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
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
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
Extraordinary and Unusual items
Other Presentation Matters
Extraordinary items are events and transactions that are distinguished by their
unusual nature and by the infrequency of their occurrence. Thus, both of the
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
but not simple
While the Boards continue to consider
all feedback from constituents
and make changes to their original
proposals, companies are beginning to
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
Preparing for global
lease accounting standards
Implications for the real estate industry
Preparing for global
lease accounting standards
examines the status of the
proposed lease accounting
standards and offers real
estate executives perceptions
on lease accounting
How the new proposal
could change your
There are many valid business reasons to lease,
and most companies lease assets. The new
proposal could have a significant impact on your
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
A. Discuss the possible problems associated with foreign currency financial statement
translation when utilizing either the current method or temporal method.
The following information will be used for questions 1-6. Assume that Lewis
Costs in the following items are relevant to Polleys decision: 1, 2, 3, 4, 5, 7, 9, 10, and
13. Item 6 is not relevant because it is a sunk cost, and items 8, 11, and 12 are not
relevant because the costs do not differ across the two options.
Admin, Sales and Shipping
Manu - Fab & Assem
Manu - Other
Midwest Office Products
Midwest Office Products Philip Larson
1) Based on the interviews and data in the case, estimate:
a. The cost of processing cartons through the facility
The only two costs of processing cartons through the facility are i) w
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
Share based compensation and goodwill impairment have been one of the most debated issues
in accounting policies and procedures . They have been widely debated and after a series of
concerted efforts by the FASB and the IASB broad guidelines
This was the latest data I could find on Black students graduation rates.
In 201011, most of the 46,000 degrees conferred by HBCUs were bachelors degrees (71 percent) and masters
degrees (16 percent)(source) . Blacks earned 85 percent of the 33,000 bachel