Solutions For Advanced Accounting, 5th Edition Hamlen (All Chapters included)
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Module
Accounting
Institution
Accounting
Complete Solutions Manual for Advanced Accounting, 5th Edition by Susan S. Hamlen, Huefner and Largay, 9781618534248. Full chapters included Chapter 1 to 16. Chapter 1: Intercorporate Investments: An Overview. Chapter 2: Mergers and Acquisitions. Chapter 3: Consolidated Financial Statements: Date o...
, Advanced Accounting,
5th Edition
by Susan S. Hamlen
M
ED
Complete Chapter Solutions Manual are
included (Ch 1 to 16)
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** Immediate Download
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** Swift Response ✅
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** All Chapters included
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, CHAPTER 1
SOLUTIONS TO MULTIPLE CHOICE QUESTIONS, EXERCISES AND PROBLEMS
MULTIPLE CHOICE QUESTIONS
1. c
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$180,000 - $160,000 = $20,000
$125,000 - $100,000 = 25,000
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Total gain $45,000
2. a
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$29,000 – $26,000 = $3,000
3. a
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$207,544 – [(6% x $200,000) – (4% x $207,544)] = $203,846
4. d
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Reclassification of unrealized loss on AFS securities sold $1,000 credit
Unrealized gain on AFS securities held at year-end 6,000 credit (1)
Total amount reported in OCI $7,000 credit
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(1) $81,000 – ($100,000 – $25,000) = $6,000 unrealized gain
5. d
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$5,000,000 + [40% x ($600,000 – $200,000)] = $5,160,000
6. b
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1
, 7. b
Reported net income; 35% x $7,000,000 = $ 2,450,000
Less unconfirmed profit on ending inventory
35% x [$6,000,000 – ($6,000,000/1.25)] = (420,000)
Equity in net income $ 2,030,000
Less dividends; 35% x $2,000,000 (700,000)
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Plus beginning investment balance 50,000,000
Ending investment balance $51,330,000
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8. d
Fizzy’s entry to record the acquisition is:
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Current assets 25,000
Property 2,500,000
Goodwill 25,475,000
Liabilities 3,000,000
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Cash 25,000,000
9. b
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10. a
11. b
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The entry to record the sale is:
Cash 410,000
Loss on sale of AFS securities 15,000
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Investment in AFS securities 400,000
Other comprehensive income 25,000
The reclassification of the loss increases OCI, and the loss reported in income is the
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difference between the original cost ($400,000 + $25,000) and sales proceeds ($410,000).
12. b
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$285,000 - $300,000 = $15,000 loss
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