Appendix I): 2015 Released AICPA Questions for Financial Accounting and Reporting

Size: px
Start display at page:

Download "Appendix I): 2015 Released AICPA Questions for Financial Accounting and Reporting"

Transcription

1 Appendix I): 2015 Released AICPA Questions for Financial Accounting and Reporting 1. FASB's due process for setting accounting standards includes which of the following procedures? a. The FASB can seek information about accounting and reporting issues by holding public forums, usually based on an exposure draft. b. The FASB delegates topics to the Financial Accounting Foundation for research and reporting. c. The FASB's Emerging Issues Task Force ratifies amendments to the Accounting Standards Codification. d. The FASB obtains approval from the International Accounting Standards Board in setting its agenda. 2. Which of the following items should be shown as a component of comprehensive income? a. Dividend paid to a shareholder. b. Foreign-currency translation adjustment. c. Additional capital contribution. d. Deferred revenue. 3. Dunbam Co. had the following activities during the year: Purchase of inventory $120,000 Purchase of equipment 80,000 Purchase of available-far-sale securities 60,000 Purchase of treasury stock 70,000 Issuance of common stock 150,000 What amount should Dunbam report as cash provided (used) by investing activities in its statement of cash flows for the year? a. $ (120,000) b. $ (140,000) c. $ (210,000) d. $150, Savor Co. had $100,000 in accrual basis pretax income for the year. At year end, accounts receivable had increased by $10,000 and accounts payable had decreased by $6,000 from their prior year-end balances. Under the cash basis of accounting, what amount of pretax income should Savor report for the year? i. $ 84,000 b. $ 96,000 c. $104,000 ct. $116,000 S. A firm's ending inventory balance was overstated by $1,000. Which of the following statements is correct according to a periodic inventory system? a. The retained earnings were overstated by $1,000. h. The cost of goods sold was overstated by $1,000. c. The cost of goods available for.sale was overstated by $1,000. d. The gross margin was understated by $1, The requirement is to identify a FASB due process procedure. Answer (a) is correct because the FASB seeks information by holding public forums/roundtable discussions. Usually the feedback s obtained to determine if a second exposure draft is necessary. 2. The requirement is to identify the item that would be shown as a component of comprehensive income. Answer (b) is correct because foreign-currency translation adjustments appear as a component of comprehensive income. Answers (a), (c), and (d) are incorrect because they are not income or comprehensive income items. 3. The requirement is to determine the amount of cash provided (used) by investing activities. Answer (b) is correct because cash flow investing activities involve non-current assets and the only two items impacting non-current assets is the purchase of equipment and purchase of available-for-sale securities (80,000) + (60,000) = (140,000)] 4. The requirement is to convert from the accrual basis to the cash basis for reporting income. Answer (a) is correct because accrual basis income would be ~justed by a change in receivables and a change in payables ($ ,000 6,000 == $84,000). 5. The requirement is to determine the impact of an inventory error. Answer (a) is correct because if ending inventory is overstated, cost of goods sold is understated. If cost of goods sold is understated, retained earnings is overstated. 1185

2 1186 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting 6. Quick Co. acquired the following assets from a liquidating competitor for a $200,000 lump-sum purchase price: Competitor's carrying amount Fair value Inventory $ 70,000 $ 50,000 Land 40,000 50,000 Building 110, ,000 $220,000 $250,000 What amount should Quick report as the cost of the building? a. $100,000 b. $120,000 c. $150,000 d. $200, At the beginning of year 2, a company invested $40,000 in a marketable equity security. At that time the security was appropriately classified as an available-for-sale security. At the end of year 2, the security had a fair value of $28,500. The change in fair value is deemed temporary. How should this change in fair value be reported in the financial statements? a. As a realized loss of $11,500 as part of net income. b. As a realized loss of $11,500 as part of other comprehensive income. c. As an unrealized loss of $11,500 as part of net income. d. As an unrealized loss of $11,500 as part of other comprehensive income. 8. Anchor Co. is experiencing financial difficulties. Anchor negotiated a settlement of $100,000 in debt owed to Bowden, Inc. in exchange for Anchor's gross receivables of $100,000. The receivables have an allowance for uncollectible accounts of $25,000. The impact of this transaction on Anchor's net income is a $25,000 a. Increase in bad debt expense. b. Gain on restructuring of payables. c. Loss on restructuring of payables. d. Decrease in bad debt expense. 9. Aldrich Co. distributes cash dividends to its shareholders during the current year. The dividends are declared on March 9 and are payable to shareholders as of the date of record which is April 15. The dividends are actually paid on Ma~ 19. At which of the following dates would the dividends become a liability to Aldrich? a. March 9 b. April 15 c. May 19 d. December The requirement is to value the cost of a building that was part of a lump-sum (basket) purchase. Answer (b)is correct because each item ina lump-sum (basket) purchase is assigned its proportional share of the total fair value times the price paid [($150,0001$250,000) x $200,000 =$120,000]. 7. The requirement is to determine how to account for an available-for-sale security temporary change in fair value. Answer (d) is correct because temporary fair value changes for available-for-sale securities are considered unrealized and reported in other comprehensive income. In this case, the difference between $40,000 and $28,500 is a $11,500 decrease which is reported as an unrealized loss as part of other comprehensive income. 8. The requirement is to determine how to account for a $25,000 net income change due to settling a payable with receivables. Answer (b) is correct because the restructuring resulted in a gain after all accounts are removed from the books. A journal entry helps to understand the transaction. Bowden Payable 100,000 Allowance 25,000 Receivables 100,000 Gain 25, The requirement is to determine when dividends become a liability. Answer (a) is correct because dividends become a liability when declared and dividends were declared on March 9.

3 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting In February, Colt Corp. sold merchandise to Sink Co. for $lo,ooo. Colt is using the cost recovery method to account for this sale, which had cost of goods sold of $2,500. Colt received the following payments from Sink during the year: Date Amount June $1,000 August 1,500 October 200 December 700 $3, The requirement is to determine the amount of gross profit to recognize when using the cost recovery method. Answer (b) is correct because, under the cost recovery method, gross profit is not recognized until costs are recovered. Costs are recovered in June and August (zero gross profit in June). Thus, all remaining receipts may be recognized as gross profit when received and $900 ($200 in October and $700 in December) gross profit is recognized in December. What amounts of gross profit should Colt recognize in its June 30 and December 31 income statements? June 30 December 31 a. $0 $0 b. $0 $900 c. $1,000 $2,400 d. $1,000 $3, Harmony Co. has a single-employer defined benefit pension plan. Harmony should report a liability related to the plan equal to which of the following amounts? a; The unfunded projected benefit obligation. b. The accumulated benefit obligation. c. The projected benefit obligation. d. The unfunded vested benefit obligation. 12. Which of the following circumstances would result in a deferred tax asset for the current year? a. Expenses that are recognized in financial income this year and deductible next year. b. Expenses that are deductible this year and recognized in financial income next year. c. Revenues that are recognized in financial income this year and taxable next year. d. Revenues that are recognized in financial income this year but are not subject to taxation. 13. Which of the following examples would require restatement of prior years' financial statements? a. A calculation change of warranty obligations based on updated claim information for the prior year. b. A change from the income tax basis of accounting to the accrual basis. c. An insurance premium that was due in the prior year but that lapsed because the policy was not paid. d. An intangible asset with a remaining estimated amortization period of two years, which is determined to be obsolete. 14. The per-share amount must be reported on the face of a public company's income statement for which of the following items? a. Income from continuing operations. b. Preferred stock dividend. c. U.S. Treasury stock. d. Compensation effect of fair value on stock options. 11. The requirement is to determine when to report a defined benefit pension liability. Answer (a) is correct because a liability is reported for the amount that the projected benefit obligation exceeds the fair value of plan assets, otherwise known as the unfunded projected benefit obligation. 12. The requirement is to determine which circumstance results in a deferred tax asset. Answer (a) is correct because, with the exception of permanent differences, when financial income is less than taxable income, a deferred tax asset is created. Answers (b) and (c) are incorrect because the circumstance results in financial income being greater than taxable income. Answer (d) is incorrect because permanent differences do not result in deferred taxes. 13. The requirement is to determine which example would result in a prior-period restatement. Answer (b) is correct because errors result in prior period restatements. Changes from a non-gaap method to a GAAP method are considered an error. Answers (a, c, and d) are incorrect because they are considered changes in estimates due to new information and changes in estimates do not require restatements. 14. The requirement is to determine which item results in per-share reporting. The correct answer is (a) because pershare amounts are required to be reported for income from continuing operations and net income. A company may choose to report per-share amounts for discontinued operations. Per-share amounts are not required for preferred stock dividends, US Treasury stock, or stock option impacts (Answers b, c, and d).

