Accounting (ACCT330)

PROBLEM 1 – STATEMENT OF FINANCIAL POSITION The following trial balance of an entity on December 31, 2017 has been adjusted except for income tax expense. Cash 6,000,000 Accounts receivable 14,000,000 Inventory 10,000,000 Property, plant and equipment 25,000,000 Accounts payable 9,000,000 Income tax payable 6,000,000 Preference share capital 3,000,000 Ordinary share capital 15,000,000 Share premium 4,000,000 Retained earnings – January 1 9,000,000 Net sales and othe...

TEST BANK FOR PROCESS COSTING- W.A. & FIFO TEST BANK FOR PROCESS COSTING- W.A. & FIFO 1. Chicago Processing Co. uses the average costing method and reported a beginning inventory of 5,000 units that were 20% complete with respect to materials in one department. During the month, 11,000 units were started; 8,000 units were finished; ending inventory amounted to 8,000 units that were 60% complete with respect to materials. Total materials cost during the period for work in process shoul...

TEST BANK FOR INTERCOMPANY INVENTORY TRANSACTIONS Intercompany Inventory Transactions Multiple Choice Questions 1. When there are intercompany sales of inventory during the year and a three-part consolidation workpaper is prepared, elimination entries related to the intercompany sales: I. Always are needed. II. Are not needed if all the inventory is resold to unrelated parties prior to the end of the year. A. I B. II C. Both I and II D. Either I or II Earth Company owns 100 perce...

TEST BANK FOR CONSOLIDATION OWNERSHIP ISSUES Consolidation Ownership Issues Multiple Choice Questions 1. Windsor Corporation owns 75 percent of Elven Corporation's outstanding common stock. Elven, in turn, owns 15 percent of Windsor's outstanding common stock. What percent of the dividends paid by Windsor is reported as dividends declared in the consolidated retained earnings statement? A. None B. 100 percent C. 85 percent D. 75 percent On January 1, 2009, Company A acquired 80 p...

Test bank for Additional Consolidation Reporting Issues Additional Consolidation Reporting Issues Multiple Choice Questions 1. Which sections of the cash flow statement are affected by the difference in the direct and indirect approaches of presenting a cash flow statement? I. Operating activities section II. Investing activities section III. Financing activities section A. I B. II C. III D. I, II, and III 2. Which of the following observations concerning the comparisons between the...

TEST BANK FOR INTERCORPORATE ACQUISITIONS AND INVESTMENTS IN OTHER ENTITIES Intercorporate Acquisitions and Investments in Other Entities Multiple Choice Questions In order to reduce the risk associated with a new line of business, Conservative Corporation established Spin Company as a wholly owned subsidiary. It transferred assets and accounts payable to Spin in exchange for its common stock. Spin recorded the following entry when the transaction occurred: 1. Based on the preceding in...

TEST BANKFOREIGN CURRENCY TRANSACTIONS AND HEDGING 9TH EDITION TEST BANK FOREIGN CURRENCY TRANSACTIONS AND HEDGING MULTIPLE CHOICE 1. Topic: Valuation of forward contracts LO 3 A U.S. company invests in a forward purchase contract for 100,000,000 yen with a purchase price of $0.009/yen, for delivery in 45 days. The spot rate at the time the contract is initiated is $0.0085/yen. At the end of the accounting year, the forward contract is still outstanding. The year-end spot rate is $0....

TEST BANK FOR INTRODUCTION TO BUSINESS COMBINATIONS TEST BANK FOR INTRODUCTION TO BUSINESS COMBINATIONS SUMMARY OF ITEMS BY TOPIC TrueFalse Conceptual Multiple Choice Computational Multiple Choice Problems Short Answer Economic Motivation for Business Combinations 1-11 64-73 133-138 History of Business Combinations 12-20 74-82 139-142 Legal Restrictions on Business Combinations 21-27 83-87 143-149 Takeovers 28-36 88-94 Control 37-38 95-96 150-151 Exchanges 39-45...

SOLUTION MANUALS ACCOUNTING FOR PARTNERSHIPS: LIQUIDATION SOLUTION MANUALS FOR Partnerships: Liquidation Multiple Choice Questions 1. The capital balances, prior to the liquidation of the XYZ partnership, were as follows: X, Y, and Z share profits and losses in the ratio of 5:3:2. As a result of a loan, the partnership owes Y $80,000. Using the information above, which partner has the highest Loss Absorption Power (LAP) prior to liquidation? A. X B. Y C. Z D. Both X and Y 2. The ba...

TEST BANK FOR CONSOLIDATION OF WHOLLY OWNED SUBSIDIARIES TEST BANK FOR Consolidation of Wholly Owned Subsidiaries Multiple Choice Questions On July 1, 2009, Link Corporation paid $340,000 for all of Tinsel Company's outstanding common stock. On that date, the costs and fair values of Tinsel's recorded assets and liabilities were as follows: 1. Based on the preceding information, the differential reflected in a consolidation workpaper to prepare a consolidated balance sheet immediatel...