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46.On December 31, 20X7, Planet Corporation acquired 80 percent of Broadway Company's stock, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Broadway Company. The two companies' balance sheets on December 31, 20X9, are as.
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Multiple Choice Questions 1.The Securities and Exchange Commission is responsible for: A.Option A B.Option B C.Option C D.Option D 2.Which regulation created the Securities and Exchange Commission? A.Securities Act of 1933 B.Securities Exchange Act of 1934 C.Investment Company Act of 1940 D.Garn-St. Germain Depository Institutions Act of 1982 3.Which of the following divisions of the SEC regulates national securities exchanges, brokers,.
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21.Which combination of accounts and exchange rates is correct for the translation of a foreign entity's financial statements from the functional currency to U.S. dollars? A.Option A B.Option B C.Option C D.Option D 22.The assets listed below of a foreign subsidiary have been converted to U.S. dollars at both current and historical exchange rates. Assuming.
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48.Both the FCPA (Foreign Corrupt Practices Act of 1977) and SOX (Sarbanes-Oxley Act of 2002) contain provisions related to Internal Control. Discuss some significant differences between how the two acts impact internal control practices for publicly held companies. 49.Smithtown Distributors acquired Paul's Plumbing on January 15, 20X8. Violet Flowers acquired Frank's.
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11.An analysis of Abbey Company's operating segments provides the following information:Refer to the above information. Which of the operating segments above meet the operating profit (loss) test? A.B and E B.A and B C.A, B, and E D.A, B, C, and E 12.An analysis of Abbey Company's operating segments provides the following information:Refer to the.
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61.The information below is for the second quarter of Tampa Company for 20X8:Required:Prepare an interim income statement for the second quarter for Tampa Company. Assume the LIFO liquidation is expected to be restored by the end of 20X8. 62.Interim income statements are required for Smith Orchards. Smith does most of its.
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21.Accountants are liable for any materially false or misleading information contained in the registration statement filed with the SEC up to: A.the date the registration statement is filed. B.the date of the audit report. C.the effective date of the registration statement. D.the date securities are sold. 22.What does an underwriter typically require from an accountant.
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Multiple Choice Questions 1.A partnership is a(n):I. accounting entity.II. taxable entity. A.I only B.II only C.Neither I nor II D.Both I and II 2.Which of the following accounts could be found in the general ledger of a partnership? A.Option A B.Option B C.Option C D.Option D 3.Which of the following accounts could be found in the PQ partnership's general ledger?I. Due.
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31.Wakefield Company uses a perpetual inventory system. In August, it sold 2,000 units from its LIFO-base inventory, which had originally cost $35 per unit. The replacement cost is expected to be $45 per unit. The company is planning to reduce its inventory and expects to replace only 1,500 of these.
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41.Which of the following observations is true of forwards contracts? A.Substantial margin is required to initiate a contract. B.Must be completed either with the underlying's future delivery or net cash settlement. C.Cannot be customized; for a specific amount at a specific date. D.Usually settled with a net cash amount prior to maturity date. 42.Note: This.
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Multiple Choice Questions 1.Trevor Company discloses supplementary operating segment information for its three reportable segments. Data for 20X8 are available as follows:Additional 20X8 expenses include indirect operating expenses of $200,000. Appropriately selected common indirect operating expenses are allocated to segments based on the ratio of each segment's sales to total sales..
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60.On December 1, 20X8, Denizen Corporation entered into a 120-day forward contract to purchase 200,000 Canadian dollars (C$). Denizen's fiscal year ends on December 31. The forward contract was to hedge a firm commitment agreement made on December 1, 20X8, to purchase electronic goods on January 30, with payment due.
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51.Note: This is a Kaplan CPA Review QuestionCertain balance sheet accounts of a foreign subsidiary of Rowan, Inc. (Rowan) at December 31, 20X6, have been translated into U.S. dollars as follows:The subsidiary's functional currency is the currency of the country in which it is located.What total amount should be included.
