Fundamentals of Advanced Accounting6th EditionJoe Ben Hoyle, Thomas Schaefer, Timothy Doupnik Publisher: McGraw-Hill EducationISBN: 9780077862237
Fundamentals of Advanced Accounting
Solutions for Fundamentals of Advanced Accounting
Problem 1Q:
A company acquires a rather large investment in another corporation. What criteria determine whether...Problem 3Q:
Why does the equity method record dividends from an investee as a reduction in the investment...Problem 5Q:
Smith. Inc., has maintained an ownership interest in Watts Corporation for a number of years. This...Problem 7Q:
Because of the acquisition of additional investee shares, an investor will now change front the...Problem 11Q:
In a stock acquisition accounted for by the equity method, a portion of the purchase price often is...Problem 13Q:
What is the difference between downstream and upstream sales? How does this difference affect...Problem 16Q:
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...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 - Foreign Currency Transactions And Hedging Foreign Exchange RiskChapter 8 - Translation Of Foreign Currency Financial
statementsChapter 9 - Partnerships: Formation And OperationChapter 10 - Partnerships: Termination And
liquidation
Book Details
Fundamentals of Advanced Accounting, 6th edition, is ideal for those schools wanting to cover 12 chapters in their advanced accounting course. This brief yet concise text allows students to think critically about accounting, just as they will do preparing for the CPA exam. The text continues to show the development of financial reporting as a product of intense and considered debate that continues today and into the future as it originates from Hoyle's big text Advanced Accounting.
Sample Solutions for this Textbook
We offer sample solutions for Fundamentals of Advanced Accounting homework problems. See examples below:
Chapter 1, Problem 1QBusiness 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:...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...Computation of Investment Income and Investment in Company C account balances assuming that Company...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 excess depreciation expense which should be recognized in the consolidated...The consolidated balances for this business combination as of December 31, 2015 are as follows:...Schedules for acquisition-date fair-value allocations and amortizations for Company A’s investment...Company S’s total acquisition-date fair value (January 1, 2015) to the assets acquired and...Occurrence of intra-entity transactions: Intra-entity transactions occur so frequently between...Computation of consolidated net income for Company P and its subsidiary: ParticularsAmountNet income...Computation of the consolidated balance of cost of goods sold: ParticularsAmountBalance of Company P...The worksheet entries to consolidate these two companies as of December 31, 2015: Entry...ParticularsAmountConsideration paid $ 342,000Fair value of non-controlling interest $ 38,000Fair...Computation of equity in Company S’s earnings balance: Particulars Amount Net income of the...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, 2013: Entry...Computation of the amount of gain or loss from the retirement of this debt should be reported on the...Entry *TLDateAccounts Title and ExplanationPost Ref.Debit ($)Credit ($) Investment in Company H...The consolidation worksheet adjustments which would have been required as of January 1, 2013, to...The consolidated financial totals for the given business combination is as follows: Company P and...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 2015 (cash flow hedge): DateParticularsPost...Pass the journal entries and identify impact on net income: DateParticularsPost...Chapter 7, Problem 33PThe journal entries read to be passed in year (June month) (Cash flow hedge): DateParticularsPost...The journal entries which need to be passed in books: DateParticularsPost...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,...The 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 9, Problem 27PAllocation of income for the year 2013: 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 10, 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 11, Problem 38PThe balance in the Budgetary Fund Balance account for the budget for the year: Particulars Amount...Chapter 11, Problem 42PCapitalization of lease A lease that satisfies any of the following conditions can be capitalized...Journal entries on the government wide- financial statement of H, when landfill is treated as...Statement of activity for W: Statement of activitiesProgram revenueNet revenue and change in net...Statement 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...
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