1 Prescott Company buys 70 of Sound Inc on January 1 202.pdf
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1. Prescott Company buys 70% of Sound Inc. on January 1, 2022. At the date of acquisition, it is determined that Sound has unrecorded patent with fair value of $30,000, an estimated life of 8 years and straight-line amortization. On the consolidated balance sheet at December 31, 2023, at what value is the patent reported? a. $21,000 b. $18,750 c. $26,250 d. $22,500 2. On consolidated financial statements, where does the parents equity in the net income of the subsidiary account appear? a. On the consolidated income statement, as a deduction from income b. On the consolidated income statement, as a revenue c. Does not appear on the consolidated financial statements d. On the consolidated balance sheet, as an equity 3. On January 1, 2022, Paulson Corporation purchased 65% of the outstanding common stock of Sun Company, which became a subsidiary of Paulson. No goodwill was reported on this acquisition. Differences between book value and fair value of the net identifiable assets of Sun Company on January 1, 2022, were limited to the following: Book value Fair value Inventories (FIFO) $ 19,000 $ 18,500 Building (net) [remaining life: 5 years; straight-line depreciation; no salvage value] 45,000 40,000 Suns cost of goods sold was $38,000 in 2022. Sun reported an income of 20,000 in 2023. The noncontrolling interest in net income for the year ended December 31, 2023 (second year after business combination) was a. $7,350 b. $7,175 c. $6,825 d. $6,650 4. On January 1, 2023, Pantop Corporation acquired 85% of the outstanding common stock of Song Company for $578,000. There was no control premium. The following information about Song Company on January 1, 2023 was available: Book value Fair value Cash 193,000 193,000 Inventory 40,000 39,400 Building 180,000 200,000 Total 413,000 432,400 Accounts Payable 3,000 3,000 Common Stock 200,000 Add. Paid-in Capital 110,000 Retained Earnings 100,000 Total 413,000 Pantop uses the complete equity method to account for its investment in Song. During 2023, Song had a net income of $72,000. The remaining useful life of the building was five years with no salvage value. Song uses straight line depreciation. Songs cost of goods sold (FIFO) was $50,000 in 2023. On December 23, 2023, Song declared and paid $48,000 cash dividend to its shareholders. Goodwill was unimpaired as of December 31, 2023. (i) Prepare journal entries for Pantop to record under the complete equity method of accounting the operating results of Song in 2023. (ii) Prepare the working paper eliminating entries C, E, R, O and N (in journal entry format) for Pantop Corporation and subsidiary for the year ended December 31, 2023..
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![1. Prescott Company buys 70% of Sound Inc. on January 1, 2022. At the date of acquisition, it is
determined that Sound has unrecorded patent with fair value of $30,000, an estimated life of 8
years and straight-line amortization. On the consolidated balance sheet at December 31, 2023, at
what value is the patent reported? a. $21,000 b. $18,750 c. $26,250 d. $22,500
2. On consolidated financial statements, where does the parents equity in the net income of the
subsidiary account appear? a. On the consolidated income statement, as a deduction from income
b. On the consolidated income statement, as a revenue c. Does not appear on the consolidated
financial statements d. On the consolidated balance sheet, as an equity
3. On January 1, 2022, Paulson Corporation purchased 65% of the outstanding common stock of
Sun Company, which became a subsidiary of Paulson. No goodwill was reported on this
acquisition. Differences between book value and fair value of the net identifiable assets of Sun
Company on January 1, 2022, were limited to the following: Book value Fair value Inventories
(FIFO) $ 19,000 $ 18,500 Building (net) [remaining life: 5 years; straight-line depreciation; no
salvage value] 45,000 40,000 Suns cost of goods sold was $38,000 in 2022. Sun reported an
income of 20,000 in 2023. The noncontrolling interest in net income for the year ended December
31, 2023 (second year after business combination) was a. $7,350 b. $7,175 c. $6,825 d. $6,650
4. On January 1, 2023, Pantop Corporation acquired 85% of the outstanding common stock of
Song Company for $578,000. There was no control premium. The following information about
Song Company on January 1, 2023 was available: Book value Fair value Cash 193,000 193,000
Inventory 40,000 39,400 Building 180,000 200,000 Total 413,000 432,400 Accounts Payable
3,000 3,000 Common Stock 200,000 Add. Paid-in Capital 110,000 Retained Earnings 100,000
Total 413,000 Pantop uses the complete equity method to account for its investment in Song.
During 2023, Song had a net income of $72,000. The remaining useful life of the building was five
years with no salvage value. Song uses straight line depreciation. Songs cost of goods sold
(FIFO) was $50,000 in 2023. On December 23, 2023, Song declared and paid $48,000 cash
dividend to its shareholders. Goodwill was unimpaired as of December 31, 2023. (i) Prepare
journal entries for Pantop to record under the complete equity method of accounting the operating
results of Song in 2023. (ii) Prepare the working paper eliminating entries C, E, R, O and N (in
journal entry format) for Pantop Corporation and subsidiary for the year ended December 31,
2023.](https://image.slidesharecdn.com/1prescottcompanybuys70ofsoundinconjanuary1202-230320111338-dde7276b/85/1-Prescott-Company-buys-70-of-Sound-Inc-on-January-1-202-pdf-1-320.jpg)
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Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
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6. Weighted average shares outstanding.
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ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
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1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
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Jan. 15 Issued 500,000 shares of stock at $11 per share.
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March 1 Purchased 12,000 shares at $18 per share.
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Journalize the treasury stock transactions for 2013.
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Cl0; Introduction to Computers; Assignment 4 Rubric
CATEGORY Exemplary Satisfactory Unsatisfactory Unacceptable
Justificalion:20 20 points: Three or 13 points: Two items 6 points: One item in o points: None of the
points more items in the in the proposal the proposal includes 'items in the proposalproposal include an include an an expIanaIion of why incJude an explanation
explanation of why explanation of why that particular choice of why that particular
that particular choice that particular choice wasmade_ choice was made.
wasmade._ was made.
Quality of 20 points: 13 points: Information 6 points: Information o points: Information
Infonnation: 20 Information clearly clearty relates to the clear1yrelates to the had little or nothing to 'relates to the main main topic. It main topic.. Supporting do with the main topic.
points topic. It includes includes one or two details and/or
three or more items items with supporting examples are not
with supporting details andfor incJlided_
I
details andfor examples_
examples.
Accuracy: 20 20 points: All of the 13 points:. Most ofthe 6 points: Some of the o points: None or
points technical technical technical ,~ almost none of thedescriptions and descriptions and and details are technical descriptions
details are described details are described described accurately and details are
accurately and accurately and and match tDday\'s described accurateJy
match today\'s match today\'s available technology. and match today\'s I
available technology.. available technology- available technology.
Format: 10 10 points: The 7 points: The 4 points: The proposal o points: The proposal I
points proposal covers aD proposal covers 3 or covers 1or 2 of the covers none of the Iof the five 4 of the five five requirements five requirements I
requirements requirements requested by the requested by the
requested by the requested by the Custol1lelC (Budget, customer. (Budget.
I
customer. (Budget. customer. (Budget, Security, HardWare, Seclriy, I-fardware.