4 1188 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting 15. A foreign subsidiary of a U.S. parent company should measure its assets, liabilities and operations using a. The subsidiary's local currency. b. The subsidiary's functional currency. c. The U.S. dollar. d. The best available spot rate. 16. Which of the following is a criterion for classifying a lease as a capital lease by a lessee'? a. The lease term is equal to 75% or more of the estimated economic life of the leased property. b. The present value of the minimum lease payments is 75% or more of the fair value of the leased property. c. The lease agreement contains an option to purchase the leased prol?6rty at its fair value at the end of the lease term. d. The Jease agreement requires that title of the leased property remains with the lessor at the end of the lease term. 17. Jensen performed legal services to assist Balm Co. in accomplishing its initial organization. Jensen accepted 1,000 shares of $5 par common stock in Balm as payment for his services. The Balm shares were not yet publicly traded, but they had a book value of $4 per share. Jensen provided 48 hours of service, which is normally billed at $125 per hour. By what amount should the common stock account increase'? 15. The requirement is to determine how a foreign subsidiary of a US parent company should measure its assets, liabilities, and operations. Answer (b) is correct because foreign subsidiaries should report in its functional currency, which could be the foreign currency or the US dollar depending upon facts and circumstances. 16. The requirement is to identify the correct capital lease criteria. Answer (a) is.correct because it meets one of the four lessee capital lease criteria (transfer of title from lessor to lessee, bargain purchase option, lease term greater than or equal to 75% of the economic life of the lased property, present value of the minimum lease payments is greater than or equal to 90% of the fair value of the leased item). Answer (b) is incorrect because the percentage should be 90% not 75%. Answer (c) is incorrect because it does not contain a bargain if the lessee can purchase the item at fair value. Answer (d) is incorrect because it does not transfer title. 17. The requirement is to determine the amount to record in common stock resulting from a transaction where services are exchanged for the stock. Answer (c) is correct because common stock is' always recorded at par value (1000 shares x $5/share = $5,000) regardless of the value of the transaction (48 x $135 = $6,000). a. $1,000 b. $4,000 c. $5,000 d. $6, The following information relates to two projects performed by Miley Co. during the year for laboratory research aimed at discovering new knowledge: Project Costs Likelihood that effort will result in future benefits 1. $100,000 Probable II. $ 50,000 Reasonably possible What should Miley report as research and development expenses in its income statement for the year? a. $0 b. $50,000 c. $100,000 d. $150, The requirement is to determine the amount to be recorded as research and development expenses. Answer (d) is correct because under US GAAP, all internal non-software project costs regardless of future benefits, are expensed as incurred ($100,000 + $50,000 = $150,000).

5 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting A company began developing computer software to be sold as a separate product on January 1, year 1. During the planning, coding, and testing phases, the company incurred $1,300,000 of costs. On June 30, year 1, the product was determined to be technologically feasible. The company began producing product masters of the software and incurred an additional $750,000 of costs from July 1, year 1, through September 30, year 1. After the software was available for release on October 1, year 1, the company incurred an additional $275,000 of costs relating to maintenance and customer support. What amount of software-related costs should be capitalized? 19. The requirement is to determine the amount of software costs to capitalize. Answer (b) is correct because only those costs between technological feasibility and market feasibility are to be capitalized and those costs, as stated in the problem, are $750,000. a. $275,000 b. $750,000 c. $1,300,000 d. $2,050, Which basis of accounting is required for a city's government-wide financial statements? a. Cash. b. Modified cash. c. Modified accrual. d. Accrual. 21. A city government would report each ofthe following categories in its government-wide statement of net position except a. Governmental activities. b. Business-type activities. c. Fiduciary activities. d. Component units. 22. Which of the following funds of a local government would report transfers to other funds as an other financing use? a. Enterprise. b. Internal service. c. Pension trust. d. General. 23. A storm damaged the roof of a nongovernmental, notfor-profit organization's building. A professional roofer repaired the roof at no charge. How should the roof repairs be recognized in the statement of activities? a. As an increase in expenses and an increase in contributions from donated services. b. As an increase in the building account and an increase in unrestricted net assets. c. As an increase in fixed assets and an increase in contributions from donated services. d. No recognition is required in the financial statements, but a note disclosure is required. 20. The requirement is to identify the basis of accounting required for a city's government-wide financial statements. Answer (d) is correct because the required basis is the accrual basis. Answers (a), (b), and (c) are incorrect because the accrual basis is required. 21. The requirement is to identify the category that is not required to be reported in the government-wide statement of net position. Answer (c) is correct because fiduciary activities is not a required category of a government-wide statement of net position. Answers (a), (b), and (d) are incorrect because governmental activities, business-type activities, and component units are all required categories of a governmentwide statement of net position. 22. The requirement is to identify the fund that would report transfers to other funds as an other financing use. Answer (d) is correct because transfers to other funds as an other financing use would be reported in the general fund. Answers ( a), (b), and (c) are incorrect because transfers to other funds as an other financing use would be reported in the general fund. 23. The requirement is to identify how the roof repairs should be recognized in the statement of activities. Answer (a) is correct because the repairs would be reported at fair value presented as an increase in expenses and increase in contributions from donated services. Answer (b) is incorrect because the repairs are reported as an expense and as contributions from donated services. Answer (c) is incorrect because the repairs are an expense. Answer (d) is incorrect because the repairs should be reported in the statement at fair value.

6 1190 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting 24. A donor gives $10,000 to a nongovernmental, not-forprofit organization with instructions that it must be used to fund the organization's general operating expenses during the following fiscal year. The donation will increase the organization's a. Unrestricted net assets. b. Temporarily restricted net assets. c. Restricted net assets. d. Restricted retained earnings. 25. A nongovernmental, not-far-profit organization provided the following data in regard to $500,000 of donations received during the year: Purchase of investments to be held in $100,000 perpetuity at the donor's request Future repairs to the organization's building 250,000 and equipment at the donor's request General operations at the discretion of the 100,000 board of directors Specific program services as indicated by 50,000 the donor In order to properly reflect receipt of the donations, net assets should increase in the amount of a. $400,000 unrestricted and $100,000 permanently restricted. b. $150,000 unrestricted, $250,000 temporarily restricted, and $100,000 permanently restricted. c. $100,000 unrestricted, $300,000 temporarily restricted, and $100,000 permanently restricted. d. $100,000 unrestricted and $400,000 permanently restricted. 26. Clear Co.'s trial balance has the following selected accounts: Cash (includes $10,000 in bond-sinking fund $50,000 for long-term bond payable) Accounts receivable 20,000 Allowance for doubtful accounts 5,000 Deposits received from customers 3,000 Merchandise inventory 7,000 Unearned rent 1,000 Investment in trading securities 2,000 What amount should Clear report as total current assets in its balance sheet? a. $$64,000 b. $67,000 c. $72,000 d. $74, The requirement is to identify where the donation would be reported by the organization. Answer (b) is correct because contributions that are time restricted are reported as temporarily restricted net assets. Answer (a) is incorrect because the contribution is time restricted. Answer (c) is incorrect because the contribution is time restricted but not permanently restricted. Answer (d) is incorrect because notfor-profit organizations do not have retained earnings. 25. The requirement is to identify the proper reporting of the donations. Answer (c) is correct because the donation of $100,000 for general operations is unrestricted, the $300,000 in donations for repairs and specific programs are temporarily restricted until spent, and the donation restricted to purchase investments to be held in perpetuity is permanently restricted. Answer (a) is incorrect because the donations for repairs and specific program services are temporarily restricted. Answer (b) is incorrect because the donation for specific program services is temporarily restricted. Answer (d) is incorrect because only the donation for investments to be held in perpetuity is permanently restricted. 26. The requirement is to determine the value of total cunail assets from the selected items. Answer (a) is correct. Bond sinking funds should be considered non-current; thus cash is $50,000 - $10,000 == $40,000. Accounts receivable is neued by the allowance account ($20,000 - $5,000 =$15,000). Deposits received from customers are considered unearned add unearned items are liabilities. Inventory and trading securities are also considered current assets for a total of $64,000= $50,000-10, ,000-5,000 +7,000 +2,000.

7 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting Martin Co. had net income of $70,000 during the year. Depreciation expense was $10,000. The following information is available: Accounts receivable increase $20,000 Equipment gain on sale increase 10,000 Nontrade notes payable increase 50,000 Prepaid insurance increase 40,000 Accounts payable increase 30, The requirement is to determine the net cash provided by operating activities. Answer (b) is correct because $70, ,000-20,000-10,000-40, ,000 = $40,000. The nontrade payable may be ignored. What amount should Martin report as net cash provided by operating activities in its statement of cash flows for the year? a. $0 b. $40,000 c. $50,000 d. $100, Which of the following should be disclosed in a summary of significant accounting policies? a. Basis of consolidation. b. Concentration of credit risk of financial instruments. c. Composition of plant assets. d. Adequacy of pension plan assets in relation to vested benefits. 29. Each of the following events is required to be reported to the United States Securities and Exchange Commission on Form 8-K, except 28. The requirement is to identify the item to be disclosed in a summary of significant accounting policies. Answer (a) is correct and is the only item which is general in nature. Answers (b, c, and d) are detailed and would each be disclosed in specific footnotes. 29. The requirement is to determine which item would not result in an 8-k. Answer (d) is correct because results of operations, not quarterly operations are reported in the form 8-k. a. The creation of an obligation under an off-balance sheet arrangement of a registrant. b. The unregistered sale of equity securities. c. A change in a registrant's certifying accountant. d. The quarterly results of operations and financial condition of a registrant. 30. Garcel, Inc. held unfinished inventory at a cost of $85,000 with a sales value of $125,000. The inventory will cost $10,500 to complete. The normal profit margin is 30% of sales. The replacement cost of the inventory was $75,000. What amount should Gareel report as inventory on balance sheet? a. $114,500 b. $ 85,000 c. $ 77,000 d. $ 75, Sea Manufacturing Corp. is constructing a new factory building. During the current calendar year, Sea made the following payments to the construction company: January 2 $1,000,000 December 31 1,000,000 Sea has an 8%, three-year construction loan of $3,000,000. What is the amount of interest costs that Sea may capitalize during the current year? a. $0 b. $80,000 c. $160,000 d. $240, The requirement is to determine the value of the inventory to be reported on the balance sheet. Answer (c) is correct because $77,000 is the lower of cost or market. Cost = $85,000 Replacement cost = $75,000< Ceiling = selling price less cost to dispose = $125,000-10,500 = $114,500 Floor =ceiling less normal profit margin =$114,500-37,500 (125,000 x 30%) = $77,000. Market =$77,000 (the middle of the ceiling, replacement cost, or floor); Lower of cost or market::::: $77, The requirement is to determine the amount of interest that can be capitalized. Answer (b) is correct because the amount to capitalize is the lower of the actual interest or avoidable interest. Avoidable interest::::: $1,000,000 x 8% = $80,000 and actual interest is $3,000,000 x 8% == $240,000. Thus, $80,000 is to be capitalized.

