Moaten Professional Accountants

ADVANCED ACCOUNTING Hoyle, Schaefer, Doupnik (2014) 12th. ISBN 0077862228

2017-01-18T18:47:00.000-08:00

ADVANCED ACCOUNTINGHoyle, Schaefer, Doupnik 201412th. Edition, Irwin McGraw-HillTestbank and Solutions Manual

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Intermediate Accounting 7e ISBN: 9780078025327 Solutions Manual Testbank McGraw Hill

2017-01-18T17:58:00.000-08:00

Intermediate Accounting 7th EditionSpiceland, Sepe, Nelson & TomassiniSolutions Manual

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Spiceland - Intermediate Accounting - 7e, ISBN 007802532x Test Bank Instant Download

2016-09-27T15:43:00.000-07:00

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Managerial Accounting Garrioson 15th Edition Solutions Manual

2015-07-21T11:04:00.002-07:00

Managerial Accounting Solutions Manual

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Pamela was an officer in Green Restaurant which subsequently went bankrupt. Pamelastarted a new restaurant and to establish goodwill, paid off the debts of $100,000 of Green Restaurant. She was under no obligation to do so. The $100,000 is

2015-07-19T17:34:00.001-07:00

Pamela was an officer in Green Restaurant which subsequently went bankrupt. Pamelastarted a new restaurant and to establish goodwill, paid off the debts of $100,000 of Green Restaurant. She was under no obligation to do so. The $100,000 is:

Answer: capitalized now because the expenses are not ordinary. No future amortization is permitted.

Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leginjury and must spend most of his time in a wheelchair until his recovery. Alan's physicianrecommends that he install a whirlpool bath in his home for therapy. During the year, Alanmakes the following expenditures:Wheelchair $ 800Whirlpool bath 2,000Maintenance of the whirlpool 250Increased utility bills associated with whirlpool 450Entrance ramp, various home modifications 4,200A professional appraiser tells Alan that the whirlpool has increased the value of his home by $1,000. Alan's deductible medical expenses (before considering limitations based on AGI)will be

2015-07-19T17:32:00.003-07:00

Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leginjury and must spend most of his time in a wheelchair until his recovery. Alan's physicianrecommends that he install a whirlpool bath in his home for therapy. During the year, Alanmakes the following expenditures:Wheelchair $ 800Whirlpool bath 2,000Maintenance of the whirlpool 250Increased utility bills associated with whirlpool 450Entrance ramp, various home modifications 4,200A professional appraiser tells Alan that the whirlpool has increased the value of his home by $1,000. Alan's deductible medical expenses (before considering limitations based on AGI)will be:

Answer: $6,700

In 2011, Charlie filed his 2010 state income tax return and paid taxes of $800. Also in 2011,Charlie's employer withheld state income tax of $750 from Charlie's salary. In 2012, Charliefiled his 2011 state income tax return and paid an additional $600 of state income tax. Howmuch state income tax can Charlie deduct on his 2011 federal income tax return for stateincome tax

2015-07-19T17:31:00.003-07:00

In 2011, Charlie filed his 2010 state income tax return and paid taxes of $800. Also in 2011,Charlie's employer withheld state income tax of $750 from Charlie's salary. In 2012, Charlie filed his 2011 state income tax return and paid an additional $600 of state income tax. Howmuch state income tax can Charlie deduct on his 2011 federal income tax return for state income tax?
Answer: $1,550

Accounting for Governmental & Nonprofit Entities 16e Test Bank & Solutions Manual

2015-05-07T13:33:00.001-07:00

Accounting for Governmental & Nonprofit Entities, 16e Test Bank & Solutions Manual

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Distinguish between program services expenses and supporting services expenses. Why is it important that NFPs report expenses for program services separately from those for supporting services?

2015-04-29T13:51:00.002-07:00

Distinguish between program services expenses and supporting services expenses. Why is it important that NFPs report expenses for program services separately from those for supporting services?

IRC Sec. 527 includes such organizations as political action committees, political parties and political campaigns. In fact, Sec. 527 organizations are considered tax-exempt under the IRC. Campaign finance laws typically have an impact on Sec. 527 organizations. As a result of such laws, organizations that meet the definition of a political organization are required to notify the IRS that they wish to be considered a Sec. 527 tax-exempt organization. Additionally, Sec. 527 NFPs must periodically complete Form 8872, notifying the IRS of the names and addresses of persons contributing more than $200 to the NFP, and those persons receiving more than $500 from the NFP.