Security, Hardware, Sea.riy, Hardware, OS, Mobile OS, Mobile
OS, Mobile OS,Mobile Computing) Computing)
Computing) Computing)
Mechanics: 10 10 points: No 7 points: One to two 4 points: Three to four o points: FIVeor more
points grammatical, grammalical,. grammatical, spelling, grammatic-aJ. spelling,spelling. spacing, spelling. spacing. spacing, capilalizalion spacing" capiIaization I
capitalization or capitalization or or punctuation errors. or punctuation errors. I
_ punctuation errors. punctuation errors. I
Acronyms: 10 10 points: All of the 7 points: Most of the 4 points: Some of the o poin1s: None of the
points acronyms. acronyms, acronyms, acronyms,abbreviations or abbreviations or abbreviations or abbreViations or
I
technical terms are technical terms are technical terms are technical terms are
either spelled out or either speIed out or either spefled out or either spelled out or
explained in a way explained in a way explained in a way explained in a ...
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Chapter 1
1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
a. Building, Decrease; Land, No Effect
b. Building, Decrease; Land, Decrease
c. Building, Increase; Land, Increase
d. Building, Increase; Land, No Effect
2. On January 2, 2020, Campbell, Inc. purchased a 20% interest in Renner Corp. for $2,000,000 cash. During 2020, Renner's net income was $2,500,000 and it paid dividends of $750,000.
Equity Investment balance should Campbell report at December 31, 2020?
a. $2,500,000
b. $ 500,000
c. $2,350,000
d. $2,150,000
3. On December 31, 2020, Park Inc. paid $500,000 for all of the common stock of Smith Corp. On that date, Smith had assets and liabilities with book values of $400,000 and $100,000; and fair values of $450,000 and $125,000, respectively.
What amount of goodwill will be reported on the December 31, 2020 balance sheet?
a. $ 50,000
b. $100,000
c. $200,000
d. $175,000
4. Francis, Inc. acquired 40% of Park's voting stock on January 1, 2020 for $420,000. During 2020, Park earned $120,000 and paid dividends of $60,000. During 2021, Park earned $160,000 and paid dividends of $50,000 on April 1 and $40,000 on December 1. On July 1, 2021, Francis sold half of its stock in Park for $275,000 cash.
The Equity Investment balance at December 31, 2020 is:
a. $420,000
b. $444,000
c. $408,000
d. $492,000
5. On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker's Equity Investment account was $820,000 at December 31, 2020. Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.
How much did Cracker pay for its 40% interest in Dallas?
a. $680,000
b. $500,000
c. $560,000
d. $760,000
Chapter 2
The following three Questions are based on the following set of facts.
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1. Kayak Co. budgeted the following cash receipts (excluding cash .docx
1. Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year.
Cash
Receipts
Cash
Disbursements
January
$
518,000
$
485,000
February
412,500
358,000
March
462,000
532,000
According to a credit agreement with the company’s bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays principal on the loan with available cash on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1.
Prepare monthly cash budgets for each of the first three months of next year. (Amounts to be deducted should be indicated by a minus sign.)
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Sales (Units)
Purchases (Units)
July
160,000
194,000
August
330,000
324,000
September
300,000
278,000
3. Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31.
a.
Beginning cash balance on July 1: $64,000.
b.
Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,750,000; June (actual), $1,480,000; and July (budgeted), $1,540,000.
c.
Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual), $570,000; and July (budgeted), $450,000.
d.
Budgeted cash disbursements for salaries in July: $220,000.
e.
Budgeted depreciation expense for July: $15,000.
f.
Other cash expenses budgeted for July: $110,000.
g.
Accrued income taxes due in July: $90,000.
h.
Bank loan interest due in July: $8,500
1. Calculation of cash receipts from sales collected in May, June, July, July 31 Accounts Rec.
2. Calculation of cash payments for merchandise paid in June, July, July 31 Accounts Rec
4. Following information relates to Acco Co.
a.
Beginning cash balance on July 1: $40,000.
b.
Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). S ...
1.Kayak Co. budgeted the following cash receipts (excluding cash.docx
1.
Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year.
Cash
Receipts
Cash
Disbursements
January
$
518,000
$
485,000
February
412,500
358,000
March
462,000
532,000
According to a credit agreement with the company’s bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays principal on the loan with available cash on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1.
Prepare monthly cash budgets for each of the first three months of next year.
(Amounts to be deducted should be indicated by a minus sign.)
2.
Walker Company prepares monthly budgets. The current budget plans for a September ending inventory of 38,000 units. Company policy is to end each month with merchandise inventory equal to a specified percent of budgeted sales for the following month. Budgeted sales and merchandise purchases for the next three months follow.
Sales (Units)
Purchases (Units)
July
160,000
194,000
August
330,000
324,000
September
300,000
278,000
3.
3.
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31
.
a.
Beginning cash balance on July 1: $64,000.
b.
Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,750,000; June (actual), $1,480,000; and July (budgeted), $1,540,000.
c.
Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual), $570,000; and July (budgeted), $450,000.
d.
Budgeted cash disbursements for salaries in July: $220,000.
e.
Budgeted depreciation expense for July: $15,000.
f.
Other cash expenses budgeted for July: $110,000.
g.
Accrued income taxes due in July: $90,000.
h.
Bank loan interest due in July: $8,500
1.
Calculation of cash receipts from sales collected in
May, June, July, July 31 Accounts Rec.
2.
Calculation of cash payments for merchandise paid in June, July, July 31 Accounts Rec
4.
4.
Following information relates to Acco Co.
a.
Beginning cash balance on July 1: $40,000.
b.
Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are neglig.
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Week 5 Final Exam
CPA Question 01
CPA Question 02
CPA Question 05
Question 29
Brief Exercise 15-4
Exercise 15-1
CPA Question 04
CPA Question 06
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Exercise 22-19
A partial trial balance of Bramble Corporation is as follows on December 31, 2018.
Dr.
Cr.
Supplies
$2,600
Salaries and wages payable
$1,500
Interest Receivable
1.Isaac Inc. began operations in January 2013. For certain of it.docx
1.
Isaac Inc. began operations in January 2013. For certain of its property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments.
In 2013, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows:
Assume that Isaac has a 30% income tax rate and that there were no other differences in income for financial statement and tax purposes.
Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2013 balance sheet?
2.
Beresford Inc. purchased several investment securities during 2012, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent.
What balance sheet amount would Beresford report for its total investment securities at 12/31/2012?
3. Hutton Construction specializes in the construction of commercial and industrial buildings. The contractor is experienced in bidding long-term construction projects of this type, with the typical project lasting fifteen to twenty-four months. The contractor uses the percentage-of-completion method of revenue recognition since, given the characteristics of the contractor's business and contracts, it is the most appropriate method. Progress toward completion is measured on a cost to cost basis. Hutton began work on a lump-sum contract at the beginning of 2014. As bid, the statistics were as follows:
Lump-sum price (contract price)
$4,000,000
Estimated costs
Labor
$ 850,000
Materials and subcontractor
1,750,000
Indirect costs
400,000
3,000,000
$1,000,000
At the end of the first year, the following was the status of the contract:
Billings to date
$2,230,000
Costs incurred to date
Labor
$ 464,000
Materials and subcontractor
1,098,000
Indirect costs
193,000
1,755,000
Latest forecast total cost
3,000,000
It should be noted that included in the above costs incurred to date were standard electrical and mechanical materials stored on the job site, but not yet installed, costing $105,000. These costs should not be considered in the costs incurred to date.
Instructions
(a)
Compute the percentage of completion on the contract at the end of 2014.
(b)
Indicate the amount of gross profit that would be reported on this contract at the end of 2014.
(c)
Make the journal entry to record the income (loss) for 2014 on Hutton’s books.