8 1192 Appendix D: 2015 ReleasedAICPA Questions for Financial Accounting and Reporting 32. Under IFRS, which of the following statements about intangible assets is correct? a. Internally generated goodwill cannot be recognized as an asset. b. Intangible assets within a class may be measured differently using either the cost model or the revaluation model. c. Research and development costs are capitalized as incurred. d. Intangible assets with indefinite lives must be amortized annually. 33. A note payable was issued in payment for services received. The services had afair value less than the face amount of the note payable. The note payable has no stated interest rate. How should the note payable be presented in the statement of financial position? a. At the face amount. b. At the face amount with a separate deferred asset for the discount calculated at the imputed interest rate. c. At the face amount with a separate deferred credit for the discount calculated at the imputed interest rate. d. At the face amount minus a discount calculated at the imputed interest rate. 34. Which of the following statements is correct regarding valuation allowances in accounting for income taxes? a. The effect of a change in the opening balance of a valuation allowance that results from a change of circumstances ordinarily is included in income from operations. b. Both deferred tax assets and deferred tax liabilities can be reduced by a valuation allowance. c. Only negative evidence, not positive evidence, should be considered when determining whether a valuation allowance is needed. d. A valuation allowance is necessary when the realistic probability standard of evidence is satisfied. 35. A company issues $1,500,000 of par bonds at 98 on January 1, year 1, with a maturity date of December 31, year 30. Bond issue costs are $90,000, and the stated interest rate of the bonds is 6%. Interest is paid semiannually on January 1 and July 1. Ten years after the issue date, the entire issue was called at 102 and canceled. The company uses the straight-line method of amortization for bond discounts and issue costs, and the result of this method is not materially different from the effective interest method. The company should classify what amount as the loss on extinguishment of debt at the time the bonds are called? a. $ 30,000 b. $ 50,000 c. $ 90,000 d. $110, The requirement is to identify the correct IFRS intangible asset statement. Answer (a) is correct because internally generated goodwill cannot be recognized as an asset since it cannot be measured reliably. 33. The requirement is to determine how to record a note when it has been exchanged for services with a fair value less than the face amount of the note. Answer (d) is correct because the imputed rate of interest must be recognized for notes without stated interest rates. The note would be recorded net of the discount calculated at the imputed interest rate. 34. The requirement is to determine which statement, as it relates to valuation allowances, is correct. Answer (a) is correct because changes in valuation allowances impact income. 35. The requirement is to determine the amount of loss on extinguishment of debt at the time the bonds are called. Answer (d) is correct because the loss is $110,000. At issuance: Cash «1,500,000 x.98) - 90,000) $1,380,000 Bond Issue Costs 90,000 Discount 30,000 Bonds Payable $1,500,000 Discount amortization ($30,000/30) x 10 years = $10,000 Bond Issue Cost amortization ($90,000/30) x 10 = $30,000 Bond Call: Bond Payable $1,500,000 Loss on extinguishment (plug) 110,000 Discount (30,000-10,000) 20,000 Bond Issue Cost (90,000-30,000) 60,000 Cash (1,500,000 x 1.02) 1,530,000

9 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting On day 1, Clothes Co., sells clothing to Link Corp. for $40,000. Clothes ships the clothing on day 1 and Link is obligated to pay Clothes within six months. Link is given 12 months to return any of the clothing for a refund if they experience low demand. Link is also given 18 months to exchange any clothing due to low demand. At the time of sale, Clothes cannot reasonably estimate returns, but estimates $5,000 in exchanged goods. Clothes should recognize revenue for the aforementioned transaction 36. The requirement is to determine when revenue should recognize when there is uncertainty related to the revenue amount. Answer (c) is correct because 12 months after the sale date, the company is aware of the return amount. After 12 months, the purchaser may only exchange items, not return them. a. On the day of the sale. b. Six months after the date of sale. c. 12 months after the date of sale. d. 18 months after the date of sale. 37. At the beginning of year 1, a company amends its defined benefit pension plan for an additional $500,000 in prior service cost. The amendment covers employees with a lo-year average remaining service life. At the end of year 1, what is the net entry to accumulated other comprehensive income, ignoring income tax effects? a. A $450,000 debit. b. A $500,000 debit. c. A $550,000 credit. d. A $450,000 credit. 38. A company recorded a decommissioning liability and recognized the amount recorded as part of the cost of the related property. After the property was fully depreciated, the decommissioning liability was reviewed and adjusted. How should this change in the decommissioning liability be recognized under IFRS? a. The change in the liability is recognized in other comprehensive income. b. The change in the liability is recognized in profit or loss. c. The change in the liability is recognized as a change in the carrying amount of the property if the liability increases but is otherwise recognized in profit or loss. d. The change in the decommissioning liability is not recognized until it is settled. 39. A company incurred the following costs to complete a business combination in the current year: Issuing debt securities $30,000 Registering debt securities 25,000 Legal fees 10,000 Due diligence costs 1,000 What amount should be reported as current-year expenses, not subject to amortization? a. $ 1,000 b. $11,000 c. $36,000 d. $66, The requirement is to determine the net accumulative other comprehensive income amount when prior service cost is granted to employees. Answer (a) is correct because the accumulated other comprehensive income account is first increased with a debit of $500,000 for prior service cost (the projected benefit obligation is credited). The impact is assumed to impact the beginning of the year. That amount is to be amortized over 10 years or $50,000 per year. Pension expense is debited for $50,000 and accumulated other comprehensive is credited for $50,000. The net effect is $450,000 debit ($500,000 - $50;0(0). 38. The requirement is to determine how a change in decommissioning liability is recognized given that asset is fully depreciated. Answer (b) is correct because regardless of the use of the cost model or revaluation model, a change in liability would exceed the carrying amount due to the asset being fully depreciated. Thus, the change is recognized in profit or loss. 39. The requirement is to determine which acquisition costs should be expensed immediately. Answer (b) is correct because acquisition related costs are norinally expensed with the exception of issuance costs and registration costs which are recognized in accordance with other US GAAP. Thus, $11,000 should be expensed ($10,000 + $1,000).

10 1194 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting 40. Based on the stock transactions below, what is the weighted average number of shares outstanding as of December 3 I, year 1, that should be used in the calculation of basic earnings per share in financial statements issued on March 1, year 2? Date January 1, year I April 1, year 1 June 1, year 1 February 15, year 2 March 15, year 2 a. 147,500 b. 183,750 c. 295,000 d. 367, Transactions Beginning balance 100,000 Issued 30,000 shares for cash 50% stock dividend 2 for 1 stock split Issued 40,000 shares for cash 41 Which of the following phrases best describes a Levell input for measuring the fair value of an asset or liability? a. Inputs for the asset or liability based on the reporting entity's internal data. b. Quoted prices for similar assets or liabilities in active markets. c. Inputs that are principally derived from or corroborated by observable market data. d. Unadjusted quoted prices for identical assets or liabilities in active markets. 42. On June 1, year 1, ABC Co. issued a 200,000 euro purchase order for equipment to be supplied by a German company. ABC's functional currency is the U.S. dollar. The equipment was delivered to ABC on November 1, year 1, and ABC recorded a payable due to the German company. ABC paid for the equipment on January 31, year 2. The following are the exchange rates in effect: June I, year 1 November I, year 1 December 31, year 1 January 31, year 2 1 euro = 1.40 U.S. dollars 1 euro::::; 1.50 U.S. dollars 1euro ::::; 1.35 U.S. dollars 1 euro::::; 1.30 U.S. dollars Under IFRS, what is the foreign currency gain or loss that ABC should record for the year ended December 31, year I? a. A loss of $30,000. b. A loss of $20,000. c. A gain of $10,000. d. A gain of $30, The requirement is to determine year I weighted average shares outstanding (WASO) after year 2 information is provided. Answer (d) is correct because the only item in year 2, impacting year 1, is the 2 for stock split resulting in 367,500 shares outstanding ,000 x 3/12 x 1.5 ::::; 37, ,000 x 2112 x 1.5 = 32,500 6/1 195,000 x 7112::::; 113,750 WASO year 1, reported year 1 183,750 Adjusted for year 2 stock split 183,750 x 2 ::::; 367, The requirement is to determine which item is a levell input for measuring fair value. Answer (d) is correct because unadjusted quoted prices for identical assets or liabilities in active markets are considered level I inputs. Answers (a, b, and c) are considered level 2 and level 3 inputs The requirement is to determine the transaction gainl loss under IFRS. Answer (d) is correct. Transaction gains and losses result from a difference between the functional currency and the currency the transaction is denominated in. Since the US Dollar is the functional currency and the transaction is denominated in Euro's, the transaction must be adjusted for a gain or loss each reporting date. Thus, the gain is $30,000. Delivery resulting in a recording of event 200,000 x 1.5 ::::; $300,000 December 31 value of event 200,000 x 1.35 = $270,000 Difference ($300,000 - $270,000 = $30,000)

