Running head: HOMEWORK
Week 2 Homework
March 13, 2014
1. In two to three paragraphs, describe the Sarbanes-Oxley Act and why it is
important to the accounting profession.
The Sarbanes-Oxley Act was passed by U.
Required: Identify each of the following as either a direct or indirect
Material used in production
Salary of manufacturing supervisor
Wages of manufacturing worker
Direct or Indirect?
Required: Express each income statement component as a percentage of
sales, and comment on the trends in each line from 2012 to 2013.
100% $ 1,200,000
45% $ 600,000
Cost of g
Required: Identify the financial statement on which each of
the following items appears by making an X in the appropriate
column. The first one is done for you!
(15 points total, 1 point each)
Consideration transferred by Adams
Noncontrolling interest fair value
Acquisition date total fair value
Book value of Barstow
Excess fair value over book value
Budget lunch 11.36 x 3 days
Budget dinner 18.18 x 3 days
One bottle of wine x 3 days
Paris bus tour
Siene river cruise
Palace of Versailles
Conversion Rate as
PECOS COMPANY AND SUARO COMPANY
Consolidated Information Worksheet
December 31, 2013, trial balances
Goodwill impairment loss
Income of Suaro
Retained earningsPecos, 1/1
June 5, 2016
Team Members: Sadie, Meredith, Jacquelyn & Jennifer
Alternative Investment Accounting Methods
Pecos trial balance and final consolidation figures change dependent on the investment
accounting method in pla
Week 4 Homework
May 23, 2016
What is a basic premise of the acquisition method regarding accounting for noncontrolling interest?
C A subsidiary is an indivisible part of a business combination and sho
Homework Week 7
June 12, 2016
Which of the following is not a reason for the popularity of partnerships as a legal form for
B. Partnerships can more easily generate significant amounts of cap
What is a statutory merger?
Answer: A business combination in which only one company continues to exist as a legal entity.
FASB ASC 805, Business Combinations, provid
EASTMAN KODAK COMPANY
2014 Financial Records and Analysis
An analysis of the 2014 financial records of the Eastman Kodak Company in the first full year of
their emergence from bankruptcy.
TABLE OF CONTE
In preparation for developing its statement of cash flows for the eyar ending December 31, 2013, Millennium Solutions, Inc
collected the following information ($ in millions)
Payment for the early extinguishments of
long-term notes (book value: $50 millio
During the first year of operations, Eastern Data Links Corporation entered into the following transactions
relating to shareholders equity. The articles of incorporation authorized the issue of 8 million common shares,
$1 per share, and 1 million preferr
Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industri
Additional information from the accounting recrds of Metagrobolize also is provided.
Comparative Balance Sh
The following data relate to Voltaire Company's defined pension plan:
Plan assets at fair value, January 1
Expected return on plan assets
Actual return on plan assets
Contributions to the pension fund (end of year)
Amortization of net loss
Question: Ayres Services acquired an asset for $80 million in 2013. The asset is depreciated for financial reporting purposes
over four years on a straight-line bases (no residual value). For tax purposes the asset's cost is depreciated by MACRS.
During 2011 and 2012, Batali Foods used the FIFO inventory costing method for both financial reporting and tax purposes.
At the beginning of 2013, Batali decided to change to the average method for both financial reporting and tax purposes.
The following selected transactions relate to liabilities of United Insulation Corporation. Uniteds fiscal year ends on Decem
Prepare the appropriate journal entries through the maturity of each liability.
Negotiated a revolving credit agreem
On March 1, 2013, Beldon Corporation purchased land as a factory site for $60,000.
An old building on the property was demolished, and construction began on a new building that was completed on December
Costs incurred during this period are listed below:
Determine the price of a $1 million bond issue under each of the following independent assumptions:
1 10 years
2 10 years
3 10 years
4 20 years
5 20 years
1. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2013
Investment in bonds
Discont on bond investment
2. Prepare the journal entry by Tanner-UNF to record interest on Dec
On January 1, 2013, the Excel Delivery Company purchased a delivery van for $33,000. At the end of its five-year service life,
it is estimated that the van will be worth $3,000. During the five-year period, the company expects to drive the van 100,000 m
Freitas Corporation was organized early in 2013. The following expenditures were made during
the first few months of the year:
Attorneys' fees in connection with the organzation of the corporation
State filing fees and other incorporation costs
Best Buy Inc.
A FINANCIAL ANALYSIS
TABLE OF CONTENTS
Plant, Property & Equipment
Gift Card Liability & Breakage
Long Term Liabilities
G. Analyze the account balances for accounts receivable, inventory, and
short/current long-term debt. Describe any observations about those accounts and
discuss additional information you want to consider during the current year audit.
Statement of cash flows
To suppliers of goods
For operating expenses
Net cash flows
c) Salaries expen
ACCT346 Weekly Assignment
Directions: Your assignment this week is to answer the question below which has fo
Please show your work for full credit and use the boxes provided. Please add more
columns to the box if needed.