4. Computation of selected ratios.
The following data is given:
December 31,
2013
2012
Cash
$ 66,000
$ 50,000
Accounts receivable (net)
68,000
60,000
Inventories
90,000
110,000
Plant assets (net)
383,000
325,000
Accounts payable
57,000
40,000
Salaries and wages payable
10,000
5,000
Bonds payable
70,000
70,000
10% Preferred stock, $40 par
100,000
100,000
Common stock, ...
1. IFRS 10 - Consolidated Financial Statements sets out the requirem.pdf
1. IFRS 10 - Consolidated Financial Statements sets out the requirements for the consolidation of
entities under the control of the reporting entity. In which of the following scenarios is control
deemed to exist according to IFRS 10?
(i) The reporting entity owns 40% of the voting equity in Mafuta Ltd. and has the right to
appoint six directors to the board of ten.
(ii) The reporting entity owns 60% of the voting equity in Maziwa Ltd., and appoints only four
directors to the board of ten.
a.
(ii) only
b.
Neither (i) nor (ii).
c.
(i) only
d.
Both (i) and (ii)
2. In the long run, a business must generate positive net cash flow from which of the following
activities, if it is to survive?
a.
Investing activities.
b.
None of them is more important than the other
c.
Financing activities.
d.
Non cash activities
e.
Operating activities
3.
Which of the following statements are correct when preparing consolidated financial
statements?
A subsidiary cannot be consolidated unless it prepares financial statements to the same reporting
date as the parent.
A subsidiary with a different reporting date may prepare additional statements up to the group
reporting date for consolidation purposes.
A subsidiary's financial statements can be included in the consolidation if the gap between the
parent and subsidiary reporting dates is five months or less.
Where a subsidiary's financial statements are drawn up to a different reporting date from those of
the parent, adjustments should be made for significant transactions or events occurring between
the two reporting dates.
a.
1 & 3 only
b.
1 & 2
c.
4 only
d.
2& 4
e.
1 & 4
f.
None of them
g.
All of them
h.
2 only
i.
3 only
j.
2 & 3
k.
1 only
4. Pamela acquired 80% of the share capital of Samantha on 1 January 2017. Part of the purchase
consideration was $200,000 cash to be paid on 1 January 2020. The applicable cost of capital is
10%.
What will the deferred consideration liability be at 31 December 2018?
a.
$200,000
b.
$181,818
c.
$165,288
d.
$150,262
5. Alpha paid N$ 300 000 on 1 January 2010 to acquire 80% of Beta. On that date Beta had in
issue one hundred thousand ordinary shares of N$1 each issued at N$1.20, but quoted on this
date at N$1.45. identify the goodwill in Beta in each of the following alternative situations
(b) on 1 Januray 2010 Beta's retained earnings were N$ 60 000 and the fair value of their
identifiable assets were N$ 80 000 more than their book value,
Select one:
a.
75 000
b.
169 000
c.
69 000
d.
60 000
6. Lang Ltd. acquired 100% of Linford Ltd. through a direct exchange. In the exchange, Lang
issued $7,500,000 in shares to Linford. What journal entry must Linford record to reflect the
exchange?
Select one:
a.
DR Cash 7,500,000 CR Retained earnings 7,500,000
b.
No journal entry is required
c.
DR Common shares 7,500,000 CR Retained earnings 7,500,000
d.
DR Cash 7,500,000 CR Common shares 7,500,000
7. Crash acquired 70% of Bangi's 100,000 N$1 ordinary shares for N$800,000 when the retained
earnings.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
Financial Accounting Basic BackgroundTOPIC C - posted Thursda.docx
Financial Accounting: Basic Background
TOPIC C - posted Thursday Let's practice the Accounting Equation: A = L +OE
1. At the beginning of 2019, ABC Co.'s assets were $410,000 and its owner's equity was $170,000. During the year, assets increased by $40,000 and liabilities decreased by $15,000. What is the owner's equity at the end of 2019?
2. Jake began the year with $500,000 in assets and $300,000 in liabilities. Net Income for the year was $150,000 and dividends declared by the board of directors was $25,000. Assuming no change in Liabilities, what were total assets at yearend?
3. Doughnuts Coffee Shop has current assets of $280 million; property, plant, and equipment of $430 million; and other assets totaling $170 million. Current liabilities are $170 million and long-term liabilities total $300 million. Use these data to write Doughnuts’ accounting equation.
4. Diamond, Inc. began the year with total liabilities of $95,000 and total stockholders’ equity of $35,000. During the year, total assets increased by 5%. How much are total assets at the end of the year?
5. North West Airlines Ltd. began the year with total assets of $100,000 and total liabilities of $52,000. Net income for the year was $27,000, and dividends were zero. How much is stockholders’ equity at the end of the year
6. Hobo Doughnuts has current assets of $270 million; property, plant, and equipment of $400 million; and other assets totaling $160 million. Current liabilities are $160 million and long-term liabilities total $340 million.
a) Use this data to write Hobo accounting equation.
b) How much in resources does Hobo have to work with?
c) How much does Hobo owe creditors?
d) How much of the company’s assets do the Hobo stockholders actually own?
7.
Prepare the balance sheet of Mary Burke Banking Company at August 31, 2019
Total revenue31.4Investment assets.169.3Receivables 0.9Property and equipment1.6Current liabilities155.4Other expenses6.6Common stock14.2Retained earnings, beginning9.3Interest expense 0.1Retained earnings, ending ? Salary expenses17.4Cash 2.8Long-term liabilities 2.6Other assets14.2
.
On January 1 2020 Mcllroy Inc acquired a 60 percent int.pdf
On January 1, 2020, Mcllroy, Inc., acquired a 60 percent interest in the common stock of Stinson,
Inc., for $327,000. Stinson's book value on that date consisted of common stock of $100,000 and
retained earnings of $193,400. Also, the acquisition-date fair value of the 40 percent
noncontrolling interest was $218,000. The subsidiary held patents (with a 10 -year remaining life)
that were undervalued within the company's accounting records by $72,700 and an unrecorded
customer list (15-year remaining life) assessed at a $48,600 fair value. Any remaining excess
acquisition-date fair value was assigned to goodwill. Since acquisition, Mcllroy has applied the
equity method to its Investment in Stinson account and no goodwill impairment has occurred. At
year-end, there are no intra-entity payables or receivables. Intra-entity inventory sales between the
two companies have been made as follows: The individual financial statements for these two
companies as of December 31, 2021, and the year then ended follow: (Note: Parentheses indicate
a credit balance.) a. Show how Mcllroy determined the $385,338 Investment in Stinson account
balance. Assume that Mcllroy defers 100 percent of downstream intra-entity profits against its
share of Stinson's income. b. Prepare a consolidated worksheet to determine appropriate
balances for external financial reporting as of December 31,2021 .Complete this question by
entering your answers in the tabs below. Show how McIlroy determined the $385,338 Investment
in Stinson account balance. Assume that McIlroy defers 100 percent of downstream intra-entity
profits against its share of Stinson's income. (Amounts to be deducted should be indicated with a
minus sign.).
Sun Corporation received a charter that authorized the issuance of 118.pdf
Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par
common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun
Corporation completed the following transactions during its first two years of operation: Year 1
Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of
the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon
stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid
$235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares
of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record
on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1.
Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased
600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year,
earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared
the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock.
Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare
the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the
balance sheet at December 31, Year 2. Complete this question by entering your answers in the
tabs below..
