1/1/10 Common stock, $10 par value $ 200,000 $ 200,000 Other contributed capital 200,000 200,000 Retained earnings 400,000 700,000 $800,000 $1,100,000 The difference between implied and book value is assigned to Self Company's land. 10. The amount of the gain on sale of the 2,000 shares that should be recorded on the books of Perk Company is A) $34,000. B) $85,000. Page 9 C) $48,000. D) $100,000. E) None of these. 11. As a result of the sale, Perk Company's Investment in Self account should be credited for A) $110,000. B) $137,500. C) $80,000. D) $95,000. E) None of these. 12. Assuming no other equity transactions, the amount of the difference between implied and book value that would be added to land on a work paper for the preparation of consolidated statements on December 31, 2010 would be A) $120,000. B) $115,000. C) $105,000. D) $84,000. 13. Which of the following items is not a specified priority for unsecured creditors in a bankruptcy petition? A) Administration fees incurred in administering the bankrupt's estate. B) C) Unsecured claims for wages earned within 90 days and are less than $4,650 per employee. Unsecured claims of governmental units for unpaid taxes. D) Unsecured claims on credit card charges that do not exceed $3,000. Page 10 14. When fresh-start reporting is used according to Statement of Position (SOP) 90-7, the implication is that a new firm exists. Which of the following statements is not correct about fresh-start accounting? A) Assets are reported at fair values. B) Beginning retained earnings is reported at zero. C) The fair value of the assets must be less than the post liabilities and allowed claims. D) The original owners must own less than 50% of the voting stock after reorganization. Page 11 15. The following information pertains to the transfer of real estate in regards to a troubled debt restructuring by Nen Co. to Baker Co. in full settlement of Nen's liability to Baker: Carryi ng amount of liabilit y settled $450,0 00 Carryi ng amount of real estate transfe rred $300,0 00 Fair value of real estate transfe rred $330,0 00 What amount should Nen report as ordinary gain (loss) on transfer of real estate? A) $(30,000). Page 12 B) $30,000. C) $120,000. D) $150,000. Page 13 16. The following information pertains to the transfer of real estate in regards to a troubled debt restructuring by Nen Co. to Baker Co. in full settlement of Nen's liability to Baker: Carryi ng amount of liabilit y settled $450,0 00 Carryi ng amount of real estate transfe rred $300,0 00 Fair value of real estate transfe rred $330,0 00 What amount should Baker report as a gain or (loss) on restructuring? A) $120,000 ordinary loss. Page 14 B) $120,000 extraordinary loss. C) $150,000 ordinary loss. D) $150,000 extraordinary loss. Page 15 17. Bad Company filed a voluntary bankruptcy petition, and the statement of affairs reflected the following amounts: Esti mate d Asset s Book Valu e Curr ent Valu e Asset s pledg ed with fully secur ed credi tors $ 900, 000 $ 1,11 0,00 0 Asset s pledg ed parti ally Page 16 A) $720,000. B) $840,000. C) $960,000. D) $1,080,000. 18. The final settlement with unsecured creditors is computed by dividing: A) total net realizable value by total unsecured creditor claims. B) net free assets by total secured creditor claims. C) total net realizable value by total secured creditor claims. D) net free assets by total unsecured creditor claims. 19. Dodge Corporation entered into a troubled debt restructuring agreement with their local bank. The bank agreed to accept land with a carrying value of $200,000 and a fair value of $300,000 in exchange for a note with a carrying amount of $425,000. Ignoring income taxes, what amount should Dodge report as a gain on its income statement? A) $0. B) $100,000. C) $125,000. D) $225,000. Page 17 20. The following information pertains to the transfer of real estate in regards to a troubled debt restructuring by Drier Co. to Cole Co. in full settlement of Drier's liability to Cole: Carryi ng amount of liabilit y settled $375,0 00 Carryi ng amount of real estate transfe rred $250,0 00 Fair value of real estate transfe rred $275,0 00 What amount should Drier report as ordinary gain (loss) on transfer of real estate? A) $(25,000). Page 18 B) $25,000. C) $100,000. D) $125,000. Page 19 21. The following information pertains to the transfer of real estate in regards to a troubled debt restructuring by Drier Co. to Cole Co. in full settlement of Drier's liability to Cole: Carryi ng amount of liabilit y settled $375,0 00 Carryi ng amount of real estate transfe rred $250,0 00 Fair value of real estate transfe rred $275,0 00 What amount should Cole report as a gain or (loss) on restructuring? A) $100,000 ordinary loss. Page 20 B) $100,000 extraordinary loss. C) $125,000 ordinary loss. D) $125,000 extraordinary loss. Page 21 22. Poor Company filed a voluntary bankruptcy petition, and the settlement of affairs reflected the following amounts: Estimated Assets Book Value Assets pledged with fully secured creditors $ 450,000 $ 555,000 Assets pledged partially secured creditors 270,000 180,000 Free assets 630,000 480,000 $1,350,000 Page 22 A) $360,000. B) $420,000. C) $480,000. D) $540,000. 23. The goals of the International Accounting Standards Committee include all of the following except A) To improve international accounting. B) To formulate a single set of auditing standards to be applied in all countries. C) To promote global acceptance of its standards. D) To harmonize accounting practices between countries. 24. Milestones in the transition plan for mandatory adoption of IFRS by US companies include all of the following except: A) Improvements in accounting standards. B) C) Limited early adoption of IFRS in an effort to enhance comparability for US investors Mandatory use of IFRS by US entities. D) All of the above are milestones in the transition plan for mandatory adoption of IFRS by US companies. 25. The roles of the IASC Foundation include A) establishing global standards for financial reporting. B) coordinating the filing requirements of stock exchange regulatory agencies. C) financing IASB operations. D) all of the above are roles of the IASC Foundation. 26. Concerns of the SEC with regard to the mandatory adoption of IFRS by US entities include all of the following except: A) the extent to which the standard-setting process addresses emerging issues in a timely manner. B) the security and stability of IASC funding. Page 23 C) the enhancement of IASB independence through a system of voluntary contributions from firms in the accounting profession. D) the degree to which due process is integrated into the standard-setting process . 27. Benefits of the FASB Accounting Standards Codification (ASC) include all of the following except A) increases the independence of the FASB. B) aids in the convergence of US GAAP with IFRS. C) reduces time and effort required to research accounting issues. D) clearly distinguishes between authoritative and non-authoritative guidance. 