Before Class starts.(make sure your name is on all submissions)
|
|
- Stephany Hudson
- 5 years ago
- Views:
Transcription
1 Before Class starts.(make sure your name is on all submissions) Fifth (DEAD) Homework due 3/20 before class. Help session was Sunday 3/16 1:30-3pm in GBS130 EXAM Thursday March 27 6pm-9pm Rooms TBA; covers Chapters 3,6,7,8,& 9 What questions do you have for me? TA Office Hours 6-7 T&R in GBS401 & Accounting Lab Hours on File cabinet downstairs contains your mail folder. Your homework and exams returned there.
2 BUS210 Accounting for Investment Decisions: Short-term and Long-term Investments including Trading Securities, Available for Sale, Cost, Equity, and Consolidations
3 What do you know about investments?
4
5
6
7 Equity Securities Classified as Current Two criteria must be met for an investment in a security to be considered current and thus warrant inclusion as a current asset: 1. The investment must be readily marketable. 2. Management must intend to convert the investment into cash within the time period of current assets (one year or the operating cycle, whichever is longer).
8 Trading and Available-for-Sale Securities Investments in readily marketable equity securities are classified into one of two categories: (1)Trading securities (TS-current asset) or (2) Available-for-sale securities (AFS-current or long-term depending on management s intention).
9 JEs for Trading and Available-for-Sale Securities Purchasing Trading and Available-for-Sale Securities - Recorded on the balance sheet at cost, including acquisition costs Declaration and Receipt of Dividends recorded as a receivable and revenue Sale of Securities if proceeds exceed balance sheet value, a realized gain is recognized, otherwise a realized loss
10 E8-1 Accounting for short-term equity securities Monroe Auto Supplies engaged in several transactions involving short-term equity securities during 2011, shown on the following list. The company had never invested in equity securities prior to All securities are classified as trading securities. 1. Purchased 1,000 shares of IBM for $50/share. 2. Purchased 500 shares of GM for $80/share. 3. Sold 750 shares of IBM for $60/share. 4. Received dividend of $1.50/share from GM. Assume declared in previous period.
11 E8-1 Accounting for short-term equity securities 5. Purchased 200 shares of Xerox for $40/share. 6. Sold remaining 250 IBM shares for $30/share. 7. Sold the 200 shares of Xerox for $58/share. 8. Sold the 500 GM shares for $60/share. What effect did these transactions have on the company s 2011 net income?
12 Permanent Market Value Declines Investments sometimes suffer a permanent market value decline; the price declines and is not expected to recover. In such cases, the security should be written down to its market value, and a realized loss that reduces net income should be recognized immediately whether the security is classified as trading or available-for-sale.
13 Mark-to-Market Rule: Price Changes of Trading Securities on Hand at Accounting Period end Adjusting journal entries restate the balance sheet values of the securities to reflect their current market values. These adjustments give rise to unrealized gains and losses In the case of trading securities, these gains or losses are considered temporary accounts, appear on the income statement, and are reflected in retained earnings.
14 Mark-to-Market Rule: Price Changes of AFS on Hand at the End of the Accounting Period In the case of available-for-sale securities, the unrealized price changes are considered permanent accounts and are carried in the shareholders equity section of the balance sheet.
15 Mark-to-Market Accounting and Comprehensive Income In a move toward pure mark-to-market accounting, the FASB now requires companies to provide a statement of comprehensive income. The statement of comprehensive income must disclose total comprehensive income, which includes all nonowner-related changes in shareholders equity that do not appear on the income statement and are not reflected in the balance of retained earnings. Trying to measure changes in wealth (A=L+SHE) as well as income (R-E)
16 Self Reporting QUIZ: Find the following key numbers for the most current year and report your answers by . (See webpage for directions) Net income Total comprehensive net income Did company grow more wealthy for reasons other than profits? Why or why not?
17 BE8-1 Short-term Investments The following table was taken from the 2008 annual report of Merck & Company (dollars in millions). a. What is comprehensive income and how does it differ from net income? b. This table indicates that Merck carries certain kinds of investments on its balance sheet. What are they, and what happens to the values of those investments in 2008,2007, and 2006? Net income $7,808 $3,275 $4,434 Other comprehensive income (loss) Net unrealized (loss) (80.5) Other (1,647) 280 (10) Comprehensive income $6,080 $3,613 $4,450
18 BE8-2 Available-for-sale securities On the statement of comprehensive income within it 2008 annual report, Bristol-Myers Squibb included a ($37) million line item behind availablefor-sale securities. During 2008 the company maintained a portfolio of marketable securities in the current asset section of the balance sheet of nearly $289 million. Required: Explain the event that led to the ($37) million amount listed on the statement of comprehensive income, and where else on the financial statements this amount would be reflected.