1 Los hospitales y otras instituciones de atencin mdica .pdf
1. Los hospitales y otras instituciones de atencin mdica, ya sean voluntarias o con fines de lucro,
deben ser financieramente solventes para sobrevivir a las crecientes presiones del mercado. De
qu manera est cambiando este enfoque de resultado final la naturaleza del sistema de atencin
mdica de EE. UU.?
2. La relacin tpica del paciente con el mdico sola ser de deferencia a una autoridad ms informada.
Por qu ahora es tan importante que los pacientes asuman un papel ms proactivo en su atencin
mdica?
3. Los planificadores de salud podran ser efectivos y eficientes si utilizaran el concepto de historia
natural de la enfermedad y los niveles de prevencin para disear servicios que intervengan en el
eslabn ms dbil de la cadena de progresin de enfermedades especficas. En cambio, la mayora se
enfoca en soluciones de alta tecnologa para problemas prevenibles, mientras que los expertos
saben que las soluciones de alta tecnologa no abordan las disparidades de salud, las principales
causas de enfermedades y discapacidades. Qu caractersticas de la cultura de la atencin mdica
dificultan el enfoque preventivo?
4. El aumento de los costos y la disminucin de la poblacin hizo que muchos hospitales rurales
pasaran de la atencin hospitalaria a la atencin ambulatoria y, a veces, a los servicios de atencin a
largo plazo. Las reglamentaciones relativas a la dotacin de personal y otros requisitos de servicio
se relajan en los entornos rurales. Se est creando un sistema de atencin de dos niveles que niega
a los ciudadanos rurales el acceso a la misma calidad de atencin disponible en las reas urbanas?
5. La prctica de la medicina ha sufrido cambios dramticos. Los mdicos ahora son responsables de
los costos y los resultados de la atencin del paciente por parte de las organizaciones que pagan
por la atencin y sus registros de seguimiento de desempeo estn expuestos a un escrutinio pblico
cada vez mayor. En su opinin, dados estos desarrollos en evolucin, disminuir, permanecer igual o
aumentar el atractivo de la medicina como carrera? Considere los puntos racionales para su
opinin..
1 List the steps involved in a chemical synapse including .pdf
1) List the steps involved in a chemical synapse, including all pre-synaptic and post-synaptic
steps. 2) Explain the difference between direct channel activation and indirect mechanisms
involving secondary messengers. 3) Explain how the use of an ionophroetic electrode and a
calcium chelator can be used to demonstrate that calcium is required for neurotransmitter release..
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.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
....._
Cl0; Introduction to Computers; Assignment 4 Rubric
CATEGORY Exemplary Satisfactory Unsatisfactory Unacceptable
Justificalion:20 20 points: Three or 13 points: Two items 6 points: One item in o points: None of the
points more items in the in the proposal the proposal includes 'items in the proposalproposal include an include an an expIanaIion of why incJude an explanation
explanation of why explanation of why that particular choice of why that particular
that particular choice that particular choice wasmade_ choice was made.
wasmade._ was made.
Quality of 20 points: 13 points: Information 6 points: Information o points: Information
Infonnation: 20 Information clearly clearty relates to the clear1yrelates to the had little or nothing to 'relates to the main main topic. It main topic.. Supporting do with the main topic.
points topic. It includes includes one or two details and/or
three or more items items with supporting examples are not
with supporting details andfor incJlided_
I
details andfor examples_
examples.
Accuracy: 20 20 points: All of the 13 points:. Most ofthe 6 points: Some of the o points: None or
points technical technical technical ,~ almost none of thedescriptions and descriptions and and details are technical descriptions
details are described details are described described accurately and details are
accurately and accurately and and match tDday\'s described accurateJy
match today\'s match today\'s available technology. and match today\'s I
available technology.. available technology- available technology.
Format: 10 10 points: The 7 points: The 4 points: The proposal o points: The proposal I
points proposal covers aD proposal covers 3 or covers 1or 2 of the covers none of the Iof the five 4 of the five five requirements five requirements I
requirements requirements requested by the requested by the
requested by the requested by the Custol1lelC (Budget, customer. (Budget.
I
customer. (Budget. customer. (Budget, Security, HardWare, Seclriy, I-fardware.
Security, Hardware, Sea.riy, Hardware, OS, Mobile OS, Mobile
OS, Mobile OS,Mobile Computing) Computing)
Computing) Computing)
Mechanics: 10 10 points: No 7 points: One to two 4 points: Three to four o points: FIVeor more
points grammatical, grammalical,. grammatical, spelling, grammatic-aJ. spelling,spelling. spacing, spelling. spacing. spacing, capilalizalion spacing" capiIaization I
capitalization or capitalization or or punctuation errors. or punctuation errors. I
_ punctuation errors. punctuation errors. I
Acronyms: 10 10 points: All of the 7 points: Most of the 4 points: Some of the o poin1s: None of the
points acronyms. acronyms, acronyms, acronyms,abbreviations or abbreviations or abbreviations or abbreViations or
I
technical terms are technical terms are technical terms are technical terms are
either spelled out or either speIed out or either spefled out or either spelled out or
explained in a way explained in a way explained in a way explained in a ...
Multiple-choice questions. Select the best one that answers th.docx
Multiple-choice questions. Select the best one that answers the question. Show your procedure and calculations. Partial credits will be given if you procedure is correct, but answers are not. Each question is 3 points. Total: 78 points.
Chapter 1
1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
a. Building, Decrease; Land, No Effect
b. Building, Decrease; Land, Decrease
c. Building, Increase; Land, Increase
d. Building, Increase; Land, No Effect
2. On January 2, 2020, Campbell, Inc. purchased a 20% interest in Renner Corp. for $2,000,000 cash. During 2020, Renner's net income was $2,500,000 and it paid dividends of $750,000.
Equity Investment balance should Campbell report at December 31, 2020?
a. $2,500,000
b. $ 500,000
c. $2,350,000
d. $2,150,000
3. On December 31, 2020, Park Inc. paid $500,000 for all of the common stock of Smith Corp. On that date, Smith had assets and liabilities with book values of $400,000 and $100,000; and fair values of $450,000 and $125,000, respectively.
What amount of goodwill will be reported on the December 31, 2020 balance sheet?
a. $ 50,000
b. $100,000
c. $200,000
d. $175,000
4. Francis, Inc. acquired 40% of Park's voting stock on January 1, 2020 for $420,000. During 2020, Park earned $120,000 and paid dividends of $60,000. During 2021, Park earned $160,000 and paid dividends of $50,000 on April 1 and $40,000 on December 1. On July 1, 2021, Francis sold half of its stock in Park for $275,000 cash.
The Equity Investment balance at December 31, 2020 is:
a. $420,000
b. $444,000
c. $408,000
d. $492,000
5. On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker's Equity Investment account was $820,000 at December 31, 2020. Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.
How much did Cracker pay for its 40% interest in Dallas?
a. $680,000
b. $500,000
c. $560,000
d. $760,000
Chapter 2
The following three Questions are based on the following set of facts.
Lucky’s Company acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterview’s balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met.
The pre-acquisition balance she ...
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Week 5 Final Exam
CPA Question 01
CPA Question 02
CPA Question 05
1. Kayak Co. budgeted the following cash receipts (excluding cash .docx
1. Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year.
Cash
Receipts
Cash
Disbursements
January
$
518,000
$
485,000
February
412,500
358,000
March
462,000
532,000
According to a credit agreement with the company’s bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays principal on the loan with available cash on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1.
