Download e-book for kindle: Advanced Accounting by Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

By Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

ISBN-10: 0077862228

ISBN-13: 9780077862220

The procedure utilized by Hoyle, Schaefer, and Doupnik within the new version permits scholars to imagine significantly approximately accounting, simply as they're going to do whereas getting ready for the CPA examination and of their destiny careers. With this article, scholars achieve a well-balanced appreciation of the Accounting occupation. As Hoyle 12e introduces them to the field’s many elements, it usually specializes in earlier controversies and current resolutions. The textual content maintains to teach the advance of monetary reporting as a manufactured from severe and regarded debate that keeps this day and into the long run. The writing form of the 11 past variants has been hugely praised. scholars simply understand bankruptcy options as a result conversational tone used during the booklet. The authors have made each attempt to make sure that the writing type is still attractive, energetic, and constant which has made this article the marketplace top textual content within the complex Accounting marketplace. The twelfth version comprises an elevated integration of IFRS in addition to up to date accounting criteria.

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Example text

The journal entry by Charles Company to record its equity interest in the income and OCI of Norris follows: Investment in Norris Company . . . . . . . . . . . . . . . . . . Equity in Investee Income . . . . . . . . . . . . . . . . . . Other Comprehensive Income . . . . . . . . . . . . . . . . . To accrue operating income and other comprehensive income from equity investment. 174,000 150,000 24,000 OCI thus represents a source of change in investee company net assets that is recognized under the equity method.

To examine this issue, assume that Charles Company applies the equity method in accounting for its 30 percent investment in the voting stock of Norris Company. No excess amortization resulted from this investment. In 2014, Norris reports net income of $500,000. Norris also reports $80,000 in OCI from pension and other postretirement adjustments. Charles Company accrues earnings of $150,000 based on 30 percent of the $500,000 net figure. However, for proper financial reporting, Charles must recognize an increase in its Investment in Norris account for its 30 percent share of its investee’s OCI.

To illustrate this entire process, assume that Tall Company purchases 20 percent of Short Company for $200,000. Tall can exercise significant influence over the investee; thus, the equity method is appropriately applied. The acquisition is made on January 1, 2015, when Short holds net assets with a book value of $700,000. Tall believes that the investee’s building (10-year remaining life) is undervalued within the financial records by $80,000 and equipment with a 5-year remaining life is undervalued by $120,000.

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Advanced Accounting by Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik


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