28. IFRS and US GAAP differ with regard to financial statement presentation in all of the following except A) IFRS generally requires that assets be listed in order of increasing liquidity while US GAAP requires that assets be listed in order of decreasing liquidity. B) US GAAP requires expenses to be listed by function while IFRS requires expenses to be listed by nature. C) IFRS prohibits extraordinary items which are allowed by US GAAP. D) IFRS requires two years of comparative income statements while under US GAAP, three years of income statements are required. Use the following to answer questions 29-31: On January 1, 2010, AirFrance purchases an airplane for 14,400,000. The components of the airplane and their useful lives are as follows: Component Frame Engine Other Cost 7,200,000 4,800,000 2,400,000 Useful life 24 years 20 years 10 years AirFrance uses the straight-line method of depreciation. The asset is assumed to have no salvage value. 29. Under IFRS, the entry to record the acquisition of the airplane would include A) a debit to Asset/ Airplane of 14,400,000. Page 24 B) a debit to Asset/ Airplane frame of 14,400,000. C) a debit to Asset/ Airplane engine of 4,800,000. D) cannot be determined from the information given. 30. Under US GAAP, the entry to record depreciation expense on the asset at December 31, 2011 will include A) a credit to accumulated depreciation of 1,200,000. B) a debit to depreciation expense of 1,440,000 C) a debit to depreciation expense of 800,000. D) a credit to accumulated depreciation of 600,000. 31. Under IFRS, the entry to record depreciation expense on the asset at December 31, 2011 will include a credit to accumulated depreciation of A) 1,440,000. B) 1,200,000 C) 800,000. D) 600,000. Use the following to answer questions 32-34: Bellingham Electronics Inc. offers one model of laptop computer for 1000 and a two-year warranty for 250. The retailer, as part of a Boxing Day promotion, offers a limited-time offer for the laptop, including delivery and the two-year warranty for 1,180. The cost of the computer to Bellingham is 700. Any warranty repairs are assumed to be done ratably over time. Bellingham accounts for transactions using the customer consideration model. In the first twelve months following the sale, Bellingham incurred 980 of costs servicing the computers under warranty. 32. Bellingham sells ten laptops to Bertram Inc. under the limited-time promotion. Upon delivery of the laptops to Bertram, Bellingham will recognize revenue of A) 9,300. B) 9,440 Page 25 C) 10,000. D) 11,800. 33. In the first twelve months following the sale, Bellingham would reduce the Contract liability warranty account by A) 784. B) 980 C) 1,180. D) 1,380. 34. In the first twelve months, Bellingham would record warranty expense of A) 784. B) 980 C) 1,180. D) 1,380. 35. Significant differences between IFRS and Chinese GAAP include all of the following except A) Chinese GAAP allows the use of LIFO while IFRS prohibits it. B) Chinese GAAP has different related party disclosure requirements. C) Chinese GAAP follows the cost principle while IFRS allows for revaluations and recoveries of impairment losses. D) Chinese GAAP uses the equity method of accounting for jointly controlled entities while IFRS also allows proportionate consolidation. 36. All of the following are options for non-US companies who wish to list securities on a US exchange except A) The company can use either IFRS or their local GAAP. B) C) If a company uses their local GAAP they must reconcile net income and shareholders' equity or fully disclose all financial information required of US companies. If a company uses their local GAAP they must reconcile net income and shareholders' equity and fully disclose all financial information required of US Page 26 companies D) The company must file a form 20-F with the SEC. 37. All of the following are true regarding American Depository Receipts (ADRs) except A) Most ADRs are unsponsored, meaning that the DR bank creates a DR program without a formal agreement with the issuing non-US company. B) An ADR is a derivative instrument traded in the US that usually represents a fixed number of publicly traded shares of a non-US company. C) ADRs are denominated in US dollars. D) A Level 1 sponsored ADR is the easiest way for a non-US company to access US markets. Page 27 38. On November 1, 2011, American Company sold inventory to a foreign customer. The account will be settled on March 1 with the receipt of $500,000 foreign currency units (FCU). On November 1, American also entered into a forward contract to hedge the exposed asset. The forward rate is $0.70 per unit of foreign currency. American has a December 31 fiscal year-end. Spot rates on relevant dates were: Per Unit of Date Foreig n Curren cy Novem ber 1 $0.73 Decem ber 31 0.71 March 1 0.74 Page 28 A) FCU Receivable 350,000 Premium on Forward Contract 15,000 Dollars Payable 365,000 B) Dollars Receivable 365,000 Discount on Forward Contract 15,000 FCU Payable 350,000 Page 29 C) FCU Receivable 365,000 Discount on Forward Contract 15,000 Dollars Payable 350,000 D) Dollars ReceivableFCU Receivable 350,000 Discount on Forward Contract 15,000 FCU Payable 365,000 Page 30 39. Jackson Paving Company purchased equipment for 350,000 British pounds from a supplier in London on July 7, 2011. Payment in British pounds is due on Sept. 7, 2011. The exchange rates to purchase one pound is as follows: July 7 August 31, (year end) September 7 Spot-rate 2.08 2.05 2.04 30-day rate 2.07 2.03 -60-day rate 2.06 1.99 -- On its August 31, 2011 income statement, what amount should Jackson Paving report as a foreign exchange transaction gain: A) $14,000. B) $7,000. C) $10,500. D) $0. Page 31 40. On September 1, 2011, Swash Plating Company entered into two forward exchange contracts to purchase 250,000 euros each in 90 days. The relevant exchange rates are as follows: Forward Rate Spot rate For Dec. 1, 2011 September 1, 2011 1.46 1.47 September 30, 2011 (year-end) 1.50 1.48 The first forward contract was to hedge a purchase of inventory on September 1, payable on December 1. On September 30, what amount of foreign currency transaction loss should Swash Plating report in income? A) $0. B) $2,500. C) $5,000. D) $10,000. Page 32 41. On September 1, 2011, Swash Plating Company entered into two forward exchange contracts to purchase 250,000 euros each in 90 days. The relevant exchange rates are as follows: Forward Rate Spot rate For Dec. 1, 2011 September 1, 2011 1.46 1.47 September 30, 2011 (yearend) 1.50 1.48 The second forward contract was strictly for speculation. On September 30, 2011, what amount of foreign currency transaction gain should Swash Plating report in income? A) $0. B) $2,500. C) $5,000. D) $10,000. Page 33 42. On November 1, 2011, Prism Company sold inventory to a foreign customer. The account will be settled on March 1 with the receipt of 250,000 foreign currency units (FCU). On November 1, Prism also entered into a forward contract to hedge the exposed asset. The forward rate is $0.90 per unit of foreign currency. Prism has a December 31 fiscal year-end. Spot rates on relevant dates were: Per Unit of Date Foreign Currency November 1 $0.93 December 31 0.91 March 1 0.94 The entry to record the forward contract is Page 34 A) FCU Receivable 225,000 Premium on Forward Contract 7,500 Dollars Payable 232,500 B) Dollars Receivable 232,500 Discount on Forward Contract 7,500 FCU Payable 225,000 Page 35 C) FCU Receivable 232,500 Discount on Forward Contract 7,500 Dollars Payable 225,000 D) Dollars Receivable 225,000 Discount on Forward Contract 7,500 FCU Payable 232,500 Page 36 43. Caldron Company purchased equipment for 375,000 British pounds from a supplier in London on July 3, 2011. Payment in British pounds is due on Sept. 3, 2011. The exchange rates to purchase one pound is as follows: