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USCPA 暗記したほうがよさそうなもの

でそうだなーと思ったり、これは間違えたら痛そうと思うもの。

 

Basic Concept:

Relevance -  Predictive and Confirmatory ( keyword - feedback)

妥当性ー予測可能・確証的

 

Faithfulness - Free from Error, Neutral and Completeness

誠実性 - 間違いがないこと、公平であること、完全であること

 

上記Quality要素をEnhance させる物は

Verifiability, Comparability, Understandability, Timeliness, 

(V CUT)

 

 

Component of Other Comprehensive income 

Derivative cash flow hedge

Foreign currency translation

Pension (excess adjustment of PBC vs FV)

AFS ( Net Realized gains/losses

 

 

IFRS = Accrual/ Going concern

         = No LIFO

 

 

Investments:

Equity Method 20-50% (significant voting influenc)

Cost method 0-20% (security is NOT marketable)

 

 

Equity       vs.        Cost

Equity:

1. Buy             Dr Investment (purchase price)

                                         Cr Cash

2. Earn money        Dr  Investment (income x 持株比率)

           Cr  Equity in earnings 

3. Pay Dividend        Dr Cash

(No Amortization)                     Cr Investment  

 

4. Amortize/depreciation/ impairment

 Purchase vs FMV で Goodwill 算出

 goodwill のうちx%をimpair するという指示のもと、Impair額を算出

 FMV - Book Value を 耐用年数で割る+Impairment額=償却費を出す

     償却費仕訳   Dr Equity in Earnings

                                             Cr Investment

 

 

Cost: (Costはいろいろ省けます)

1. Buy             Dr Investment (purchase price)

                                         Cr Cash

2. Earn money        Dr  Investment (income x 持株比率)

           Cr  Equity in earnings 

3. Pay Dividend        Dr Cash

(No Amortization)                     Cr Investment  

※Dividend は Income section of I/Sに行く

 

4. Amortize/depreciation/ impairment

 Purchase vs FMV で Goodwill 算出

 goodwill のうちx%をimpair するという指示のもと、Impair額を算出

 FMV - Book Value を 耐用年数で割る+Impairment額=償却費を出す

     償却費仕訳   Dr Equity in Earnings

                                             Cr Investment

 

 

Marketable security Overview:

・Trading Securities (HFT)

    I/S で Unrealized gains/losses  認識する

                   ↑ Purchase Price と FMV の差額!!!!!

   Cash flow では、Operating activity

 

・AFS 

   BS (OCI) で Unrealized gains/losses 認識する

   Cash flow - Investting activity

 

・HTM 

  BS で、FMVではなく Amoritzed cost

    Equity は認識しなく、Debt only

  I/S で、Interest only (NO Dividend)

  Cash Flow - investing activity

 

 

Inventory:

FIFO

コストが高くなった場合、

・COGS Understated (COGSが、低く見積もられる。安い者から売れていく

・Net Income Overstated (純利益が高く見積もられる COGSが低いから利益高い

・Ending inventory Correct    (期末在庫は正しい

・BS correct    IS not

 

LIFO -

コストが高くなった場合、

・COGS Correct 

・Profit Correct

・Ending inventory understated (期末在庫低く見積もられる 高い者から売れて、安い者が残ってるから

・IS Correct   BS not

 

Dollar Value LIFO:

Ending Inventory ÷ Inflation factor (Price Index) = EI at base year 

 

 

 

Lower of cost or market :

NRV = selling - disposal

NRV - Profit margin 

Replacement cost (purchase) 

真ん中の数字と、Original Cost を比較して低い方

 

Conventional Retail method では、

Cost/Retail % の計算時に Markup のみ加算、Markdownは無視

Ending Inventoryの計算では、Markdownもちゃんといれて計算する。

 

 

PP&E:

Straight line depreciation (Cost - salvage value) / year = depreciation expense

Sum of the Year Digits (Cost - salvaeg value) x years left/ year! = depreciation expense

Double Declining Balance (ignore salvage value) 

                                   yr1      (Cost/ year) x 2 = dep exp 

                                   yr2     Cost から yr 1を引いた数からスタート

 

Receivable:

 

 

 

