ADVANCED ACCOUNTING-LL13th EditionHoyle Publisher: MCGRAW-HILL CUSTOM PUBLISHINGISBN: 9781260232486
ADVANCED ACCOUNTING-LL
Solutions for ADVANCED ACCOUNTING-LL
Problem 1Q:
A company acquires a rather large investment in another corporation. What criteria determine whether...Problem 2Q:
What accounting treatments are appropriate for investments in equity securities without readily...Problem 4Q:
Why does the equity method record dividends from an investee as a reduction in the investment...Problem 6Q:
Smith. Inc., has maintained an ownership interest in Watts Corporation for a number of years. This...Problem 8Q:
Because of the acquisition of additional investee shares, an investor will now change front the...Problem 12Q:
In a stock acquisition accounted for by the equity method, a portion of the purchase price often is...Problem 14Q:
What is the difference between downstream and upstream sales? How does this difference affect...Problem 17Q:
What is the fair-value option for reporting equity method investments? How do the equity method and...Problem 1P:
When an investor uses the equity method to account for investments in common stock, the investors...Problem 2P:
Which of the following does not indicate an investor companys ability to significantly influence an...Problem 4P:
Under fair-value accounting for an equity investment, which of the following affects the income the...Problem 5P:
When an equity method investment account is reduced to a zero balance a.The investor should...Problem 7P:
In January 2017, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc.,...Problem 9P:
Evan Company reports net income of 140,000 each year and declares an annual cash dividend of 50,000....Problem 10P:
Perez, Inc., applies the equity method for its 25 percent investment in Senior, Inc. During 2018,...Problem 12P:
Alex, Inc., buys 40 percent of Steinbart Company on January 1, 2017, for 530,000. The equity method...Problem 16P:
On January 1, 2017, Alison, Inc., paid 60,000 for a 40 percent interest in Holister Corporations...Problem 22P:
Echo, Inc., purchased 10 percent of ProForm Corporation on January 1, 2017, for 345,000 and...Problem 27P:
Belden, Inc. acquires 30 percent of the outstanding voting shares of Sheffield, Inc. on January 1,...Problem 30P:
On July 1, 2016, Killearn Company acquired 88,000 of the outstanding shares of Shaun Company for 13...Problem 32P:
On January 1, 2017, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video,...Problem 1DYS:
EXCEL CASE 1 On January 1, 2018, Acme Co. is considering purchasing a 40 percent ownership interest...Browse All Chapters of This Textbook
Chapter 1 - The Equity Method Of Accounting For InvestmentsChapter 2 - Consolidation Of Financial InformationChapter 3 - Consolidations - Subsequent To The Date Of AcquisitionChapter 4 - Consolidated Financial Statements And Outside OwnershipChapter 5 - Consolidated Financial Statements - Intra-entity Asset TransactionsChapter 6 - Variable Interest Entities, Intra-entity Debt, Consolidated Cash Flows, And Other IssuesChapter 7 - Consolidated Financial Statements - Ownership Patterns And Income TaxesChapter 8 - Segment And Interim ReportingChapter 9 - Foreign Currency Transactions And Hedging Foreign Exchange RiskChapter 10 - Translation Of Foreign Currency Financial Statements
Chapter 11 - Worldwide Accounting Diversity And International StandardsChapter 12 - Financial Reporting And The Securities And Exchange CommissionChapter 13 - Accounting For Legal Reorganizations And LiquidationsChapter 14 - Partnerships: Formation And OperationChapter 15 - Partnerships: Termination And LiquidationChapter 16 - Accounting For State And Local Governments (part 1)Chapter 17 - Accounting For State And Local Governments (part 2)Chapter 18 - Accounting And Reporting For Private Not For-profit EntitiesChapter 19 - Accounting For Estates And Trusts
Sample Solutions for this Textbook
We offer sample solutions for ADVANCED ACCOUNTING-LL homework problems. See examples below:
Chapter 1, Problem 1QChapter 1, Problem 1DYSBusiness combination: Business combination refers to the combining of one or more business...Value that would be shown in Company P’s consolidated financial statements for each of the accounts...The consolidated balances are as follows: AccountsBook values in Company PFair values in Company...The amounts that Company M would report in its post-acquisition balance sheet are as follows:...The post-combination balance sheet for Company N as of the acquisition date is as follows:...Journal entries to record acquisition of assets and liabilities: General JournalDateAccount Title...Equity method: The equity method is used when the investor is having the significant influence and...