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Essay Questions 58.Quantum Company imports goods from different countries. Some transactions are denominated in U.S. dollars and others in foreign currencies. A summary of accounts receivable and accounts payable on December 31, 20X8, before adjustments for the effects of changes in exchange rates during 20X8, follows:The spot rates on December.
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61.On December 1, 20X8, Denizen Corporation entered into a 120-day forward contract to purchase 200,000 Canadian dollars (C$). Denizen's fiscal year ends on December 31. The forward contract was to hedge an anticipated purchase of electronic goods on January 30, 20X9. The purchase took place on January 30, with payment.
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44.Boycott Company holds 75 percent ownership of Fred Corporation. The consolidated balance sheets as of December 31, 20X8, and December 31, 20X9, are as follows:The 20X9 consolidated income statement contained the following amounts:Boycott acquired its investment in Fred on January 1, 20X6, for $120,000. At that date, the fair value.
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51.Spiralling crude oil prices prompted AMAR Company to purchase call options on oil as a price-risk-hedging device to hedge the expected increase in prices on an anticipated purchase of oil. On November 30, 20X8, AMAR purchases call options for 20,000 barrels of oil at $100 per barrel at a premium.
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Multiple Choice Questions 1.All of the following are benefits the U.S. will gain from the adoption of globally consistent accounting standards except for: A.Reduction in reporting costs as the need for multiple sets of financial statements decreases. B.Increased quality of information available to investors. C.Continued expansion of capital markets across national borders, facilitating.
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60.Iona Corporation is in the process of preparing its financial statements for the first quarter of 20X9 and has asked your advice as to how to report several items. These items include the following events which took place during the first quarter of 20X9 (assume all amounts are material):1) Iona.
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41.Michigan-based Leo Corporation acquired 100 percent of the common stock of a British company on January 1, 20X8, for $1,100,000. The British subsidiary's net assets amounted to 500,000 pounds on the date of acquisition. On January 1, 20X8, the book values of its identifiable assets and liabilities approximated their fair.
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41.In the AD partnership, Allen's capital is $140,000 and Daniel's is $40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. Each of the following question is independent of the others.Refer to the information provided above. Allen and Daniel agree that some.
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46.Companies issuing stock to the public have to aware of certain terms. Using complete sentences define the following:a) Comment Letterb) Preliminary Prospectus.c) Shelf Registration. 47.The Securities Exchange Act of 1934 requires publicly held companies to file periodic financial disclosures as updates of their economic activity. The three basic forms used for.
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47.Power Corporation owns 75 percent of Transmitter Company's common stock. At the date of acquisition the fair value of the noncontrolling interest was equal to the book value of Transmitter Company's common stock. The following balance sheet data are presented for December 31, 20X8:Transmitter reported net income of $90,000 in.
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11.Which of the following covers new or revised administrative practices and interpretations used by the SEC staff in reviewing financial statements? A.Securities Exchange Act releases B.Exchange Act industry guides C.Accounting and Auditing Enforcement Releases D.Staff Accounting Bulletins 12.Which of the following acts requires that a trustee be appointed for sales of bonds, debentures, and other.
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11.Mint Corporation has several transactions with foreign entities. Each transaction is denominated in the local currency unit of the country in which the foreign entity is located. On October 1, 20X8, Mint purchased confectionary items from a foreign company at a price of LCU 5,000 when the direct exchange rate.
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Multiple Choice Questions 1.If 1 British pound can be exchanged for 180 cents of U.S. currency, what fraction should be used to compute the indirect quotation of the exchange rate expressed in British pounds? A.1/180 B.1/.56 C.1.8/1 D.1/1.8 2.Suppose the direct foreign exchange rates in U.S. dollars are:1 Singapore dollar = $.70251 Cyprus pound =.
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Essay Questions56.ASC 280, Disclosure about Segments of an Enterprise and Related Information, has taken what has been referred to as a "management approach" to the definition of a segment and the allocation of costs to a segment.Required:a) What is meant by a management approach? How does this concept of a.