19 E8-2 Mark-to-Market Accounting The following was extracted from the current asset section of the balance sheets of four different companies. Wearever Fabrics Frames Corp. Pacific Transport There were no transactions in short-term equity securities during 2012, and as of , the controllers of each company collected the following information. Video Magic Trading Securities $800,000 $490, ,000 $210,000 Available-for-Sale Securities 130,000 40, ,000 85,000 Short-term Equity Investments 930, , , ,000 Wearever Fabrics Frames Corp. Pacific Transport Video Magic Trading Securities $820,000 $480,000 $625,000 $220,000 Available-for-Sale Securities 122,000 52, ,000 88,000 Short-term Equity Investments 942,000 $532, ,000 $308,000
20 E8-2 Mark-to-Market Accounting continued a. Compute the total change in the accounts of each of the four companies due to the market value changes in their equity investments. b. Compute the effect on 2012 reported income for each of the companies due to the market value changes in their equity investments. c. Explain why the answers to (a) and (b) are not the same.
21 E8-2 Mark-to-Market Accounting continued d. How would 2012 reported income change for each company if each chose to use the fair market value option for the available-for-sale securities?
22 P8-1 Applying mark-to-market rule to equity securities O Leary Enterprises began investing in short-term equity securities in The following information was extracted from its 2011 internal financial records. Houser and Miller were classified as trading securities, while Letter and Nordic were classified as available-for-sale securities. a. Compute the effect on reported 2011 income from all investment transactions and price changes. b. Compute the effect on reported income if O Leary Enterprises exercised the fair market value option for all its investments.
23 P8-1 Applying mark-to-market rule to equity securities continued Security Purchases Sales Total Dividends Received Market Value per share Houser Company $40 $25 Miller, Inc. 85 $35 Letter Books 30 $46 Nordic Equipment 50 $90
24
25 E8-4 Short-term investment account across time periods On Wadsworth Company purchased 20 shares of ZZZ for $8 per share. Wadsworth held the investment for the remainder of 2011, and as of 12.31, the per share market value of ZZZ had risen to $10. During 2012, Wadsworth sold 10 shares of ZZZ for $9 each, and at the end of 2012, the per-share market price of the remaining 10 shares was $12. During 2013, the remaining shares of ZZZ were sold for $14 each. Assume that Wadsworth held no other equity investments during this time period. a. Complete the chart. The first column assumes that the investment was classified as trading securities; the second column assumes the investment was classified as available-for-sale securities. b. Comment on the differences.
26
27 E8-4 Short-term investment account across time periods continued Trading Available-for-Sale 2011 income balance sheet investment value 2012 income balance sheet investment value 2013 income Total income( )
28 Long-term Equity Investments Problems: E8-8, E8-12
29 Inter-corporate Equity Investments 3 Categories of Equity Investors: Passive Investors: Less than 20% of the outstanding voting stock. Use Mark-to-Market method if shares are readily marketable. Otherwise, use Cost method. Influential Investors: 20% to 50% of the outstanding voting stock. Use the Equity method. Controlling Investors: More than 50% of the outstanding voting stock. Use the Equity method, along with Consolidation.
30 Long-Term Equity Investments
31 Passive(<20%): Mark-to-Market Method & Cost Method Recap 1. Record initial investment at cost. 2. Dividends received are recognized as income on IS. If no dividends are received, then no income is recorded. 3. At the end of each period, the investment is adjusted to market value with the increase or decrease in market value reported as an: Unrealized gain or loss on the IS (and closed to RE) if investments are held in a trading account, i.e. Trading securities are a current asset). Unrealized gain or loss not on IS but in a special SHE account for Unrealized Holding Gains or Losses and reported as part of Comprehensive Income if investments held in an AFS portfolio. 4. If securities are not readily marketable, the Cost Method is used, which includes only Steps 1 &2 above. Under the cost method, investment only written down if there is an other than temporary loss in value, i.e., a permanent write down or the investment is sold.
32 Influential (20-50%): Equity Method Recap 1. Record investment at original cost. 2. At year-end, the Investor s proportionate share of Investee s net income or loss is recognized by Investor as investment income on IS and offset by an increase or decrease in the equity investment account. [i.e., single line consolidation] 3. Dividends received are recognized as a reduction in the investment account (not as dividend income on IS). 4. The investment is not marked to market; however, the market value is disclosed in the footnotes. 5. If there is goodwill implied by the purchase price, it is not amortized or evaluated for impairment separately from the investment. 6. If more than 20% equity does not result in significant influence, the investment should not be accounted for by the equity method, but by the mark-to-market method, if readily marketable.
33
34 The Cost Method- Market value hard to determine
35 E8-8 Cost Method Mystic Lakes Food Company began investing in equity securities for the first time in During 2011, the company engaged in the following transactions involving equity securities. Assume that the stock of Thayers International and Bayhe Enterprises is not considered marketable that ownership is less than 20 percent of the equity. Prepare journal entries to record these transactions.
36 E Purchased 10,000 shares of Thayers International for $26 per share. 2. Purchased 25,000 shares of Bayhe Enterprises for $35 per share. 3. Thayers International declared a $2-per-share dividend to be paid at a later date.