July 3 August 31, (year end) September 3 Spot-rate 1.58 1.55 1.54 30-day rate 1.57 1.53 -60-day rate 1.56 1.49 -- On its August 31, 2011, income statement, what amount should Caldron report as a foreign exchange transaction gain: A) $18,750. B) $3,750. C) $11,250. D) $0. Page 37 44. On April 1, 2011, Trent Company entered into two forward exchange contracts to purchase 300,000 euros each in 90 days. The relevant exchange rates are as follows: Forward Rate Spot rate For Aug. 1, 2011 April 1, 2011 1.16 1.17 April 30, 2011 (yearend) 1.20 1.18 The first forward contract was to hedge a purchase of inventory on April 1, payable on December 1. On April 30, what amount of foreign currency transaction loss should Trent report in income? A) $0. B) $3,000. C) $9,000. D) $12,000. Page 38 45. On April 1, 2011, Trent Company entered into two forward exchange contracts to purchase 300,000 euros each in 90 days. The relevant exchange rates are as follows: Forward Rate Spot rate For Aug. 1, 2011 April 1, 2011 1.16 1.17 April 30, 2011 (yearend) 1.20 1.18 The second forward contract was strictly for speculation. On April 30, 2011, what amount of foreign currency transaction gain should Trent report in income. A) $0. B) $3,000. C) $9,000. D) $12,000. Page 39 46. The following balance sheet accounts of a foreign subsidiary at December 31, 2011, have been translated into U.S. dollars as follows: Translated at Current Rates Historical Rates Accounts receivable, current $ 600,000 $ 660,000 Accounts receivable, long-term 300,000 324,000 Inventories carried at market 180,000 198,000 Goodwill 190,000 220,000 $1,270,000 $1,402,000 Page 40 A) $1,270,000 B) $1,288,000 C) $1,300,000 D) $1,354,000 Page 41 47. A wholly owned subsidiary of a U.S. parent company has certain expense accounts for the year ended December 31, 2011, stated in local currency units (LCU) as follows: LCU Depreciation of equipment (related assets were purchased January 1, 2009) 375,000 Provision for doubtful accounts 250,000 Rent 625,000 The exchange rates at various dates are as follows: Dollar equivalent of 1 LCU December 31, 2011 $0.50 Average for year ended December 31, 2011 0.55 January 1, 2009 0.40 Page 42 A) $687,500 B) $625,000 C) $550,000 D) $500,000 48. If the functional currency is determined to be the U.S. dollar and its financial statements are prepared in the local currency, SFAS 52, requires which of the following procedures to be followed? A) Translate the financial statements into U.S. dollars using the current rate method. B) Remeasure the financial statements into U.S. dollars using the temporal method. C) Translate the financial statements into U.S. dollars using the temporal method. D) Remeasure the financial statements into U.S. dollars using the current rate method. 49. P Company acquired 90% of the outstanding common stock of S Company which is a foreign company. The acquisition was accounted for using the purchase method. In preparing consolidated statements, the paid-in capital of S Company should be converted at the: A) exchange rate effective when S Company was organized. B) exchange rate effective on the date of purchase of the stock of S Company by P Company. C) average exchange rate for the period S Company stock has been upheld by P Company. D) current exchange rate. 50. In preparing consolidated financial statements of a U.S. parent company and a foreign subsidiary, the foreign subsidiary's functional currency is the currency: A) of the country the parent is located. B) of the country the subsidiary is located. C) in which the subsidiary primarily and generates spends cash. D) in which the subsidiary maintains its accounting records. Page 43 51. Gains from remeasuring a foreign subsidiary's financial statements from the local currency, which is not the functional currency, into the parent company's currency should be reported as a(n): A) other comprehensive income item. B) extraordinary item (net of tax). C) part of continuing operations. D) deferred credit. 52. Assuming no significant inflation, gains resulting from the process of translating a foreign entity's financial statements from the functional currency to U.S. dollars should be included as a(n): A) other comprehensive income item. B) extraordinary item (net of tax). C) part of continuing operations. D) deferred credit. 53. A foreign subsidiary's functional currency is its local currency and inflation of over 100 percent has been experienced over a three-year period. For consolidation purposes, SFAS No. 52 requires the use of: A) the current rate method only. B) the temporal method only C) both the current rate and temporal methods. D) neither the current rate or the temporal method. 54. The objective of remeasurement is to: A) produce the same results as if the books were maintained in the currency of the foreign entity's largest customer. B) produce the same results as if the books were maintained solely in the local currency. C) produce the same results as if the books were maintained solely in the functional currency. D) None of the above. Page 44 55. An entity is permitted to aggregate operating segments if the segments are similar regarding the A) nature of the production processes. B) types or class of customers. C) methods used to distribute products or provide services. D) all of these. 56. Which of the following is not a segment asset of an operating segment? A) Assets used jointly by more than one segment. B) Assets directly associated with a segment. C) Assets maintained for general corporate purposes. D) Assets used exclusively by a segment. 57. SFAS No. 131 requires the disclosure of information on an enterprise's operations in different industries for 1. each annual period presented. 2. each interim period presented. 3. the current period only. A) 1 B) 2 C) 3 D) both 1 and 2 58. Which of the following is not required to be disclosed by SFAS No. 131? A) Information concerning the enterprise's products. B) Information related to an enterprise's foreign operations. C) Information related to an enterprise's major suppliers. D) All of the above are required disclosures. Page 45 59. A segment is considered to be significant if its 1. reported profit is at least 10% of the combined profit of all operating segments. 2. reported profit (loss) is at least 10% of the combined reported profit of all operating segments not reporting a loss. 3. reported profit (loss) is at least 10% of the combined reported loss of all operating segments that reported a loss. A) 1 B) 2 C) 3 D) both 2 and 3 60. Which of the following disclosures is not required to be presented for a firm's reportable segments? A) Information about segment assets B) Information about the bases for measurement C) Reconciliation of segment amounts and consolidated amounts for revenue, profit or loss, assets, and other significant items. D) All of these must be presented. 61. An enterprise determines that it must report segment data in annual reports for the year ended December 31, 2011. Which of the following would not be an acceptable way of reporting segment information? A) Within the body of the financial statements, with appropriate explanatory disclosures in the footnotes B) Entirely in the footnotes to the financial statements. C) As a special report issued separately from the financial statements. D) In a separate schedule that is included as an integral part of the financial statements. Page 46 62. Long Corporation's revenues for the year ended December 31, 2011, were as follows Consolidated revenue per income statement 800,000 Intersegment sales 105,000 Intersegment transfers 35,000 Combined revenues of all operating segments $940,000 Long has a reportable segment if that segment's revenues exceed A) $80,000. B) $90,500. C) $94,000. D) $14,000. 