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Class Ch 3 (P3-27 worksheet)
Course: ACC 3101, Spring 2012School: American University in...
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Statement Revenues Cost Peterson Income of goods sold Gain on bargain purchase Depreciation and amortization Equity earnings in Santiago Net income Statement of Retained Earnings Retained earnings, 1/1 Net income (above) Dividends paid Retained earnings, 12/31 Balance Sheet Current assets Santiago (535,000) 170,000 (100,000) 125,000 (160,000) (500,000) (495,000) 155,000 0 140,000 0 (200,000) (1,500,000)...
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Statement
Revenues
Cost Peterson
Income of goods sold
Gain on bargain purchase
Depreciation and amortization
Equity earnings in Santiago
Net income
Statement of Retained Earnings
Retained earnings, 1/1
Net income (above)
Dividends paid
Retained earnings, 12/31
Balance Sheet
Current assets
Santiago
(535,000)
170,000
(100,000)
125,000
(160,000)
(500,000)
(495,000)
155,000
0
140,000
0
(200,000)
(1,500,000)
(500,000)
200,000
(1,800,000)
(650,000)
(200,000)
50,000
(800,000)
190,000
Consolidation Entries
300,000
40,000
160,000
S
D
1,300,000
100,000
300,000
610,000
2,500,000
200,000
400,000
300,000
1,200,000
(165,000)
(535,000)
(1,800,000)
(2,500,000)
(100,000)
(300,000)
(800,000)
(1,200,000)
D
0
Trademarks
Patented assets
Liabilities
Common technology
Equipment
Total stock
Retained earnings, 12/31 (above)
Total liabilities and equity
50,000
I
S
A
160,000
950,000
240,000
(1,500,000)
(500,000)
200,000
(1,800,000)
490,000
50,000
Investment in Santiago
(1,030,000)
325,000
(100,000)
305,000
0
(500,000)
E
I
650,000
Consolidated
240,000
A
300,000
S
1,440,000
E
40,000
1,440,000
0
300,000
900,000
910,000
2,600,000
(265,000)
(535,000)
(1,800,000)
(2,600,000)
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American University in Bulgaria - ACC - 3101
Chapter 4 exampleAcquisition DateChapter 4 example1/1/2009percent acquiredconsideration given80%$425,000Noncontrolling interestFMV of noncontrol InterestInvestment in Subsidiary AccountAcquisition price (80% interest)Prior Years Chg in R/EPri
American University in Bulgaria - ACC - 3101
1.LO3p. 28When an investor uses the equity method to account for investments in common stock, cashdividends received by the investor from the investee should be recorded asa.A deduction from the investor's share of the investee's profits.b.Dividen
American University in Bulgaria - ACC - 3101
2.LO2Which of the following is the best theoretical justification for consolidated financial statements?a.b.c.d.3.In form the companies are one entity; in substance they are separate.In form the companies are separate; in substance they are one e
American University in Bulgaria - ACC - 3101
Patience Sampah, Kelley Wolff, Kristen Jack1. LO2A company acquires a subsidiary and will prepare consolidated financial statements for externalreporting purposes. For internal reporting purposes, the company has decided to apply the initialvalue meth
American University in Bulgaria - ACC - 3101
Patience Sampah, Kelley Wolff, Kristen JackNote: Problems 1 through 37 assume the use of the acquisition method. Problems 38 through 40assume the use of the purchase method.1. LO1What is a basic premise of the acquisition method regarding accounting f
American University in Bulgaria - ACC - 3101
ACCT 456: CHAPTER 1 NOTESTHE EQUITY METHOD OF ACCOUNTING FOR INVESTMENTSCompanies purchase equity of other companies for a variety of reasons, including, but notlimited to:A. Investing excess cashB. Access to geographic marketsC. Access to inputsTh
American University in Bulgaria - ACC - 3101
ACCT 456: CHAPTER 2 NOTESCONSOLIDATION OF FINANCIAL INFORMATIONConsolidated Financial Statements represent the combining of the financial reports of more thanone company.BUSINESS COMBINATIONSTypes:1.Statutory Merger a.One company purchases the as
American University in Bulgaria - ACC - 3101
ACCT 456: CHAPTER 3 NOTESCONSOLIDATIONS SUBSEQUENT TO THE DATE OF ACQUISITIONObjective of consolidations combine asset, liability, revenue, expense and equity accounts of the consolidated group of companies.IMPORTANT ELEMENTS The parents Investment in
American University in Bulgaria - ACC - 3101