37 E Sold 4,500 shares of Bayhe Enterprises for $30 per share. 5. Sold 8,000 shares of Thayers International for $32 per share.
38 The Equity Method
39
40 E8-12 Equity Method Inference from FS Mainmont Industries uses the equity method for its long-term equity investments from affiliates. The following information from the financial statements of Mainmont refers to an investment in the securities of Tumbleweed Construction, a company owned 30% by Mainmont Long-term investment in equity securities $29,000 $25,000 Income from equity securities 12,000 7,000 Mainmont neither purchased nor sold any equity securities during a. How much net income did Tumbleweed Construction earn during 2011? b. What was the dollar amount of the total dividend declared by Tumbleweed during 2011? c. Provide the journal entries recorded by Mainmont during 2011 with respect to its investment in Tumbleweed.
41 Consolidation Method Controlling investments of more than 50% are accounted for by the Equity method and then the parent and subsidiary financials are consolidated on a spreadsheet at the end of the accounting period. 1. The Investment account balance on the Investor s balance sheet is replaced with the Investor s share of the actual assets and liabilities of the Investee plus any goodwill implied by the Investor s purchase. 2. The assets and liabilities of the investee attributable to the non-controlling shareholders are added to the Investor s balance sheet along with the noncontrolling interest equity in those net assets, based on the fair market value of the non-controlling equity on the acquisition date. Any goodwill implied by such mark to fair value would also be recognized. [Minority Interest liability] 3. The income statement of the investee company is combined with the income statement of the investor. The equity income of the Investee recognized by the Investor is eliminated to avoid double counting this income. The total net income is apportioned between the net income attributable to the controlling shareholders and non-controlling shareholders. [Minority interest income] 4. Goodwill recognized in the consolidated financials is not amortized; however, if goodwill becomes impaired, it is written down. Goodwill must be evaluated each period of possible impairment.
42 Business Combinations Two Ways to Obtain Control: Asset acquisition-all the company s net assets are acquired directly from the company-the books of acquired company are closed and only one set of books remain. Stock acquisition-a controlling interest in another firm s voting common stock is acquired two sets of books remain and an Investment in Sub account is carried on the acquirer s books.
43 Stock Acquisition and Consolidated Financial Statements A business acquisition occurs when an investor company acquires a controlling interest (more than 50 percent of the voting stock) in another company. The companies continue as separate legal entities, the investor company is referred to as the parent company, and the investee company is called the subsidiary. A Corp + B Corp = Consolidated A and B A merger, or business combination, occurs when two or more companies combine to form a single legal entity.
44 Asset Acquisition-Purchase Method All identifiable net assets (assets less liabilities assumed) are recorded at their FMV, both tangible and intangible (assuming a controlling interest is acquired). Goodwill is created when the price paid exceeds the FMV of the net assets acquired. A gain is recorded when the price paid is less than the FMV of the net assets acquired. Direct acquisition costs (costs paid to consultants) and indirect acquisition costs (internal costs) are expensed. A single combined entity exists, no consolidation process is necessary.
45 Legal Forms of Business Combinations Statutory consolidation (100% ownership) A Corp + B Corp = C Corp (new company) Statutory merger (100% ownership) A Corp + B Corp = A Corp
Equity Securities Classified as Current Two criteria must be met for an investment in a security to be considered current and thus warrant inclusion
BUS210 Accounting for Investment Decisions: Short-term and Long-term Investments including Trading Securities, Available for Sale, Cost, Equity, and Consolidations Equity Securities Classified as Current
More informationHomework see handout
BUS512M Accounting for Investment Decisions: Property, Plant, & Equipment & Intangibles; Long-term Investments including Available for Sale, Equity, and Consolidations Module 8 Homework see handout Investments
More informationb. What is the largest category of property, plant, and equipment?
BUS512M Accounting for Investment Decisions: Property, Plant, & Equipment & Intangibles; Long-term Investments including Available for Sale, Equity, and Consolidations Module 8 ID9-13 Google 10-K Disclosures
More informationa. (1) Trading Securities (+A)... 50,000 Cash ( A)... 50,000 Invested in IBM.