Prepare monthly cash budgets for each of the first three months of next year. (Amounts to be deducted should be indicated by a minus sign.)
2. Walker Company prepares monthly budgets. The current budget plans for a September ending inventory of 38,000 units. Company policy is to end each month with merchandise inventory equal to a specified percent of budgeted sales for the following month. Budgeted sales and merchandise purchases for the next three months follow.
Sales (Units)
Purchases (Units)
July
160,000
194,000
August
330,000
324,000
September
300,000
278,000
3. Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31.
a.
Beginning cash balance on July 1: $64,000.
b.
Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,750,000; June (actual), $1,480,000; and July (budgeted), $1,540,000.
c.
Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual), $570,000; and July (budgeted), $450,000.
d.
Budgeted cash disbursements for salaries in July: $220,000.
e.
Budgeted depreciation expense for July: $15,000.
f.
Other cash expenses budgeted for July: $110,000.
g.
Accrued income taxes due in July: $90,000.
h.
Bank loan interest due in July: $8,500
1. Calculation of cash receipts from sales collected in May, June, July, July 31 Accounts Rec.
2. Calculation of cash payments for merchandise paid in June, July, July 31 Accounts Rec
4. Following information relates to Acco Co.
a.
Beginning cash balance on July 1: $40,000.
b.
Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). S ...
1.Kayak Co. budgeted the following cash receipts (excluding cash.docx
1.
Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year.
Cash
Receipts
Cash
Disbursements
January
$
518,000
$
485,000
February
412,500
358,000
March
462,000
532,000
According to a credit agreement with the company’s bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays principal on the loan with available cash on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1.
Prepare monthly cash budgets for each of the first three months of next year.
(Amounts to be deducted should be indicated by a minus sign.)
2.
Walker Company prepares monthly budgets. The current budget plans for a September ending inventory of 38,000 units. Company policy is to end each month with merchandise inventory equal to a specified percent of budgeted sales for the following month. Budgeted sales and merchandise purchases for the next three months follow.
Sales (Units)
Purchases (Units)
July
160,000
194,000
August
330,000
324,000
September
300,000
278,000
3.
3.
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31
.
a.
Beginning cash balance on July 1: $64,000.
b.
Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,750,000; June (actual), $1,480,000; and July (budgeted), $1,540,000.
c.
Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual), $570,000; and July (budgeted), $450,000.
d.
Budgeted cash disbursements for salaries in July: $220,000.
e.
Budgeted depreciation expense for July: $15,000.
f.
Other cash expenses budgeted for July: $110,000.
g.
Accrued income taxes due in July: $90,000.
h.
Bank loan interest due in July: $8,500
1.
Calculation of cash receipts from sales collected in
May, June, July, July 31 Accounts Rec.
2.
Calculation of cash payments for merchandise paid in June, July, July 31 Accounts Rec
4.
4.
Following information relates to Acco Co.
a.
Beginning cash balance on July 1: $40,000.
b.
Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are neglig.
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Week 5 Final Exam
CPA Question 01
Acc 423 final exam guide (new 2018, with excel file)
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This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
CPA Question 05
Question 29
Brief Exercise 15-4
Exercise 15-1
CPA Question 04
CPA Question 06
Acc 423 final exam guide (new 2017, with excel file)ACC 423 Final Exam Guide ...
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Exercise 22-19
A partial trial balance of Bramble Corporation is as follows on December 31, 2018.
Dr.
Cr.
Supplies
$2,600
Salaries and wages payable
$1,500
Interest Receivable
1.Isaac Inc. began operations in January 2013. For certain of it.docx
1.
Isaac Inc. began operations in January 2013. For certain of its property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments.
In 2013, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows:
Assume that Isaac has a 30% income tax rate and that there were no other differences in income for financial statement and tax purposes.
Ignoring operating expenses, what deferred tax liability would Isaac report in its year-end 2013 balance sheet?
2.
Beresford Inc. purchased several investment securities during 2012, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent.
What balance sheet amount would Beresford report for its total investment securities at 12/31/2012?
3. Hutton Construction specializes in the construction of commercial and industrial buildings. The contractor is experienced in bidding long-term construction projects of this type, with the typical project lasting fifteen to twenty-four months. The contractor uses the percentage-of-completion method of revenue recognition since, given the characteristics of the contractor's business and contracts, it is the most appropriate method. Progress toward completion is measured on a cost to cost basis. Hutton began work on a lump-sum contract at the beginning of 2014. As bid, the statistics were as follows:
Lump-sum price (contract price)
$4,000,000
Estimated costs
Labor
$ 850,000
Materials and subcontractor
1,750,000
Indirect costs
400,000
3,000,000
$1,000,000
At the end of the first year, the following was the status of the contract:
Billings to date
$2,230,000
Costs incurred to date
Labor
$ 464,000
Materials and subcontractor
1,098,000
Indirect costs
193,000
1,755,000
Latest forecast total cost
3,000,000
It should be noted that included in the above costs incurred to date were standard electrical and mechanical materials stored on the job site, but not yet installed, costing $105,000. These costs should not be considered in the costs incurred to date.
Instructions
(a)
Compute the percentage of completion on the contract at the end of 2014.
(b)
Indicate the amount of gross profit that would be reported on this contract at the end of 2014.
(c)
Make the journal entry to record the income (loss) for 2014 on Hutton’s books.
4. Computation of selected ratios.
The following data is given:
December 31,
2013
2012
Cash
$ 66,000
$ 50,000
Accounts receivable (net)
68,000
60,000
Inventories
90,000
110,000
Plant assets (net)
383,000
325,000
Accounts payable
57,000
40,000
Salaries and wages payable
10,000
5,000
Bonds payable
70,000
70,000
10% Preferred stock, $40 par
100,000
100,000
Common stock, ...
1. IFRS 10 - Consolidated Financial Statements sets out the requirem.pdf
1. IFRS 10 - Consolidated Financial Statements sets out the requirements for the consolidation of
entities under the control of the reporting entity. In which of the following scenarios is control
deemed to exist according to IFRS 10?
(i) The reporting entity owns 40% of the voting equity in Mafuta Ltd. and has the right to
appoint six directors to the board of ten.
(ii) The reporting entity owns 60% of the voting equity in Maziwa Ltd., and appoints only four
directors to the board of ten.
a.
(ii) only
b.
Neither (i) nor (ii).
c.
(i) only
d.
Both (i) and (ii)
2. In the long run, a business must generate positive net cash flow from which of the following
activities, if it is to survive?
a.
Investing activities.
b.
None of them is more important than the other
c.
Financing activities.
d.
Non cash activities
e.
Operating activities
3.
Which of the following statements are correct when preparing consolidated financial
statements?
A subsidiary cannot be consolidated unless it prepares financial statements to the same reporting
date as the parent.
A subsidiary with a different reporting date may prepare additional statements up to the group
reporting date for consolidation purposes.
A subsidiary's financial statements can be included in the consolidation if the gap between the
parent and subsidiary reporting dates is five months or less.
Where a subsidiary's financial statements are drawn up to a different reporting date from those of
the parent, adjustments should be made for significant transactions or events occurring between
the two reporting dates.
a.
1 & 3 only
b.
1 & 2
c.
4 only
d.
2& 4
e.
1 & 4
f.
None of them
g.
All of them
h.
2 only
i.
3 only
j.
2 & 3
k.
1 only
4. Pamela acquired 80% of the share capital of Samantha on 1 January 2017. Part of the purchase
consideration was $200,000 cash to be paid on 1 January 2020. The applicable cost of capital is
10%.