Bond :  

@Retirement 

Face value + Premium(Debit) - issue cost (Credit)

= Market Price(facexdiscout/premium)

   vs. 差額

   Carrying Value 

   これでGain/loss求める。

 

 

Pension:

Changes in PBO

Beginning year of PBO 

+ Service cost       ※ Service/interest は常にタス

+ Interest cost 

+/- Prior service cost 

+/- Actuarial gains/losses

- Benefit paid                          ※ 基本、Benefit Paid のみ常に引く。

----------------------------------------------------------

End year PBO

 

 

 

Government accounting:

Governmental fund  - Modified accrual 

- General

- Special revenue

- Capital project  (money restriction)

- Debt service 

- Permanent (money restriction)

 

Propietory   - Accrual 

- Internal service 

- Enterprise 

 

Fiduciary  - Accrual 

- Pension trust

- investment trust 

- Private Purpose trust 

- Agency 

 

 

 

 

 

USCPA ?過去問と覚えるやつ Consolidated reporting recognizing investment in equity

よくわかんなぁいこの問題

 

Inventory と Land のFair Valueが、もともとの簿価を上回ったんだって。

この上回った分をP/Lでどうしますかー?って問題

Park Co. uses the equity method to account for its January 1 current year purchase of Tun, Inc.'s common stock. On this date, the fair values of Tun's FIFO inventory and land exceeded their carrying amounts. How do these excesses of fair values over carrying amounts affect Park's reported equity in Tun's current year earnings?

 

Inventory excess

Land excess
a. Decrease Decrease
b. Decrease No effect
c. Increase Increase
d. Increase No effect

 

Inventory のFVが簿価を上回った時の仕訳は、

dr Equity in earnings (P/L勘定)

                  cr Invenstment 

このように、PL勘定がdrに来てるので、マイナスです。

利益から減らします。=decrease

 

一方、Landは、depreciation/amortiationをしないので、利益勘定にも影響をあたえません。

 

 

 Stock dividend をもらったら↓

Band Co. uses the equity method to account for its investment in Guard, Inc. common stock. How should Band record a 2% stock dividend received from Guard?
  • As dividend revenue at Guard's carrying value of the stock
  • As dividend revenue at the market value of the stock
  • As a reduction in the total cost of Guard stock owned
  • As a memorandum entry reducing the unit cost of all Guard stock owned

 

持っている株の単価コストが減ります。

仕訳とかしません。

配当収入にもしません。

株持つコストが下がっただけです。

 
 
 
 
覚えること。
 
Acquisition Method で、子会社が配当を払ったとき
 
Retained Earnings は 親会社の分のみ計上
Retained Earnings とみたら、Focus on 親の分!!!!子は無視!!!!!
 
Noncontrolling Balance は、減る。何故かはわからない
 
 
 
持ち株比率50%以下は、親子会社関係じゃない!!!!
連結にしません。
よって、Receivableとかそういう勘定は親子間で相殺されません!!!!
 

USCPA 過去問 Consolidated reporting Dividend income Goodwill

持ち株比率が非常にすくない + 選択肢に0という選択肢がない
 
というポイントから、Cost Method を使うんだなと判断する。
 
Cobb Co. purchased 10,000 shares (2% ownership) of Roe Co. on February 12 of the current year. Cobb received a stock dividend of 2,000 shares on March 31 when the carrying amount per share on Roe's books was $35 and the market value per share was $40. Roe paid a cash dividend of $1.50 per share on September 15. In Cobb's income statement for the year ended October 31, what amount should Cobb report as dividend income?
  • $98,000
  • $88,000
  • $18,000
  • $15,000

 

そう持ち株数は、当初買った10000株 + 追加でもらった2000 = 12000

 

配当額は、1.5/株  なので、 12000 x 1.5 = 18000

 

 

 

Goodwill はいくらでしょう?の問題。

Goodwill は、株のMarket Value と、実際にそれをいくら増しで買ったか、という差額。 

 

そして、Net Asset = Stockholder's equity です。

Birk Co. purchased 30% of Sled Co.'s outstanding common stock on December 31 of the current year for $200,000. On that date, Sled's stockholders' equity was $500,000, and the fair value of its identifiable net assets was $600,000. On December 31, what amount of goodwill should Birk attribute to this acquisition?
  • $0
  • $20,000
  • $30,000
  • $50,000