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45.For the first quarter of 20X8, Vinyl Corporation reported sales of $150,000 and operating expenses of $100,000, and paid dividends of $20,000. Vinyl Company operates on a calendar-year basis. On April 1, 20X8, Signature Corporation acquired 80 percent of Vinyl's common stock for $320,000. At that date, the fair value.
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43.Locus Corporation acquired 80 percent ownership of Stereo Company on January 1, 20X6, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Stereo Company. Consolidated balance sheets at January 1, 20X8, and December 31, 20X8,.
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21.Note: This is a Kaplan CPA Review QuestionFox, Greg, and Howe are partners with average capital balances during 20X1 of $120,000, $60,000, and $40,000, respectively. Partners receive 10% interest on their average capital balances. After deducting salaries of $30,000 to Fox and $20,000 to Howe, the residual profit or loss.
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31.On January 2, 20X8, Johnson Company acquired a 100% interest in the capital stock of Perth Company for $3,100,000. Any excess cost over book value is attributable to a patent with a 10-year remaining life. At the date of acquisition, Perth's balance sheet contained the following information:Perth's income statement for.
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31.Taste Bits Inc. purchased chocolates from Switzerland for 200,000 Swiss francs (SFr) on December 1, 20X8. Payment is due on January 30, 20X9. On December 1, 20X8, the company also entered into a 60-day forward contract to purchase 100,000 Swiss francs. The forward contract is not designated as a hedge..
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21.Note: This is a Kaplan CPA Review QuestionTecumseh Co. (Tecumseh), a publicly owned corporation, assesses performance and makes operating decisions using the following information for its reportable segments:Total revenues $768,000Total profit and loss $40,600Included in the total profit and loss are intersegment profits of $6,100. In addition, Tecumseh has $500.
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45.The items below are associated with the Securities and Exchange Commission. Describe or explain each item as concisely as possible.(a) Customary Review(b) Comment Letter(c) "Red Herring" Prospectus(d) "Tombstone Ad"(e) Financial Reporting Releases(f) Staff Accounting Bulletins(g) Accounting and Auditing Enforcement Releases(h) Management's Discussion and Analysis 14-1 .
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31.When a new partner is admitted into a partnership and the capital of the old partners decreases, which of the following explains the reason for the decrease?I. Undervalued liabilities were written up to their fair values.II. Undervalued assets were written up to their fair values. A.I only B.II only C.Both I and II D.Neither.
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58.Ridge Company is in the process of determining its reportable segments for the year ended December 31, 20X8. As the person responsible for determining this information, you gather the following information:Required:a) Using the appropriate tests, determine which of the industry segments listed above are reportable for 20X8. Show your supporting.
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11.Infinity Corporation acquired 80 percent of the common stock of an Egyptian company on January 1, 20X8. The goodwill associated with this acquisition was $18,350. Exchange rates at various dates during 20X8 follow:Goodwill suffered an impairment of 20 percent during the year. If the functional currency is the U.S. dollar,.
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21.On November 1, 20X8, Denver Company borrowed 500,000 local currency units (LCU) from a foreign lender evidenced by an interest-bearing note due on November 1, 20X9, which is denominated in the currency of the lender. The U.S. dollar equivalent of the note principal was as follows:In its income statement for.
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Essay Questions35.The SEC administers many laws and regulations governing the information made in files reports.Required:a) What is the difference in issues covered by Regulation S-X and Regulation S-K?b) How do the issues covered by these regulations differ from the AAERs and SABs? 36.Each of the following questions names an item. Select.
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Essay Questions42.Locus Corporation acquired 80 percent ownership of Stereo Company on January 1, 20X6, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Stereo Company. Consolidated balance sheets at January 1, 20X8, and December 31,.
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59.On December 1, 20X8, Secure Company bought a 90-day forward contract to purchase 200,000 euros (€) at a forward rate of €1 = $1.35 when the spot rate was $1.33. Other exchange rates were as follows:Required:1) Prepare all journal entries related to Secure Company's foreign currency speculation from December 1,.
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