What will the deferred consideration liability be at 31 December 2018?
a.
$200,000
b.
$181,818
c.
$165,288
d.
$150,262
5. Alpha paid N$ 300 000 on 1 January 2010 to acquire 80% of Beta. On that date Beta had in
issue one hundred thousand ordinary shares of N$1 each issued at N$1.20, but quoted on this
date at N$1.45. identify the goodwill in Beta in each of the following alternative situations
(b) on 1 Januray 2010 Beta's retained earnings were N$ 60 000 and the fair value of their
identifiable assets were N$ 80 000 more than their book value,
Select one:
a.
75 000
b.
169 000
c.
69 000
d.
60 000
6. Lang Ltd. acquired 100% of Linford Ltd. through a direct exchange. In the exchange, Lang
issued $7,500,000 in shares to Linford. What journal entry must Linford record to reflect the
exchange?
Select one:
a.
DR Cash 7,500,000 CR Retained earnings 7,500,000
b.
No journal entry is required
c.
DR Common shares 7,500,000 CR Retained earnings 7,500,000
d.
DR Cash 7,500,000 CR Common shares 7,500,000
7. Crash acquired 70% of Bangi's 100,000 N$1 ordinary shares for N$800,000 when the retained
earnings.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
Financial Accounting Basic BackgroundTOPIC C - posted Thursda.docx
Financial Accounting: Basic Background
TOPIC C - posted Thursday Let's practice the Accounting Equation: A = L +OE
1. At the beginning of 2019, ABC Co.'s assets were $410,000 and its owner's equity was $170,000. During the year, assets increased by $40,000 and liabilities decreased by $15,000. What is the owner's equity at the end of 2019?
2. Jake began the year with $500,000 in assets and $300,000 in liabilities. Net Income for the year was $150,000 and dividends declared by the board of directors was $25,000. Assuming no change in Liabilities, what were total assets at yearend?
3. Doughnuts Coffee Shop has current assets of $280 million; property, plant, and equipment of $430 million; and other assets totaling $170 million. Current liabilities are $170 million and long-term liabilities total $300 million. Use these data to write Doughnuts’ accounting equation.
4. Diamond, Inc. began the year with total liabilities of $95,000 and total stockholders’ equity of $35,000. During the year, total assets increased by 5%. How much are total assets at the end of the year?
5. North West Airlines Ltd. began the year with total assets of $100,000 and total liabilities of $52,000. Net income for the year was $27,000, and dividends were zero. How much is stockholders’ equity at the end of the year
6. Hobo Doughnuts has current assets of $270 million; property, plant, and equipment of $400 million; and other assets totaling $160 million. Current liabilities are $160 million and long-term liabilities total $340 million.
a) Use this data to write Hobo accounting equation.
b) How much in resources does Hobo have to work with?
c) How much does Hobo owe creditors?
d) How much of the company’s assets do the Hobo stockholders actually own?
7.
Prepare the balance sheet of Mary Burke Banking Company at August 31, 2019
Total revenue31.4Investment assets.169.3Receivables 0.9Property and equipment1.6Current liabilities155.4Other expenses6.6Common stock14.2Retained earnings, beginning9.3Interest expense 0.1Retained earnings, ending ? Salary expenses17.4Cash 2.8Long-term liabilities 2.6Other assets14.2
.
On January 1 2020 Mcllroy Inc acquired a 60 percent int.pdf
On January 1, 2020, Mcllroy, Inc., acquired a 60 percent interest in the common stock of Stinson,
Inc., for $327,000. Stinson's book value on that date consisted of common stock of $100,000 and
retained earnings of $193,400. Also, the acquisition-date fair value of the 40 percent
noncontrolling interest was $218,000. The subsidiary held patents (with a 10 -year remaining life)
that were undervalued within the company's accounting records by $72,700 and an unrecorded
customer list (15-year remaining life) assessed at a $48,600 fair value. Any remaining excess
acquisition-date fair value was assigned to goodwill. Since acquisition, Mcllroy has applied the
equity method to its Investment in Stinson account and no goodwill impairment has occurred. At
year-end, there are no intra-entity payables or receivables. Intra-entity inventory sales between the
two companies have been made as follows: The individual financial statements for these two
companies as of December 31, 2021, and the year then ended follow: (Note: Parentheses indicate
a credit balance.) a. Show how Mcllroy determined the $385,338 Investment in Stinson account
balance. Assume that Mcllroy defers 100 percent of downstream intra-entity profits against its
share of Stinson's income. b. Prepare a consolidated worksheet to determine appropriate
balances for external financial reporting as of December 31,2021 .Complete this question by
entering your answers in the tabs below. Show how McIlroy determined the $385,338 Investment
in Stinson account balance. Assume that McIlroy defers 100 percent of downstream intra-entity
profits against its share of Stinson's income. (Amounts to be deducted should be indicated with a
minus sign.).
Sun Corporation received a charter that authorized the issuance of 118.pdf
Sun Corporation received a charter that authorized the issuance of 118,000 shares of $7 par
common stock and 20,000 shares of $100 par, 7 percent cumulative preferred stock. Sun
Corporation completed the following transactions during its first two years of operation: Year 1
Jan. 5 sold 17,700 shares of the $7 par common stock for $9 per share. 12 sold 2,000 shares of
the 7 percent preferred stoek for $110 per share. Apr. 5 sold 23,600 shares of the $7 par comnon
stoek for $11 per share. Dec. 31 During the year, earned $303 , 600 in cash revenue and paid
$235 , 200 for cash operating expenses. 31 Declared the cash dividend on the outstanding shares
of preferred stock for Year 1. The dividend will be paid on February 15 to stockholders of record
on January 10 , Year 2 . Year 2 Feb.15 Paid the cash dividend declared on December 31, Year 1.
Mar. 3 sold 3,000 ahares of the $100 par preferred stock for $120 per share. May 5 Purchased
600 shares of the common stoek as treasury stock, at $14 per share. Dec.31 During the year,
earned $251 , 200 in cash revenues and paid $170 , 500 for cash operating expenses. 31 Declared
the annual dividend on the proferred stoek and a $0.50 per share dividend on the common stock.
Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare
the stockholders' equity section of the balance sheet at December 31, Year 1 . c. Prepare the
balance sheet at December 31, Year 2. Complete this question by entering your answers in the
tabs below..
Similar to 1 Prescott Company buys 70 of Sound Inc on January 1 202.pdf (20)
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
Multiple-choice questions. Select the best one that answers th.docx
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1. Kayak Co. budgeted the following cash receipts (excluding cash .docx
1. Kayak Co. budgeted the following cash receipts (excluding cash .docx
1.Kayak Co. budgeted the following cash receipts (excluding cash.docx
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Acc 423 final exam guide (new 2018, with excel file)
Acc 423 final exam guide (new 2018, with excel file)
Acc 423 final exam guide (new 2017, with excel file)ACC 423 Final Exam Guide ...
Acc 423 final exam guide (new 2017, with excel file)ACC 423 Final Exam Guide ...
1.Isaac Inc. began operations in January 2013. For certain of it.docx
1.Isaac Inc. began operations in January 2013. For certain of it.docx
1. IFRS 10 - Consolidated Financial Statements sets out the requirem.pdf
1. IFRS 10 - Consolidated Financial Statements sets out the requirem.pdf
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
Financial Accounting Basic BackgroundTOPIC C - posted Thursda.docx
Financial Accounting Basic BackgroundTOPIC C - posted Thursda.docx
On January 1 2020 Mcllroy Inc acquired a 60 percent int.pdf
On January 1 2020 Mcllroy Inc acquired a 60 percent int.pdf
Sun Corporation received a charter that authorized the issuance of 118.pdf
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d. Cmo se puede ganar a toda costa?
