SOLUTIONS TO EXERCISES
EXERCISE 15-1 (15-20 minutes)
(a) Jan. 10
Cash (80,000 X $6).
Common Stock (80,000 X $5).
Paid-in Capital in Excess of Par.
Common Stock (5,000 X $5).
Bucks Dilemma: Gross or Net?
Solution 1 Classification with the Statement of Cash Flows
Buck should present the borrowing and payment activity as a cash flow from financing activities.
ASC 230-10-45-14 states that proceeds from issuing bonds, mortgages, n
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Description / Instructions: Choose the best possible answer to each of the following questions. The quiz is due at
11:59 PM on Tuesday, July 1, 2014. If the assignment is completed after the due date and time, you can earn 70%
of the credit.
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January 26, 2014
Identify whether the following meets the criteria of an extraordinary items according to
1. A large portion of a tobacco manufacturer's crops are destroyed by a hail storm. Severe
damage from hail storms in the locality where the
Lack of Information (LOI) has 25 warehouses which contain asbestos. LOI has chosen not to
recognize an asset retirement obligation for any of the warehouses. There are three different sets
of facts as to why LOI is not recognizing an obligation. For each
ACCOUNTING FOR PENSIONS
AND POSTRETIREMENT BENEFITS
IFRS questions are available at the end of this chapter.
On January 5, 2010, Phelps Corporation received a charter granting the right to issue
5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and
50,000 shares of $10 par value common stock. It then completed these transactions
Operational Worksheet Outline
It is 7-Elevens desire to select the best-qualified candidate for every franchise. The
submission of and subsequent review of this operational worksheet is a vital and integral
part of the basic 7-Eleven franchise qualificati
Accounting for Income Taxes
Overview Accounting for income taxes involves both intraperiod and interperiod tax allocation.
Intraperiod allocation matches a portion of the provision for income tax to the applicable
components of net income and retained
ANSWERS TO QUESTIONS
Current liabilities are obligations whose liquidation is reasonably expected to require use of
existing resources properly classified as current assets or the creation of other current liabilities.
Long-term debt consists of all li
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Also, I see where a lease under one year is exempt from these rules, so what do you do about a month-tomonth lease that has been in effect for years? Technically it is under one year so it is exempt. Realistically
this lease covers
but not simple
While the Boards continue to consider
all feedback from constituents
and make changes to their original
proposals, companies are beginning to
ACCT 820 Spring 14 Final Exam
1) Discuss the possible problems associated with foreign currency financial statement
translation when utilizing either the current method or temporal method
In today's global economy, many companies have invested in ope
Mercedez Benz Case:
What is the competitive environment faced by MB?
Ans; Mercedes Benz is a world know Luxury car brand. Their main competitors are BMW,
Lexus, Acura, Audi etc. At that time, not many of their luxury brand competitors were into AAV
Plant overhead rate= Total plant overhead cost/ Total direct labor hours
= ($122,000/2400+1440+720+320) =$25 per direct labor hour
Calculation of gross margin per unit of product
PINNACLE MANUFACTURING AUDIT - PART III
CONTROL RISK MATRIX - ACQUISITIONS
RELATED AUDIT acquisitions
OBJECTIVES are for goods transactions
The accounts prepared at foreign countries using foreign currencies are usually restated
into the parent countrys reporting currency. During this process of translation, the two main
issues that arise are: selection of appropriat
Case 2: Hanson and ICI (United Kingdom)
In May 1991, Hanson, the United Kingdoms most notoriously acquisitive corporation,
purchased a 2.8 percent stake in ICI, the United Kingdoms largest manufacturer and the worlds
fourth-largest chemical corporation. A
a decision that's likely to disappoint regulators and accounting experts who fear partial
endorsement of IAS 39 would mean the European Union is setting up its own accounting
standards rather than adopting internationally agreed rules. Some Commission sou
SOLUTIONS TO EXERCISES
EXERCISE 14-1 (15-20 minutes)
(a)Valuation account relating to the long-term liability, bonds payable
(sometimes referred to as an adjunct account). The $3,000 would
continue to be reported as long-term.
(b)Current liability if curr
A defined pension plan always outlines the benefits it can give to employees in future and
how much and what they will receive when they retire. The benefits under the pension plans are
based on employees tenure of service and wage or salary
Comment Letter No. 45A
~Rim Capital, Inc~
More Than Leasing, Leading'"
September 13, 2013
Mr. Russell Golden
Financial Accounting Standards Board
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116
Mr. Hans Hoogervorst