63. Which of the following is not part of the information about foreign operations that is required to be disclosed? A) Revenues from external customers B) C) Operating profit or loss, net income, or some other common measure of profitability Capital expenditures D) Long-lived assets Page 47 64. Eaton, Inc., discloses supplemental industry segment information. The following data are available for 2011. Traceable Segment Sales operating expenses A $420,000 $255,000 B 480,000 300,000 C 300,000 165,000 $1,200,000 $720,000 Additional 2011 expenses, not included above, are as follows: Indirect operating expenses $240,000 General corporate expenses Page 48 A) $135,000 B) $ 75,000 C) $ 105,000 D) $ 30,000 65. Gant Company has four manufacturing divisions, each of which has been determined to be a reportable segment. Common operating costs are appropriately allocated on the basis of each division's sales in relation to Gant's aggregate sales. Gant's Delta division accounted for 40% of Gant's total sales in 2011. For the year ended December 31, 2011, Delta had sales of $5,000,000 and traceable costs of $3,600,000. In 2011, Gant incurred operating costs of $350,000 that were not directly traceable to any of the divisions. In addition, Gant incurred interest expense of $360,000 in 2011. In reporting supplementary segment information, how much should be shown as Delta's operating profit for 2011? A) $1,400,000 B) $1,256,000 C) $1,260,000 D) $1,116,000 66. Inventory losses from market declines that are expected to be temporary A) should be recognized in the interim period in which the decline occurs. B) C) should be recognized in the last (fourth) quarter of the year in which the decline occurs. should not be recognized. D) none of these. 67. Which of the following does not have to be disclosed in interim reports? A) Seasonal costs or expenses. B) Significant changes in estimates. C) Disposal of a segment of a business. D) All of these must be disclosed. Page 49 68. Companies using the LIFO method may encounter a liquidation of base period inventories at an interim date that is expected to be replaced by the end of the year. In these cases, cost of goods sold should be charged with the A) cost of the most recent purchases. B) average cost of the liquidated LIFO base. C) expected replacement cost of the liquidated LIFO base. D) none of these. 69. Which of the following statements most accurately describes interim period tax expense? A) The best estimate of the annual tax rate times the ordinary income (loss) for the quarter. B) The best estimate of the annual tax rate times income (loss) for the year to date less tax expense (benefit) recognized in previous interim periods. C) Average tax rate for each quarter, including the current quarter, times the current income (loss). D) The previous year's actual effective tax rate times the current quarter's income. Page 50 70. Finney, a calendar year company, has the following income before income tax provision and estimated effective annual income tax rates for the first three quarters of 2011: Income Before Estimated Effective Income Tax Annual Tax Rate Quarter Provision at the End of Quarter First $120,000 25% Second 160,000 25% Third 200,000 30% Finney's income tax provision in its interim income statement for the third quarter Page 51 A) $74,000. B) $60,000. C) $50,000. D) $144,000. 71. An inventory loss from a market price decline occurred in the first quarter. The loss was not expected to be restored in the fiscal year. However, in the third quarter the inventory had a market price recovery that exceeded the market decline that occurred in the first quarter. For interim reporting, the dollar amount of net inventory should A) decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the market price recovery. B) decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the decrease in the first quarter. C) not be affected in the first quarter and increase in the third quarter by the amount of the market price recovery that exceeded the amount of the market price decline. D) not be affected in either the first quarter or the third quarter. 72. Which of the following is an advantage of a partnership? A) mutual agency B) limited life C) unlimited liability D) none of these 73. The bonus and goodwill methods of recording the admission of a new partner will produce the same result if the: 1. new partner's profit-sharing ratio equals his capital interest 2. old partners' profit-sharing ratio in the new partnership is the same relatively as it was in the old partnership. A) 1 B) 2 C) both 1 and 2 are met. D) none of these. Page 52 74. When the goodwill method is used and the book value acquired is less than the value of the assets invested, total implied capital is computed by A) multiplying the new partner's capital interest by the capital balances of existing partners. B) dividing the total capital balances of existing partners by their collective capital interest. C) dividing the new partner's investment by his (her) capital interest. D) dividing the new partner's investment by the existing partners' collective capital interest. Page 53 75. The partnership of Adams and Baker was formed on February 28, 2011. At that date the following assets were invested: Adams Baker Cash $ 120,000 $200,000 Merchandise -0320,000 Building -0840,000 Furniture and equipment 200,000 -0- The building is subject to a mortgage loan of $280,000, which is to be assumed by the partnership. The partnership agreement provides that Adams and Baker share profits or losses 30% and 70%, respectively. Baker's capital account at February 28, 2011, should be A) $1,080,000. B) $1,360,000. C) $1,176,000. Page 54 D) $952,000. Page 55 76. The following balance sheet information is for the partnership of Abel, Ball, and Catt: Cash $ 210,000 Liabilities $ 510,000 Other assets 1,500,000 Abel, Capital (40%) 300,000 Ball, Capital (40%) 480,000 _________ Catt, Capital (20%) 420,000 $1,710,000 $1,710,000 Figures shown parenthetically reflect agreed profit and loss sharing percentages. If the assets are fairly valued on the above balance sheet and the partnership wishes to admit Dent as a new 1/5 partner without recording goodwill or bonus, Dent should Page 56 A) $427,500. B) $240,000. C) $300,000. D) $342,000. Page 57 77. The following balance sheet information is for the partnership of Abel, Ball, and Catt: Cash $ 210,000 Liabilities $ 510,000 Other assets 1,500,000 Abel, Capital (40%) 300,000 Ball, Capital (40%) 480,000 _________ Catt, Capital (20%) 420,000 $1,710,000 $1,710,000 Figures shown parenthetically reflect agreed profit and loss sharing percentages. If assets on the initial balance sheet are fairly valued, Abel and Ball consent and Dent pays Catt $225,000 for his interest; the revised capital balances of the partners would be Page 58 A) Abel, $315,000; Ball, $495,000; Dent, $450,000. B) Abel, $315,000; Ball, $495,000; Dent, $420,000. C) Abel, $300,000; Ball, $570,000; Dent, $450,000. D) Abel, $300,000; Ball, $480,000; Dent, $420,000. Page 59 78. Linda desires to purchase a one-fourth capital and profit and loss