 

親が持っている分の株式Fair Valueは、600000 x 30% =180000

この分の株を、実際は200000で買った。

よって、差額、20000分過大評価(Goodwill)

 

 

 

Goodwillの問題

くそーできたはずなのに

 

Fair Value of Noncontrolling interest を 与えられていない場合、

X x 持ち株比率 = Stock price(investment)

上のXを使ったいつもの公式で、子会社全体のValueを出す。

On August 1, Polar Inc. paid $720,000 for 450,000 shares of Sol Company's 500,000 shares of outstanding common stock. Sol's balance sheet had a net assets carrying amount of $700,000 and the fair values equaled the carrying amounts for all assets and liabilities on that date. What amount of goodwill, related to Sol's acquisition, should Polar report in its consolidated balance sheet?
  • $180,000
  • $100,000
  • $ 80,000
  • $ 50,000

 

goodwill を聞かれている

X x 90% (450000/500000) = 720000 この金額払った

X = 800000 子会社全体の価値(親が評価した)

Carrying amout = 700000           差額100000 が Goodwill

 

USCPA 過去問 Consolidated reporting Noncontrolling interest

うーん、問題をちゃんと読めば簡単な問題なんだけど、しらねーよなあ。

 

On January 2, year 3, Pare Co. purchase 75% of kidd Co.'s outstanding common stock. Selected balance sheet data at December 31, year 3, is as follows:

 PareKidd
Total assets $420,000 $180,000
Liabilities 120,000 60,000
Common Stock 100,000 50,000
Retained earnings 200,000 70,000
  $420,000 $180,000

During year 3, Pare and Kidd paid cash dividends of $25,000 and $5,000, respectively, to their shareholders. There were no other intercompany transactions. In Pare's December 31, year3, consolidated balance sheet, what amount should be reported as noncontrolling interest in net assets?

  • $0
  • $30,000
  • $45,000
  • $105,000

 

Noncontrolling は、取得したKiddの75%以外の、25%の分。

Net Assetを聞かれてるから、見るべきは、Kidd の Net Asset (Asset-Liability)。

 

180000-60000=120000x 0.25= 30000 (Noncontrolling interest in Net assets)

 

 

連結の BS上では、Noncontrolling Interest は、原則Fair Value(Market Value) で計上されます。

 

On June 30, Peppy, Corp. purchased for cash at $17.50 per share 80% of Spunky Company's 100,000 total shares of outstanding common stock. The active market price for shares on that date was $15 per share. At June 30, Spunky's balance sheet showed a carrying amount of net assets of $1,500,000 and the fair value of Spunky's assets and liabilities equaled their carrying amounts except for property, plant, and equipment which exceeded its carrying amount by $250,000. In its June 30 consolidated balance sheet, what amount should Peppy report as noncontrolling interest?
  • $250,000
  • $300,000
  • $350,000
  • $400,000

 

上の問題の場合, Noncontrolling interest だけ考えればよいので、

100-80%=20%

Total shares of outstanding common stock 100000 

100000 x 0.2 = 20000

Market value per share $15 

20000 x 15 = 300000

 

 

下は典型的な問題で、

X x 持ち株比率 = 持ち株価格

で、X (子会社のTotal Value)を求めて、

そこからNoncontrolling interest を導く。

On February 1, Pizza, Inc. acquired 75% of the outstanding common stock of Sausage Co. for $750,000 cash. At February 1, Sausage's balance sheet showed a carrying amount of net assets of $1,100,000 and the fair value of Sausage's assets and liabilities equaled their carrying amounts except for property, plant, and equipment which exceeded its carrying amount by $200,000. On February 1, what amount would be attributed as fair value for the noncontrolling interest?
  • $325,000
  • $300,000
  • $275,000
  • $250,000

 

X x 75% = 750000

X = 1000000

1000000 x (1-0.75) = 250000

 

 

 

Entity の定義 = Business activity をしたり、資産を保有したりする。

 

Spin off  subsidiary through nonreciprocal owner = donation 

で、お金のやり取りは発生しないので、これはNonmonetary transaction という扱いになります。

 

 

 

 

USCPA 過去問 Consolidated reporting

以下、さまざまな状況下での、親子連結財務諸表の開示特徴

 

親と子のそれぞれ保有しているLiability、それから、子Liabilityのうち、子から親に支払う予定のNotes Payable をどう処理すべきか
 
Notes payable は親子間で相殺されますので! 
親子のLiability 合計からマイナスとなります!!
 
