Critical Financial Accounting Problems Issues and Solutions 1 docx
Critical Financial Accounting Problems Issues and Solutions_2 pot
... Warrants
ϫ
Issuance
Price
18 Critical Financial Accounting Problems
Exhibit 1. 4
Schedule of Note Discount Amortization, 10 % Note Discounted at 12 %
(a) ϭ $20,000 ϫ 0 .10 ϭ $2,000
(b) ϭ $19 ,039.66 ϫ 0 .12 ϭ $2,284.759
(c) ... Schedule
(a) ϭ $6 01, 056.00 ϫ 10 % ϭ $60 ,10 5.60
(b) ϭ $6 01, 056.00 ϩ $60 ,10 5.60 ϭ $6 61, 1 61. 60
B. By the Gore Company
Notes Payable $1, 000,000
C...
Critical Financial Accounting Problems Issues and Solutions_3 pdf
... i in the following formula:
11
$12 ,6 71, 092 ϭ 1, 000,000 ϩ 1 Ϫ 1, 000,000
(1 ϩ i)ˆ5 (1 ϩ i) ˆ5
(i)
Solving the equation leads to (i) ϭ 4%.
Therefore, on December 31, 19 95, the Mario Company makes ... Liabilities 29
Exhibit 1. 9
Schedule of Computation of Interest Revenue
(a) ϭ $10 ,000,000 ϫ 10 %
(b) ϭ $9,879,080 ϫ 12 %
(c) ϭ $1, 113 ,489.60 Ϫ $1, 000,000
(d) ϭ $9,279,080 ϩ $11...
Critical Financial Accounting Problems Issues and Solutions_4 docx
... follows:
50 Critical Financial Accounting Problems
NOTES
1. Loren A. Nikolai and John D. Bazley, Intermediate Accounting, 6th ed.
(Cincinnati, Ohio: South-Western Publishing Co., 19 94), p. 852.
2. ‘ Accounting ... gains and losses accounted for as a sep-
62 Critical Financial Accounting Problems
Retained Earnings $250,000
Total $600,000
The Monti Company paid, on June...
Critical Financial Accounting Problems Issues and Solutions_5 docx
... using
Exhibit 4.2 is $4,000 ( $12 ,000 ϫ 33.33%).
Second: At the end of 19 95 the asset has a book value of $11 ,000
( $12 ,000 Ϫ $1, 000) for financial reporting and a book value of $8,000
( $12 ,000 Ϫ $4,000) for ... had a taxable income of $15 ,000 and the 30% tax rate is
enacted for years.
First: the depreciation expense for financial reporting is $1, 000 [1, 000
ϫ ( $12 ,000 /12 ,000)...
Critical Financial Accounting Problems Issues and Solutions_8 doc
... $11 , 618 .543
Cash $14 , 618 .543
3. Recognition of accrued interest on December 31, 19 96
Interest Expense $3,682. 915
13 6 Critical Financial Accounting Problems
B. If the lease involves both land and ... international standard setters made some calls for it. Attitudinal stud-
Accounting for Leases 13 7
10 . Kieso and Weygandt, Intermediate Accounting, p. 11 33.
11 . ‘...
Critical Financial Accounting Problems Issues and Solutions_9 pptx
... Transactions and Futures Contracts 16 5
December 15 , 19 X3: FC1 ϭ $0.50
December 31, 19 X3: FC1 ϭ $0.60
January 15 , 19 X3: FCI ϭ $0.80
The accounting entries for this transaction follow:
1. At the date ... Disclosure by Diver-
sified Firms and Security Prices: A Comment.’’ Accounting Review 50
(October 19 75), pp. 818 – 21.
16 0 Critical Financial Accounting Problems...
Critical Financial Accounting Problems Issues and Solutions_10 ppt
... residual value, 12 7–29
Leases/leasing: advantages to lessee,
11 4; advantages to lessor, 12 0– 21;
capitalization approach, 11 3 14 ;
classification of, 11 5; defined,
FASB Statement No. 13 , 11 3; re-
sidual ... capitalization (SFAS
No. 13 ), 11 3 14 ; pension account-
ing (SFAS No. 87), 98, 10 2; post-
retirement benefits (SFAS No.
10 6), 98, 10 0 10 1; segmental re-
porting (SFA...
Critical Financial Accounting Problems Issues and Solutions_1 docx
... i in the following formula:
11
$12 ,6 71, 092 ϭ 1, 000,000 ϩ 1 Ϫ 1, 000,000
(1 ϩ i)ˆ5 (1 ϩ i) ˆ5
(i)
Solving the equation leads to (i) ϭ 4%.
Therefore, on December 31, 19 95, the Mario Company makes ... of Financial Accounting Standards No. 10 5. Norwalk, Conn.:
FASB, 19 90.
‘‘Disclosure of Long-Term Obligations.’’ Statement of Financial Accounting
Standards No. 47. Stamfor...
Critical Financial Accounting Problems Issues and Solutions_2 ppt
... November 1, 2000
1. Amortized Cost, July 1, 2000 ϭ $19 8 ,13 0.68
2. Plus: Discount Amortization up
until November 1, 2000 ϭ 1, 246.09
3. Book Value 19 9,376.77
B. Selling Price of Bonds 19 9,500.00
C. ... Investments in Common Stock,’’
Opinion of Accounting Principles Board No. 18 (New York: AICPA, 19 71) ,
par. 17 .
2. Ibid.
62 Critical Financial Accounting Problems
Reta...
Critical Financial Accounting Problems Issues and Solutions_4 pot
... follows:
Plan assets, Jan 1, 19 96 are: $200,000
Projected benefit obligation, Jan 1, 19 96 is: $200,000
Annual service cost for 19 96 is: $18 ,000
90 Critical Financial Accounting Problems
First Example ... Loss on
Bond Redemption 1, 800
Retained Earnings (Prior
Period Adjustments) 1, 350
Income Taxes Payable 16 ,850
98 Critical Financial Accounting Problems
administra...
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