Pratt Chapter 8 Solutions BE8 1 a. Comprehensive income includes all non-owner changes in shareholder equity that do not already appear on the income statement. For example, the change in value of assets
More informationChapter 8: Investments in Equity Securities
1 Chapter 8: Investments in Equity Securities 2 Equity Securities Classified as Current Two criteria must be met for an investment in a security to be considered current and thus warrant inclusion as a
More informationChapter 4 Mechanics of Financial Information
BUS210 9.15.14 Chapter 4 Mechanics of Financial Information Before Class starts.(make sure your name is on all submissions) First Homework 14 Fall Emory Inc. Due 9/17 before class; No EXCEPTIONS Help Session
More informationBefore Class starts.(make sure your name is on all submissions)
Before Class starts.(make sure your name is on all submissions) Last Homework due Thursday 4/17 before class. Final Exam is Saturday May 3 9:00-Noon; Conflicts? Contact me ASAP! What questions do you have
More informationBefore Class starts.(make sure your name is on all submissions)
Before Class starts.(make sure your name is on all submissions) Last Homework due TODAY before class. LAST class review Final Exam is Saturday December 13 9:00-Noon; Conflicts? Contact me ASAP! What questions
More informationFINANCIAL ACCOUNTING WEEK 7 INVESTMENTS IN EQUITY SECURITIES
FINANCIAL ACCOUNTING WEEK 7 INVESTMENTS IN EQUITY SECURITIES I. Learning Objectives A. Understand the criteria that must be met before a security can be listed in the current assets section of the balance
More informationBefore Class starts.(make sure your name is on all submissions)
Before Class starts.(make sure your name is on all submissions) Exam regrades this week. Next exam conflicts resolved before Spring break. Third Homework due TODAY 2/27 before class. Fourth Homework due
More informationReviewed Reviewed Not Reviewed Not Reviewed. Notes 2018
As of September 30, Statement of Financial Position (Balance Sheet) Reviewed Audited Notes September 30, December 31, ASSETS Current assets 968.088.116 967.988.419 Cash and cash equivalents 5 37.103.817
More informationStatement of Earnings
audited financial statements Statement of Earnings General Electric Company and consolidated affiliates For the years ended December 31 (In millions; per-share amounts in dollars) 2009 2008 2007 Revenues
More informationC521 CHAPTER 13 & REVIEW FOR MIDTERM FINANCIAL ACCOUNTING EXAM
1 C521 CHAPTER 13 & REVIEW FOR MIDTERM FINANCIAL ACCOUNTING EXAM What have we done in the course? On a chapter by chapter basis, we primarily have examined specific transactions and the effect on financial
More informationQ1 (30 points): Choose the right answer.
Islamic university Gaza College of commerce Accounting department Final exam 2017-2018 Advanced Accounting Tuesday 09.01.2018 Mohammed Alashi Name: Q1 (30 points): Choose the right answer. Id:.. 1. Each
More informationBUS512M Session 9. Accounting for Financing Decisions: Long-Term Liabilities and Stockholders Equity
BUS512M Session 9 Accounting for Financing Decisions: Long-Term Liabilities and Stockholders Equity Liabilities Current or Short-term Liabilities Long-term Debt (borrowed funds) Lease Liabilities Deferred
More informationInvestments and Fair Value Accounting
C H A P T E R 15 Investments and Fair Value Accounting QUIZ AND TEST HINTS The following hints may be helpful to you in preparing for a quiz or a test over the material covered in Chapter 15. 1. This chapter
More informationInternational Standards Convergence
International Standards Convergence I. INTERNATIONAL FINANCIAL REPORTING STANDARDS The International Accounting Standards Board (IASB) develops and issues International Financial Reporting Standards ().
More informationBecker CPA Review 2009 Financial 3(B) Update. Financial 3(B) Updates for 2009 Edition Last Updated March 31, 2009
Financial 3(B) Updates for 2009 Edition Last Updated March 31, 2009 SECTION A: TEXT, LECTURE & FLASHCARD ERRATA Item A.1 Page F3(B)-4 SFAS 115 - Investments chart This chart indicates that the cash flows
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION. Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationIAS Investments in Associates. By:
IAS - 28 Investments in Associates International Accounting Standard No. 28 (IAS 28) Investments in associates Scope 1. This Standard applies to accounting for investments in associates. However, shall
More informationUS GAAP Accounting Treatment Alternatives, Private Investments, Operating Affiliates
US GAAP Accounting Treatment Alternatives, Private Investments, Operating Affiliates This memorandum is intended to supplement the Investor Day presentation of May 24, 2007 in order to highlight the accounting
More informationIAS 28- Investments in Associates
- Investments in Associates 1 1 - Broad outline Scope Significant influence Equity accounting Separate financial statements Presentation and Disclosure 2 Scope IAS 28 Applies to investments in associates
More informationChapter 2 STOCK INVESTMENTS INVESTOR ACCOUNTING AND REPORTING
Advanced Accounting 13th Edition Beams SOLUTIONS MANUAL Full clear download (no formatting errors) at: https://testbankreal.com/download/advanced-accounting-13th-edition-beamssolutions-manual-2/ Chapter
More informationBUS 321 Intermediate Accounting I Jan. 24, 2016 Name
BUS 321 Intermediate Accounting I Jan. 24, 2016 Name 1. GAAP What does GAAP stand for? Generally Accepted Accounting Principles 2. OBJECTIVE OF FINANCIAL REPORTING Write the objective of Financial Reporting.
More informationInvestments. 1. Discuss why corporations invest in debt and share securities.
