ADV. ACCT CONNECT STAND ALONE13th EditionHoyle Publisher: MCGISBN: 9781266295744
ADV. ACCT CONNECT STAND ALONE
Solutions for ADV. ACCT CONNECT STAND ALONE
Problem 5Q:
What measurement focus is used in fund financial statements for governmental funds, and what system...Problem 8Q:
In applying the current financial resources measurement focus, when are liabilities recognized in...Problem 10Q:
What are the five fund types within the governmental funds? What types of events does each of these...Problem 12Q:
What are the four fund types within the fiduciary funds? What types of events does each report?Problem 14Q:
Fund financial statements have separate columns for each activity. Which activities are reported in...Problem 15Q:
The general fund of a city reports assets of 300,000 and liabilities of 200,000 in the fund...Problem 16Q:
Why are budgetary entries recorded in the individual funds of a state or local government?Problem 17Q:
How are budget results shown in the financial reporting of a state or local government?Problem 21Q:
How do governmental funds report capital outlay in fund financial statements? How do government-wide...Problem 25Q:
How is the issuance of a long-term bond reported on fund financial statements? How is the issuance...Problem 7P:
Which of the following statements is correct about the reporting of governmental funds? a.Fund...Problem 10P:
The City of Bagranoff holds 90,000 in cash that will be used to make a bond payment when the debt...Problem 12P:
The general fund pays rent for two months. Which of the following is not correct? a. Rent expense...Problem 13P:
A purchase order for 3,000 is recorded in the general fund for the purchase of a new computer. The...Problem 14P:
At the end of the current year, a government reports a fund balanceassigned balance of 9,000 in...Problem 15P:
A government buys equipment for its police department at a cost of 54,000. Which of the following is...Problem 16P:
A city acquires supplies for its fire department and uses the consumption method of accounting....Problem 18P:
The state government passes a law requiring localities to upgrade their water treatment facilities....Problem 19P:
The state awards a grant of 50,000 to the Town of Glenville. The state will pay the grant money to...Problem 20P:
A city issues a 60-day tax anticipation note to fund operations until taxes have been collected....Problem 21P:
A city issues five-year bonds payable to finance construction of a new school. What recording should...Problem 22P:
The City of Dylan issues a 10-year bond payable of 1 million at face value on the first day of Year...Problem 24P:
A 110,000 payment is made on a long-term liability. Of this amount, 10,000 represents interest....Problem 25P:
A city constructs a special assessment project (a sidewalk) for which it is secondarily liable. The...Problem 26P:
A city constructs curbing in a new neighborhood and finances it as a special assessment. Under what...Problem 27P:
Which of the following is an example of an interactivity transaction? a. Money is transferred from...Problem 28P:
Cash of 60,000 is transferred from the general fund to the debt service fund. What is reported on...Problem 29P:
Cash of 60,000 is transferred from the general fund to the debt service fund. What is reported on...Problem 30P:
Cash of 20,000 is transferred from the general fund to the enterprise fund to pay for work that...Problem 31P:
Cash of 20,000 is transferred from the general fund to the enterprise fund to pay for work that was...Problem 32P:
The board of commissioners of the City of Hartmoore adopted a general fund budget for the year...Problem 33P:
A city orders a new computer for its general fund at an anticipated cost of 88,000. Its actual cost...Problem 34P:
Cash of 90,000 is transferred from a citys general fund to start construction on a police station....Problem 35P:
The governmental funds of the City of Westchester report 445,000 in assets and 140,000 in...Problem 36P:
Government officials of Hampstead County ordered a computer near the end of the current fiscal year...Problem 37P:
A local government has the following transactions during the current fiscal period. Prepare journal...Problem 38P:
Prepare journal entries for the City of Puddings governmental funds to record the following...Problem 39P:
Prepare journal entries for a local government to record the following transactions, first for fund...Problem 40P:
The following unadjusted trial balances are for the governmental funds of the City of Copeland...Problem 41P:
Following are descriptions of transactions and other financial events for the City of Tetris for the...Problem 42P:
Chesterfield County had the following transactions. Prepare the entries first for fund financial...Problem 43P:
The following trial balance is taken from the General Fund of the City of Jennings for the year...Problem 44P:
A city has only one activity, its school system. The school system is accounted for within the...Problem 47P:
The following transactions relate to the General Fund of the city of Lost Angels for the year ending...Problem 48P:
Use the transactions in problem (47) but prepare a statement of net position for the government-wide...Problem 49P:
Government officials of the City of Jones expect to receive general fund revenues of 400,000 in 2017...Problem 50P:
On December 1, 2017, a state government awards a city government a grant of 1 million to be used...Problem 51P:
Indicate (i) how each of the following transactions impacts the fund balance of the general fund,...Problem 52P:
Fund A transfers 20,000 to Fund B. For each of the following, indicate whether the statement is true...Problem 53P:
Use the following information for Problems 5359: Assume that the City of Coyote has already produced...Problem 54P:
On December 30, 2017, the City of Coyote borrowed 20,000 for the general fund on a 60-day note. In...Problem 55P:
An art display set up for the City of Coyote was recorded within the general fund and generated...Problem 56P:
The City of Coyote mailed property tax bills for 2018 to its citizens during August 2017. Payments...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 ADV. ACCT CONNECT STAND ALONE 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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