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2015-03-02T17:06:00.000-08:00

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Philanthropists: Help! Please Make a Donation

2014-11-05T21:57:00.004-08:00

The Federal bankruptcy act contains several important terms.

2014-10-28T19:52:00.003-07:00

The Federal bankruptcy act contains several important terms. One such term is "insider". The term is used in connection with preferences and preferential transfers. Which amoung the following in not an "insider".

Answer: A secured creditor having a security interest in at least 25% or more of the debtor's property.

Explanation: A secured creditor is not an "insider" for the purposes of a preferential transfer.
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One of the elements necessary to establish that a preferential transfer has been made under the Bankruptcy Code by the debtor to a creditor is that the..

2014-10-28T19:19:00.000-07:00

One of the elements necessary to establish that a preferential transfer has been made under the Bankruptcy Code by the debtor to a creditor is that the..

Answer: Debtor was insolvent at the time of the transfer.

Explanation: Under the Bankruptcy Act, one of the elements which must be established in proving that a preferential transfer was made is that the debtor was insolvent at the time of the transfer. The Bankruptcy Act presumes that the debtor is insolvent during 90 days prior to the date the petition was filed.

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The trustee in bankruptcy of a landlord-debtor under a Chapter 7 liquidation

2014-10-28T18:48:00.001-07:00

The trustee in bankruptcy of a landlord-debtor under a Chapter 7 liquidation..

Answer: May assign the leases of the debtor

Explanation: the trustee may assign the leases of the landlord-debtor if such action is considered to be in the best interest of the debtor's estate. The trustee's duty is to acquires as many assets as possible for distribution to the creditors who files claims in the bankruptcy proceeding.

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Which of the following is an example of an endorsement found on the back of a promissory note that is a special qualified endorsement?

2014-10-28T18:15:00.000-07:00

Which of the following is an example of an endorsement found on the back of a promissory note that is a special qualified endorsement?

Answer: Pay to Jenny Eaton without recourse, (signed) Jan Brake.

Explanation: The endorsement is special because it indicates the person, Jenny Eaton, to whom the instrument is negotiated. The endorsement is also qualified using the phrase "without recourse".

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Financial Accounting Third Edition Spiceland / Thomas / Herrmann Solutions Manual

2014-10-01T19:48:00.000-07:00

Financial Accounting Third Edition Spiceland / Thomas / Herrmann Solutions Manual

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Exercise 1-13 Basic assumptions and principles

2014-09-22T22:58:00.001-07:00

Exercise 1-13 Basic assumptions and principles [LO1-7, 1-8, 1-9]

For each of the following situations, state whether you agree or disagree with the financial reporting practice employed, and briefly explain the reason for your answer.

1.	The controller of the Dumars Corporation increased the carrying value of land from its original cost of $2 million to its recently appraised value of $3.5 million.
2.	The president of Vosburgh Industries asked the company controller to charge miscellaneous expense for the purchase of an automobile to be used solely for personal use.
3.	At the end of its 2013 fiscal year, Dower, Inc., received an order from a customer for $45,350. The merchandise will ship early in 2014. Because the sale was made to a long-time customer, the controller recorded the sale in 2013.
4.	At the beginning of its 2013 fiscal year, Rossi Imports paid $48,000 for a two-year lease on warehouse space. Rossi recorded the expenditure as an asset to be expensed equally over the two-year period of the lease.
5.	The Reliable Tire Company included a note in its financial statements that described a pending lawsuit against the company.
6.	The Hughes Corporation, a company whose securities are publicly traded, prepares monthly, quarterly, and annual financial statements for internal use but disseminates to external users only the annual financial statements. Get the answer now only $1.99

Exercise 1-2 Accrual accounting - Intermediate Accounting Spiceland 7th Edition

2014-09-22T22:26:00.000-07:00

Exercise 1-2 Accrual accounting [LO1-2]

Listed below are several transactions that took place during the second two years of operations for RPG Consulting.

