Advanced Accounting (with Electronic Working Papers CD-ROM by Fischer P.M., Taylor W.J., Cheng R.H.

By Fischer P.M., Taylor W.J., Cheng R.H.

Complex ACCOUNTING bargains the main authoritative, conceptually robust, and complete insurance of complex accounting subject matters of any textual content out there. thoroughly up-to-date to mirror the newest FASB pronouncements, it really is an outstanding training source for the CPA examination. complicated ACCOUNTING additionally offers the instruments scholars have to pursue expert careers in a world economic system. this is often the one textual content out there to make use of the horizontal method of consolidations worksheets, the structure most ordinarily utilized in the company global.

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100,000 650,000 150,000 600,000 If the amount is paid, the liability is debited. If the amount is not paid, nonpriority accounts is credited as follows: Estimated Liability (for contingent consideration) . . . . . . . . Nonpriority Accounts . . . . . . . . . . . . . . . 150,000 150,000 If the possible contingent payment exceeds the price deficiency, the liability recorded is limited to the deficiency. Thus, if the possible contingent payment was $300,000, only a $200,000 liability would be recorded as follows: Net Priority Assets .

If impairment is indicated, the impairment loss is measured as of the first day of the period and is included in that year’s financial statements. The loss is recorded as a change in accounting principle objective:9 Be aware of transition rules for the use of pooling of interests and the procedures for existing goodwill. 37 38 1-38 Business Combinations Part 1 COMBINED CORPORATE ENTITIES AND CONSOLIDATIONS and included in the first interim period reports. If an event occurs during the initial period that would lead to impairment, that loss is separately measured and is reported as a loss on impairment.

40,000 $345,000 10% Normal return on assets . . . . . . . . . . . . . . . 34,500 Expected annual earnings in excess of normal . . . . . . . . . . $ 5,500 There are several methods that use the expected annual earnings in excess of normal to estimate goodwill. A common approach is to pay for a given number of years’ excess earnings. For instance, Acquisitions Inc. might offer to pay for four years of excess earnings, which would total $22,000. Alternatively, the excess earnings could be viewed as an annuity.

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