interest in the partnership of Hank, Greg, and Jim. The three partners agree to sell Linda one-fourth of their respective capital and profit and loss interests in exchange for a total payment of $100,000. The payment is made directly to the individual partners. The capital accounts and the respective percentage interests in profits and losses immediately before the sale to Linda follow Percentage Capital Interests in Accounts Profits and Losses Hank $168,000 50% Greg 104,000 35 Jim 48,000 15 Total $320,000 Page 60 A) $126,000; $78,000; $36,000 B) $156,000; $99,000; $45,000 C) $178,000; $111,000; $51,000 D) $208,000; $132,000; $60,000 79. The partnership of Amos, Cole, and Eddy had total capital of $570,000 on December 31, 2011 as follows: Amos, Capital (30%) $180,000 Cole, Capital (45%) 255,000 Eddy, Capital (25%) 135,000 Total $570,000 Profit and loss sharing percentages are shown in parentheses. If Flynn purchases a 25 percent interest from each of the old partners for a total payment of $270,000 directly to the old partners A) total partnership net assets can logically be revalued to $1,080,000 on the basis of the price paid by Flynn. B) the payment of Flynn does not constitute a basis for revaluation of partnership net assets because the capital and income interests of the old partnership were not aligned. C) total capital of the new partnership should be $760,000. D) total capital of the new partnership will be $840,000 assuming no revaluation. Page 61 80. The partnership of Amos, Cole, and Eddy had total capital of $570,000 on December 31, 2011 as follows: Amos, Capital (30%) $180,000 Cole, Capital (45%) 255,000 Eddy, Capital (25%) 135,000 Total $570,000 Profit and loss sharing percentages are shown in parentheses. Assume that Flynn became a partner by investing $150,000 in the Amos, Cole, and Eddy partnership for a 25 percent interest in capital and profits and that partnership net assets are not revalued. Flynn's capital credit should be A) $180,000. B) $142,500. C) $150,000. D) $190,000. Page 62 81. The partnership of Amos, Cole, and Eddy had total capital of $570,000 on December 31, 2011 as follows: Amos, Capital (30%) $180,000 Cole, Capital (45%) 255,000 Eddy, Capital (25%) 135,000 Total $570,000 Profit and loss sharing percentages are shown in parentheses. Assume that Flynn became a partner by investing $100,000 in the Amos, Cole, and Eddy partnership for a 25 percent interest in the capital and profits, and the partnership assets are revalued. Under this assumption A) Flynn's capital credit will be $150,000. B) Amos's capital will be increased to $147,000. C) total partnership capital after Flynn's admission to the partnership will be $600,000. D) net assets of the partnership will increase by $190,000, including Flynn's interest. 82. Bell and Carson are partners who share profits and losses 3:7. The capital accounts on January 1, 2011, are $120,000 and $160,000, respectively. Elston is to be admitted as a partner with a one-fourth interest in the capital and profits and losses by investing $80,000. Goodwill is not to be recorded. The capital balances after admission should be: A) Bell, $117,000; Carson, $153,000; Elston, $90,000 B) Bell, $120,000; Carson, $160,000; Elston, $90,000 Page 63 C) Bell, $123,000; Carson, $160,000; Elston, $80,000 D) Bell, $120,000; Carson, $167,000; Elston, $80,000 Page 64 83. The balance sheet for the partnership of Nen, Pap, and Sup at January 1, 2011 follows. The partners share profits and losses in the ratio of 3:2:5, respectively. Assets at cost $480,000 Liabilities $135,000 Nen, capital 75,000 Pap, capital 120,000 Sup, capital 150,000 $480,000 Nen is retiring from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of $540,000 at January 1, 2011. Pap and Sup agree that the partnership will pay Nen $135,000 cash for his partnership interest. NO goodwill is to be recorded. What is the balance of Pap's capital account after Nen's retirement? A) $138,000 B) $108,000 Page 65 C) $120,000 D) $132,000 Page 66 84. The following balance sheet information is for the partnership of Axe, Barr, and Cole: Cas h $ 210, 000 Liab ilitie s $ 510, 000 Oth er asse ts 1,50 0,00 0 Axe , Cap ital (40 %) 300, 000 Barr , Cap ital (40 %) 480, 000 Page 67 A) $427,500. B) $240,000. C) $300,000. D) $342,000. Page 68 85. Susan desires to purchase a one-fourth capital and profit and loss interest in the partnership of Tony, Mary, and Ron. The three partners agree to sell Susan one-fourth of their respective capital and profit and loss interests in exchange for a total payment of $125,000. The payment is made directly to the individual partners. The capital accounts and the respective percentage interests in profits and losses immediately before the sale to Susan follow Perce ntage Capit al Inter ests in Acco unts Profi ts and Loss es Tony $210 ,000 50 % Mary 130 ,000 35 Page 69 A) $157,500; $97,500; $45,000 B) $195,000; $123,750; $56,250 C) $222,500; $138,750; $63,750 D) $260,000; $165,000; $75,000 Page 70 86. The partnership of Carr, Eddy, and Howe had total capital of $1,140,000 on December 31, 2011, as follows: Carr , Cap ital (30 %) $36 0,00 0 Edd y, Cap ital (45 %) 510, 000 Ho we, Cap ital (25 %) 27 0,00 0 Tota l $1,1 40,0 00 Page 71 A) $360,000. B) $285,000. C) $300,000. D) $380,000. Page 72 87. The partnership of Carr, Eddy, and Howe had total capital of $1,140,000 on December 31, 2011, as follows: Car r, Ca pita l (30 %) $3 60, 00 0 Ed dy, Ca pita l (45 %) 51 0,0 00 Ho we, Ca pita l (25 %) 2 70, 00 0 Tot al $1, Page 73 A) Klein's capital credit will be $300,000. B) Carr's capital will be increased to $394,000. C) total partnership capital after Klein's admission to the partnership will be $1,200,000. D) net assets of the partnership will increase by $380,000 including Klein interest. 88. Which of the following statements is correct? 1. Personal creditors have first claim on partnership assets. 2. Partnership creditors have first claim on partnership assets. 3. Partnership creditors have first claim on personal assets. A) 1 B) 2 C) 3 D) Both 2 and 3 Page 74 89. The following condensed balance sheet is presented for the partnership of Jim, Bill, and Fred who share profits and losses in the ratio of 4:3:3, respectively: Cash $ 180,000 Other assets 1,940,000 Jim, receivable 60,000 $ 2,180,000 Accounts payable $ 480,000 Bill, loan 80,000 Jim, capital 720,000 Bill, capital 440,000 Fred, capital 460,000 $2,180,000 Page 75 A) $270,000 B) $405,000 C) $540,000 D) $520,000 Page 76 90. The partnership of Joe, Al, and Mike shares profits and losses 60%, 30%, and 10%, respectively. On January 1, 2011, the partners voted to dissolve the partnership, at which time the assets, liabilities, and capital balances were as follows: Assets Liabilities and Capital Cash $ 400,000 $ 580,000 Accounts Payable Other Assets 1,200,000 Joe, Capital 440,000 Al, Capital 380,000 _________ Mike, Capital 200,000 Total assets $1,600,000 Total liabilities $1,600,000 Page 77 A) Joe, $744,000; Al, $372,000; Mike, $124,000. B) Joe, $440,000; Al, $380,000; Mike, $200,000. C) Joe, $224,000; Al, $272,000; Mike, $164,000. D) Joe, $396,000; Al, $198,000; Mike, $66,000. Page 78 91. The partnership of Pratt, Ellis, and Mack share profits and losses in the ratio of 4:4:2, respectively. The partners voted to dissolve the partnership when its assets, liabilities, and capital were as follows: Assets Cash $ 250,000 Other assets 1,000,000 $1,250,000 