King, Inc. owns 70% of Simmon Co.'s outstanding common stock. King's liabilities total $450,000, and Simmon's liabilities total $200,000. Include in Simmon's financial statements is a $100,000 note payable to King. What amount of total liabilities should be reported in the consolidated financial statements?
  • $520,000
  • $550,000
  • $590,000
  • $650,000

 

上は、450000 + 200000 - 100000 = 550000

 

 

 

親が子1を90%、子2を100%持っているときに、子がそれぞれ10000の配当を払った

連結上の配当額はいくら?

 

親子間のやりとりは相殺。

親子間以外のやりとりはレポートされる。

(これはLiability とかに限らず、株式の売買や配当の支払合いなどにも通じます)

Intercompany 間の、と聞かれても、Receivable/Payable は全部消されます。)

Jane Co. owns 90% of the common stock of Dun Corp. and 100% of the common stock of Beech Corp. On December 30, Dun and Beech each declared a cash dividend of 100,000 for the current year. What is the total amount of dividends that should be reported in the December 31 consolidated financial statements of Jane and its subsidiaries, Dun and beech?
  • $10,000
  • $100,000
  • $190,000
  • $200,000

 

100%は全額消される、子から親に払ったから相殺

90%は消される。

残り10%は、親会社ではなく、ほかの対象に払われた配当なので認識する。noncontrolling interest とする

よって10%分

だけが、連結上の配当額となる。

 

 

 

また、Statement of Retained Earningsでは、親の情報のみ開示され、子の情報、また、Noncontrolling interest 勘定は無視できます!!!

 

 On January 2, of the current year, Peace Co. paid $310,000 to purchase 75% of the voting shares of Surge Co. Peace reported retained earnings of $80,000, and Surge reported contributed capital of $300,000 and retained earnings of $100,000. The purchase differential was attributed to depreciable assets with a remaining useful life of 10 years. Peace used the equity method in accounting for its investment in Surge. Surge reported net income of $20,000 and paid dividends of $8,000 during the current year. Peace reported income, exclusive of its income from Surge, of $30,000 and paid dividends of $15,000 during the current year. What amount will Peace report as dividends declared and paid in its current year's consolidated statement of retained earnings?

  • $ 8,000
  • $15,000
  • $21,000
  • $23,00

 

必要だったのは下線部の情報だけ (んなもんしるかボケ!!!って感じですよね。知らない前提だったら全部読むしかないじゃん)

 

親会社が発行した配当分15000のみが、連結R.Eにのってきます。

 

 

 

 下はまたいつもとパターンが違う。

Depreciation 計上は相殺されません。

子のDepreciation 基準ではなく、親の基準を連結上は適用する

Zest Co. owns 100% of Cinn, Inc. On January 2, Zest sold equipment with an original cost of $80,000 and a carrying amount of $48,000 to Cinn for $72,000. Zest had been depreciating the equipment over a five-year period using straight-line depreciation with no residual value. Cinn is using straight-line depreciation over three years with no residual value. In Zest's December 31, consolidating worksheet, by what amount should depreciation expense be decreased?
  • $0
  • $ 8,000
  • $16,000
  • $24,000

 

 親の償却: 80000 ÷ 5 = 16000 これであるべき。

 子の償却: 72000 ÷ 3 = 24000 親と比べて償却費が8000多いので、

8000を 連結で修正する。

 

 

 

 

 

USCPA 過去問 Consolidation APIC・Goodwill

APIC が絡んでくる問題。

 

ここで覚えなきゃいけないポイント。

Registration and Issuance costs --> Expense にせず、APICのマイナスにする。

Legal and consulting fee --> APIC に入れず、Expense 計上する。

 

