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6) For internal decision-making purposes, Falcon Corporation identifies its industry segments by geographical area. For 2014, the total revenues of each segment are provided below. There are no intersegment revenues. Total Revenues Canada$22,000,000 United States76,000,000 Mexico10,000,000 South America9,000,000 China2,000,000 Russia1,500,000 Australia3,000,000 European Union12,000,000 Other European14,000,000 Total revenues$149,500,000 Required: 1. Which operating segments will be considered reporting segments based on the revenue test? 2. What is.
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16.2   Exercises 1) Anna and Bess share partnership profits and losses at 60% and 40%, respectively. The partners agree to admit Cal into the partnership for a 50% interest in capital and earnings. Capital accounts immediately before the admission of Cal are: Anna (60%)$300,000 Bess (40%)300,000 Total$600,000 Required: 1. Prepare the journal entry(s) for the admission.
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3) The partnership of Georgia, Holly, and Izzy was dissolved, and by July 1, 2014, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on July 1, 2014 (with partner residual profit and loss sharing percentages) was as follows: Cash$10,000Georgia, capital (40%)$              (20,000) Holly,.
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8) Plate Corporation, a US company, acquired ownership of Saucer Corporation of Switzerland on January 1, 2014 for $1,500,000 when Saucer's stockholders' equity in Swiss francs (SF) consisted of 700,000 SF Capital Stock and 300,000 SF Retained Earnings. The exchange rate for Swiss francs was $1.20 on January 1. All.
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14.1   Multiple Choice Questions 1) A U.S. firm has a Belgian subsidiary that uses the British pound as its functional currency. According to GAAP, the U.S. dollar from Belgian unit's point of view will be A) its only foreign currency. B) its local currency. C) its current rate method currency. D) its reporting currency. 2) Selvey.
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15.1   Multiple Choice Questions 1) Similar operating segments may be combined if the segments have similar economic characteristics. Which one of the following is a similar economic characteristic under GAAP? A) The segments' management teams B) The tax reporting law sections C) The distribution method for products or services D) The expected rates of return.
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19) Snodberry Catering has five operating segments, as summarized below: Buffet Alcohol Bakery Wait Service Bar Service Sales to outside entities 26,000 110,000 22,000 24,000 5,000 Intersegment sales -0- 20,000 4,000 -0- 56,000 Cost of goods sold 16,000 50,000 19,000 23,000 69,000 Operating Expenses 9,000 70,000 6,000 2,000 4,000 Interest Expense -0- 5,000 -0- 2,000 1,000 Income Tax Expense -0- 2,000 -0- -0- (3,000) Assets 2,000 22,000 2,000 1,000 1,000 Required: Determine which of the operating segments of Snodberry Catering are reportable segments for the period shown. 20) Tillman Fabrications has five operating segments, as summarized below: Wood Plastic Metal Paper Fabric Sales to outside.
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15) Par Industries, a U.S. Corporation, purchased Slice Company of New Zealand for $1,411,800 on January 1, 2014. Slice's functional currency is the New Zealand dollar (NZ$). Slice's books are kept in NZ$. The book values of Slice's assets and liabilities were equal to fair values, with the exception of.
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Use the following information to answer the question(s) below. Adam, Bella, and Chris operate a partnership with a complex profit and loss sharing agreement. The average capital balance for Adam, Bella and Chris on December 31, 2014 is $120,000, $270,000, and $340,000, respectively. A 6% interest allocation is provided to each.
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15.2   Exercises 1) The accountant for Baxter Corporation has assigned most of the company's assets to its three segments as follows: Electronics$1,760,000 Hardware3,420,000 Plumbing490,000 Total$5,670,000 The unassigned assets consist of $430,000 of unallocated goodwill and $270,000 of assets attached to the corporate headquarters. For internal decision-making purposes, goodwill is not assigned to the segments and the.
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11) If the average capital balances for Bertram and Ernest are $200,000 and $240,000, what will the total partnership profit allocations be for Bertram and Ernest in 2014? A) $100,000 and $140,000 B) $108,000 and $132,000 C) $120,000 and $120,000 D) $140,000 and $100,000 Use the following information to answer the question(s) below. Alfred and Barne.
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17.1   Multiple Choice Questions 1) Which statement is correct in describing the rank order of payments as specified by the Uniform Partnership Act? A) Payments to partners are ranked equally, regardless of underlying basis. B) Payment to partners with excess capital balances may be placed ahead of payments to creditors. C) Payments to creditors.
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11) Accounts representing an allowance for uncollectible accounts are converted into U.S. dollars at A) historical rates when the U.S. dollar is the functional currency. B) current rates only when the U.S. dollar is the functional currency. C) historical rates regardless of the functional currency. D) current rates regardless of the functional currency. 12) Palk.
