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Advanced Financial Accounting12th EditionChristensen, Theodore E., COTTRELL, David M., Budd, Cassy Publisher: Mcgraw-hill Education,ISBN: 9781259916977
Advanced Financial Accounting
Solutions for Advanced Financial Accounting
Browse All Chapters of This Textbook
Chapter 1 - Intercorporate Acquisitions And Investments In Other EntitiesChapter 2 - Reporting Intercorporate Investments And Consolidation Of Wholly Owned SubsidiarieChapter 3 - The Reporting Entity And The Consolidation Of Less-than-wholly-owned SubsidiariesChapter 4 - Consolidation Of Wholly Owned Subsidiaries Acquired At More Than Book ValueChapter 5 - Consolidation Of Less-than-wholly-owned Subsidiaries Acquired At More Than BookChapter 6 - Intercompany Inventory TransactionsChapter 7 - Intercompany Transfers Of Services And Noncurrent AssetsChapter 8 - Intercompany IndebtednessChapter 9 - Consolidation Ownership IssuesChapter 10 - Additional Consolidation Reporting Issues
Chapter 11 - Multinational Accounting: Foreign Currency Transactions And Financial InstrumentsChapter 12 - Multinational Accounting: Issues In Financial Reporting And Translation Of ForeignChapter 13 - Segment And Interim ReportingChapter 14 - Sec ReportingChapter 15 - Partnerships: Formation, Operation, And Changes In MembershipChapter 16 - Partnerships: LiquidationChapter 17 - Governmental Entities: Introduction And General Fund AccountingChapter 18 - Governmental Entities: Special Funds And Governmentwide Financial StatementsChapter 19 - Not-for-profit EntitiesChapter 20 - Corporations In Financial Difficulty
Sample Solutions for this Textbook
We offer sample solutions for Advanced Financial Accounting homework problems. See examples below:
A complex organizational structure has higher number of divisions and it is bigger in size. Many...Following journal entry would be recorded: In the books of P CorporationJournal Entry...For A: Impairment value of goodwill= Fair value of reporting unit-Fair value of net assets Fair...Journal Entries S.noDateParticularsDebit Credit 1Cash $ 30,000 Accounts receivable $ 60,000...P Inc. and S CompanyCombined Balance SheetJanuary 1, 20X3Cash and Receivable110,000Current...Computation of a number of shares issued: =Common Stock of combined entity - Common stock of Plend...Book value of common stock held by S $70,000 Par value of shares $5 Number of shares at par value...Following journal entry would be recorded: ParticularDebit ($)Credit ($)Merger Expense135,000 To...The method which is used to account the investments in common stocks is dependent upon the level of...
ParticularDebitCreditEquity method entry on booksInvestment in S co.300,000Cash300,000(Record P co....Particular DebitCreditEquity method entry on booksInvestment in S co.300,000Cash300,000Record P co....ParticularDr.Cr.Equity method entry on paper’s co.’s booksInvestment in scissor co. Dr.370,000Cash...ParticularDebitCreditEquity method entry on paper’s co.’s booksInvestment in...ParticularDebitCreditCost method entry on booksInvestment in S co.300,000Cash300,000The initial...As per the new Companies Act 2013, all listed or unlisted companies having one or more subsidiary...Recording the initial investment in S’ books. ParticularAmount $Amount $Investment in S...Equity method journal entries are as follows: ParticularDr $Cr $Investment in S corporation Dr. Cash...ParticularsAmount$Amount$Investment in SDr.296,000CashCr.296,000(To record investment in S Co.)Equity method entry onP company booksAmount ($)Amount ($)Investment in S...ParticularsAmount ($)Amount ($)Equity method entry on booksInvestment in SCo.Dr.85,600Income from...The equity method is applied by the investing company to record the investment made in the investee...Journal entries (equity method) S. No.ParticularsAmount (in $)Amount (in$)1Investment in S32,000...Journal entries ParticularsDebitCreditInvestment in S stock $ 650,000 Bonds payable $ 650,000 (To...Journal Entries S. noDateParticularsDebit Credit 1Investment in S $128,000 Cash $128,000 (Initial...Journal entries S. noParticularsDebit Credit1Income from subsidiary $ 34,000 Dividends declared $...Journal entries ParticularsDebit CreditInvestment in S $ 30,000 Income from S $ 30,000 (To record P'...Journal entries S. noParticularsDebitCredit1Investment in S $ 203,000 Cash $ 203,000 (To record...A consolidated balance sheet shows the combined balances of the parent company and its subsidiaries....Equity method entries in P’s books ParticularsDebit $Credit $Investment in S corporation190,000...Computation of increase in fair value of patients $Fair value of consideration given by P277,500Fair...Consolidation entries as on December 31, 20X3 ParticularsDebit $Credit $Investment in S...Elimination entries ParticularsDebit $Credit $Investment in S company28,000 Income from S...Entries related to investment in subsidiary particularsDebit $Credit $Investment in S Inc.864,000...Consolidation entries ParticularsDebit $Credit $Investment in S Corporation102,200...A consolidated balance sheet shows the combined balances of the parent company and its subsidiaries....The unrealized profit on the intercompany sale to parties outside the group entity is considered,...Entries recorded by P related to his investment in SS in 20X4 ParticularsDebit $Credit $Investment...As all the intercompany transactions are eliminated, income from subsidiary is also eliminated....Reconciliation of book value and balance in investments. Net book value reported by S company Common...Entries recorded by P related in his books ParticularsDebit $Credit $Investment in S Company24,000...Income assigned to non-controlling interest $$Net income ofS30,000Less: Gain on sale of equipment to...ItemsAmount $Original differential at December 31, 20X1150,000Less: portion written off for sale of...Debit $credit $Income from S company2,000Investment in S company38,400 Retained earnings40,400...While consolidating the parent company accounts with the accounts of its subsidiaries, the effects...Date/20X3Debit $Credit $To record receipt of interest on bond investmentJan 1Cash2,000Interest...Date/20X3ParticularsDebit $Credit $To record receipt of interest on bond investmentJan...$$Amount of cost of goods reported by P corporation620,000Amount of cost of goods reported by S...$$Amount of cost of goods reported by P corporation620,000Amount of cost of goods reported by S...Debit $Credit $1. Eliminate income from subsidiary Income from subsidiary22,500 Dividends...ParticularsDebit $Credit $Eliminate income from subsidiary Income from subsidiary22,500 Dividends...Computation of goodwill ParticularsAmount $Fair value of consideration given by P1,152,000Fair value...Computation of goodwill ParticularsAmount $Fair value of consideration given by P1,152,000Fair value...Valuation of goodwill at acquisition Amount $Fair value of consideration given to P1,152,000Fair...While consolidating the parent company accounts with the accounts of its subsidiaries, the effects...Journal entries recorded by B company for its investment in C company is as follows:...When investment is purchased investment account is created and debited with the amount of investment...$Liquidation value of preferred stock 2,000 x $101202,000Dividends in arrears ($200,000 x...Income from subsidiary is eliminated by debit income for subsidiary and credit investment in S and...Gain on sale of common stock is eliminated by debiting to gain on sale and credit of additional...The balance sheet, income statement and statement of changes in retained earnings are an integrated...P Corporation and S Corporation Consolidated cash flow work paper Year ended December 31, 20X4...P Corporation and SCorporation Consolidated cash flow work paper Year ended December 31, 20X3...Investment in S’s common stock is recorded by debiting to investment account and credit common stock...Computation of tax bases of assets and liabilities: PSTax bases of assets:Total...Income from subsidiary is eliminated by reverse entry, debit income from subsidiary $36,000 x .70 =...Exchange rates can be presented as direct or indirect exchange rate. A direct exchange rate is the...a. entries DateParticularDebit $Credit $12/16/20X7Equipment95,200 Accounts payable95,200(Purchase of...DateParticularDebit $Credit $May 14Accounts receivable26,500 Sales revenue26,500(Foreign currency...Earning from Forward contract £30,000 × ($1.61 − $1.59)$600Less adjustment when inventory sold...Journal entries to record sale of electronic subassemblies to a firm in Denmark is as follows:...Journal entries to record sale of blue jeans to a firm in South Korea is as follows:...DateParticularDebit $Credit $03/01/X5Dollars receivable from broker19,200 Foreign currency payable...DateParticularsDebit $Credit $12/1/20X1Purchases60,000 Accounts payable60,000(Foreign currency...Globalization has demanded countries to connect with all countries all over the world to take the...Direct $/R 1Indirect R/$1January 1, 20X6$.03333 = R 1R 30 = $1December 31, 20X6$.02857 = R 1R 35 =...ItemsCanadian DollarsExchange rateU.S. DollarsIncome statement:Differential at date of...S Inc. Trial Balance Translation For the year ended December 31, 20X5 ParticularsKronerExchange...Trial balance re measurement For the year ended December 31, 20X5 ItemKronerexchange rateU.S....Scompany Trial balance re measurement For the year ended December 31, 20X5 Itemreals exchange rate...ParticularsAmount $Amount $1. Income from subsidiary39,416 Dividends declared4,824 Investment in...ParticularsDebit $Credit $1. To eliminate income from subsidiary Income from subsidiary43,368...An investor is always keen to know about the profitability and operational progress of the company....For the interim reporting in the third-quarter SEC requires four types of income statements