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Topic:Admission of New Partner LO:3 4. Assume that Partners A and B each report a Capital Account of $1,200,000. Partner C wants to join thepartnership as an equal one-third partner in consideration for a combined payment to Partners A and B of$800,000. Required:Record the journal entry on the books of the partnership.
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Topic: Preparation of Statement of Activities LO:2 5.The City of San Almosreports the following revenues for the fiscal year: Real Estate And Personal Property Taxes $38,164 Motor Vehicle And Other Excise Taxes 1,988 Grants And Contributions Not Restricted 1,956 The City also reports the following revenues from fees it charges for services and operating grants and contributions.
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114.Alfred Company manufactures men's clothing. During 2016, the company reported the following items that affected cash. Indicate whether each of these items is a cash flow from operating activities (O), investing activities (I), or financing activities (F). Purchased equipment by paying cash:___ Collected cash on account from customers:___ Paid dividends to stockholders:___ Paid cash.
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64.Which of the following items is reported as an expense on the income statement?  A. Dividends declared. B. Cost of goods sold. C. Dividends paid. D. Accounts payable. 65.Which of the following has primary responsibility to develop Generally Accepted Accounting Principles?  A. Financial Accounting Standards Board. B. Company Executives. C..
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Topic: Allocation of Interest on Capital Accounts and Profit to Partners LO: 4 12.Assume that there are three partners in a partnership, A, B, and C. Partner C provides services to the partnership and is entitled to a salary of $75,000. In addition, assume that the Partnership Agreement provides for an interest.
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  Topic: Liquidation Schedule—Safe Payment Schedule LO: 5 18.On the date the partners in the ABCD partnership decided to dissolve their partnership, the partners had the following pre-liquidation Capital Account balances: Partner A, capital $112,000 Partner B, capital 164,000 Partner C, capital 72,000 Partner D, capital 48,000 A, B, C and D share residual profits and losses in a 4:3:2:1 ratio. Accrued.
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Chapter 13:Accounting for Partnerships Multiple Choice Topic: Partnership Form of Organization LO: 1 1.Which of the following doesnot describe the partnership form of organization? a.Partnerships allow numerous individuals to combine their efforts for a variety of business purposes in an organization that can last indefinitely. b. Partnerships can survive the admission of new partners and.
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Topic:Journal Entries to Yield Government-Wide Financial Statements from Fund Financial Statements LO: 2 3.The City of Mundeleinis preparing its Government-Wide financial statements for the year. Its accountant must prepare a number of journal entries to recognize assets and liabilities previously omitted from the Fund financial statements and to recognize revenues and expenses.
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21.The normal balance for an asset account is a debit and the normal balance for a liability account is a credit.   22.The recording of a journal entry precedes the posting to the general ledger.   23.An asset account normally has a debit balance and is increased by debiting the account.   24.Liability and stockholders' equity.
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Topic:LIFO Liquidation in an Interim Reporting Period LO:2 3.Assume that our records include the following two LIFO inventory cost pools: Units Cost/Unit BOQ 1,200 $40 Purchase #1 1,600 $60 Total 2,800 At the beginning of the quarter (BOQ), we report 1,200 units on hand at a cost of $40 per unit. Duringthe quarter, we sell 2,000 units.
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Exercises Topic:Formation of Partnership – Bonus Method LO: 2 1.Assume that two individuals agree to form a partnership. Partner A is contributing an operating business that reports the following balance sheet: Cash .$  60,000 Accounts payable. $80,000 Receivables 80,000 Accrued liabilities 60,000 Inventories 100,000 Total liabilities $140,000 Total assets $240,000 Net assets $100,000 Partner B is contributing cash of $140,000. The partners agree that the initial.
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11.Common stock and additional-paid in capital represent the financing sources from shareholders.   12.Financial reporting focuses on reporting the impact of transactions on an entity's financial position.   13.Unearned revenue is reported on the balance sheet as a liability and represents amounts paid to an entity in exchange for future services and/or goods.   14.A transaction.
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126.Describe the roles of the Securities and Exchange Commission and The Financial Accounting Standards Board with respect to the development of Generally Accepted Accounting Principles.   127.Describe the elements of the balance sheet equation.    128.Describe the role of a company's management and the external auditors in the accounting communication process.   .