11 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting A company leases a machine from Leasing, Inc. on January I, year 1. The lease terms include a $100,000 annual payment beginning January I, year 1. The machine's fair value is $500,000 and the residual value is estimated at $20,000. The company guarantees the residual value. The useful life of the machine is six years, and the lease term is five years. The implicit rate of interest is 6% and is known by the company. The following present value factors are provided: Five years Six years Present value of $1 at 6% Present value of an annuity due at 6% Present value of an ordinary annuity at 6% What is the value of the machine in the company's balance sheet at lease inception? a. $446,510 b. $$$461,456 c.. $520,000 d. $535, Isle Co. owned a copy machine that cost $5,000 and had accumulated depreciation of $2,000. Isle exchanged the copy machine for a computer that cost $4,000. Isle's future cash flows are not expected to change significantly as a result of the exchange. What amount of gain or loss should Isle report and at what amount should it record the asset? a. No gain or loss in the income statement; $3,000 asset in the balance sheet. b. No gain or loss in the income statement; $4,000 asset in the balance sheet. c. $1,000 gain in the income statement; $3,000 asset in the balance sheet. d. $1,000 gain in the income statement; $4,000 asset in the balance sheet. 45. On January 1, year I, a company capitalized $100,000 of costs for software that is to be sold. The company amortizes the software costs on a straight-line basis over five years. The carrying value of the software costs 011 January 1, year 3, was $60,000. As of December 31, year 3, the estimated future gross revenue to be generated from the sale of the software is $23,000, and the estimated future cost of disposing of the software is $8,000. What amount should the company expense related to the software costs for the year ended December 31, year 3? a. $18,400 b. $20,000 c. $37,000 d. $45, Which of the following is a required part of a local government's management's discussion and analysis (MD&A) as part of its financial statements? a. The MD&A should be presented with other required supplementary information. b. The MD&A should compare current-year results to the prior year with emphasis on the current year. c. The MD&A should include an analysis for each fund. d. The MD&A should present condensed financial information from the fund financial statements. 43. The requirement is to calculate the value of the leasel machinery at lease inception. Answer (b) is correct because the value of the leaselmachine is equivalent to the present value of the minimum lease payment plus the present value of the guaranteed residual value. $461,456 = $446,510 + $14,960. PV annuity due x $100,000 = $446,510. PV of 1 $20,000 x = $14, The requirement is to determine the amount of gain or loss for a non-monetary exchange of assets. Answer (a) is correct because when exchanging assets, usually the event is recorded at the fair value of the item given up with thee exceptions. In this situation, the event lacks commercial substance and no cash is exchanged. Therefore, a gain would be deferred and the new asset is recorded at the book value of the asset given up. 45. The requirement is to determine the software related expense. Answer (d) is correct because the carrying amount is capped at the net realizable value of the asset ($23,000 - $8,000 = $15,000). The carrying amount is currently at $60,000 and the net realizable value is $15,000. Thus $45,000 needs to be expensed to meet the net realizable value requirement of $15, The requirement is to identify the required part of a local government's management's discussion and analysis. Answer (b) is correct because management's discussion and analysis includes a comparison of current-year results to the prior year. Answers (a), (c), and (d) are incorrect because they are not required parts of a local government's management's discussion and analysis.

12 1196 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting 47. A city government reported a $9,000 increase in net position in the motor pool internal service fund, a $12,000 increase in net position in the water enterprise fund, and a $7,000 increase in the employee pension fund. The motor pool internal service fund provides service primarily to the police department. What amount should the city report as the change in net position for business-type activities in its statement of activities? a. $ 9,000 b. $12,000 c. $21,000 d. $28, Land and other real estate held as investments by endowments in a government's permanent fund should be reported at a. Historical cost. b. The lower of cost and net realizable value. c. Fair value. d. Fair value less costs of disposal. 49. A statement of financial position for a nongovernmental not-for-profit organization reports amounts for which of the following classes of net assets? a. Current. b.,long-term. c. Permanently restricted. d. Temporarily unrestricted. 50. A nongovernmental not-for-profit college has a portfolio of bond investments that had an original cost of $2,000,000. The college's board of trustees voted to hold the principal of this fund intact in perpetuity and designated the earnings to reimburse faculty for travel to academic conferences. During the year, interest of $50,000 was earned in cash. The fair value of the bonds was $1,980,000. What amount should the college report as permanently restricted net assets at year end? a. $0 b. $1,980,000 c. $2,000,000 d. $2,030, The requirement is to determine the amount that the city should report as the change in net position for businesstype activities. Answer (b) is correct because only the water enterprise is a business-type activity which provides services to the general public for a fee. Answers (a), (c), and (d) are incorrect because only the water enterprise is a business-type activity which provides services to the general public for a fee. 48. The requirement is to identify how the land and other real estate held as investments should be reported. Answer (c) is correct because land and other real estate held as investments are reported at fair value. Answers (a) and (b) are incorrect because investments are reported at fair value. Answer (d) is incorrect because there is no requirement to deduct the costs of disposal. 49. The requirement is to identify the class of net assets that is reported in the statement of financial position. Answer (c) is correct because the statement reports unrestricted, temporarily restricted, and permanently restricted net assets. Answers (a), (b), and (d) are incorrect because the statement reports unrestricted, temporarily restricted, and permanently restricted net assets. 50. The requirement is to determine the amount of permanently restricted net assets at year end. Answer (a) is correct because an action by the board of trustees does not cause unrestricted assets to become restricted assets. Only donor restrictions cause assets to be reported as restricted. Answers (b), (c), and (d) are incorrect because an action by the board of trustees does not cause unrestricted assets to become restricted assets. Only donor restrictions cause assets to be reported as restricted.

13 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting 1197 Task-Based Simulation 1 Scroll down to complete all parts of this task. Drake, Inc. has two loans recorded on its books. Loan 1 was obtained on January 1, year 1, and Loan 2 was entered into on January 1, year 2. Drake's year end is December 31. For the situations related to the loans below, prepare the appropriate journal entries. Each loan should be accounted for independent of the other loan. To prepare each entry: Using the options provided from the list in Column A below fill in the shaded cells with the appropriate account name. An account may be used once or not at all for an entry. Enter the corresponding debit or credit amount in the appropriate column. Round all amounts to the nearest dollar. All rows may not be required to complete each entry. Ifno Journal entry at all is needed, select "No entry required" for one of the rows. Loan 1 is a 4%, five-year balloon loan for $3,000,000 with interest due and paid annually on December 31. Drake records interest annually on December 31. Drake incorrectly recorded the journal entry for the year 1 interest expense and payment as a debit to accrued interest payable and a credit to cash. Prepare the net journal entry to correct year 1 and properly record the interest attributable to the Joan as of and for the year ended December 31. year 2. Al J(."fx

14 1198 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting Loan 2 is an 8%, $1,000,000 loan with interest due at).nually on December 31. Drake did not record or pay the required year 2 interest payment until January 1, year 3. Prepare thejoumal entry Drake should record at December 31, year 2. Al ~./Ix Solution to Task-Based Simulation 1 4% loan calculations Interest calculation: 3,000,000 x.04 = 120,000 Wrong entry recorded in year 1: Accrued interest payable 120,000 Cash 120,000 No expense was recorded. To fix year 1 entry in year 2 (year 1 books are closed): Retained earnings 120,000 Accrued interest payable 120,000 To record year 2 interest expense: Interest expense 120,000 Cash 120,000 Al ~./Ix I % loan calculations: Interest calculations: 1,000,000 x 8% = 80,000

15 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting 1199 Firm did not pay loan on December 31' but owed the money at that time: Interest expense 80,000 Accrued interest payable 80,000 Al x./fx Task-Based Simulation 2 Scroll down to complete all parts of this task. FB Corp. prepares its financial statements in accordance with!frs. FB acquired 100% of the outstanding common stock of Skarlet, Inc. for $5,500,000. The purchase price included $300,000 to reimburse the former shareholders of Skarlet for legal fees incurred to complete the acquisition. The company also agreed to pay the seller an additional $1,500,000 if Skarlet generated $5,000,000 in net earnings during the first two years after acquisition. At the acquisition date, the fair value of the contingent consideration was $750,000. For each of the acquisition items, enter the amount that should be reflected in the line item on FB's consolidated financial statements as of the acquisition date. Enter debit balances as positive values and credit balances as negative values. If an item is not included in any line item, enter zeros in each cell of the associated row. E9.rjx Carrying amount Fair value at at acquisition acquisition date date 2 Property, plant and $4,000,000 $4,200,000 3 In-process 0 research costs 4 Legal fees 300,000 5 Noncompete 0 agreement with former owners 6 Bonds payable 475,000 7 Estimated post 0 acquisition costs 8 Contingent 0 consideration 9 Total

16 1200 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting In the shaded cell below, enter the amount of goodwill recorded as of the acquisition date. Enter the amount as a positive value. Blle./fx Solution to Task-Based Simulation 2 E9J(./fx In-process research costs Carrying amount at date Legal fees 300,000 Fair value at acquisition date $4,000,000 $4,200,000 Noncompete 0 agreement with former owners Bonds payable 475,000 Estimated postacquisition costs Contingent 0 consideration Total Bl.IC./fx 1 IFRS and US GAAP are almost identical in the area of business acquisitions. Similar to US GAAp, under IFRS, FB Corp would: (1) record the acquired assets and liabilities at fair value, (2) expense any acquisition related costs such as legal fees, (3) ignore post acquisition costs when determining the values at acquisition, (4) calculate goodwill as the difference between the net assets and the acquisition price less legal fees. Fair value of assets $6,070,000 Fair value of liabilities $1,200,000 Net assets $4,870,000 Price paid for acquisition: $5,500, ,000 = $5,200,000 Goodwill: $5,200,000 - $4,870,000 = $330,000