2. Cul de los siguientes no aconseja Jeffrey Pfeffer si quieres actuar y hablar con poder?
a. Acta como si tuvieras poder, incluso si no lo sientes.
b. Ponte de pie y expande tu pecho.
C. Mostrar ira en lugar de tristeza o remordimiento.
d. Mantenga su telfono inteligente encendido y mire ocasionalmente durante las reuniones para
demostrar cun poco importante es la otra persona para usted.
mi. Interrumpir de vez en cuando.
3. Cul de los siguientes proviene de Amy Cuddy, Matthew Cohut y John Neffinger?
a. Para mostrar la emocin que necesitas mostrar, ve dentro de ti a un momento y evento en el que
sentiste la emocin que necesitas proyectar en ese momento
b. La narracin personal puede ser una forma poderosa de lograr esto [conectarnos
emocionalmente con nosotros mismos]
C. si te ves a ti mismo como un impostor, los dems tambin lo harn
d. Si alguien desafa estas suposiciones, como cmo compite la empresa, cmo mide el xito, cul es
la estrategia, quines son los competidores reales ahora y en el futuro, esto puede ser un juego de
poder muy potente..
1 Qu caractersticas estaban presentes en los primeros ho.pdf
1) Qu caractersticas estaban presentes en los primeros homnidos?
a) comunicacin a travs del habla
b) modificacin de la piedra para hacer herramientas
c) locomocin bpeda
d) aumento del tamao del cerebro
2) Qu caracterstica esqueltica no est asociada con la evolucin del bipedalismo de los homnidos?
a) un foramen magnum en la parte inferior del crneo
b) una pelvis acortada
c) una rodilla en varo (apuntada hacia afuera)
d) una columna vertebral en forma de S
3) Qu caracterstica dental no es una adaptacin de los homnidos?
a) masticacin sin afilar
b) caninos pequeos y romos
c) prdida del diastema
d) esmalte dental delgado
4) Los preaustralopitecinos se distinguen de los simios tanto por el bipedalismo como por:
a) adaptacin para un entorno de sabana o pastizal
b) prdida completa de adaptaciones para la locomocin arbrea
c) un complejo de pulido canino intermedio o reducido
d) una capacidad craneal significativamente agrandada
5) Cmo adapt su dieta el linaje de australopitecinos que condujo a Homo para evitar la extincin?
a) consumir principalmente vegetacin de baja calidad, como hojas maduras
b) depender de alimentos duros y duros como races y tubrculos
c) concentracin en peces de agua dulce
d) desarrollar una dieta flexible complementada con carne de caza y de carroa
6) Qu caracterstica anatmica comparta el Homo habilis con las especies de australopitecinos
anteriores?
a) Cerebro pequeo, parecido al de un simio.
b) Premolares molarizados
c) una cara grande y mandbulas grandes
d) miembro inferior corto en relacin con el miembro superior
7) Cul de las siguientes no es una innovacin conductual del Homo erectus ?
a) la caza y la marcha a larga distancia
b) uso controlado del fuego para cocinar
c) produccin de cultura material simblica
d) migracin fuera de frica a Asia y Europa
8) El Homo heidelbergensis se diferenciaba del Homo erectus porque el primero:
A. Tena cerebros ms grandes que el Homo erectus
B. Produjo herramientas de piedra ms complicadas que el Homo erectus
C. Tena un rango geogrfico ms pequeo que el Homo erectus
D. Tena molares ms grandes que el Homo erectus
9) Los neandertales diferan de los humanos modernos en:
A. forma de crneo largo (de adelante hacia atrs), verticalmente bajo
B. tener un cerebro ms pequeo que los humanos modernos
C. Tener dientes incisivos ms pequeos que los humanos modernos.
D. Crear herramientas de piedra menos complicadas que los humanos modernos.
10) Los primeros humanos modernos (es decir, los primeros Homo sapiens ) se caracterizan
tpicamente por:
A. Sin mentn pero con un agujero magno ubicado en la parte posterior de la cabeza
B. Arcos superciliares grandes (primitivos) pero caras planas metidas debajo de la caja del
cerebro (derivadas)
C. Un ndice nasal que es bajo (forma alta y estrecha)
D. Cerebro de gran tamao pero retencin de un moo occipital (proyeccin del hueso en la parte
posterior del crneo).
1 Qu representa una accin A Un prstamo que le hace a.pdf
1) Qu representa una accin?
A. Un prstamo que le hace a una empresa que debe devolver
B. Un porcentaje de propiedad de una empresa, incluidos los activos y las ganancias
C. Un contrato de bienes o servicios de una empresa
D. Las acciones son solo herramientas utilizadas por los inversores para ganar dinero.
2) Qu son las acciones preferentes?
A. Acciones que reciben dividendos primero
B. Acciones que permiten a sus dueos votar en las asambleas de accionistas
C. Acciones que siempre valen ms
D. Acciones que solo son propiedad de los gerentes
3) Qu es una OPV?
A. Cuando una empresa vende por primera vez acciones al pblico
B. Cuando el gobierno crea acciones en una Bolsa de Valores
C. Un nuevo producto de Apple
D. Cuando una empresa se enoja con sus accionistas y tiene una reunin
4) Cuntas acciones tiene la empresa Apple en circulacin?
A. 5.575 acciones
B. 55.750 acciones
C. 5.575.000 acciones
D. 5.575.000.000 acciones
5) Dnde se crearon las acciones por primera vez?
A. Egipto
B. Roma
C. Londres
D. Nueva York.
1 Qu tipo de lmite de placas tectnicas se encuentra cer.pdf
1) Qu tipo de lmite de placas tectnicas se encuentra cerca de la ubicacin del terremoto de 1960 en
Valdivia, Chile?
A) Divergente B) Convergente (Ocenico - ocenico) C) Convergente (Continental - ocenico) D)
Convergente (Continental-continental) E) Falla transformante
2) La regin cerca de Valdivia, Chile todava est tectnicamente activa, por ejemplo, experimentando
terremotos incluso en los ltimos meses?
VERDADERO FALSO
3) El Terremoto de Valdivia, Chile de 1960 tambin result en los siguientes desastres naturales.
A) Deslizamiento de tierra B) Tsunami C) Erupcin volcnica D) Impacto de meteorito E)
Inundaciones F) Incendios forestales G) Todas las anteriores H) Solo A), B), C), E) I) Solo A), B),
C ) J) Ninguna de las anteriores
4) El terremoto de Valdivia, Chile de 1960 tambin gener un tsunami posterior. Describe los efectos
del tsunami en Hawai. En su descripcin, explique cunto tiempo despus del terremoto el tsunami
'golpe' Hawi, la prdida estimada de vidas y al menos una descripcin de los daos que ocurrieron.
5) El Terremoto de Hait de 2010 se midi como una magnitud 7.0 - A qu escala de medicin del
Terremoto se refiere esta medicin?
A) Escala de Rossi-Forel B) Escala de intensidad de Mercalli modificada C) Escala de Richter D)
Escala de Torino E) Escala de magnitud de momento
6) Nombre las dos placas tectnicas (mayor/menor) que resultaron en el terremoto de Hait de
2010.