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118.A new accountant who prepared the financial statements for Saltech Company at the end of its first year of operations made several errors. For each of the following items, indicate whether the income statement and balance sheet are affected by the error, and also the amount by which the respective.
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74.Which of the following would be reported in the investing activities section of a cash flow statement? A. Cash received from customers. B. Cash received from the issue of common stock. C. Cash paid to repay a bank loan. D. Cash paid to acquire common stock of another company. 75.Which of the following statements.
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Problems Topic: Preparation of Journal Entries and Financial Statements for Not-for-Profit LO:1, 2 1.Solidarity Bridge is a not-for-profit organization that providescritical medical care to those living in poverty. Required: 1.Prepare journal entries for each of the following activities: The organization recognized the following revenues (the contributions are all on account and the investment returns are.
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Topic:Preparation of Journal Entries and Financial Statements for Not-for-Profit LO:1, 2 2.TeensCouncil is a not-for-profit organization that provides support for teenage students. Prepare journal entries for each of the following activities: Required: 1.Prepare journal entries for each of the following activities: The organization recognized the following revenues (the contributions are all on account and the.
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44.Which financial statement would you use to determine a company's earnings performance during an accounting period? A. Balance sheet. B. Statement of stockholders' equity. C. Income statement. D. Statement of cash flows. 45.Which of the following equations best describes the income statement?  A. Assets - Liabilities = Stockholders' Equity. B. Net income = Revenues.
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Topic: Preparation of Government-Wide Financial Statements (Continuation of P3) LO: 2 4.The City of Mundelein reports the following Fund Financial Statements for its General Fund: Balance Sheet Cash $17,750 Receivables: Real Estate & Personal Property 1,332 Intergovernmental 13,774 Total Assets $32,856 Payables $1,576 Deferred Revenues 15,152 Total Liabilities 16,728 Fund Balances: Reserved for - Encumbrances 3,996 Unreserved 12,132 Total Fund Balances 16,128 Total Liabilities and Fund Balances $32,856 Statement of Revenues, Expenditures, and Changes in Fund Balances Revenues: Real.
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Topic: Admission of New Partner—Goodwill Method LO: 3 10.Assume that the partnership’s balance sheet reflects Partner Capital of $1,200,000 and $1,800,000, respectively, for Partner A and Partner B immediately prior to the admission of Partner C. Partner C is contributing $2,400,000 for a one-third ownership interest. Required:Prepare the journal entry to admit.
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Topic: Admission of a New Partner – Goodwill Method LO: 3 8. Refer to the fact set in Exercise 6. Assume that the partners believe that the payment by Partner Cprovides evidence of a previously unrecorded intangible asset in the partnership and the partners wish to record the intangible on the post-realignment.
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Topic:Journal Entries for Government-Wide Financial Statements ? Deferred Revenues and Compensated Absences LO:2 3.The City of Madisonis preparing its Government-Wide financial statements from its Fund financial statements.The City records Deferred Revenue with a book value of $200,000 and Compensated Absences of $30,000 at the beginning of the year. During the year, these.
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Exercises Topic:Preparation of Financial Statements for Not-for-Profit LO: 1,2 1.Following is financial data for the Center for New Horizons, a not-for-profit organization promoting sustainable business operations:   Unrestricted Temporarily Restricted Permanently Restricted Revenues - Contributions $1,288,000 $128,800 $20,700 Revenues - Investment 8,832 13,248 22,080 Net Assets, beginning of year 736000 506,000 184,000 Contributions Receivable 296,700 Expenses - Program 1,196,000 PPE, net 570,400 Depreciation expense 41,400 Long-term Liabilities 315,100 Cash 5,060 Payables 216,200 Investments 1,159,200 Net Assets.
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  Topic:Liquidation Schedule—One Negative Capital Account with No Capital Contribution LO: 5 16.The ABC partnership reports the following condensed balance sheet: Cash $1,010,000 Liabilities $1,600,000 Noncash assets 2,550,000 Partner A, capital 900,000 Partner B, capital 900,000 Partner C, capital 160,000 Total assets $3,560,000 Total liabilities and partner capital $3,560,000 The partners wish to liquidate the partnership. The noncash assets are sold for $2,000,000 with the loss.