17 Appendix D: 2015 Released AICPA Questions for Financial Accounting and Reporting 1201 Task-Based Simulation 3 'Researcb Authoritati.ve Literature Help " To prepare for the construction of its new headquarters, Baker Co. purchased a 500-acre plot of land on August 5, year 1. Baker purchased the land using 25% cash and financed the balance using a 9% loan from First Bank. The company began preparation of the land for the construction of the building on January 30, year 2. Which section of the authoritative guidance explicitly states whether the year 1 interest on the bank loan qualifies for capitalization? Enter your response in the answer fields below. Unless specifically requested, your response should not cite implementation guidance. Guidance on correctly structuring your response appears above and below the answer fields. Type the paragraph here. Correctly formatted FASS ASC paragraphs are 1,2, or 3 digits followed in some cases by an upper case letter. Note: Correct paragraph responses appear in bold font in FASS ASC and do not include subparagraphs denoted by a lower case letter. FASB ASC 1'--_-' II - <- I _--I Solution to Task-Based Simulation 3 Research Authoritati.ve Literature Help ". FASB ASC 835, I "I - I " 8 Correctly formatted response is the best citation since it specifically discusses the land.

E23-1 Identification of Changes and Errors. (Easy) Indicate how to report various items, whether increases or decreases are to be expected.

E23-1 Identification of Changes and Errors. (Easy) Indicate how to report various items, whether increases or decreases are to be expected. CHAPTER 23 ACCOUNTING FOR CHANGES AND ERRORS CONTENT ANALYSIS OF EXERCISES AND PROBLEMS Number Content Time Range (minutes) E23-1 Identification of Changes and Errors. (Easy) Indicate how to report various

More information

Accounting for Governmental & Nonprofit Entities

Accounting for Governmental & Nonprofit Entities Accounting for Governmental & Nonprofit Entities 17/e JACQUELINE L. RECK SUZANNE L. LOWENSOHN Copyright 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior

More information

Saint Francis University

Saint Francis University Consolidated Financial Statements Table of Contents Page Independent Auditors Report 1 Consolidated Financial Statements Consolidated Statement of Financial Position 3 Consolidated Statement of Activities

More information

FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT COUNTY OF SANTA CLARA LOS ALTOS HILLS, CALIFORNIA FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION

FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT COUNTY OF SANTA CLARA LOS ALTOS HILLS, CALIFORNIA FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION COUNTY OF SANTA CLARA LOS ALTOS HILLS, CALIFORNIA FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED JUNE 30, 2010 AND INDEPENDENT AUDITOR'S REPORT FINANCIAL STATEMENTS WITH SUPPLEMENTAL

More information

SU 3.1 Property, Plant, and Equipment

SU 3.1 Property, Plant, and Equipment Part 1 Study Unit 3 SU 3.1 Property, Plant, and Equipment Overview Property, plant and equipment are also referred to as fixed assets, or capital assets. Last more than 1 year. Are for production or benefit

More information

Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants

Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants Associated Students of San Francisco State University (a California State University Auxiliary Organization)

More information

SEA EDUCATION ASSOCIATION, INC.

SEA EDUCATION ASSOCIATION, INC. FINANCIAL STATEMENTS JUNE 30, 2017 AND 2016 CONTENTS Independent Auditors Report 1-2 Statements of Financial Position - June 30, 2017 and 2016 3 Statements of Activities for the Years Ended June 30, 2017

More information

COPYRIGHTED MATERIAL INDEX 1087

COPYRIGHTED MATERIAL INDEX 1087 INDEX 1087 A Accelerated depreciation, 233 Accounting basis of, 49, 140 Cash to accrual conversion, 51 Accounting changes, 106 Interim reporting, 789 Accounting information Qualitative characteristics

More information

RHODES COLLEGE CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. As of and for the years Ended June 30, 2016 and 2015

RHODES COLLEGE CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION. As of and for the years Ended June 30, 2016 and 2015 CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION As of and for the years Ended June 30, 2016 and 2015 And Report of Independent Auditor TABLE OF CONTENTS REPORT OF INDEPENDENT AUDITOR...

More information

UNIVERSITY OF GEORGIA RESEARCH FOUNDATION, INC.

UNIVERSITY OF GEORGIA RESEARCH FOUNDATION, INC. UNIVERSITY OF GEORGIA RESEARCH FOUNDATION, INC. FINANCIAL STATEMENTS As of and for the Year Ended June 30, 2017 And Report of Independent Auditor TABLE OF CONTENTS REPORT OF INDEPENDENT AUDITOR... 1-2

More information

Accounting for Colleges & Universities. Chapter 14

Accounting for Colleges & Universities. Chapter 14 Accounting for Colleges & Universities Chapter 14 Learning Objectives Understand why most government C&Us choose to report as business-type only special purpose governments Explain unique aspects of C&U

More information

AJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building 15,000

AJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building 15,000 CHAPTER 19 COMPREHENSIVE AUDIT OF BALANCE SHEET AND INCOME STATEMENT ACCOUNTS 19-1. Daffodil, Inc. Adjusting Journal Entries 12.31.07 AJE (1) Share donation 60,000 Treasury shares 35,000 Land 10,000 Building

More information

Intercollegiate Studies Institute, Inc. and Subsidiary

Intercollegiate Studies Institute, Inc. and Subsidiary . c o m Intercollegiate Studies Institute, Inc. and Subsidiary Consolidated Financial Statements [Type text] Table of Contents Page Independent Auditors Report 1 Consolidated Financial Statements Statement

More information

Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants

Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants Financial Statements, Supplementary Information and Report of Independent Certified Public Accountants Associated Students of San Francisco State University (a California State University Auxiliary Organization)

More information

Rhode Island School of Design Consolidated Financial Statements and Supplemental Information June 30, 2017 and 2016

Rhode Island School of Design Consolidated Financial Statements and Supplemental Information June 30, 2017 and 2016 Rhode Island School of Design Consolidated Financial Statements and Supplemental Information June 30, 2017 and 2016 Index June 30, 2017 and 2016 Page(s) Report of Independent Auditors... 1 Consolidated

More information

SAN JOAQUIN DELTA COMMUNITY COLLEGE DISTRICT COUNTY OF SAN JOAQUIN STOCKTON, CALIFORNIA FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION

SAN JOAQUIN DELTA COMMUNITY COLLEGE DISTRICT COUNTY OF SAN JOAQUIN STOCKTON, CALIFORNIA FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION COUNTY OF SAN JOAQUIN STOCKTON, CALIFORNIA FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED JUNE 30, 2010 AND INDEPENDENT AUDITOR'S REPORT FINANCIAL STATEMENTS WITH SUPPLEMENTAL INFORMATION

More information

Accounting for Income Taxes

Accounting for Income Taxes Accounting for Income Taxes Publication Date: November 2016 Accounting for Income Taxes Copyright 2016 by DELTACPE LLC All rights reserved. No part of this course may be reproduced in any form or by any

More information

NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS

NATIONAL ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS Financial Statements and Supplementary Information and Report Thereon TABLE OF CONTENTS Page Independent Auditor s Report...1-2 Financial Statements Statements of Financial Position... 3 Statements of

More information

Notes to Consolidated Financial Statements ORIX Corporation and Subsidiaries

Notes to Consolidated Financial Statements ORIX Corporation and Subsidiaries ORIX Corporation Annual Report 2008 Notes to Consolidated Financial Statements ORIX Corporation and Subsidiaries 1. Significant Accounting and Reporting Policies In preparing the accompanying consolidated

More information

LAMBDA LEGAL DEFENSE AND EDUCATION FUND, INC.

LAMBDA LEGAL DEFENSE AND EDUCATION FUND, INC. LAMBDA LEGAL DEFENSE AND EDUCATION FUND, INC. Financial Statements (Together with Independent Auditors Report) For the Year Ended October 31, 2011 (With Restated Comparative Totals For October 31, 2010)

More information

Financial Statements and Report of Independent Certified Public Accountants

Financial Statements and Report of Independent Certified Public Accountants Financial Statements and Report of Independent Certified Public Accountants National Foundation for the Centers for FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS NATIONAL

More information

Intercollegiate Studies Institute, Inc. and Subsidiary

Intercollegiate Studies Institute, Inc. and Subsidiary Intercollegiate Studies Institute, Inc. and Subsidiary Consolidated Financial Statements Table of Contents Page Independent Auditors Report 1 Consolidated Financial Statements Statement of Financial Position

More information

Cincinnati Public Radio, Inc. and Subsidiary

Cincinnati Public Radio, Inc. and Subsidiary Cincinnati Public Radio, Inc. and Subsidiary Consolidated Financial Statements with Supplementary Information June 30, 2018, with Summarized Comparative Totals for June 30, 2017, and Independent Auditors

More information

North Campus - University Park Development Corporation Financial Statements (With Supplementary Information) and Independent Auditor's Report

North Campus - University Park Development Corporation Financial Statements (With Supplementary Information) and Independent Auditor's Report North Campus - University Park Development Corporation Financial Statements (With Supplementary Information) and Independent Auditor's Report Index Page Independent Auditor's Report 2 Financial Statements

More information

ALLEGHENY COLLEGE Meadville, Pennsylvania Financial Statements For the years ended June 30, 2017 and 2016

ALLEGHENY COLLEGE Meadville, Pennsylvania Financial Statements For the years ended June 30, 2017 and 2016 Meadville, Pennsylvania Financial Statements For the years ended June 30, 2017 and 2016 and Independent Auditors Report Thereon www.schneiderdowns.com C O N T E N T S INDEPENDENT AUDITORS REPORT 1 PAGE

More information

RIGOS CMA REVIEW PART 1 CHAPTER 1 EXTERNAL FINANCIAL REPORTING DECISIONS

RIGOS CMA REVIEW PART 1 CHAPTER 1 EXTERNAL FINANCIAL REPORTING DECISIONS RIGOS CMA REVIEW PART 1 CHAPTER 1 EXTERNAL FINANCIAL REPORTING DECISIONS Course 5342 copyright 2019. The Rigos programs have educated over 100,000 professionals since 1980. 1-19 RIGOS CMA REVIEW PART

More information

GREENSPACE NCR, INC. FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT. December 31, 2009

GREENSPACE NCR, INC. FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT. December 31, 2009 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT Financial Statements Contents Independent Auditors Report...... 1 Financial Statements Statement of Financial Position....... 2 Statement of Activities...