PLACA _________ y la PLACA _________
7) Nombre el tipo de lmite de placas tectnicas que result en el terremoto de Hait de 2010.
A) Divergente B) Convergente (Ocenico - ocenico) C) Convergente (Continental - ocenico) D)
Convergente (Continental-continental) E) Falla transformante.
1 Qu proceso o procesos en las mitocondrias requieren la i.pdf
1. Qu proceso o procesos en las mitocondrias requieren la importacin de molculas biolgicas desde
el ncleo. a) Procesos metablicos, especialmente el metabolismo del oxgeno. b) Sntesis de
protenas en la mitocondria. c) Replicacin del ADN mitocondrial. Todo lo anterior. 2. Muchas
formas de flores han resultado de la coevolucin entre una angiosperma y un animal. Cul de los
siguientes ejemplos es menos probable para encajar en esta descripcin? a) Una flor con un largo
espoln de nctar b) Una flor con ptalos reducidos que dejan las anteras expuestas c) Una flor con
ptalos de color rojo brillante y sin olor. d) Una flor de ptalos anchos sobre la que se posan los
insectos. e) Una flor con un fuerte olor a carne podrida 3. En qu tipo de interaccin entre especies
se basa la coevolucin entre los tritones y las culebras? a) parasitismo b) depredacin c) herbivora
d) mutualismo.
1 Qu tipo de animales utilizan sistemas de intercambio de.pdf
1. Qu tipo de animales utilizan sistemas de intercambio de calor a contracorriente?
a) Animales tropicales que necesitan regular el contenido de humedad
b) Animales del desierto que necesitan mantenerse frescos y, por lo tanto, necesitan minimizar el
contacto con superficies calientes.
c) Animales del rtico que necesitan mantener altas las temperaturas centrales mientras las
extremidades estn en contacto con superficies bajo cero
d) Todos los animales que circulan oxgeno por difusin (es decir, no tienen un sistema circulatorio
activo)
2. Verdadero o falso: el intercambio de calor a contracorriente puede ocurrir con un solo tubo con
un bucle en un extremo, y en realidad no requiere dos tubos separados..
1 Provide details of both the recording and reporting requi.pdf
1.Provide details of both the recording and reporting requirements when undertaking a
comprehensive clinical handover.
Recording Requirements
Reporting Requirements
1.Provide details of both the recording and reporting requirements when undertaking a
comprehensive clinical handover.
Recording Requirements Reporting Requirements.
1 Prove that c and d are associates in R if and only if cd .pdf
1. Prove that c and d are associates in R if and only if cd and dc. 2. (a) Show that Z is a Euclidean
domain with the function given by (n)=n2. (b) Is Q is a Euclidean domain when is defined by (r)=r2
?.
1 pts Which of the following is true M1 macrophages are pro.pdf
1 pts Which of the following is true? M1 macrophages are produced when activated T cells secrete
Il. 4 and/or IL13. Alternatively activated macrophages carry out the bulk of phagocytosis seen in
chronic inflammation. Lymphocytes are one of the main sources of IL6, which is one of the most
important factors that cause chronic inftammation. Macrophages with abundant cytoplasm that
resemble epithelium cells and often times fuse are the hallmark for acute inflammation. The wheal-
and-flare reaction is caused predominantly by the action of eosinophils..
1 PSI y PSII de plantas a cada uno debe absorber un fotn.pdf
1. PSI y PSII de plantas
a) cada uno debe absorber un fotn de luz para que fluyan los electrones.
b) transferir tres electrones por fotn absorbido.
c) ambos suelen estar muy cerca de la ATP sintasa en las membranas de los tilacoides.
d) actuar de forma independiente para generar ATP y NADPH.
2. Flujo de electrones a travs de PSI y PSII de plantas
a) no est acoplado al transporte de protones.
b) se reparte entre una va lineal y una cclica, lo que da como resultado una proporcin variable de
produccin de ATP y NADPH.
c) no es sensible a la intensidad de la luz que recibe la planta
d) produce un gradiente electroqumico utilizado para dividir el agua.
1 Policies direct behavior toward the organizations missio.pdf
1) Policies direct behavior toward the organizations mission while leaving some discretion and
initiative to those who must carry out that policy. Chose an example of a policy.
a. Universal health coverage aims to ensure that everyone can access quality health services
without facing financial hardship.
b. The delivery of nursing care involves the nurses understanding of the complex healthcare
system.
c. Vision is one of the most powerful tools that a nurse leader has in his/her toolbox
d. Being the most trusted profession in the country allows nurses to make a difference in the policy
arena..
1 Net nakit aknda birden fazla iaret deiiklii olduunda ROR.pdf
1. Net nakit aknda birden fazla iaret deiiklii olduunda, ROR denkleminin birden fazla gerek say kk
olabilir ve bu da birden fazla i* deeriyle sonulanr.
Doru ya da yanl
2. IRR, tm nakit aklarnn (giri ve klar) Bugnk Deerini "PW" sfra eitleyen faiz orandr.
Doru ya da yanl
3. Geleneksel nakit aklar, basit olmayan nakit aklar olarak da bilinir.
Doru ya da yanl
4. Nakit aklar zerindeki cebirsel iaretler birden fazla deiirse, nakit ak serisine geleneksel olmayan
seri denir.
Doru ya da yanl
5. ROR, son demenin, faiz dikkate alndnda bakiyeyi tam olarak sfra getirmesi iin dn alnan orijinal
veya ilk para miktar zerinden denen orandr.
Doru ya da yanl.
1 Proje Entegrasyon Ynetimindeki ilk iki sre Proje Bal.pdf
1. Proje Entegrasyon Ynetimi'ndeki ilk iki sre, Proje Balang Belgesi Gelitirme ve Proje Ynetim Plan
Gelitirme'dir.
Hangi ifade bu srelerin nasl balantl olduunu en iyi aklar?
2. Proje veya Faz Kapatma sreci, Proje almasn Ynlendirme ve Ynetme, Proje almasn zleme ve
Kontrol Etme, Entegre Deiiklik Kontroln Gerekletirme ve Proje Bilgisini Ynetme sreleriyle nasl
balantldr?.
1 Project planning includes those processes required to est.pdf
1. Project planning includes those processes required to establish the scope of the project, refine
the objective, and define the course of action required to attain the objectives that the project was
undertaken to achieve, planning in the project life cycle starts.
A. When the plan is accepted
B. After the initial commitment
c. When the customer accepts the project deliverables
D. When monitoring and controlling work is completed.
2. Projects have to be performed under many constraints and yet still deliver customer
satisfaction. The triple constraints of project manager include those of time, cost and scope as well
as the fourth key constraints of quality. The greater constraints for a project however, is the:
A. Availability of the right resources at the right time.
B. Level of quality to be produced
C. Cash flow for the organisation
D. Schedule for the project
3. project management techniques are designed to manage the constraints o:
A. Scope, quality, cost and schedule
B. Scope, cost, procurement and communication
c. Scope, quality, integration and human resources
D. Scope, time, risk and stakeholders
4. projects are temporary, but their deliverable may exist beyond the end of the project. projects
may produce deliverables of a social, economic, material or environmental natire. For example: a
project to build a national monument will create a deliverable expected to last for centuries, which
of the following tasks can be best planned and managed as a project?
A. MAking a cup of tea
B. Selling household items in a grocery store.
C. Producing a new motor vehicle.
D. Installing a new computer system..
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1 Provide details of both the recording and reporting requi.pdf
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