ACCT 456: CHAPTER 4 NOTESCONSOLIDATED FINANCIAL STATEMENTS & OUTSIDE OWNERSHIPOutside ownership exists when the parent company has controlling interest of, but does not own100% of the subsidiarys outstanding stock.The outside interest is termed the no
American University in Bulgaria - ACC - 3101
10900043600 future value9%rate1 no. pay periods$40,000.00 present value
American University in Bulgaria - ACC - 3101
ACCT 456: CHAPTER 4 NOTESCONSOLIDATED FINANCIAL STATEMENTS & OUTSIDE OWNERSHIPOutside ownership exists when the parent company has controlling interest of, but does not own100% of the subsidiarys outstanding stock.The outside interest is termed the no
American University in Bulgaria - ACC - 3101
American University in Bulgaria - ACC - 3101
MenuMenu_idMenu_descriptio Menu_typneEventEvent_idEvent_dateDishDish_idEvent_locatio Event_timneDish_nam Prep_timeeDish_ingrediantDish_i Ing_iddIngrediantIng_i Ing_namdeWork ScheduleStart_tim End_timeeStaffEmp_idE_name
American University in Bulgaria - ACC - 3101
Kristen JackINFS 428 Chp 2 Assignment1/18/2012Exercise 15 b, 15 d, 15 h, 25, 26, 27(a) Only one relationship was drawn directly between Physician and Patient because there isa midway entity, Treatment Detail, to handle the many-to-many situation.(b)
American University in Bulgaria - ACC - 3101
Kristen JackINFS 428 Chp 2 Assignment1/18/2012Exercise 15 b, 15 d, 15 h, 25, 26, 27(a) Only one relationship was drawn directly between Physician and Patient because there isa midway entity, Treatment Detail, to handle the many-to-many situation.(b)
American University in Bulgaria - ACC - 3101
INFS 428January 17, 2012Summary NotesTerms and DefinitionsEntity a thing about which data is collectedAttribute a property or characteristic of interest about an entityRelationship type a meaningful association between/among entity typesData wareho
American University in Bulgaria - ACC - 3101
INFS 428January 17, 2012Summary Notes Chapter 2 Modeling Data in the OrganizationAssociative entity: An entity type that associates the instances of one or more entity types andcontains attributes that are peculiar to the relationship between those en
American University in Bulgaria - ACC - 3101
INFS 428Chapter 3 Summary Data Modeling Extended ERDAttribute inheritance a property by which subtype entities inherit values of all attributes and instances of allrelationships of their supertypeCompleteness constraint - A type of constraint that add
American University in Bulgaria - ACC - 3101
INFS 428Chapter 3Exercise 9, 12, 16, 17, 19, 20
American University in Bulgaria - ACC - 3101
INFS 428 Chapter 4 Problems and ExercisesKristen JackProblem 5(assuming instructor location is their office)Instructor (instructor id, instructor name, instructor location)Student (student no., student name, major)Course (course no., course title)G
American University in Bulgaria - ACC - 3101
0NF - Table1NF - Table is a relation, no repeating fields, keys2NF - nonkey attributes must be determined by (or functionally dependent on) the entire key, no partial dependencies3NF - no transitive dependencies (no A->B->C)
Andrews Univeristy - INFS - 428
MenuMenu_idMenu_descriptio Menu_typneEventEvent_idEvent_dateDishDish_idEvent_locatio Event_timneDish_nam Prep_timeeDish_ingrediantDish_i Ing_iddIngrediantIng_i Ing_namdeWork ScheduleStart_tim End_timeeStaffEmp_idE_name
Andrews Univeristy - INFS - 428
Kristen JackINFS 428 Chp 2 Assignment1/18/2012Exercise 15 b, 15 d, 15 h, 25, 26, 27(a) Only one relationship was drawn directly between Physician and Patient because there isa midway entity, Treatment Detail, to handle the many-to-many situation.(b)
Andrews Univeristy - INFS - 428
Kristen JackINFS 428 Chp 2 Assignment1/18/2012Exercise 15 b, 15 d, 15 h, 25, 26, 27(a) Only one relationship was drawn directly between Physician and Patient because there isa midway entity, Treatment Detail, to handle the many-to-many situation.(b)
Andrews Univeristy - INFS - 428
INFS 428January 17, 2012Summary NotesTerms and DefinitionsEntity a thing about which data is collectedAttribute a property or characteristic of interest about an entityRelationship type a meaningful association between/among entity typesData wareho
Andrews Univeristy - INFS - 428
INFS 428January 17, 2012Summary Notes Chapter 2 Modeling Data in the OrganizationAssociative entity: An entity type that associates the instances of one or more entity types andcontains attributes that are peculiar to the relationship between those en