More information

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. Independent Auditor's Report, Financial Statements and Supplemental Information

ASSOCIATED STUDENTS OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. Independent Auditor's Report, Financial Statements and Supplemental Information CALIFORNIA STATE UNIVERSITY, SACRAMENTO Independent Auditor's Report, Financial Statements and Supplemental Information For the Fiscal Years Ended June 30, 2012 and 2011 FOR THE FISCAL YEARS ENDED JUNE

More information

FLORIDA GRAND OPERA, INC. AND AFFILIATES

FLORIDA GRAND OPERA, INC. AND AFFILIATES CONSOLIDATED FINANCIAL STATEMENTS MAY 31, 2016, 2015 AND 2014 TABLE OF CONTENTS INDEPENDENT AUDITOR S REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statements of Financial Position 3 Consolidated

More information

UNIVERSITY OF WEST GEORGIA FOUNDATION, INC. AND SUBSIDIARIES

UNIVERSITY OF WEST GEORGIA FOUNDATION, INC. AND SUBSIDIARIES UNIVERSITY OF WEST GEORGIA FOUNDATION, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL REPORT JUNE 30, 2014 UNIVERSITY OF WEST GEORGIA FOUNDATION, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL REPORT JUNE

More information

EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Audited Financial Statements

EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Audited Financial Statements EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Audited Financial Statements June 30, 2014 EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Table of Contents June 30, 2014 Independent

More information

COPYRIGHTED MATERIAL. Index

COPYRIGHTED MATERIAL. Index Index A Accounts payable, 21 23, 101 Accounts receivable, 7, 10 13, 101 Accrual basis of accounting, 36 38, 214, 215 Actuarial assumptions and calculations, pension benefits, 164 171 Adjustments Annual

More information

EASTER SEALS CAPITAL REGION & EASTERN CONNECTICUT, INC. Audited Financial Statements

EASTER SEALS CAPITAL REGION & EASTERN CONNECTICUT, INC. Audited Financial Statements EASTER SEALS CAPITAL REGION & EASTERN CONNECTICUT, INC. Audited Financial Statements June 30, 2017 EASTER SEALS CAPITAL REGION & EASTERN CONNECTICUT, INC. Table of Contents June 30, 2017 Independent Auditors

More information

Visiting Nurse Services of Connecticut, Inc. Independent Auditor s Report and Financial Statements

Visiting Nurse Services of Connecticut, Inc. Independent Auditor s Report and Financial Statements Visiting Nurse Services of Connecticut, Inc. Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Financial Statements Balance Sheets... 3 Statements of Operations...

More information

BATTLE GROUND ACADEMY OF FRANKLIN, TENNESSEE FINANCIAL STATEMENTS. June 30, 2012 and 2011

BATTLE GROUND ACADEMY OF FRANKLIN, TENNESSEE FINANCIAL STATEMENTS. June 30, 2012 and 2011 BATTLE GROUND ACADEMY OF FRANKLIN, TENNESSEE FINANCIAL STATEMENTS TABLE OF CONTENTS Independent Auditor s Report... 2 Financial Statements: Statements of Financial Position... 3 Statements of Activities...

More information

SUBEX AMERICAS INC CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2015 (ALL AMOUNTS ARE STATED IN US DOLLARS)

SUBEX AMERICAS INC CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2015 (ALL AMOUNTS ARE STATED IN US DOLLARS) CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET AS AT 2015 2014 ASSETS Current Cash and cash equivalents $ 61,242 $ 86,556 Accounts receivable 78,852 373,154 Unbilled receivables 64,420 37,060

More information

Consolidated Balance Sheets Consolidated Statements of Income...4. Consolidated Statements of Changes in Equity...5 6

Consolidated Balance Sheets Consolidated Statements of Income...4. Consolidated Statements of Changes in Equity...5 6 Contents Consolidated Balance Sheets...2 3 Consolidated Statements of Income...4 Consolidated Statements of Changes in Equity...5 6 Consolidated Statements of Cash Flows...7 Notes to Consolidated Financial

More information

COMPREHENSIVE EXAMINATION A PART 1 (Chapters 1-6)

COMPREHENSIVE EXAMINATION A PART 1 (Chapters 1-6) COMPREHENSIVE EXAMINATION A PART 1 (Chapters 1-6) Problem A-I Multiple Choice. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. 1. 2. 3.

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements Mitsui E&S Holdings Co., Ltd. and Consolidated Subsidiaries For the Years ended March 31, and Together with Independent Auditor s Report Financial Data Consolidated Balance

More information

Consolidated Balance Sheet

Consolidated Balance Sheet Consolidated Balance Sheet AUTOBACS SEVEN Co., Ltd. and its March 31, 2013 ASSETS CURRENT ASSETS: (Note 1) Cash and cash equivalents (Note 17) 42,833 51,402 $455,670 Time deposits with an original maturity

More information

FREE SOFTWARE FOUNDATION, INC. FINANCIAL STATEMENTS FOR THE YEAR ENDED September 30, 2016

FREE SOFTWARE FOUNDATION, INC. FINANCIAL STATEMENTS FOR THE YEAR ENDED September 30, 2016 FINANCIAL STATEMENTS FOR THE YEAR ENDED September 30, 2016 FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2016 CONTENTS PAGE Independent auditor's report 1-2 Financial statements: Statement of financial

More information

Simmons College Financial Statements June 30, 2016 and 2015

Simmons College Financial Statements June 30, 2016 and 2015 Financial Statements Index Page(s) Report of Independent Auditors... 1 2 Financial Statements Statements of Financial Position... 3 Statements of Activities... 4 Statements of Cash Flows... 5... 6 26 Report

More information

Xavier University. Financial Statements as of and for the Years Ended June 30, 2016 and 2015, and Independent Auditors Report

Xavier University. Financial Statements as of and for the Years Ended June 30, 2016 and 2015, and Independent Auditors Report Xavier University Financial Statements as of and for the Years Ended June 30, 2016 and 2015, and Independent Auditors Report INDEPENDENT AUDITORS REPORT Board of Trustees Xavier University Cincinnati,

More information

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (EXPRESSED IN CANADIAN DOLLARS)

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (EXPRESSED IN CANADIAN DOLLARS) UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (EXPRESSED IN CANADIAN DOLLARS) As at November 30, 2017 May 31, 2017 $ $ ASSETS Current assets Cash and cash equivalents (Note

More information

Consolidated Balance Sheets Osaka Gas Co., Ltd. and Consolidated Subsidiaries March 31, 2010 and 2011

Consolidated Balance Sheets Osaka Gas Co., Ltd. and Consolidated Subsidiaries March 31, 2010 and 2011 Consolidated Balance Sheets Osaka Gas Co., Ltd. and Consolidated Subsidiaries March 31, 2010 and 2011 Assets Fixed Assets Property, plant and equipment (Note 9) Production facilities 90,195 84,785 $ 1,019,663

More information

UNIVERSITY OF CENTRAL MISSOURI FOUNDATION (A Component Unit of the University of Central Missouri) Auditor s Report and Financial Statements

UNIVERSITY OF CENTRAL MISSOURI FOUNDATION (A Component Unit of the University of Central Missouri) Auditor s Report and Financial Statements Auditor s Report and Financial Statements TABLE OF CONTENTS Page Number INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS: Statements of Financial Position... 3 Statement of Activities and Changes

More information

Groton School. Financial Statements. Years Ended June 30, 2012 and 2011

Groton School. Financial Statements. Years Ended June 30, 2012 and 2011 Financial Statements FINANCIAL STATEMENTS C O N T E N T S Page Independent Auditor s Report... 1 Financial Statements: Statements of Financial Position... 2 Statements of Activities... 3-4 Statements of

More information

Norwalk Community College Foundation, Inc. Financial Statements (Together with Independent Auditors Report)

Norwalk Community College Foundation, Inc. Financial Statements (Together with Independent Auditors Report) Norwalk Community College Foundation, Inc. Financial Statements (Together with Independent Auditors Report) For the Year Ended June 30, 2018 and the Six-Month Period Ended June 30, 2017 FINANCIAL STATEMENTS

