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Problems 13-1Ramsey, Inc. owns a company that operates in France. Account balances in francs for the subsidiary are shown below: 2011 January 1December 31 Cash and Receivables              24,000              26,000 Supplies              1,000              500 Property, Plant, and Equipment              52,500              49,000 Accounts Payable              (11,500)              (5,500) Long-term Notes Payable              (19,000)              (11,000) Common Stock              (30,000)              (30,000) Retained Earnings              (17,000)              (17,000) Dividends-Declared & Paid on Dec 31             .

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  • Problems 13-1Ramsey, Inc. owns a company that operates in France. Account
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Chapter 14 Reporting for Segments and for Interim Financial Periods 1.A component of an enterprise that may earn revenues and incur expenses, and about which management evaluates separate financial information in deciding how to allocate resources and assess performance is a(n) a.identifiable segment. b.operating segment. c.reportable segment. d.industry segment. 2.An entity is permitted to aggregate operating segments.

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  • Chapter 14 Reporting for Segments and for Interim Financial Periods 1.A component
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Short Answer Questions from Textbook Define “constructive retirement of debt.” How is the total constructive gain or loss computed? The gain or loss on the constructive retirement of debt is recognized subsequently by the individual companies. Explain. Allocating the gain or loss on constructive bond retirement between the purchasing and issuing companies is.

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  • Short Answer Questions from Textbook Define “constructive retirement of debt.” How
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Chapter 12 Accounting for Foreign Currency Transactions And Hedging Foreign Exchange Risk Multiple Choice 1.A discount or premium on a forward contract is deferred and included in the measurement of the related foreign currency transaction if the contract is classified as a: a.hedge of a net investment in a foreign entity. b.hedge of an exposed asset.

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  • Chapter 12 Accounting for Foreign Currency Transactions And Hedging Foreign Exchange Risk Multiple
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8-4Pelky made the following purchases of Stark Company common stock: DateSharesCost 1/1/1070,000 (70%)$1,000,000 1/1/1110,000 (10%)160,000 Stockholders’ equity information for Stark Company for 2010 and 2011 follows: 20102011 Common stock, $10 par value              $1,000,000              $1,000,000 1/1 Retained earnings              300,000              380,000 Net income               110,000              140,000 Dividends declared, 12/15                    (30,000)                   (40,000) Retained earnings, 12/31                   380,000                   480,000 Total stockholders’ equity,.

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  • 8-4Pelky made the following purchases of Stark Company common stock: DateSharesCost 1/1/1070,000
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5.Why is it important to distinguish between up-stream and downstream sales in the analysis of intercompany profit eliminations? 6.In what period and in what manner should profits relating to the intercompany sale of depreciable property and equipment be recognized in the consolidated financial statements? 7.Define consolidated retained earnings using the analytical approach. Business.

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  • 5.Why it important to distinguish between up-stream and downstream sales
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Explain what is meant by the “two-transaction method” in recording exporting or importing trans-actions. What support is given for this method? Describe a forward exchange contract. Explain the effects on income from hedging a foreign currency exposed net asset position or net liability position. What criteria must be satisfied for a foreign currency.

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  • Explain what meant by the “two-transaction method” in recording exporting
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Chapter 8 Changes in Ownership Interest Multiple Choice 1.When the parent company sells a portion of its investment in a subsidiary, the workpaper entry to adjust for the current year’s income sold to noncontrolling stockholders includes a a.debit to Subsidiary Income Sold. b.debit to Equity in Subsidiary Income. c.credit to Equity in Subsidiary Income. d.credit to Subsidiary.

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  • Chapter 8 Changes in Ownership Interest Multiple Choice 1.When the parent company sells
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11.The following balance sheet accounts of a foreign subsidiary at December 31, 2011, have been translated into U.S. dollars as follows:       Translated at        Current RatesHistorical Rates Accounts receivable, current$   600,000$   660,000 Accounts receivable, long-term300,000324,000 Inventories carried at market180,000198,000 Goodwill     190,000     220,000 $1,270,000$1,402,000 What total should be included in the translated balance sheet at December 31, 2011, for the.

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  • 11.The following balance sheet accounts of a foreign subsidiary at
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8-7Petty Company acquired 85% of the common stock of Selmon Company in two separate cash transactions. The first purchase of 108,000 shares (60%) on January 1, 2009, cost $735,000. The second purchase, one year later, of 45,000 shares (25%) cost $330,000. Selmon Company’s stockholders’ equity was as follows: December 31December 31                                     2009           2010  Common.

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  • 8-7Petty Company acquired 85% of the common stock of Selmon
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21.              Under IFRS, the entry to record depreciation expense on the asset at December 31, 2011 will include a credit to accumulated depreciation of a.€1,440,000. b.€1,200,000 c.€800,000. d.€600,000. 22.              Accounting terminology that differs between IFRS and US GAAP include all of the following except a.the use by IFRS of “turnover” for revenue. b.the use by IFRS of.