Liabilities and Capital Liabilities $ 200,000 Pratt, Capital 300,000 Ellis, Capital 350,000 Mack, Capital 400,000 $1,250,000 Page 79 A) Pratt, $90,000; Ellis, $140,000; Mack, $295,000 B) Pratt, $210,000; Ellis, $290,000; Mack, $145,000 C) Pratt, $290,000; Ellis, $210,000; Mack, $105,000 D) Pratt, $150,000; Ellis, $175,000; Mack, $200,000 92. The ABC partnership has the following capital accounts on its books at December 31, 2011: Credit A, Capital $400,000 B, Capital 240,000 C, Capital 80,000 All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash assets are sold for $400,000, the partners should receive as a final payment: A) A, $304,000; B, $176,000; C, $80,000 B) A, $256,000; B, $144,000; C, $-0- C) A, $304,000; B, $176,000; C, $-0- D) A, $120,000; B, $80,000; C, $200,000 Page 80 Page 81 93. The summarized balances of the accounts of MNO partnership on December 31, 2011, are as follows: Asset s Liabi lities and Capit al Cash $ 15,0 00 Liabi lities $ 15,0 00 Nonc ash 9 0,00 0 M, Capit al 45,0 00 N, Capit Page 82 A) $20,000 B) $35,000 C) $75,000 D) $120,000 Page 83 94. Adamle, Boyer, and Clay are partners with a profit and loss ratio of 4:3:3. The partnership was liquidated and, prior to the liquidation process, the partnership balance sheet was as follows: ADAMLE, BOYER, AND CLAY Balance Sheet January 1, 2011 Assets Liabilities and Equity Cash $ 60,000 Adamle, Capital $216,000 Other assets 540,000 Boyer, Capital 240,000 _______ Clay, Capital 144,000 Total Assets $600,000 Page 84 A) $360,000 B) $144,000 C) $504,000 D) $480,000 Page 85 95. The partnership of Starr, Foley, and Pele share profits and losses in the ratio of 4:4:2, respectively. The partners voted to dissolve the partnership when its assets, liabilities, and capital were as follows: Assets Liabilities and Equity Cash $150,000 Liabilities $120,000 Other assets 600,000 Starr, Capital 180,000 Foley, Capital 210,000 Pele, Capital 240,000 Total assets $750,000 Total Lia & Equity $750,000 Page 86 A) Starr, $54,000; Foley, $84,000; Pele, $177,000. B) Starr, $174,000; Foley, $174,000; Pele, $87,000. C) Starr, $126,000; Foley, $126,000; Pele, $63,000. D) Starr, $90,000; Foley, $105,000; Pele, $120,000. 96. A, B, and C have capital balances of $90,000, $60,000, and $30,000, respectively. Profits are allocated 35% to A, 35% to B and 30% to C. The partners have decided to dissolve and liquidate the partnership. After paying all creditors the amount available for distribution is $60,000. A, B, and C are all personally solvent. Under the circumstances, C will A) receive $18,000. B) receive $30,000. C) personally have to contribute an additional $6,000. D) personally have to contribute an additional $36,000. Page 87 97. The ABC partnership has the following capital accounts on its books at December 31, 2011: Credit A, Capital $200,000 B, Capital 120,000 C, Capital 40,000 All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash assets are sold for $150,000, the partners should receive as a final payment: A) A, $152,000; B, $88,000; C, $40,000 B) A, $128,000; B, $72,000; C, $ - 0 - C) A, $152,000; B, $88,000; C, $ - 0 - D) A, $60,000; B, $40,000; C, $100,000 Page 88 98. The summarized balances of the accounts of RST partnership on December 31, 2011, are as follows: Assets Liabilities and Equity Cash $ 30,000 Liabilities $ 30,000 Noncash 180,000 R, Capital 90,000 S, Capital 60,000 T, Capital 30,000 Total Assets $210,000 Total Lia & Equities $210,000 Page 89 A) $60,000 B) $70,000 C) $150,000 D) $240,000 Page 90 Answer Key 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. D B C C D B D C B B D C D C B A D D C B A D B A C C A B C D C B C B A C A D C D B D C D Page 91 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. B C A B B C C A B C D C D C D D C C C B C C D C B A B D C C A C D B A A D A C C B A D B C C Page 92 91. 92. 93. 94. 95. 96. 97. 98. A B C D A C B C Page 93

Find millions of documents on Course Hero - Study Guides, Lecture Notes, Reference Materials, Practice Exams and more. Course Hero has millions of course specific materials providing students with the best way to expand their education.

Below is a small sample set of documents:

Strayer - ACCT - 401
1.Question:Theexcessoftheamountofferedinanacquisitionoverthepriorstockpriceoftheacquiredfirmisthe2.Question:TheobjectivesofFASB141R(BusinessCombinations)andFASB160(NonControllingInterestsinConsolidatedFinancialStatements)areasfollows:3.Question:A
Strayer - ACCT - 401
Non-Profit/Municipal Accounting ACC410Student Course GuidePrerequisite: ACC304INSTRUCTIONAL MATERIAL RequiredGranof, M., & Wardlow, P. (2011). Core concepts of government and not-for-profit accounting(2nded.) Hoboken, NJ: John Wiley & Sons.INSTRUCTI
Strayer - ACCT - 401
ANSWERS TO EXERCISESExercise 2-1Part APart BReceivablesInventoryPlant and EquipmentLandGoodwill ($2,154,000 - $1,824,000)LiabilitiesCash228,000396,000540,000660,000330,000ReceivablesInventoryPlant and EquipmentLandLiabilitiesCashGain
Strayer - ACCT - 401
CHAPTER 5ANSWERS TO QUESTIONS1. a. The difference between implied and book value is the total difference between the value ofthe subsidiary in total, as implied by the acquisition cost of an investment in that subsidiary, andthe book value of the subs
Strayer - ACCT - 401
CHAPTER 6Note: The letter A indicated for a question, exercise, or problem means that the question, exercise,or problem relates to the chapter appendix.ANSWERS TO QUESTIONS1. No. If all of the merchandise sold by one affiliate to another has subsequen
Strayer - ACCT - 401
CHAPTER 7Note: The letter A indicated for a question, exercise, or problem means that the question,exercise, or problem relates to a chapter appendix.ANSWERS TO QUESTIONS1. Intercompany profit in depreciable asset transfers is realized as a result of
Strayer - ACCT - 401
CHAPTER 13Note: The letter A or B indicated for a question, exercise, or problem means that the question,exercise, or problem relates to a chapter appendix.ANSWERS TO QUESTIONS1.(1) The parent company must control more than 50 percent of the voting s
Strayer - ACCT - 401
CHAPTER 3Note: The letter A or B indicated for a question, exercise, or problem means that the question, exercise, or problem relates to a chapterappendix.ANSWERS TO QUESTIONS1. (1) Stock acquisition is greatly simplified by avoiding the lengthy negot
Strayer - ACCT - 401
CHAPTER 8ANSWERS TO QUESTIONS1.The three types of transactions that result in a change in a parent companys ownership interestare:a. The parent company may buy additional shares of subsidiary stock or sell a portion of itsholdings;b. The subsidiary
Strayer - ACCT - 401
CHAPTER 10ANSWERS TO QUESTIONS1. Extension of payment periods. The debtor continues to manage the business, and the creditorsmerely extend the payment due date(s) for existing debts.Composition agreements. A composition agreement is an agreement betwe
Strayer - ACCT - 401
Chapter 11ANSWERS TO QUESTIONS1.There might be considerable training costs in switching to IFRS because U.S. investors andaccountants will need to learn how to apply and interpret IFRS. The use of IFRS might alsoreduce the quality of financial report
Strayer - ACCT - 401
CHAPTER 12ANSWERS TO QUESTIONS1.An exchange rate is the ratio between a unit of one currency and the amount of another currencyfor which that unit can be exchanged at a particular time. A direct quotation is one in which theexchange rate is quoted in
Strayer - ACCT - 401
