At the beginning of 2022, Metatec Incorporated acquired Ellison Tech.pdf
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At the beginning of 2022, Metatec Incorporated acquired Ellison Technology Corporation for $600 million. In addition to cash, receivables, and inventory, the following assets and their fair values were also acquired: The plant and equipment are depreciated over a 10-year useful life on a straight-line basis. There is no estimated residual value. The patent is estimated to have a five-year useful life, no residual value, and is amortized using the straight-line method. At the end of 2024, a change in business climate indicated to management that the assets of Ellison might be impaired. The following amounts have been determined: *Footnote asteriskAfter first recording any impairment losses on plant and equipment and the patent.Plant and equipment (depreciable assets)$ 150millionPatent40millionGoodwill100million.
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DRAFT – For Discussion Purposes Only MemorandumTo Energy Work
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Memorandum
To: Energy Works, Inc. Accounting Files
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Date: 12/1/20X1
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the primary government in its financial statements.
This approach is typically used when the component unit is so intertwined with the primary
government that it is essentially considered an integral part of it.
Conditions for blending include:
The primary government has operational responsibility for the component unit.
The primary government's governing body has the ability to impose its will on the component
unit, or the component unit is fiscally dependent on the primary government.
Discrete Presentation:
Discrete presentation involves reporting the financial information of a component unit in
separate, stand-alone financial statements alongside those of the primary government.
This method is employed when the component unit is more like a separate entity and doesn't
meet the criteria for blending.
Conditions for discrete presentation include:
The component unit has a separate elected governing body.
It is financially autonomous and not financially dependent on the primary government.
The determination of whether to blend or present discretely depends on the specific
circumstances and relationships between the primary government and its component units.
GASB standards provide guidance on making these decisions to ensure transparent and accurate
financial reporting..
Best Bookkeeping Services Limited reported the following informa.pdf
Best Bookkeeping Services Limited reported the following information for the first 11 months of
the year in its November 30, 2022, trial balance:
Cash
Accounts receivable
Supplies
Prepaid rent
Equipment
Accumulated depreciation-equipment
Accounts payable
Salaries payable
Interest payable
Income taxes payable
Deferred revenue
BEST BOOKKEEPING SERVICES LIMITED
Trial Balance
November 30, 2022
Bank loan payable-non-current
Contributed capital
Retained earnings
Dividends declared
Service revenue
Advertising expense
Office expense
Rent expense
Salaries expense
Travel expense
Utilities expense
Insurance expense
Depreciation expense
Supplies expense
Interest expense
Income tax expense
Debit
$ 107,000
235,000
3,500
18,000
242,000
120,000
107,000
114,000
52,000
595,000
10,500
17,900
6,800
0
1,600
12,000
66,000
$1,708,300
Credit
$ 44,000
115,000
0
0
0
28,000
140,000
35,000
100,300
1,246,000
$1,708,300.
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BCE Inc., Canada's largest communications company, provides a comprehensive and innovative
suite of broadband communications and content services to consumer, residential, business, and
government customers in Canada. The following is BCE's (simplified) statement of financial
position from a recent year:
Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021
(ended on December 31, 2021):
Required: \begin{tabular}{|c|c|} \hline
\multicolumn{2}{|l|}{BCEINC.StatementofFinancialPositionAtDecember31,2020(inmillionsofC
anadiandollars)} \\ \hline \multicolumn{2}{|l|}{ ASSETS } \\ \hline \multicolumn{2}{|l|}{
Current assets } \\ \hline Cash & $224 \\ \hline Trade and other receivables & 3,528 \\ \hline
Inventory & 439 \\ \hline Prepaid expenses & 209 \\ \hline Other current assets & 1,288 \\ \hline
Total current assets & 5,688 \\ \hline \multicolumn{2}{|l|}{ Non-current assets } \\ \hline
Property, plant, and equipment, net & 27.513 \\ \hline Long-term investments & 756 \\ \hline
Intangible assets & 13,102 \\ \hline Goodwill & 10,604 \\ \hline Other non-current assets & 3.002
\\ \hline Total assets & $60,665 \\ \hline \multicolumn{2}{|l|}{ LIABILITIES AND
SHAREHOLDERS' EQUITY } \\ \hline \multicolumn{2}{|l|}{ Current liabilities } \\ \hline
Trade payables and other liabilities & \$ 3,935 \\ \hline Interest payable & 222 \\ \hline Current
tax liabilities & 214 \\ \hline Dividends payable & 766 \\ \hline Debt due within one year &
2,417 \\ \hline Other current liabilities & 717 \\ \hline Total current liabilities & 8,271 \\ \hline
\end{tabular}
Prepaid expenses 209 Other current assets 1,288 Total current assets 5,688 Non-current assets
Property, plant, and equipment, net 27.513 Long-term investments 756 Intangible assets 13,102
Goodwill 10,604 Other non-current assets 3,002 Total assets $60,665 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities Trade payables and other liabilities Interest
payable Current tax liabilities Dividends payable Debt due within one year Other current
liabilities Total current liabilities $3,935 Non-current liabilities Long-term debt 222 214 766
Other non-current liabilities Total non-current liabilities Total liabilities 2,417 717 8,271
Shareholders' equity 23,906 Total liabilities and shareholders' equity
7,15931,06539,33621,329$60,665 Source: BCE Inc., Annual Report 2020..
Appendix A Specimen Financial Statements Apple Inc. Once each y.pdf
Appendix A Specimen Financial Statements: Apple Inc.
Once each year, a corporation communicates to its stockholders and other interested parties by
issuing a complete set of audited financial statements. The annual report, as this communication
is called, summarizes the financial results of the companys operations for the year and its plans
for the future. Many annual reports are attractive, multicolored, glossy public relations pieces,
containing pictures of corporate officers and directors as well as photos and descriptions of new
products and new buildings. Yet the basic function of every annual report is to report financial
information, almost all of which is a product of the corporations accounting system.
The content and organization of corporate annual reports have become fairly standardized.
Excluding the public relations part of the report (pictures, products, etc.), the following are the
traditional financial portions of the annual report:
Financial Highlights
Letter to the Stockholders
Managements Discussion and Analysis
Financial Statements
Notes to the Financial Statements
Managements Responsibility for Financial Reporting
Managements Report on Internal Control over Financial Reporting
Report of Independent Registered Public Accounting Firm
Selected Financial Data
The official SEC filing of the annual report is called a Form 10-K, which often omits the public
relations pieces found in most standard annual reports. On the following pages, we present Apple
Inc.s financial statements taken from the companys 2018 Form 10-K. The complete Form 10-K,
including notes to the financial statements, is available at the companys website..
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