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  • 21.              Under IFRS, the entry to record depreciation expense the
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Chapter 9 Intercompany Bond Holdings and Miscellaneous Topics— Consolidated Financial Statements Multiple Choice 1.Which of the following methods of allocating the gain or loss on an intercompany bond retirement is the soundest conceptually? a.The gain (loss) is allocated to the company that issued the bonds. b.The gain (loss) is allocated to the company that purchased the.

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  • Chapter 9 Intercompany Bond Holdings and Miscellaneous Topics— Consolidated Financial Statements Multiple Choice 1.Which
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Short Answer Questions from the Textbook 1.List the primary types of contractual agreements between a debtor company and its creditors and briefly explain what is involved in each of them. 2.Distinguish between a voluntary and involuntary bankruptcy petition. 3.Distinguish among fully secured, partially se-cured, and unsecured claims of creditors. 4.Five priority.

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  • Short Answer Questions from the Textbook 1.List the primary types of
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11.Which statement with respect to gains and losses on troubled debt restructuring is correct? a.Creditors losses on restructuring are extraordinary. b.Debtor’s gains and losses on asset transfers and debtor’s gains on restructuring are combined and treated as extraordinary. c.Debtor gains and creditor losses on restructuring are extraordinary, if material in amount. d.Debtor losses on.

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  • 11.Which statement with respect to gains and losses troubled debt
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Problems 8-1Piper Company purchased Snead Company common stock through open-market purchases as follows: Acquired   Date  Shares      Cost 1/1/091,500$  50,000 1/1/103,300$  90,000 1/1/116,600$250,000 Snead Company had 12,000 shares of $20 par value common stock outstanding during the entire period. Snead had the following retained earnings balances on the relevant dates: January 1, 2009$  90,000 January 1, 201030,000 January.

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  • Problems 8-1Piper Company purchased Snead Company common stock through open-market purchases
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n JETER/ ADVANCED ACCOUNTING CHAPTER 11: INTERNATIONAL FINANCIAL REPORTING STANDARDS MULTIPLE CHOICE—Conceptual 1.              The goals of the International Accounting Standards Committee include all of the following except a.To improve international accounting. b.To formulate a single set of auditing standards to be applied in all countries. c.To promote global acceptance of its standards. d.To harmonize accounting practices between countries. 2.             .

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  • n JETER/ ADVANCED ACCOUNTING CHAPTER 11: INTERNATIONAL FINANCIAL REPORTING STANDARDS MULTIPLE CHOICE—Conceptual 1.              The
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11.The exchange rate quoted for future delivery of foreign currency is the definition of a(n): a.direct exchange rate. b.indirect exchange rate. c.spot rate. d.forward exchange rate. 12.A transaction loss would result from: a.an increase in the exchange rate applicable to an asset denominated in a foreign currency. b.a decrease in the exchange rate applicable to a liability.

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  • 11.The exchange rate quoted for future delivery of foreign currency
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9-6On January 1, 2010, Pippin Company acquired 80% of Skylark Company's common stock for $210,000 and 70% of Skylark's preferred stock for $80,000. Skylark Company reported the following stockholders' equity on this date: Preferred stock, 8%, Par value $20$ 100,000 Common stock, Par value $50200,000 Premium on common stock30,000 Retained earnings    80,000 Total$410,000 The preferred stock.

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  • 9-6On January 1, 2010, Pippin Company acquired 80% of Skylark
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13-8 On January 1, 2011, Roswell Systems, a U.S.-based company, purchased a controlling interest in Swiss Management Consultants located in Zurich, Switzerland. The acquisition was treated as a purchase transaction. The 2011 financial statements stated in Swiss francs are given below. SWISS MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2011                                                                                                                       Jan..

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  • 13-8 On January 1, 2011, Roswell Systems, a U.S.-based company, purchased
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Chapter 10 Insolvency – Liquidation and Reorganization Multiple Choice 1.A corporation that is unable to pay its debts as they become due is: a.bankrupt. b.overdrawn. c.insolvent. d.liquidating. 2.When a business becomes insolvent, it generally has three possible courses of action. Which of the following is not one of the three possible courses of action? a.The debtor and its creditors.

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  • Chapter 10 Insolvency – Liquidation and Reorganization Multiple Choice 1.A corporation that unable
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Chapter 13 Translation of Financial Statements of Foreign Affiliates Multiple Choice 1.When translating foreign currency financial statements for a company whose functional currency is the U.S. dollar, which of the following accounts is translated using historical exchange rates? Notes PayableEquipment a.YesYes b.YesNo c.NoNo d.NoYes 2.Under the temporal method, monetary assets and liabilities are translated by using the exchange rate.

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  • Chapter 13 Translation of Financial Statements of Foreign Affiliates Multiple Choice 1.When translating
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