12-1 Chapter 12 Investments Learning Objectives After studying this chapter, you should be able to: 1. Discuss why corporations invest in debt and share securities. 2. Explain the accounting for debt investments.
More informationDisclosure on transition to IFRS
- 13 - Disclosure on transition to The Company adopted in preparing its consolidated financial statements for the fiscal year ended March 31, 2017. The date of transition to is April 1, 2015. (1) First-time
More informationCISCO SYSTEMS, INC. (Exact name of registrant as specified in its charter)
(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly
More informationOPERATING INCOME AND OPERATING MARGIN
OPERATING INCOME AND OPERATING MARGIN Reconciliation of U.S. GAAP to Non-GAAP (US$ Millions) 2013 2014 2015 2016 U.S. GAAP REVENUES Less transaction-based expenses $1,895 $2,067 $2,090 $2,277 U.S. GAAP
More informationStatement of Earnings
audited financial statements Statement of Earnings General Electric Company and consolidated affiliates For the years ended December 31 (In millions; per-share amounts in dollars) 2012 2011 2010 REVENUES
More informationChapter 2 : Reporting Intercorporate Investments and Consolidation of Wholly Owned Subsidiaries with No Differential
Types of Business expansion 1- Internal Expansion Through: establishment of New Subsidiary 2- External Expansion ( Business Combination ) Through: a. Statutory Merger P + S = P Note : S Company Dissolved
More informationACCOUNTING - CLUTCH CH. 7 - RECEIVABLES AND INVESTMENTS.
!! www.clutchprep.com CONCEPT: TYPES OF RECEIVABLES Receivables are that represent money owed to the company Accounts Receivable amounts owed to the company from On April 1, the company sells $12,000 worth
More informationTax 6065 Tax Data Bases, Research, & Procedure University of West Florida
1 Tax 6065 Tax Data Bases, Research, & Procedure University of West Florida Set-up of the Course: This course is taught entirely through the internet. You will be provided a lecture video each week and
More informationStatement of Financial Accounting Standards No. 5. Statement of Financial Accounting Standards No.5. Long-Term Investments in Equity Securities
Statement of Financial Accounting Standards No. 5 Statement of Financial Accounting Standards No.5 Long-Term Investments in Equity Securities Revised on 18 June 1998 Translated by Chung-yueh Conrad Chang,
More informationSection 2 - Cash and Cash Equivalents & Balance Sheet
Section 2 - Cash and Cash Equivalents & Balance Sheet 12-1 Cash Currency and coins Balances in checking accounts Items for deposit such as checks and money orders from customers Cash equivalents are short-term
More informationSyllabus Accounting and Finance for Lawyers Fall, 2012 Spencer L. Simons
Syllabus Accounting and Finance for Lawyers Fall, 2012 Spencer L. Simons The objectives of this course are to develop basic accounting and finance knowledge and skills, to enable the student to use the
More informationCIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)
CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position
More informationDUE DATE: THURSDAY, APRIL 17TH 2:30PM
Before you do anything else, create a new Excel workbook and save it as Pd# Last Name, First Name. So for example, my file name will be Pd 4 Biddle, Amber You can save this on your virtual locker, a flash
More informationINVESTMENTS AND INTERNATIONAL OPERATIONS
15-1 Chapter 15 INVESTMENTS AND INTERNATIONAL OPERATIONS PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D.,
More informationCAA South Central Ontario and Subsidiary Companies. Selected Financial Information of Consolidated Financial Statements December 31, 2012
and Subsidiary Companies Selected Financial Information of Consolidated Financial Statements December 31, 2012 Consolidated Balance Sheet As at December 31 Assets Cash and cash equivalents $ 123,791 $
More informationASSURANCE OF LEARNING EXERCISE 8C: PERFORM AN EPS/EBIT ANALYSIS FOR WALT DISNEY
Bus 411 Assignment 5 Due March 17 at the beginning of class (2:00 PM) ASSURANCE OF LEARNING EXERCISE 8C: PERFORM AN /EBIT ANALYSIS FOR WALT DISNEY An /EBIT analysis is one of the most widely used techniques
More informationReconciliation of Non-GAAP Measures
Earnings Before Interest, Taxes, Depreciation, Amortization and Goodwill & Intangible Asset Impairment Q4-2015 Q4-2016 Net income applicable to TRC Companies, Inc.'s common shareholders $6.8 $5.9 Interest
More informationPOU CHEN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS March 31, 2013 December 31, 2012 March 31, 2012 January 1, 2012 ASSETS Amount % Amount % Amount % Amount % CURRENT ASSETS Cash and cash equivalents (Notes 4 and 6) $ 29,346,249
More informationSchedule 54: Consolidated Statement of Cash Flows
Schedule 54: Consolidated Statement of Cash Flows The consolidated statement of cash flows reflects the effects of a municipality s activities on its cash resources. The statement of cash flows shows how
More informationConsolidated Balance Sheets Mitsui O.S.K. Lines, Ltd. March 31, 2007 and 2006