CHAPTER 14ANSWERS TO QUESTIONS1.Segmented financial reports would have the most significance for a highly diversified company because the industries in which thecompany operates may have widely different rates of profitability, degrees of risk, and op
Strayer - ACCT - 401
CHAPTER 15ANSWERS TO QUESTIONS1. A partnership is not subject to an income tax, but the individual partners report their share ofpartnership income, whether distributed or not, on their respective individual tax returns.2. A partner's capital balance
Strayer - ACCT - 401
CHAPTER 16ANSWERS TO QUESTIONS1. Realization gains or losses are allocated to partners in their profit and loss ratio because the changesin asset values are the result of risk assumed by the partnership. Also, because it may be difficult toseparate ga
Strayer - ACCT - 401
L#F # #y#4#a :#a :#6#B%H# cfw_M1FL #cfw_ J 3F#.|##8#D#k#7m#TI105487W0B#C:\Users\#'##\LATONIAPC\Users#LaTonia\AppData\Roaming\Microsoft\Windows\Libraries\Documents.libraryms#C#.#.#\#A#p#p#D#a#t#a#\#R#o#a#m#i#n#g#\#M#i#c#r#o#s#o#f#t#\#W#i#n#d#o#w#s#\#L#i
Strayer - ACCT - 401
LaTonia WilliamsonChapter 8 & 10 homeworkExercise 8-2Part A Investment in Serbin CompanyCashLoss on Revaluation*Investment in Serbin CompanyTo adjust the first purchase to fair value236,000236,00015,00015,000Loss on Revaluation*Investment in
Strayer - ACCT - 401
LaTonia Williamson1-21.2.3.4.5.6.7.8.9.10.1-3BBDBACCBABI am not sure if this is right but I took a shot at it, so here goes.1.2.3.4.$7.4 million amount of tax revenue that is required to collect$6.5 million$17.4 millionInter
Strayer - ACCT - 401
A IDS: Is there a cure?LaTonia Williamson6/12/2011[ Type the abstract of the document here. The abstract is typically a short summary of thecontents of the document. Type the abstract of the document here. The abstract is typicallya short summary of
Strayer - ACCT - 401
L aTonia WilliamsonCase Study COne of the concepts that relates to the case study is systems. Systems are one of thef irst topics that we discussed in the beginning of this course. Systems are made up of manycomponents that interact and inf luence eac
Strayer - ACCT - 401
L atonia WilliamsonACC 401Week 2 HomeworkExercise 2-10Part A2011Carrying Value of Saabs Identifiable Net Assets$330,000Fair Value Saabs Identifiable Net Assets340,000Goodwill *no impairment(10,000)2012Carrying Value of Saabs Identifiable Net
Strayer - ACCT - 401
L aTonia WilliamsonMidterm SummaryThroughout the first five week of class, we have discussed many different subjects from theNew World Order, the European balance of power and the Cold War during week one to US nationali nterest and foreign policy in
Strayer - ACCT - 401
L atonia WilliamsonHow Development leads to Democracy Article SummaryModernization is a syndrome of social changes linked to industrialization.Modernization helps make democracy more likely because i t tends to penetrate allaspects of life, bringing o
Strayer - ACCT - 401
Page 1LaTonia WilliamsonHIV/AIDS virus has been a growing epidemic since the 1980s. Millions of people havebeen affected by the disease and millions have died from the disease. Many people havewondered is there a cure for this deadly, rapidly growing
Strayer - ACCT - 401
Question 1Sociologists thought that if modernization became evident in Third World religiousbeliefs, religion in politics would diminish. Sociologists also thought that if religion andreligious beliefs became popular, politics would grow even with the
Strayer - ACCT - 401
The potential voting rights is when a company owns a sufficient amount of another companys stock tohave significant influence usually at least 20% but less than 50% (not enough to effectively control theother company (Jeter & Chaney, 2010). Under the U.
Strayer - ACCT - 401
Exercise 6-7Part A2011SalesPurchases-COGSTo eliminate intercompany salesEnding Inventory Income Statement-COGS12/31 Inventory - BSTo eliminate intercompany profit in ending inventory450,000250002012SalesPurchases-COGSTo eliminate intercompan
Strayer - ACCT - 401
Chapter #11. Estimated goodwill is determined by computing the present value of theA) average earnings.B)excess earnings.C)expected future earnings.D) normal earnings.2. Which of the following statements would not be a valid or logical reason for
Strayer - ACCT - 401
LaTonia Williamson Week-7EXERCISE 11-2IASB appoints Hilary Eastman, CFA to lead its investor liaisonactivities13 May 2011The International Accounting Standards Board(IASB) announced today the appointment ofHilary Eastman to lead its Investor Liaiso
Strayer - ACCT - 401
Exercise 2-8Current AssetsLong-term Assets ($1,890,000 + $20,000) + ($98,000 + $5,000)362,0002,013,000395,000Goodwill *LiabilitiesLong-term DebtCommon Stock (144,000 $5)Other Contributed Capital (144,000 ( $15 - $5)119,000491,000720,0001,44
Strayer - ACCT - 401
Week #3 SolutionsExercise 3-3Part A Investment in Sun CompanyCashPart B192,000192,000PRUNCE COMPANY AND SUBSIDIARYConsolidated Balance SheetJanuary 2, 2011AssetsCash ($260,000 + $64,000 $192,000)Accounts ReceivableInventoryPlant and Equipmen
Strayer - ACCT - 401
Exercise 6-7Part A2011(1) Sales450,000Purchases (Cost of Goods Sold)To eliminate intercompany sales(2) Ending Inventory Income Statement (CoGS)12/31 Inventory (Balance Sheet)450,00025,00025,000$150 ,000To eliminate intercompany profit in endi
Strayer - ACCT - 401
Exercise 8-2January 1, 2011Investment in Serbin CompanyCashNote: The $9,333 transfer to paid in capital is handled in consolidation.April 1, 2011Cash220,000220,000260,000Investment in Serbin Company (21,600/72,000) $490,000)Additional Contribut
Strayer - ACCT - 401
EXERCISE112Two examples from the webpage are:September 22, 2009TheTrusteesoftheIASCFoundation,theoversightbodyoftheInternationalAccountingStandardsBoard(IASB),welcomedtodaysstatementbytheMonitoringBoard,agroupofpubliccapitalmarketauthoritiestowhomthe
Strayer - ACCT - 401
Exercise 13-4Part A Consolidated Income and Retained Earnings StatementRevenuesOperating ExpensesNet IncomeRetained Earnings - 1/1DividendsRetained Earnings - 12/31Balance SheetCash and ReceivablesNet Property, Plant, and EquipmentTotalAccount
Strayer - ACCT - 401
Exercise 14-3Revenue TestIndustry segments A and B are reportable segments under this test because their total revenue is 10% ormore of combined total revenue of $366,000. The other segments do not meet this test.Operating Profit TestIndustry segment
Strayer - ACCT - 401
Exercise 15-1Agreed Fair ValuesInvestedby John$100,000CashEquipmentTotal assetsNote payable assumed by partnershipNet assets investedPart A100,000-$100,000Bonus MethodCashEquipmentNote PayableJohn, CapitalJeff, CapitalJane, CapitalPart
Strayer - ACCT - 401
Week #1 HW AssignmentsExercise 1-1Part A Normal earnings for similar firms = ($15,000,000 - $8,800,000) x 15% = $930,000Expected earnings of target:Pretax income of Condominiums, Inc., 2008Subtract: Additional depreciation on building ($960,000 30%)
Strayer - ACCT - 410
UserLatonia WilliamsonSubmittedStatusScoreTimeElapsedInstructions7/10/11 11:06 PMCompleted24 out of 40 points22 minutes out of 50 seconds out of 1 hour.Thisquizconsistof10multiplechoicequestionsandcoversthematerialinChapter1.BesureyouareinCha
University of Phoenix - RES - 320
RES 341 Research and Evaluation IUniversity of Phoenix MaterialStatistical Symbols and Definitions Matching AssignmentMatch the letter of the definition on the right to the appropriate symbol on the left.SymbolsDefinitions.1 (Uppercase Sigma) _B_a.