APIC = Market value - Par value of the stock

Sayon Co. issues 200,000 shares of $5 par value common stock to acquire Trask Co. in an acquision method business combination. The market value of Sayon's common stock is $12. Legal and consulting fees incurred in relationship to the purchase are $110,000. Registration and issuance costs for the common stock are $35,000. What should be recorded in Sayon's additional paid-in capital account for this business combination?
  • $1,545,000
  • $1,400,000
  • $1,365,000
  • $1,255,000

 

上記問題、APIC は、$12-$5=$7 per one share

Total 200000 shares 

= $7 x 200000 = $1400000   Total APIC 

 

そのうち、Registration fee 分の$35000 が APIC を下げるから、

1400000ー35000=1365000

 

 

 

下の問題は,

Investment 分の80%と、Noncontrolling interest の分がすでに分けられているので、80%は無視してよい。

Goodwill を聞かれていますが、

Goodwill の求め方は、その子会社のTotal Value-Fair Value

On September 1, Pappy, Corp. acquired 80% of the outstanding common stock of Sibb Co. for $1,440,000 cash. At September 1, Sibb's balance sheet showed a carrying amount of net assets of $1,080,000 and the fair value of Sibb's property, plant, and equipment exceeded its carrying amount by $290,000. Also at that date, the fair value of the noncontrolling interest was determined to be $310,000. There was no goodwill impairment recorded during the year. In its December 31 year-end consolidated balance sheet, what amount of goodwill, related to the acquisition of Sibb, should Pappy report?
  • $290,000
  • $344,000
  • $380,000
  • $430,000

 

というわけで、全体のTotal Value と Fair valueをそれぞれ求めてみる。

Total Value = investment + noncontrolling interest

1440000 + 310000 = 1750000

Fair Value = carrying amount of asset + exceeds

1080000 + 290000 = 1370000

----------------------------------------------------

Net: 3800000 good will

 

 

 

 似たような問題が多いけど、いざ始めてみるとさっぱり解き方がわからんな~~

 

下の問題は、子会社を現金ではなく株式発行で買収。

Bargain Purchase で割引して買ったから,Gain が出ているのでそれを求める。

・Gain = 純資産Equity - 買収額(発行した(株)の値段)

・純資産=Fair value of Asset- Book value of related liability

・買収額=発行株額(Fair value単価xUnit) + Contingent consideration at Fair value

Damon Co. purchase 100% of the outstanding common stock of Smith Co.' in an acquisition by issuing 20,000 shares of its $1 par common stock that had a fair value of $10 per share and providing contingent consideration that had a fair value of $10,000 on the acquisition date. Damon also incurred $15,000 in direct acquisition costs. On the acquisition date, Smith had assets with a book value of $20,000, a fair value of $350,000, and related liabilities with a book and value of $70,000. What amount of gain should Damon report related to this transaction?
  • $55,000
  • $70,000
  • $80,000
  • $250,000

 

これを踏まえまして。

純資産=350000ー70000 = 280000 これを、↓の額で買った

買収額=$10 x 20000 = 200000 + 10000 = 210000 実際に株で払った額

-----------------------------------------------------------------------------------------------------------

Net : 70000

 

 

 

USCPA 過去問 Consolidation

メモ用

 

Consolidation のルールは、A社がB社に対してCommon stock の持ち株が

0~20% Dividend

20%~50% 持分法適用 Equity Method

50%~ Consolidation Ownership control

下の問題での、3つのシーンがそれぞれ上のルールのどこに当てはまるのか考えましょう。

Information pertaining to dividends from Wray Corp.'s common stock investments for the current year ended December 31 follows:
・On September 8, Wray received a $50,000 cash dividend from Seco, Inc., in which Wray owns a 30% interest. A majority of Wray's directors are also directors of Seco.
ー>30% Interest は、Equity Method になるので、Dividend対象外
・On October 15, Wray received a $6,000 liquidating dividend from King Co. Wray owns a 5% interest in King Co.
ー>Liquidating Dividend は、Investment 勘定を下げる働きをする。
・Wray owns a 2% interest in Bow Corp., which declared a $200,000 cash dividend on November 27, to stockholders of record on December 15, payable on January 5 of next year. 
ー>2%なので、Dividend 対象となる。これだけ計算しましょう

What amount should Wray report as dividend income in its income statement for the current year ended December 31?