Consolidated Balance Sheets Mitsui O.S.K. Lines, Ltd. March 31, 2007 and 2006 ASSETS Current assets: Cash and cash equivalents......................................... 51,383 60,267 $ 435,265 Marketable
More informationCHAPTER 2 ANSWERS TO QUESTIONS
CHAPTER 2 Note: The letter A indicated for a question, exercise, or problem means that the question, exercise, or problem relates to a chapter appendix. ANSWERS TO QUESTIONS 1. At the acquisition date,
More informationStatement of Cash Flows Revisited
21 Statement of Cash Flows Revisited Overview There is not much that is new in this chapter. Rather, this chapter draws on what was learned in Chapter 5 and subsequent chapters with respect to the statement
More informationARAB BANKING CORPORATION (JORDAN) CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2011 (In Jordanian Dinars)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER ASSETS Cash and balances with central banks Balances at banks and financial institutions Deposits at banks and financial institutions Financial
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationAccounting for Investment Securities
738 APPENDIX E Accounting for Investment Securities TYPES OF INVESTMENT SECURITIES A financial investment occurs when one entity provides assets or services to another entity in exchange for a certificate
More informationCHAPTER 17. Investments. 1. Debt securities. 1, 2, 3, , 7 (a) Held-to-maturity. 4, 5, 7, 8, 1, 3 1, 2, 3, 5 1, 7 4
CHAPTER 17 Investments ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 1. Debt securities. 1, 2, 3, 13 1 4, 7 (a) Held-to-maturity.
More informationSECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q
SECURITIES & EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March
More informationGroup Financial Statements
IAS 27 & 28 IFRS 3 IFRS 10, 11 & 12 IFRS 13 Group Financial Statements 04 CONCEPT OF GROUP ACCOUNTS Many large companies actually consist of several companies controlled by one central or administrative
More informationF83. I168 other information. financial report
Dufry Annual Report 2010 financial report F83 F83 financial report 84 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMber 31, 2010 84 Consolidated Income Statement 85 Consolidated Statement of Comprehensive
More informationIFRS for SMEs. The Little GAAP we ve been waiting for?
IFRS for SMEs The Little GAAP we ve been waiting for? Getting Up On My Soapbox!! Opportunity for CPAs to take back their profession Regulatory overload has scared many from the profession, or at least
More informationEquity Investments -- Fair Value Method and Equity Method
Equity Investments -- Fair Value Method and Equity Method Prof. Hui Chen Advanced Financial Accounting, H. Chen 1 Intercorporate Equity Investments Why do companies invest in other companies? To earn a
More informationPractice Multiple Choice Questions
FINAL EXAM REVIEW The comprehensive final exam consists of 50 questions, approximately 2/3 of which are from chapters 10 through 12. The remaining questions are from chapters 1 through 9. The questions
More informationCONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH
CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH CONDENSED CONSOLIDATED BALANCE SHEETS AT 30 SEPTEMBER 2017 AND 31 DECEMBER 2016
More informationAccounting Title 2016/3/ /12/ /3/31 Balance Sheet
Financial Statement Balance Sheet Accounting Title 2016/3/31 2015/12/31 2015/3/31 Balance Sheet Assets Current assets Cash and cash equivalents Total cash and cash equivalents 626,334 624,357 540,732 Current
More informationNEWS CORPORATION (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationChapter 12 In a Set of Financial Statements, What Information Is Conveyed about Equity Investments?
This is In a Set of Financial Statements, What Information Is Conveyed about Equity Investments?, chapter 12 from the book Accounting in the Finance World (index.html) (v. 1.0). This book is licensed under
More informationCHAPTER 13 INVESTMENTS AND FAIR VALUE ACCOUNTING
INVESTMENTS AND FAIR VALUE ACCOUNTING DISCUSSION QUESTIONS 1. A company may temporarily have excess cash that is not needed for use in its current operations. Instead of letting excess cash remain idle
More information8/22/2011. Mayer Hoffman McCann P.C. s Executive Education Series Business Combinations AGENDA. History of Business Combinations.
Mayer Hoffman McCann P.C. s Executive Education Series Business Combinations August 2011 AGENDA Background/Basics of Accounting for Business Combinations The Acquisition Method the Basics Common Non-controlling
More informationFinancial instruments: FASB issues standard on recognition and measurement
Financial instruments: FASB issues standard on recognition and measurement Prepared by: Faye Miller, Partner, National Professional Standards Group, RSM US LLP faye.miller@rsmus.com, +1 410 246 9194 January
More informationSompo Japan Nipponkoa Holdings, Inc.
Selected Unofficial Translation of Summary of Consolidated Financial Results for the fiscal year ended March 31, 2016 Note) This document is an unofficial English translation of the Japanese original.
More informationGuidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures
ASBJ Statement No. 7 Accounting Standard for Business Divestitures ASBJ Guidance No. 10 Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures December
More informationBusiness Combinations Summary of the IASB s proposals for a new approach to business combinations and non-controlling interests
A SSURANCE AND A DVISORY BUSINESS S ERVICES I NTERNATIONAL FINANCIAL R EPORTING S TANDARDS!@# Business Combinations Summary of the IASB s proposals for a new approach to business combinations and non-controlling
More informationCONSOLIDATED FINANCIAL STATEMENTS BROTHER INDUSTRIES, LTD. AND CONSOLIDATED SUBSIDIARIES YEAR ENDED MARCH 31, 2015
CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2015 CONTENTS CONSOLIDATED BALANCE SHEET 01 CONSOLIDATED STATEMENT OF INCOME 03 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 04 CONSOLIDATED STATEMENT
More informationUPC HOLDING B.V. Consolidated Financial Statements December 31, Recasted to reflect certain changes to our segment presentation.
UPC HOLDING B.V. Consolidated Financial Statements December 31, 2010 Recasted to reflect certain changes to our segment presentation. UPC Holding B.V. Boeing Avenue 53 1119PE, Schiphol-Rijk The Netherlands
More informationTax Issues in Share-based Compensation: An Executive Summary. Northern California GEO Forum April 18, 2013
Tax Issues in Share-based Compensation: An Executive Summary Northern California GEO Forum April 18, 2013 Presenters Moderator: Josh Lurie, COO ARMtech Panel: Tom Burger, Director of Taxes Bristol-Myers
More informationChanges in reporting comprehensive income
No. 2012-14 8 March 2012 Technical Line FASB final guidance Changes in reporting comprehensive income In this issue: Overview... 1 Background... 2 Reporting comprehensive income... 3 Reclassification adjustments...
More informationBorer Financial Communications Daxor Corporation - Form 10Q - June 30, Rev -() 07/31/ :20:56 daxor.sif, Seq: 1 File Page/Sheet: /
Rev -() 07/31/2008 12:20:56 daxor.sif, Seq: 1 10-Q NO AMEX 0000027367
More informationMANAGEMENT ACCOUNTING - CASH FLOW
MANAGEMENT ACCOUNTING - CASH FLOW http://www.tutorialspoint.com/accounting_basics/management_accounting_cash_flow.htm Copyright tutorialspoint.com It is very important for a business to keep adequate cash
More informationSUNPOWER CORP FORM 10-Q. (Quarterly Report) Filed 04/30/15 for the Period Ending 03/29/15
SUNPOWER CORP FORM 10-Q (Quarterly Report) Filed 04/30/15 for the Period Ending 03/29/15 Address 77 RIO ROBLES SAN JOSE, CA 95134 Telephone 408-240-5500 CIK 0000867773 Symbol SPWR SIC Code 3674 - Semiconductors
More informationIncome from Continuing Operations 1, , , , , , , , ,537.6
Income Statement Deere & Company Equipment Operations with Financial Services on the equity basis for the year ended October 31. (1) (in millions of dollars except for shares outstanding and per share
More informationAnnual Financial Statements 2017
Annual Financial Statements 2017 For the year ended March 31, 2017 Contents 02 Consolidated Statement of Income 02 Consolidated Statement of Comprehensive Income 03 Consolidated Statement of Financial
More informationFORM 6-K/A SECURITIES AND EXCHANGE COMMISSION
FORM 6-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Quarterly Consolidated Financial Statements for the three-month period ended June 30, 2008 Pursuant
More informationCISCO SYSTEMS, INC. (Exact name of Registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark one) FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationRIGOS 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 informationACCOUNTING SUMMER 2004 MIDTERM EXAM
Name Section ACCOUNTING 15.511 SUMMER 2004 MIDTERM EXAM Exam Guidelines: - You have 80 minutes to complete the exam. Please use your time efficiently and read the questions carefully. - This exam contains
More informationFinancial Statement Balance Sheet
Financial Statement Balance Sheet Provided by: RUENTEX INDUSTRIES LIMITED Finacial year: Yearly Accounting Title 2016/12/31 Balance Sheet Assets Current assets Cash and cash equivalents Total cash and
More informationBUS210. Chapter 4 Sessions 4, 5, 6, & 7 Mechanics of Financial Information
BUS210 Chapter 4 Sessions 4, 5, 6, & 7 Mechanics of Financial Information Connecting the Accounting Equation with Transactions: Journal Entries, T Accounts E4-9 Prepare journal entries for each cash transaction
More informationFINANCIAL RESULTS. Consolidated Financial Statements - Fiscal Year Ended March 31, Consolidated Balance Sheets
FINANCIAL RESULTS Consolidated Financial Statements - Fiscal Year Ended March 31, 2007-1. Consolidated Balance Sheets (ASSETS) Prior Year End Current Year End (As of March 31, 2006) (As of March 31, 2007)