Investment in Company M balance: Particulars AmountConsideration transferred $ 5,875,000Equity in...Computation of Income of Company O balance: ParticularsAmount Fair value of Company S on date of...Computation of $135,000 Equity in Income of Company S balance: Remaining lifeAnnual...The relevant initial test to determine whether goodwill could be impaired or not:...Consolidated balances for Company I and Company C: Income statement Company I Company C Debit Credit...Non-controlling interest: The interest which is other than that of parent company in any entity is...Figures which would appear in a consolidated income statement for this year:...Computation of amount of goodwill recognized in Company H’s acquisition of Company Z and the...Schedules for acquisition-date fair-value allocations and amortizations for Company A’s investment...Allocation of Company A’s acquisition-date fair value to the various assets acquired and liabilities...The journal entry Company B made to record its January 1, 2018, acquisition of an additional 30...Occurrence of intra-entity transactions: Intra-entity transactions occur so frequently between...ParticularsAmount Consideration paid $ 342,000 Fair value of non-controlling interest $ 38,000 Fair...ParticularsAmountAmountConsideration transferred on 01/01/2017 $ 372,000Reported income of Company S...The schedule that calculates the Equity in Earnings of Company S account balance is as follows:...Worksheet to consolidate the separate 2018 financial statements for Company G and Company K: Company...Computation of equity in Company S’s earnings balance: ParticularsAmountNet income of the subsidiary...A legal business structure is known as variable interest entity when an investor has interest which...The consolidation entry which would be required for these bonds on December 31, 2016: Entry...Computation of the amount of gain or loss from the retirement of this debt should be reported on the...Chapter 6, Problem 45PThe consolidation worksheet adjustments which would have been required as of January 1, 2017, to...The consolidated financial totals for the given business combination is as follows: Company P and...Father-son-grandson relationship: The father-son-grandson relationship refers to the business...The worksheet to consolidate the companies is as follows: Company H and Consolidated...The consolidation worksheet of the business combination is as follows: Company T and Consolidated...The net income of Company S is 80 percent of the total reported income of Company S which implies...The worksheet entries necessary to derive the given reported balances: Entry GDateAccounts Title and...Consolidation process tends to disguise information needed to analyze each part of the organization....Three testing procedures are performed to determine company E’s reportable operating segments. 1....Calculate total revenue of all segments individually RedBlueGreenPinkBlackWhite Sales to outside...Three testing procedures are performed to determine company E’s reportable operating segments. 1....Chapter 8, Problem 39PA schedule showing the calculation of net income and earnings per share that company C reports for...Percentage of total net revenues, 2013 and 2014 20142013 Total net revenuesPercentageTotal net...When a trade is entered by the two parties from two different counties, the currency in which the...The following entries need to be passed in year 2017 (cash flow hedge): DateParticularsPost...Chapter 9, Problem 32PChapter 9, Problem 33PChapter 9, Problem 34PThe journal entries which need to be passed in books: DateParticularPost Ref.Debit($)Credit($)...The journal entries to account for import purchase without hedge: DateAccount Title and...Two major issues related with translation of foreign currency financial statements are: 1) In each...Remeasure non functional currency accounts into foreign functional currency and then translates...Translate foreign currency financial statement and prepare consolidation worksheet: Simbel’s...Translate (remeasure) foreign currency financial statements using US GAAP and explain the...Re-measurement of foreign currency balance: A portion of subsidiary’s operation is in Brazil. These...Translation of the foreign subsidiary’s FC financial statements into U.S. dollars at December 31,...Chapter 11, Problem 1Q(1) IFRS: The entry to be recorded under IFRS: December 31, 2017: DateAccounting heads and...(1) IFRS: The entry to be recorded under IFRS: DateAccount Title and ExplanationPost ref.Debit...(1) IFRS: The entry to be recorded under IFRS: DateAccount Title and ExplanationPost ref. Debit...(1) U.S. GAAP: The entry to record equipment under U.S. GAAP: The equipment is not recorded under...Chapter 11, Problem 27PIn 1902, the Industrial Commission suggested that all companies owned by public are needed to...Chapter 13, Problem 1QChapter 13, Problem 33PThe advantages of operating a business as a partnership rather than as a corporation are: The...Journal entry for the transaction DateAccounts and ExplanationPost Ref.Debit ($)Credit ($) Cash $...Chapter 14, Problem 27PAllocation of income for the year 2016 ParticularsPerson GPerson SPerson LTotal Net income $...Person P decides to sell half of its share to person DA with the consent of all other partners for...Journal entries to record the preceding transactions on the assumption that the bonus method is used...The dissolution of partnership is the reformation of partnership agreement in case of withdrawal or...Calculate the amount of cash available: Cash available = Assets − Liabilities − Liquidation...Chapter 15, Problem 20PPre-distribution plan for the partnership Pre-distribution plan Available CashAmountRecipientFirst $...Predistribution plan for the partnership: Predistribution plan Available CashAmountReceipientFirst $...There is a contradictory and complex way to get information about local or state government by any...Chapter 16, Problem 38PChapter 16, Problem 41PChapter 16, Problem 42PTwo categories of authoritative GAAP for local and state governments are Category A and Category B....Chapter 17, Problem 27PChapter 17, Problem 35PStatement of activity in the books of city B: Statement of activitiesProgram revenueNet revenue and...The statement of Revenues, Expenditures, and Other Changes in Fund Balance is as follows: P...GASB standard is followed by public colleges and universities. Reporting model same as local and...Net patient service revenue is the value that is remained after charging provision for bad debts,...The journal entries for the given transactions are as follows: Date Account Title and Explanation...Chapter 18, Problem 42PTestate: Testate is a situation where a person passed away with a valid will for the settlement and...The following journal entries to be made by Ms. S’s estate for the given transaction: Date Accounts...Journal entries in the book of L. DateAccount Title and ExplanationPost Ref. Debit ($) Credit...
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