  • $60,000
  • $56,000
  • $10,000
  • $ 4,000

20000発行されたDividendのう、持ち株は2%なので、20000x0.02=4000

 

 

 Common Stock では、上記の0~20~50%~Equity Method ルールが適用されます。

Preferred Stock では、持ち株比率に関係なく、Cost Method を適用するため、Dividend income を常に認識します。

 

Anchor Co. owns 40% of Main Co.'s common stock outstanding and 75% of Main's noncumulative preferred stock outstanding. Anchor exercises significant influence over Main's operations. During the current period, Main declared dividends of $200,000 on its common stock and $100,000 on its noncumulative preferred stock. What amount of dividend income should Anchor report on its income statement for the current period related to its investment in Main?
  • $ 75,000
  • $ 80,000
  • $120,000
  • $225,000

 

Common stock は Equity Method 40%なので、Dividend income は認識しません。

Preferred stock は対象となる。100000 x 0.75 = 75000

 

 

T勘定を使う問題。

投資勘定の期首簿価を与えられてて、途中の取引を経て、期末の投資残高を求める問題。 

Larkin Co. has owned 25% of the common stock of Devon Co. for a number of years, and has the ability to exercise significant influence over Devon. The following information relates to Larkin's investment in Devon during the most recent year:

Carrying amount of Larkin's investment in Devon at the beginning of the year $200,000
Net income of Devon for the year 600,000
Total dividends paid to Devon's stockholders during the year 400,000

What is the carrying amount of Larkin's investment in Devon at year end?

  • $100,000
  • $200,000
  • $250,000
  • $350,000

 

--------------------------------------------------------------

+期首簿価 200000   | 

+Net income (持ち株分)  | -Dividend received 

 (600000x25%)=150000   |  (400000x25%)=100000

--------------------------------------------------------------------------

Net : 250000 Year end Investment Account

 

 

 

 ↓、読むのが非常に面倒くさい問題。

本質を理解していれば、さっと解けるんですが、そこまでの経験値はまだない!!!

Grant, Inc. acquired 30% of South Co.'s voting stock for $200,000 on January 2, year 3. Grant's 30% interest in South gave Grant the ability to exercise significant influence over South's operating and financial policies. During year 3, South earned $80,000 and paid dividends of $50,000. South reported earnings of 100,000 for the six months ended June 30, year 4, and $200,000 for the year ended December 31, year 4. On July 1, year 4, Grant sold half of its stock in South for $150,000 cash. South paid dividends of $60,000 on October 1, year 4.

① Before income taxes, what amount should Grant include in its year 3 income statement as a result of the investment?

  • $15,000
  • $24,000
  • $50,000
  • $80,000

 

問題で聞かれていたのは、yr3のIncome statementのみだったんで、

拾う情報も、下線部のみ。

 

投資先が、80000儲かった。ので、投資元に入るお金は持ち株分30%

80000x0.3 = 24000 

Paid Dividends 分の50000は、ちゃらになるから、Investment 勘定を下げます!!!

 

② In Grant's December 31, year 3 balance sheet, what should be the carrying amount of this investment?

Investment の期末残高の出し方は、先ほどと同じ、T勘定で。

 

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+期首investment 200000     |

+年間Income x 持株分30%  |   ー配当x持株分30% 50000 x 0.3=15000

(80000x0.3=24000)              |

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Net:209000 

 

③ In its year 4 income statement, what amount should Grant report as gain from the sale of half of its investment?

4年目に、stock の半分を150000で売却したときの売却益を聞かれてます。

半分のStock の簿価がいくらかだして、それと売却価格の差額を求めればいいですね。

4年目の簿価も、上同様にT勘定で出す。

 

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期首簿価 209000                 |

+年間Income                         |   - Dividend 無

100000 x 30% = 30000          |

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Net:239000 4年目の簿価。この内半分を売ったので、

239000/2 = 119500 (簿価)

これを、150000 で売りましたので、利益は差額の30500