More informationSubsidiary Preferred Stock, Consolidated Earning per Share, and Taxation
Subsidiary Preferred Stock, Consolidated Earning per Share, and Taxation Patriani Wahyu Dewanti, S.E., M.Acc. Accounting Department Faculty of Economics Yogyakarta State University GENERAL OVERVIEW This
More informationFAR EASTERN NEW CENTURY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars) June 30, 2015 (Reviewed) December 31, (Audited after Restated) June 30, January 1, (Audited after Restated) ASSETS Amount % Amount % Amount
More informationabridged financialsi 6 MONTHS ENDED
abridged financialsi 6 MONTHS ENDED 31 DECEMBER 2012 FIRSTRAND BANK LIMITED GROUP / 1 Six months ended 31 December Year ended R million 2012 2011 % change 2012 Interest and similar income 19 394 18 463
More information11-Year Key Financial Figures
11-Year Key Financial Figures Azbil Corporation and its consolidated subsidiaries (Ended March 31) 2008 2009 2010 2011 Financial Results (for the year): Net sales 248,551 236,173 212,213 219,216 Gross
More informationINTERMEDIATE ACCOUNTING
Chapter 13 Investments and Long-Term Receivables INTERMEDIATE ACCOUNTING whole or in part. Objectives 1. Explain the classification and valuation of investments. 2. Account for investments in debt securities
More informationFirst Bancshares of Texas, Inc. and Subsidiaries
First Bancshares of Texas, Inc. and Subsidiaries Financial Statements Years Ended December 31, 2008 and 2007 Johnson Miller & Co. Certified Public Accountants A Professional Corporation Contents Report
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C FORM 6-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the month
More informationAccounting for Various Topics
No. 2010-04 January 2010 Accounting for Various Topics Technical Corrections to SEC Paragraphs An Amendment of the FASB Accounting Standards Codification TM The FASB Accounting Standards Codification is
More informationNet sales $ 1,929 $ 1,876 $ 3,588 $ 3,506 Cost of sales 1,292 1,301 2,456 2,449 Gross profit ,132 1,057
Condensed Consolidated Statements of Operations - Unaudited For the Three Months and June 30, 2015 and 2014 (in millions, except per common share data) 2015 2014 2015 2014 Net sales $ 1,929 $ 1,876 $ 3,588
More informationKKR STATEMENTS OF OPERATIONS SUPPLEMENTAL PRIOR PERIOD SEGMENT INFORMATION QUARTER ENDED MARCH 31, 2014 (Amounts in thousands)
QUARTER ENDED MARCH 31, 2014 Management Fees $ 123,039 $ 72,354 $ - $ 195,393 Monitoring Fees 36,363 - - 36,363 Transaction Fees 93,020 6,022 64,474 163,516 Fee Credits (80,338) (4,330) - (84,668) Total
More informationPurpose, content, and technicalities
Purpose, content, and technicalities 1 1. Understand the reasons why consolidated financial statements (CFSs) are prepared. 2. Understand the content of the consolidated financial statements. 3. Understand
More informationCONSOLIDATED BALANCE SHEET Resona Holdings, Inc. and consolidated subsidiaries March 31, 2017 Millions of U.S. dollars Millions of yen
CONSOLIDATED BALANCE SHEET Resona Holdings, Inc. and consolidated subsidiaries (Note 1) Assets: Cash and due from banks (Notes 3, 12 and 29) 12,641,987 13,514,516 $ 112,693 Call loans and bills bought
More informationFORM 6-K SECURITIES AND EXCHANGE COMMISSION
FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Quarterly Consolidated Financial Statements for the three-month period ended June 30, 2009 Pursuant to
More informationHomeserve plc. Transition to International Financial Reporting Standards
Homeserve plc Transition to International Financial Reporting Standards 28 November 2005 1 Transition to International Financial Reporting Standards ( IFRS ) Homeserve is today announcing its interim results
More informationSAMPLE FAR SuperfastCPA Review Notes
FAR 2018 SuperfastCPA Review Notes Table of Contents Conceptual Framework and Financial Reporting 1 Conceptual Framework 1 Conceptual Framework 1 Standard Setting Process 3 General Purpose Financial Statements
More informationLG CORP. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011, AND INDEPENDENT AUDITORS REPORT
LG CORP. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011, AND INDEPENDENT AUDITORS REPORT Deloitte Anjin LLC 9F., One IFC, 23, Yoido-dong, Youngdeungpo-gu, Seoul
More information1. Consolidated Financial Statement Means
1 1. Consolidated Financial Statement Means Consolidated Balance Sheet Consolidated Profit & Loss Consolidated Cash Flow Statement Consolidated Statement of Change in Equity Additional Information in Consolidated
More informationIntroduction to Balance Sheets
Consolidated Statements of Cash Flows Three years ended December 25,1999 (in millions -except per share amounts) 1999 1998 1997 Cash and cash equivalents, beginning of year $2,038 $4,102 $4,165 Cash flows
More information