USF - OCB - 6050
!" #$#%&'#(' )#*+ !"# $%
USF - OCB - 6050
! "#$%&'"& ! " # $ %&'(% '
USF - OCB - 6050
!"" #$ % % &! ' #( ( )*(* +,( ,*!, ((- .)*/( 0
USF - OCB - 6050
! "#$%&'&($)&% '*%&%+,$-.- ///0 /1$/ /2 1 3 42 !
USF - OCB - 6050
!"#$"%& '() *+,- "#. (/-$ 00&#"1#%1 !" #"$% &&& &'& & &&& & &( &( &
USF - OCB - 6050
!"# $ #%!&#" '$#"()*$" #"+, - .. /. !"# 0.$ /1
USF - OCB - 6050
!"#$"%&'(!( !"#$%&'"#$%&' (( ( )(*(+ ,- -(( (--,
USF - OCB - 6050
!"# $ #%&'% $() %&&( *+&( (,)- .(,/0%1 .1 ( ( ( (/02 ") ).1) )/", (. ) 34 , 5 ,/ " ,) 1 (. . / - ) , )-, 647 , 8" " # 9/ " .,
USF - OCB - 6050
Paul A. AndersonEducation Coordinator and LeadAquarist, The Pier AquariumSt. Petersburg, FloridaBachelor of Science Degree, Marine BiologyEckerd CollegePaul Anderson grew up in a small suburb outside Boston,Massachusetts. He graduated from Eckerd C
USF - OCB - 6050
ReferencesReferences:A Citizens Guide To Stormwater Ponds, Southwest Florida Water ManagementDistrictEnvironmental Protection Agency Environmental Education:http:/www.epa.gov/safewaterH2O A Shared Resource, Pinellas County Utilities 1999 Consumer Co
USF - OCB - 6050
TABLE OF CONTENTSTable of ContentsTable of ContentsNeighborhood Water Quality AcknowledgementsNeighborhood Water Quality Packet ContentsHow to Use This Packetpg. 1pg. 3pg. 3pg. 4Unit 1. Neighborhood Water QualityLesson 1- Aquatic EcosystemsAqu
USF - OCB - 6050
VOCABULARYAgricultural pollution- pollution from rural areas where few people liveAlgae- a general term for small, chlorophyll-containing plants such as seaweedor pond scumAmmonia- a colorless, pungent gas composed of nitrogen and hydrogen fromanimal
USF - OCB - 6050
Douglas P. NowacekPostdoctoral Investigator, Woods HoleOceanographic Inst.Postdoctoral Scientist, Mote MarineLaboratoryPh.D. in Biological Oceanography,MIT/Woods Hole Oceanographic InstituteDouglas Nowacek completed his undergraduate studies in Zoo
USF - OCB - 6050
Unit 2. Lesson 1. Introduction toMarine Mammals and AcousticsLesson Objectives: Introduce basic acoustic principles and the movement of sound through air andwater. Students will gain an understanding of the importance of the study of acousticoceanog
USF - OCB - 6050
ACOUSTICAL OCEANOGRAPHYUnit 2. Lesson 2. Sound Productionand ReceptionLesson Objectives: After completing this lesson and the activities, students will be ableto grasp the basic ideas of how sound is generated and how it is interpreted inthe human an
USF - OCB - 6050
ACOUSTICAL OCEANOGRAPHYUnit 2. Lesson 3. Sound Use byMarine MammalsLesson Objectives: Upon completion of this lesson, students will have gained the abilityto: understand the importance of sound to marine mammals. measure frequency, wavelength and th
USF - OCB - 6050
ACOUSTICAL OCEANOGRAPHYUnit 2. Lesson 4. Equipment andSounds People use to Explore theOceansLesson Objectives: Students will gain knowledge and appreciation for research vesselsand equipment found on them.Vocabulary words: satellite, Argos, tether,
USF - OCB - 6050
ACOUSTICAL OCEANOGRAPHYUnit 2. Lesson 5. Noise PollutionObjectives: Upon completion of this unit, students will understand that noise pollution ismore than loud noises. They will also learn what causes hearing damage andthat animals, as well as humans
USF - OCB - 6050
ACOUSTICAL OCEANOGRAPHYUnit 2. Lesson 6. RecordingSounds From Wild Marine MammalsLesson Objectives: Students will gain an understanding of the technology used by researchers to studyunderwater sound. Students might want to explore the internet books
USF - OCB - 6050
REFERENCESReferencesBrekhovskikh, L.M. and Yu P. Lysanov. 1991. Fundamentals of OceanAcoustics. Springer-Verlag, New York, New York. Pp. 270Caruthers, Jerald. 1977. Fundamentals of Marine Acoustics. Elsevier ScientificPublishing Company. pp.153Kaner
USF - OCB - 6050
PROJECT OCEANOGRAPHYSPRING 2000SOUNDS OF THE SEATable of ContentsTable of ContentsHow to Use this PacketFlorida Standards Curriculum AlignmentSounds of the Sea AcknowledgementsSounds of the Sea Packet ContentsShow Hostpg. 39pg. 41pg. 42pg. 43