	Year 2		Year 3
Amounts billed to customers for services rendered	$	430,000	$	530,000
Cash collected from credit customers		340,000		480,000
Cash disbursements:
Payment of rent		88,000		0
Salaries paid to employees for services rendered during the year		148,000		168,000
Travel and entertainment		38,000		48,000
Advertising		19,000		43,000

In addition, you learn that the company incurred advertising costs of $33,000 in year 2, owed the advertising agency $5,800 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3.

Required:
1.	Calculate accrual net income for both years.

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Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively.

2014-08-17T21:23:00.000-07:00

Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively.

Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of:

	$26,000.
	$8,000.
	$(8,000).
	$0.

Equipment-new (FV of old + $18,000)	108,000
Cash		18,000
Equipment-old (book value)		82,000
Gain ($90,000 – 82,000)		8,000

Why would a company use the cash basis of accounting?

2014-06-12T15:02:00.002-07:00

To my understanding, some organizations may use the cash basis of accounting when they cannot convert to GAAP due to costs. When filing their income taxes the organization may use the tax basis of accounting to save money for that organization. Political campaigns and committees would be an example of an organization that would use the cash basis of accounting.

Valuation of Bonds

2013-07-31T12:57:00.002-07:00

Bonds generally provide for periodic fixed interest payments at a contract rate of interest. At issuance, or thereafter, the market rate of interest for the particular type of bond may be above, the same, or below the contract rate. If the market rate exceeds the contract rate, the book value will be less than the maturity value. The difference (discount) will make up for the contract rate being below the market rate.
Conversely, when the contract rate exceeds the market rate, the bond will sell for more than maturity value to bring the effective rate to the market rate. This difference (premium) will make up for the contract rate being above the market rate. When the contract rate equals the market rate, the bond will sell for the maturity value.

The market value of a bond is equal to the maturity value and interest payments discounted to the present. Finally, when solving bond problems, candidates must be careful when determining the number of months to use in the calculation of interest and discount/premium amortization. For example, candidates frequently look at a bond issue with an interest date of September 1 and count 3 months to December 31. This error is easy to make because candidates focus only on the fact that September is the ninth month instead of also noting whether the date is at the beginning or end of the month.

The issue price of bonds is equal to the present value (PV) of the maturity value plus the PV of the interest annuity. The PV must be computed using the yield rate. The computation is

Amount PV Factor PV
$1,000,000 × .386 = $386,000
80,000 × 6.145 = 491,600
Total issue price $877,600

The interest amount above ($80,000) is the principal ($1,000,000) times the stated rate (8%).

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A client wants to know how many years it would take before..

2013-07-29T15:22:00.001-07:00

the accumulated cash flows from an investment exceed the initial investment, without taking the time value of money into account. Which of the following financial models should be used?

Net present value
Time value of money
Payback period
Internal rate of return

Answer: Payback Period

The requirement is to identify the term that describes a method that measures the number of years it takes to recoup an initial investment without considering the time value of money. This answer is correct because the definition describes the payback period.

Under Frost free conditions

2013-07-29T14:40:00.001-07:00

The requirement is to determine what the probability of frost must be for Ball to be indifferent to spending $20,000 for frost protection. In other words, you must find the point at which the cost of the frost protection equals the expected value of the loss from frost damage. The table below summarizes the possible outcomes.

	Frost	Frost-free
Protected	$180,000 Market value	$1200,000 Market value
Unprotected	$80,000 Market value	$120,000 Market value

The difference between the market value of protected and unprotected strawberries if a frost were to occur is $100,000. Since we want to determine the probability of a frost when the expected value of the loss from frost damage is $20,000, this probability can be calculated as follows:

Loss from damage	×	Probability of frost	=	Expected value of the loss
$100,000	×	P	=	$20,000 $20,000
		P	=	$100,000
		P	=	.200

What is process reengineering?

2013-07-11T16:01:00.001-07:00

Process Reengineering is a critical evaluation and major resign of existing processes to achieve breakthrough improvements in performance.

An overall description of a database

2013-06-19T18:57:00.001-07:00

...Including the names of data elements, their characteristics, and their relationship to one another, would be defined by using a:

Answer: Data Definition Language (DDL)

Used to define a database, including creating, altering, and deleting tables and establishing various constraints.