in Form...ParticularsDebit $Credit $Entry for sale of 1,240 units of inventory in JulyCost of goods sold30,420...Case 1 Market reduction Qtr.Cost of units soldAdjustment +/(-)Cost of goods sold1(2,100–1,700)×$850...1. Segment disclosure worksheet: Operating SegmentsCorporate admin $Intersegment eliminations...1. Segment disclosure worksheet. Operating SegmentsCorporate admin $Intersegment eliminations...Determination of reportable segment using 10 percent revenue test: U.S.New...The periodic reporting of publicly held companies is regulated by the Security Exchange Act of 1934....A partnership is a form of the business in which two or more persons join the business as partners....M’s investment in partnership is $160,000 half of which is $80,000 credited to W, and W pays $90,000...ENWTotalProfit ratio33410Ending capital$28,000$40,000$48,000Net income$78,960Interest on capital...J acquired S interest in a personal transaction as no assets were revalued the excess amount is...Debit $Credit $Cash110,000Inventory80,000Land130,000Equipment100,000 Mortgage payable50,000...H and S partnership Balance sheet As at January 2, 20X3 Amount $Amount $AssetsCurrent...Dissolution is the termination of a partnership. Events that cause its dissolution and accounting...N 30%O 30%P 20%Q 20%Capital balance at beginning15,00075,00075,00030,000Loss on sale of asset...ABC partnership Statement of realization and liquidation From January 1, 20X1 to March 31, 20X1...PET Statement of Partnership liquidation and realization July 1 20X1 to September 30, 20X1...DSV Statement of Partnership liquidation and realization July 1 20X5 to September 30, 20X5...DSV Cash distribution plan July 1 20X5 to September 30, 20X5 Loss absorption powerCapital...The above answer can be explained as, every governmental entity establishes various funds to achieve...DateParticularsDebit $Credit $11/03/X2Encumbrance21,000 Budgetary fund balance − reserved for...Consumption method DateParticularsDebit $Credit $1. Entry for purchase of supplies8/8/20X2...The journal entry for recording the three-year policy acquired is as follows: DateParticularsAmount...ParticularsDebit $Credit $Estimated Revenues control2,000,000 Appropriations control1,940,000...ParticularsDebit $Credit $Estimated revenues control3,000,000 Appropriations control2,980,000...Entries for 20X2 budget and transactions ParticularsDebit $Credit $1. Estimated revenue...The above answer can be explained as the general funds are used for operational requirements,...The journal entries for capital project fund for 20X2 is as follows: DateParticularsDebit ($)Credit...ParticularsDebit $Credit $1. Estimated revenues control35,000 Estimated other financing sources −...ParticularsDebit $Credit $1. Accounts receivable420,000 Revenue420,000 (Recognition of receivable...Journal entries in general fund account for the inter-fund transfers: ParticularsAmount ($)Amount...Entries for 20X2 ParticularsDebit $Credit $Inventory of supplies96,000 Furniture and equipment4,700...FundEntryDebit $Credit $1. General FundEstimated revenues control400,000 Appropriations...EntryDebit $Credit $Adjustment entries:1. Allowance for uncollectible - Delinquent2,200 Fund balance...ParticularsDebit $Credit $CPE cash5,080,000 Other financial sources − bond issue5,000,000 Other...The journal entries in all the funds affected for the year ended December 31, 20X8 is as follows:...10 percent criterion test FundsAssets $%Liabilities$%Revenues$%Expenditures$%Governmental...The above answer can be explained as, tuition is a major source of revenue for the private...Notre dame receives thousands of dollars in donations for carrying on the activities of the church...Recording the patients services provided Recording operating expenses against credit for expenses...Recording the patients services provided Recording operating expenses against credit for expenses...Calculation of accounts receivable for the year ended 20X3 ParticularsAmountOpening balance...Working notes: Calculation of accumulated depreciation for building: accumulated depreciation= [(...Recording the cash received by donors Recording the cash collected from snack bar Recording the...Recording the amount realized from patient services Recording the contractual adjustments of...The statement of activities is the financial statement for a no- profit organization. In the above...Recording the amount released from the general fund for the purchase of equipment Recording the...Non-judicial actions are as follows − Debt Restructuring Arrangements − These are arrangements...RecoveryPre-confirmation ($)Elimination of debt & equity ($)Surviving debt ($)Cash ($)12%Secured...The amount of creditors with priority is determined in the equity section of the statement. The...The creditors with priority is determined in the equity section. The estimated amount available to...
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