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Problems Topic:Journal Entries to Yield Government-Wide Financial Statements from Fund Financial Statements LO:2 1.The City of Mirrenis preparing its Government-Wide financial statements for the year. Its accountant must prepare a number of journal entries to recognize assets and liabilities previously omitted from the Fund financial statements and to recognize revenues and expenses for.
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123.Laker Company has provided the following information for its most recent year of operation: Cash collected from customers totaled $99,300. Cash borrowed from banks totaled $42,700. Cash paid to employees totaled $23,300. Cash paid for interest totaled $3,100. Cash received from selling an investment in Husky stock totaled $73,000. Cash.
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116.For Glad Rags Shops, the following information is available for the year ended December 31, 2016: Sales revenue$4,200,000 Cost of goods sold 2,650,000 Salaries expense    500,000 Rent expense    300,000 Administrative expense    250,000 Dividends declared $10,000 The income tax is $150,000.Required: Prepare an income statement for Glad Rags Shops.   117.Baseline Corporation was formed two years ago to manufacture fitness equipment..
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Multiple Choice Questions 24.Which of the following describes the primary objective of the balance sheet? A. To measure the net income of a business up to a particular point in time. B. To report the difference between cash inflows and cash outflows for the period. C. To report the financial position of the.
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Topic: Contributions LO: 2 11.Which of the following statements about contributions is false? a.If the contribution is made in the form of a donor’s promise to pay, revenue is recognized and a receivable is recorded when the promise is made, provided that there is sufficient evidence in the form of verifiable documentation that.
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94.Which of the following statements is true about a sole proprietorship? A. The owner and the business are separate legal entities but not separate accounting entities. B. The owner and the business are separate accounting entities but not separate legal entities. C. The owner and the business are separate legal entities and.
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True False /  Questions 1.The primary objective of financial reporting is to provide useful information to external decision makers.  2.In order for information to be relevant, the information needs to be complete, neutral, and free from error.   3.In order for information to be relevant, the information should have both predictive and/or feedback value.   4.The.
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31.Current assets include accounts receivable and prepaid expenses.   32.The current ratio is current assets divided by current liabilities.   33.Current liabilities are defined as obligations to be paid within six months.   34.The current ratio measures the ability of a company to pay its short-term obligations with short-term assets.   35.A company with a high current ratio.
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Topic: Disclosures Regarding Major Customers LO: 1 11.Which of the following statements about disclosures of major customers is true? a.Companies must disclose information about the extent of their reliance on major customers if revenues from transactions with a single external customer amount to 5% or more of the company’s total revenues b.Companies must disclose.
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11.The financial statement that shows an entity's economic resources and claims against those resources is the balance sheet. 12.Stockholders' equity on the balance sheet includes common stock and retained earnings. 13.The amount of cash paid by a business for dividends would be reported as an operating activity cash flow on.
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121.Laker Company has provided the following information for its most recent year of operation: Cash collected from customers totaled $99,300. Cash borrowed from banks totaled $42,700. Cash paid to employees totaled $23,300. Cash paid for interest totaled $3,100. Cash received from selling an investment in Husky stock totaled $73,000. Cash.
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Topic: Liquidation Schedule—Positive Capital Accounts LO:5 14.The ABC partnership reports the following condensed balance sheet: Cash $487,500 Liabilities $600,000 Noncash assets 956,250 Partner A, capital 337,500 Partner B, capital 337,500 Partner C, capital 168,750 Total assets $1,443,750 Total liabilities and partner capital $1,443,750 The partners wish to liquidate the partnership. The noncash assets are sold for $750,000 with the loss distributed to the partners in.
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Topic:Preparation of Journal Entries for Not-for-Profit LO:1,2 3.Wind Systems is a not-for-profit organization that engages in wind energy research. During the year, the organization recorded a number of financial activities. a.The organization recognized the following revenues (the contributions are all on account and the investment returns are in cash): Revenues - Contributions (Unrestricted) 182,000 Revenues.
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34.Which financial statement would you utilize to determine whether a company will be able to pay liabilities which are due in 30 days?  A. Income statement. B. Balance sheet. C. Statement of stockholders' equity. D. Statement of cash flows. 35.Which of the following is considered to be an expense on.
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Chapter 11:Accounting for Not-for-Profit Organizations Multiple Choice Topic: Statement of Financial Position LO: 1 1.Which of the following categories are included in the Statement of Financial Position? a.Assets, Liabilities, and Equity b. Net assets and equity c.Assets, Liabilities and Net Assets d. None of the above Topic: Statement of Financial Position LO: 1 2.  Which of the following statements is correct.