Andrews Univeristy - INFS - 428
INFS 428Chapter 3 Summary Data Modeling Extended ERDAttribute inheritance a property by which subtype entities inherit values of all attributes and instances of allrelationships of their supertypeCompleteness constraint - A type of constraint that add
Andrews Univeristy - INFS - 428
INFS 428 Chapter 4 Problems and ExercisesKristen JackProblem 5(assuming instructor location is their office)Instructor (instructor id, instructor name, instructor location)Student (student no., student name, major)Course (course no., course title)G
Andrews Univeristy - INFS - 428
0NF - Table1NF - Table is a relation, no repeating fields, keys2NF - nonkey attributes must be determined by (or functionally dependent on) the entire key, no partial dependencies3NF - no transitive dependencies (no A->B->C)
Andrews Univeristy - ACCT - 467
ACCT 467Chp 2 Probs 39, 40Kristen Jack1/22/20122-3935% Federal Income Tax BracketGross Income = $295,000Ordinary Trade or Business Deduction = $135,000(A) Proprietorship, Withdrawal = 70,000 (personal use)Tax Liability = (295,000 135,000) *35%=
Andrews Univeristy - ACCT - 467
ACCT 467Chp 2 Probs 57, 58, 60Kristen Jack1/24/20122-57Purple Corporation: Taxable Income = 45,000Tax Liability = 15% * 45,000= $6,750Azul Corporation: Taxable Income = 310,000Tax Liability = 22,250 + 39% * 310,000= $143,150Pink Corporation: Ta
Andrews Univeristy - ACCT - 467
ACCT 467Chp 3 Probs 32, 433-32Taxable Income = 11,000,000Tax Savings from max DPADKristen Jack1/29/2012= 11,000,000 * .09 * 35%= $346,5003-43Purple: Cost = 800, Sold = 1,200Scarlet: Cost = 1,200, Expense = 300, Sold = 1,600(a) DPGRPurple = $1
Andrews Univeristy - ACCT - 467
ACCT 467Chapter 3 Problems 47, 49, 53Kristen Jack1/29/20123-47Taxable Income = 4,000,000Depreciation on realty in excess of ADS (placed in service in 1989) = 1,700,000Excess intangible drilling costs = 500,000 (tax preference)% depletion in excess
Andrews Univeristy - ACCT - 467
ACCT 467Chapter 4 Problem 264-26(a) Sams Realized Gain= FMV of Stock Received + Boot Received - Basis to Transferor= (30 * 3,000) + 7,000 30,000= 67,000Sams Recognized Gain = Lesser of Boot Received or Realized Gain= $7,000(b) Sams Basis in Pine
Andrews Univeristy - ACCT - 467
ACCT 467Chapter 4 Problem 50Kristen Jack2/7/2012Tax Basis of Assets = $50,000Fair Market Value = $600,000Frank Loan = $150,000 (8% * 150,000 = 12,000)Cora Loan = $150,000Interest = 8% per annumMitch Lease Equipment Rental = $12,000 yearlyThe ren
Andrews Univeristy - ACCT - 467
ACCT 467Chapter 5 Problem 26Land basis = 300,000Note = 900,000 (5 installments, 1st next year)Gain = 600,000 (not taxed this year)Accumulated E & P Deficit = (400,000)E & P before land sale = (100,000)Robert Basis of Stock = 150,000Distribution to
Andrews Univeristy - ACCT - 467
ACCT 467Chapter 5 Problem 39Property Basis = 250,000Property Fair Market Value = 300,000Liability = 400,000 (shareholder assumes)E & P = 650,000 (before distribution)(a) Gain= Liability - Basis= 400,000 250,000= $150,000E&P= Beginning E & P + G
Andrews Univeristy - ACCT - 467
ACCT 467Chapter 6 Problem 38Kristen Jack2/21/2012E&P = $1,900,000Distribution (Property) Basis = $180,000FMV = $250,000Grace (shareholder) 28%(a) Grace Taxable Dividend & Basis in Property = FMV = $250,000Teal Taxable Gain = FMV Basis = 250,000 1
Andrews Univeristy - ACCT - 467
Answers to problems exercises that you may want to do.25.a.Capon reports taxable income of $1,380,000.b.Capon Corporations E & P as of December 31 is $2,240,000Consult pp. 5-3 and 5-4. Make sure you understand how it is calculated.26.This is your
Andrews Univeristy - ACCT - 467
330,000 Taxable income(112,000) Federal income tax liability paid5,000 Tax- exempt interest income (1,500) Meals and entertainment expenses (total) 1/2 was disallowed(3,500) Premiums paid on key employee life insurance700 Increase in cash surrender v
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N. GREGORY MANKIWs 10 PRINCIPLES OF ECONOMICSAlthough the study of economics has many facets, the field is unified by several central ideas.The Ten Principles of Economics offer an overview of what economics is all about.1. People Face Tradeoffs.To ge
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