More information

KOCE TV FOUNDATION dba PBS SoCal (A NONPROFIT ORGANIZATION) FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2015 AND 2014

KOCE TV FOUNDATION dba PBS SoCal (A NONPROFIT ORGANIZATION) FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2015 AND 2014 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 2 FINANCIAL STATEMENTS Statements of Financial Position 3 Statements of Activities 4 Statements

More information

FINANCIAL STATEMENTS (Reviewed) YEAR ENDED MARCH 31, 2018

FINANCIAL STATEMENTS (Reviewed) YEAR ENDED MARCH 31, 2018 FINANCIAL STATEMENTS (Reviewed) YEAR ENDED MARCH 31, 2018 LOHMAN COMPANY, PLLC Certified Public Accountants & Business Consultants CONTENTS INDEPENDENT ACCOUNTANT S REVIEW REPORT FINANCIAL STATEMENTS Statement

More information

MOREHEAD STATE UNIVERSITY. Single Audit Reports Under Uniform Guidance

MOREHEAD STATE UNIVERSITY. Single Audit Reports Under Uniform Guidance Single Audit Reports Under Uniform Guidance As of and for the Years Ended June 30, 2017 and 2016 with Report of Independent Auditors M CONTENTS Management s Discussion and Analysis... 1 Report of Independent

More information

THE TAMPA BAY HISTORY CENTER, INC. AND AFFILIATES. Combined Financial Statements and Supplementary Information

THE TAMPA BAY HISTORY CENTER, INC. AND AFFILIATES. Combined Financial Statements and Supplementary Information THE TAMPA BAY HISTORY CENTER, INC. AND AFFILIATES Combined Financial Statements and Supplementary Information September 30, 2016 and 2015 (With Report of Independent Auditor) Table of Contents AUDITED

More information

IFRS Guidebook Edition. Steven M. Bragg

IFRS Guidebook Edition. Steven M. Bragg IFRS Guidebook 2017 Edition Steven M. Bragg Chapter 1 Introduction... 1 Learning Objectives... 1 Introduction... 1 What is IFRS?... 1 The IFRS Conceptual Framework... 2 How This Book is Organized... 4

More information

Associated Students of California State University, Sacramento Sacramento, California

Associated Students of California State University, Sacramento Sacramento, California Associated Students of California State University, Sacramento Sacramento, California FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION WITH INDEPENDENT AUDITORS REPORT June 30, 2017 and 2016 TABLE OF

More information

Williams College Consolidated Financial Statements June 30, 2016 and 2015

Williams College Consolidated Financial Statements June 30, 2016 and 2015 Consolidated Financial Statements Index Page(s) Report of Independent Auditors...,......... 1-2 Consolidated Financial Statements Statements of Financial Position... 3 Statements of Activities... 4-5 Statements

More information

Name: ACC 4020 DW Take-Home Test #2

Name: ACC 4020 DW Take-Home Test #2 ACC 4020 DW Take-Home Test #2 Name: 1. Of the following items, the one that should be classified as a current asset is a. Trade installment receivables normally collectible in 18 months b. Cash designated

More information

J/P HAITIAN RELIEF ORGANIZATION AND AFFILIATE (NONPROFIT ORGANIZATIONS) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012

J/P HAITIAN RELIEF ORGANIZATION AND AFFILIATE (NONPROFIT ORGANIZATIONS) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Financial Position 3 Consolidated

More information

FRESH START WOMEN S FOUNDATION

FRESH START WOMEN S FOUNDATION FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITORS' REPORT 1 Pages FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Activities 3 Statement of Functional Expenses

More information

Epilepsy Foundation and the Epilepsy Research Foundation

Epilepsy Foundation and the Epilepsy Research Foundation Audited Consolidated Financial Statements, Other Financial Information and Uniform Guidance Supplemental Reports Years ended June 30, 2017 and 2016 with Report of Independent Auditors Audited Consolidated

More information

HYLETE, INC. FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015

HYLETE, INC. FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 Index to Financial Statements Pages Independent Auditors Report 1 Balance Sheets as of December 31, 2016 and 2015 2 Statements

More information

Sekisui Chemical Integrated Report Financial Section. Financial Section

Sekisui Chemical Integrated Report Financial Section. Financial Section Sekisui Chemical Integrated Report 2018 Financial Section Financial Section 77 Financial Highlights (6 years) 78 Consolidated Financial Statements 78 Consolidated Balance Sheet 80 Consolidated Statement

More information

Oklahoma State University Foundation. Financial Report June 30, 2016

Oklahoma State University Foundation. Financial Report June 30, 2016 Oklahoma State University Foundation Financial Report June 30, 2016 Contents Independent auditor s report 1-2 Financial statements Consolidated statements of financial position 3 Consolidated statements

More information

United Way of Greater Cleveland and The Cleveland Community Fund. Combined Financial Statements for the Years Ended June 30, 2018 and 2017

United Way of Greater Cleveland and The Cleveland Community Fund. Combined Financial Statements for the Years Ended June 30, 2018 and 2017 United Way of Greater Cleveland and The Cleveland Community Fund Combined Financial Statements for the Years Ended June 30, 2018 and 2017 United Way of Greater Cleveland and The Cleveland Community Fund

More information

Financial Accounting. (Exam)

Financial Accounting. (Exam) Financial Accounting (Exam) Your AccountingCoach PRO membership includes lifetime access to all of our materials. Take a quick tour by visiting www.accountingcoach.com/quicktour. Table of Contents (click

More information

Lifewater International, Inc. Financial Statements. Year Ended March 31, 2012

Lifewater International, Inc. Financial Statements. Year Ended March 31, 2012 Financial Statements Year Ended March 31, 2012 Financial Statements Year Ended March 31, 2012 Table of Contents Page Independent Auditors' Report 3 Statement of Financial Position 4 Statement of Activities

More information

CITY MISSION SOCIETY, INC. AND SUBSIDIARIES

CITY MISSION SOCIETY, INC. AND SUBSIDIARIES AUDITED CONSOLIDATED FINANCIAL STATEMENTS CITY MISSION SOCIETY, INC. AND SUBSIDIARIES SEPTEMBER 30, 2016 CONTENTS Independent Auditor's Report... 1 Page Consolidated Financial Statements: Consolidated

More information

J/P HAITIAN RELIEF ORGANIZATION AND AFFILIATE (NONPROFIT ORGANIZATIONS) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013

J/P HAITIAN RELIEF ORGANIZATION AND AFFILIATE (NONPROFIT ORGANIZATIONS) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 2 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Financial Position 3 Consolidated

More information

INDEPENDENT AUDITORS REPORT 1 2. Statements of Financial Position 3 4. Statements of Activities 5 6. Statements of Cash Flows 7 8

INDEPENDENT AUDITORS REPORT 1 2. Statements of Financial Position 3 4. Statements of Activities 5 6. Statements of Cash Flows 7 8 Drake University Financial Statements as of and for the Years Ended June 30, 2017 and 2016, and Independent Auditors Report, Supplemental Schedule of Revenues and Expenses Intercollegiate Athletic Department

More information

DOOSAN ENGINE CO., LTD. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013, AND INDEPENDENT AUDITORS REPORT

DOOSAN ENGINE CO., LTD. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013, AND INDEPENDENT AUDITORS REPORT DOOSAN ENGINE CO., LTD. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013, AND INDEPENDENT AUDITORS REPORT INDEPENDENT AUDITORS REPORT English Translation of Independent

More information

voxeljet AG INDEX TO FINANCIAL STATEMENTS

voxeljet AG INDEX TO FINANCIAL STATEMENTS INDEX TO FINANCIAL STATEMENTS Consolidated Financial Statements of : Page Report of Independent Registered Public Accounting Firm F-2 Consolidated Statements of Financial Position as of December 31, 2014

More information

Brooklyn Law School. Financial Report June 30, 2017

Brooklyn Law School. Financial Report June 30, 2017 Financial Report June 30, 2017 Contents Independent auditor's report 1-2 Financial statements Statement of financial position 3 Statement of activities 4 Statement of cash flows 5 Notes to financial statements

More information

ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. Independent Auditor's Report, Financial Statements and Supplemental Information

ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, SACRAMENTO. Independent Auditor's Report, Financial Statements and Supplemental Information CALIFORNIA STATE UNIVERSITY, SACRAMENTO Independent Auditor's Report, Financial Statements and Supplemental Information For the Fiscal Years Ended June 30, 2013 and 2012 FOR THE FISCAL YEARS ENDED JUNE

More information

THE TAMPA BAY HISTORY CENTER, INC. AND AFFILIATES. Combined Financial Statements and Supplementary Information

THE TAMPA BAY HISTORY CENTER, INC. AND AFFILIATES. Combined Financial Statements and Supplementary Information THE TAMPA BAY HISTORY CENTER, INC. AND AFFILIATES Combined Financial Statements and Supplementary Information September 30, 2017 and 2016 (With Report of Independent Auditor) Table of Contents AUDITED

More information

AS OF AND FOR THE YEAR ENDED JUNE 30, 2016

AS OF AND FOR THE YEAR ENDED JUNE 30, 2016 TM FINANCIAL STATEMENTS AND SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS WITH REPORTS OF INDEPENDENT AUDITORS AS OF AND FOR THE YEAR ENDED TABLE OF CONTENTS YEAR ENDED INDEPENDENT AUDITORS REPORT 3 MANAGEMENT

More information

SEATTLE UNIVERSITY. Financial Statements. June 30, (With Independent Auditors Report Thereon)