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Topic: Preparation of Journal Entries for Not-for-Profit LO: 1,2 2.The Basset HoundBoosters is a not-for-profit organization that supports the raising and promotion of Basset Hounds. During the year, the organization recorded a number of financial activities. The organization recognized the following revenues (the contributions are all on account and the investment returns.
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108.For each of the following items that appear on the balance sheet, identify each as an asset (A), liability (L), or element of stockholders' equity (SE). For any item that would not appear on the balance sheet, write the letter, N. Retained earnings_______ Accounts payable_______ Selling expense_______ Common stock_______ Accounts receivable_______ Income tax expense_______ Dividends_______ Property and equipment_______    109.Rose.
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  Exercises Topic:Quantitative Thresholds for Classification as an Operating Segment LO: 1 1.Our company has 5 business units that we classify as operating segments. Financial data for these units follows: ($1,000s) A B C D E Sales $1,000 $400 $1,600 $2,400 $1,000 Profit ($400) $60 $1,000 ($400) $400 Assets $2,000 $160 $1,400 $8,000 $1,600 Required:Which of these operating segments should be disclosed in the footnotes to.
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Essay Questions 105.Determine the missing amounts for each independent case below. Assume the amounts shown are at the end of the company's first year of operation. Company NameTotal RevenueTotal AssetsTotal ExpensesTotal LiabilitiesNet Income (Loss)              Stockholders' Equity Randolph$600,000$450,000$350,000$130,000  Newman$105,000  $80,000$10,000$75,000 Wiseman $190,000$70,000 ($30,000)$100,000 Martin$180,000$215,000$115,000$75,000  VanTassel  $55,000$75,000$19,000$79,000   106.Gail's Greenhouse, Inc., a small retail store that sells houseplants, started business on January 1, 2016. At.
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True / False Questions 1.A business entity's accounting system creates financial accounting reports which are provided to external decision makers. 2.Business managers utilize managerial accounting reports to plan and manage the daily operations. 3.Borrowing money is an investing activity. 4.The balance sheet includes assets, liabilities, and stockholders' equity as of a.
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Chapter 12:Segment Disclosures and Interim Financial Reporting   Multiple Choice Topic: Motivation for Segment Disclosures LO: 1 1.Which of the following best describes the motivation for and/or argument against segment reporting? a.Users argue for increased disclosures so that they may better understand the drivers of a company’s financial performance. b. Companies have argued against increased disclosures.
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84.The International Accounting Standards Board has worked to develop global accounting standards known as  A. Generally accepted accounting principles. B. Globally accepted financial standards. C. International financial reporting standards. D. Generally accepted international financial standards. 85.An examination of the financial statements of a business to ensure that they conform to.
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111.Parker Pool Supply, Inc. reported the following items for the year ended December 31, 2016: Wages and salary expense$527,000 Cost of goods sold 1,124,000 Rent expense    395,000 Sales revenue 2,564,000 Interest expense      30,000 Income tax expense    121,000 Accounts receivable      27,000 Required: Prepare an income statement for the year ended December 31, 2016.    112.National Shops, Inc. reported the following amounts on its balance sheet as.
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Multiple Choice Questions 38.Which of the following statements about stockholders' equity is ?   A. Stockholders' equity is the shareholders' residual interest in the company resulting from the difference in assets and liabilities. B. Stockholders' equity accounts are increased with credits. C. Stockholders' equity results only from contributions of the owners. D. The purchase of land for cash has no.
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Topic: Preparation of Government-Wide Financial Statements (Continuation of P1) LO:2 2.The City of Mirrenreports the following Fund Financial Statements for its General Fund: Balance Sheet Cash $8,624 Receivables: Real Estate & Personal Property 540 Intergovernmental 5,584 Total Assets $14,748 Payables $640 Deferred Revenues 6,142 Total Liabilities 6,782 Fund Balances: Assigned 1,620 Unassigned 6,346 Total Fund Balances 7,966 Total Liabilities and Fund Balances $14,748 Statement of Revenues, Expenditures, and Changes in Fund Balances Revenues: Real Estate Taxes $20,184 Intergovernmental 3,686 Total Revenues 23,870 Expenditures: General.
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