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allowed an interest allocation of 6% on their average capital. Capital account balances on the first day of each month are used in determining weighted average capital, regardless of additional partner investment or withdrawal transactions during any given month. Withdrawals of capital that are debited to the capital account are.
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Use the following information to answer the question(s) below. Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for.
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17) Quantex Corporation has five operating segments, as summarized below: Household Industrial Packaging Storage Services Sales to outside entities 700,000 4,300,000 400,000 1,700,000 100,000 Intersegment sales 50,000 600,000 800,000 200,000 -0- Cost of goods sold 300,000 2,700,000 700,000 900,000 -0- Operating Expenses 200,000 1,300,000 200,000 600,000 30,000 Interest Expense 10,000 40,000 5,000 -0- -0- Income Tax Expense 60,000 210,000 70,000 100,000 18,000 Assets 540,000 1,900,000 1,600,000 70,000 32,000 Required: Determine which of the operating segments of Quantex Corporation are reportable segments for the period shown. 18) Rollins Publishing has five operating segments, as summarized below: Fiction Non-fiction Reference Childrens Periodicals Sales to outside entities 870,000 416,000 796,000 236,000 517,000 Intersegment sales -0- -0- 80,000 -0- 50,000 Cost.
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8) The following data relate to Elle Corporation's industry segments. (Elle HQ represents the corporate headquarters). All other segments are geographical sales segments. AttributeEuropeRussiaChinaJapanElle HQ External sales$35,000$24,000$33,000$0$0 Intersegment Sales2,0001,0004,00000 Expenses27,00018,00029,0005,00012,000 Assets assigned20,00022,00030,00014,00015,000 Income from Equity investee5,000 Required: 1. Prepare a report which reconciles the reportable segment profits to total consolidated profits assuming that corporate expenses are not allocated to the.
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5) The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2014 (before commencement of partnership liquidation) was as follows: Cash$12,000Georgia, capital (40%)$36,000 Holly, capital (30%)6,000       Festus, capital (50%) 31,000 Total assets$ 90,000Total liab./equity$90,000 Cash$70,000Accounts payable$42,000 Inventory60,000Notes payable68,000 Loan to Maude10,000Maude, capital(20%)30,000 Loan to Oscar18,000Ned, capital(20%)32,000 Plant assets-net80,000Oscar, capital(60%)66,000              Total assets$238,000Total liab./equity$238,000 Liquidation events in November were as follows: - All.
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11) Daniel, Ethan, and Frank have a retail partnership business selling personal computers. The partners are allowed an interest allocation of 8% on their average capital. Capital account balances on the first day of each month are used in determining weighted average capital, regardless of additional partner investment or withdrawal.
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7) On January 1, 2014, Pilgrim Corporation, a U.S. firm, acquired ownership of Settlement Corporation, a foreign company, for $168,000, when Settlement's stockholders' equity consisted of 300,000 local currency units (LCU) and retained earnings of 100,000 LCU. At the time of the acquisition, Settlement's assets and liabilities were fairly valued.
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9) Plane Corporation, a U.S. company, owns 100% of Shipp Corporation, a Libyan company. Shipp's equipment was acquired on the following dates (amounts are stated in Libyan dinars): Jan. 01, 2014 Purchased equipment for 40,000 dinars Jul. 01, 2014 Purchased equipment for 80,000 dinars Jan. 01, 2015 Purchased equipment for 50,000 dinars Jul. 01,.
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2) Dan and Ellie share partnership profits and losses at 70% and 30%, respectively. The partners agree to admit Fran into the partnership for a 50% interest in capital and earnings. Capital accounts immediately before the admission of Fran are: Dan (70%)$800,000 Ellie (30%)400,000 Total$              1,200,000 Required: 1.Prepare the journal entry(s) for the admission of.
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11) Wild West, Incorporated (a U.S. corporation) sold inventory to a company in the Philippines for 1,600,000 pesos on account on February 1, 2014, with payment expected in 90 days. Wild West entered into a forward contract to hedge this transaction, and properly accounts for the transaction as a cash.
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16.1   Multiple Choice Questions 1) Under the Uniform Partnership Act, loans made by a partner to the partnership are treated as A) liabilities to the partnership for which interest shall be paid from the date of the advance. B) advances to the partnership that are carried in the partners' capital accounts. C) Accounts Payable.