SEATTLE UNIVERSITY. Financial Statements. June 30, (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Page(s) Independent Auditors Report 1 Financial Statements: Statement of Financial Position 2 Statement

More information

TRUE MOVE COMPANY LIMITED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2013

TRUE MOVE COMPANY LIMITED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2013 TRUE MOVE COMPANY LIMITED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2013 Statement of Financial Position As at 31 December 2013 Restated Restated Restated Restated 31 December 31 December

More information

UNIVERSITY OF DENVER (COLORADO SEMINARY) Financial Statements and Uniform Guidance Single Audit Reports. June 30, 2017 and 2016

UNIVERSITY OF DENVER (COLORADO SEMINARY) Financial Statements and Uniform Guidance Single Audit Reports. June 30, 2017 and 2016 Financial Statements and Uniform Guidance Single Audit Reports June 30, 2017 and 2016 (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Financial Statements Statement

More information

SIERRA CLUB FOUNDATION. Financial Statements. December 31, 2016 and (With Report of Independent Certified Public Accountants)

SIERRA CLUB FOUNDATION. Financial Statements. December 31, 2016 and (With Report of Independent Certified Public Accountants) Financial Statements and 2015 (With Report of Independent Certified Public Accountants) Table of Contents Page(s) Report of Independent Certified Public Accountants 1 2 Balance sheet 3 Statement of activities

More information

Consolidated Financial Statements. MODEC, INC. and Consolidated Subsidiaries

Consolidated Financial Statements. MODEC, INC. and Consolidated Subsidiaries Consolidated Financial Statements MODEC, INC. and Consolidated Subsidiaries For the years ended December 31, 2015 and 2014 MODEC, INC. and Consolidated Subsidiaries CONSOLIDATED BALANCE SHEETS December

More information

The Society for Protective Coatings

The Society for Protective Coatings The Society for Protective Coatings Financial Statements Year Ended December 31, 2016 with Independent Auditor s Report TABLE OF CONTENTS Independent Auditor's Report Financial Statements: Statement of

More information

GOLF COURSE SUPERINTENDENTS ASSOCIATION OF AMERICA AND SUBSIDIARIES

GOLF COURSE SUPERINTENDENTS ASSOCIATION OF AMERICA AND SUBSIDIARIES GOLF COURSE SUPERINTENDENTS ASSOCIATION OF AMERICA AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION YEARS ENDED DECEMBER 31, 2017 AND 2016 CONSOLIDATED FINANCIAL STATEMENTS

More information

American Near East Refugee Aid, Inc. Financial Report May 31, 2016

American Near East Refugee Aid, Inc. Financial Report May 31, 2016 American Near East Refugee Aid, Inc. Financial Report May 31, 2016 Contents Independent auditor s report 1-2 Financial statements Statements of financial position 3 Statements of activities 4 Statements

More information

ELIOT COMMUNITY HUMAN SERVICES, INC. AND AFFILIATES COMBINED FINANCIAL STATEMENTS JUNE 30, 2017 AND 2016

ELIOT COMMUNITY HUMAN SERVICES, INC. AND AFFILIATES COMBINED FINANCIAL STATEMENTS JUNE 30, 2017 AND 2016 ELIOT COMMUNITY HUMAN SERVICES, INC. AND AFFILIATES COMBINED FINANCIAL STATEMENTS JUNE 30, 2017 AND 2016 Contents Pages Independent Auditor s Report... 1-1A Combined Financial Statements: Combined Statements

More information

KIPP DC And Affiliates. Consolidated Financial Report June 30, 2012

KIPP DC And Affiliates. Consolidated Financial Report June 30, 2012 Consolidated Financial Report June 30, 2012 Contents Independent Auditor s Report On The Financial Statements 1 Financial Statements Consolidated Balance Sheets 2 Consolidated Statements Of Activities

More information

THE UNIVERSITY OF GEORGIA FOUNDATION AND SUBSIDIARY. Consolidated Financial Statements. June 30, 2018 and 2017

THE UNIVERSITY OF GEORGIA FOUNDATION AND SUBSIDIARY. Consolidated Financial Statements. June 30, 2018 and 2017 Consolidated Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Consolidated Financial Statements: Consolidated Statements of Financial

More information

Name: Class: Date: 1 MULTIPLE CHOICE 11-21

Name: Class: Date: 1 MULTIPLE CHOICE 11-21 1 MULTIPLE CHOICE 11-21 I certify that I am taking this assessment alone and no help with it other than the use of my textbook and notes. I have not been given these questions in advance, and the results

More information

THE UNIVERSITY OF GEORGIA FOUNDATION AND SUBSIDIARY. Consolidated Financial Statements. June 30, 2017 and 2016

THE UNIVERSITY OF GEORGIA FOUNDATION AND SUBSIDIARY. Consolidated Financial Statements. June 30, 2017 and 2016 Consolidated Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Consolidated Financial Statements: Consolidated Statements of Financial

More information

Blueprint. Uniform CPA Examination Financial Accounting and Reporting (FAR)

Blueprint. Uniform CPA Examination Financial Accounting and Reporting (FAR) Uniform CPA Examination Financial Accounting and Reporting (FAR) Blueprint Note: This document only contains information related to the FAR section. Download the other Exam section Blueprints or the complete

More information

Williams College Consolidated Financial Statements June 30, 2017 and 2016

Williams College Consolidated Financial Statements June 30, 2017 and 2016 Consolidated Financial Statements Index Page(s) Report of Independent Auditors... 1 2 Consolidated Financial Statements Statements of Financial Position... 3 Statements of Activities... 4 5 Statements

More information

Report of Independent Auditors and Financial Statements. 899 Charleston dba Moldaw Residences

Report of Independent Auditors and Financial Statements. 899 Charleston dba Moldaw Residences Report of Independent Auditors and Financial Statements 899 Charleston dba Moldaw Residences June 30, 2017 and 2016 CONTENTS PAGE REPORT OF INDEPENDENT AUDITORS... 1 FINANCIAL STATEMENTS Statements of

More information

Boss Holdings, Inc. and Subsidiaries. Consolidated Financial Statements December 30, 2017

Boss Holdings, Inc. and Subsidiaries. Consolidated Financial Statements December 30, 2017 Consolidated Financial Statements December 30, 2017 Contents Independent Auditor s Report 1-2 Financial statements Consolidated balance sheets 3 Consolidated statements of comprehensive income 4 Consolidated

More information

CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2015 AND AFFILIATE

CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2015 AND AFFILIATE CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2015 AND AFFILIATE Contents Pages Independent Auditor's Report... 1 Consolidated Financial Statements: Consolidated Statement of Financial Position... 2 Consolidated

More information

Audited Financial Statements and Reports Required by Uniform Guidance As of and for the Year Ended June 30, 2018 Rogers State University

Audited Financial Statements and Reports Required by Uniform Guidance As of and for the Year Ended June 30, 2018 Rogers State University Audited Financial Statements and Reports Required by Uniform Guidance As of and for the Year Ended Rogers State University eidebailly.com Table of Contents As of and for the Year Ended Independent Auditor

More information

GIRL SCOUTS OF MIDDLE TENNESSEE, INC.

GIRL SCOUTS OF MIDDLE TENNESSEE, INC. GIRL SCOUTS OF MIDDLE TENNESSEE, INC. FINANCIAL STATEMENTS As of and for the Year Ended And Report of Independent Auditor TABLE OF CONTENTS Report of Independent Auditor... 1 2 Financial Statements: Statement

More information

THE WILLIAM AND MARY ALUMNI ASSOCIATION

THE WILLIAM AND MARY ALUMNI ASSOCIATION THE WILLIAM AND MARY ALUMNI ASSOCIATION FINANCIAL STATEMENTS JUNE 30, 2016 TABLE OF CONTENTS Page INDEPENDENT AUDITOR S REPORT 1-2 FINANCIAL STATEMENTS Statement of Financial Position 3 Statement of Activities

More information

THERMAL ENERGY INTERNATIONAL INC.

THERMAL ENERGY INTERNATIONAL INC. Consolidated Financial Statements of THERMAL ENERGY INTERNATIONAL INC. KPMG LLP 150 Elgin Street, Suite 1800 Ottawa ON K2P 2P8 Canada Telephone 613-212-5764 Fax 613-212-2896 INDEPENDENT AUDITORS REPORT

More information

University of NORTH ALABAMA FINANCIAL REPORT 2017

University of NORTH ALABAMA FINANCIAL REPORT 2017 University of NORTH ALABAMA FINANCIAL REPORT 2017 Table of Contents September 30, 2016 PART I FINANCIAL STATEMENTS Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Statement

More information

National Braille Press Inc. (A Nonprofit Organization)

National Braille Press Inc. (A Nonprofit Organization) Table of Contents Independent Auditor s Report 1 Financial Statements Statements of Financial Position 2 Statement of Activities 3 (with comparative totals for the year ended March 31, 2016) Statement

More information

COMPREHENSIVE EXAMINATION A PART 1 (Chapters 1-6)

COMPREHENSIVE EXAMINATION A PART 1 (Chapters 1-6) COMPREHENSIVE EXAMINATION A PART 1 (Chapters 1-6) Problem A-I Multiple Choice. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. 1. How

More information

THE NATIONAL WILDLIFE FEDERATION

THE NATIONAL WILDLIFE FEDERATION Financial Statements and Report Thereon Reports Required in Accordance with the Uniform Guidance For the Year Ended August 31, 2017 TABLE OF CONTENTS Independent Auditor s Report... 1-2 Financial Statements

More information