By Floyd A. Beams

ISBN-10: 0132568969

ISBN-13: 9780132568968

An in-depth consultant to accounting that displays the main updated enterprise developments.This finished textbook addresses functional monetary reporting difficulties whereas reflecting fresh company advancements and adjustments in accounting standards.This version has been rewritten to align with the monetary Accounting criteria Board Accounting criteria Codification.

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Additional info for Advanced Accounting, 11th Edition

Sample text

A Patents developed by Dart because the costs were expensed under GAAP b Dart’s mortgage payable because it is fully secured by land that has a market value far in excess of the mortgage c An asset or liability amount for over- or underfunding of Dart’s defined-benefit pension plan d None of the above E 1-2 [Based on AICPA] General problems 1. Pat Corporation paid $100,000 cash for the net assets of Sag Company, which consisted of the following: Current assets Plant and equipment Liabilities assumed Book Value Fair Value $ 40,000 160,000 (40,000) $160,000 $ 56,000 220,000 (36,000) $240,000 Assume Sag Company is dissolved.

In this case, we allocate the balance recorded in the Investment in Son account by means of an entry on Pop’s books. Such an entry might appear as follows: Receivables (+A) Inventories (+A) Plant assets (+A) Goodwill (+A) Accounts payable (+L) Notes payable (+L) Investment in Son (-A) To record allocation of the $1,600,000 cost of acquiring Son Corporation to identifiable net assets according to their fair values and to goodwill. XXX XXX XXX XXX XXX XXX 1,600 If we dissolve Son Corporation, we formally retire the Son Corporation shares.

4] The acquisition method follows the same GAAP for recording a business combination as we follow in recording the purchase of other assets and the incurrence of liabilities. We record the combination using the fair value principle. In other words, we measure the cost to the purchasing entity of acquiring another company in a business combination by the amount of cash disbursed or by the fair value of other assets distributed or securities issued. We expense the direct costs of a business combination (such as accounting, legal, consulting, and finders’ fees) other than those for the registration or issuance of equity securities.

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Advanced Accounting, 11th Edition by Floyd A. Beams


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