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15) Osprin Corporation has three operating segments, as summarized below: Capsule Pill Liquid Total Sales to retailers 25,000 35,000 5,000 65,000 Intersegment sales 4,000 10,000 2,000 16,000 Operating Expenses 10,000 18,000 5,000 33,000 Interest Expense 2,000 3,000 1,000 6,000 Income Tax Expense 4,000 6,000 1,000 11,000 Assets 12,000 3,000 16,000 31,000 Required: 1. Using the revenue test, what is the minimum amount of revenue of a reportable segment? 2. Using the operating profit or loss test, what is the minimum amount of operating profit or loss of.
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11) Which one of the following operating segment disclosures is not required by GAAP? A) Total Assets B) Equity C) Intersegment sales D) Extraordinary items 12) Which one of the following operating segment information items is not directly named by GAAP to be reconciled to consolidated totals? A) Assets B) Liabilities C) Revenues D) Profit or loss 13) What is.
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14.2   Exercises 1) For each of the 12 accounts listed in the table below, select the correct exchange rate to use when either remeasuring or translating a foreign subsidiary for its U.S. parent company. Codes C = Current exchange rate H = Historical exchange rate A = Average exchange rate U.S. dollar isThe foreign the functionalcurrency is.
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Use the following information to answer the question(s) below. Xavier, Young, and Zane operate a partnership with a complex profit and loss sharing agreement. The average capital balance for each partner on December 31, 2014 is $300,000 for Xavier, $250,000 for Young, and $325,000 for Zane. An 8% interest allocation is.
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12) Leotronix Corporation estimates its income by calendar quarter as follows for 2014: 1st2nd3rd4th2014 QuarterQuarterQuarterQuarterTotal Est. Income$30,000$40,000$40,000$50,000$160,000 Income tax rates applicable to Leotronix: From: $ 0 to $50,00015% From: $50,001 to $75,00025% Over: $75,00035% Required: Determine Leotronix's estimated effective tax rate. 13) Maxtil Corporation estimates its income by calendar quarter as follows for 2014: 1st2nd3rd4th2014 QuarterQuarterQuarterQuarterTotal Est. Income$40,000$30,000$20,000$20,000$110,000 Income tax rates applicable to Maxtil: From:.
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12) On December 15, 2014, Electronix Company purchased inventory from a foreign supplier for 2,000,000 foreign currency units (fcu's). Payment will be made on February 13, 2012. On December 15, 2014, to hedge the transaction, Electronix signed a forward contract to buy 2,000,000 fcu's in 60 days. Electronix uses a.
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17.2   Exercises 1) The balance sheet of the Addy, Bess, and Clara partnership on January 1, 2014 (the date of partnership dissolution) was as follows: Cash$4,000Liabilities$8,000 Other assets26,000Loan from Addy1,000 Loan to Clara2,000Addy, capital (20%)2,000 Bess, capital (40%)9,000     Clara, capital (40%)12,000 Total assets$32,000Total liab./equity$32,000 In January, other assets with a book value of $16,000 were sold for $10,000.
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11) Puddle Incorporated purchased an 80% interest in Soake Company, located in England. Puddle paid $1,560,000 on January 1, 2014, at a time when the book values of Soake equaled the fair values. Any excess cost/book value differential was attributed to a patent with a five-year remaining useful life. Soake's.
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10) Jeale Corporation is preparing its interim financial statements for the third quarter of calendar 2014. The following information was provided for the preparation of the statements: 1.Credit sales for the quarter$1,700,000 2.Cash sales for the quarter800,000 3.Inventories, July 1 (FIFO cost method)250,000 4.Cash purchases of inventory during the quarter400,000 5.Inventory purchases made on account.
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15) A summary balance sheet for the partnership of Quail, Rainne and Selma on December 31, 2014 is shown below. Partners Quail, Rainne and Selma allocate profit and loss in their respective ratios of 6:3:1. Assets Cash$ 320,000 Marketable securities640,000 Inventory270,000 Land130,000 Building-net210,000 Total assets$1,570,000 Equities Quail, capital$ 670,000 Rainne, capital580,000 Selma, capital320,000 Total equities$1,570,000 The partners agree to admit Trask for a.
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3) For internal decision-making purposes, Calam Corporation's operating segments have been identified as follows: Operating ProfitIdentifiable Operating SegmentRevenuesor LossAssets Appliances$110,000$(15,000)$120,000 Clothing130,000(75,000)40,000 Lawn and Garden85,00015,00015,000 Auto Accessories100,00010,00020,000 Service Contracts65,000(5,000)10,000 Catalog Sales230,0005,00050,000 Home Furnishings280,00025,000100,000 Tools240,00030,00025,000 $1,240,000(10,000)$380,000 Required: 1.In applying the "operating profit or loss" test to identify reporting segments, what is the test value for Calam Corporation? 2.Using the "reported profit or loss" test, which of Calam's.
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