Errata Sheet for Fischer/Taylor/Cheng, Advanced Accounting: Consolidations, Partnerships, and Government Accounting 11e

Text

  • Incorrect data is given in Problem 5-1 (page 300)
  • Remove (under the Pero column) “Investment in Bonds, (100,000)” and “Discount on Bonds, (9,000).” Replace both with “Investment in Bonds, 94,000.”
  • Incorrect data is given in Exercise 11-6 (page 642)
  • Columns within the first table should read “Debit FC Balances” and “Credit FC Balances”
  • “Current Liabilities” under “Credit FC Balances” should be “166,000” so that debits and credits equal “1,354,000”
  • The proper information should be:

  • Data is missing from Exercise 13-3 (page 711)
  • The table should read:

Test Bank and Exam View Special Appendix

  • Information within Chapter 4, multiple choice question #9 is incorrect
  • Deferring gross profit embedded in ending intercompany inventory requires that COGS be increased (while reducing inventory). This $10,000 amount should be added to the calculation, not subtracted.
  • Consolidated cost of goods sold should be $3,060,300.
  • The proper information should be:

Solutions Manual

  • The incorrect data to Problem 5-2 is given
  • The proper entries should be:

  • The incorrect answer to Exercise 15-2 (4) is given as “b”
  • The correct answer should be “d”
  • The data for April within Exercise 15-5 has not been updated properly
  • The proper April entry should be:

  • The data for the Account Group within Exercise 16-3 (e) has not been updated properly
  • The proper entry should be $7,000,000 instead of $10,000,000:
  • The Statement of Activities has been updated for Problem 18-8.

problem 18-8

(1)EventJournal EntryDebitCredit

(a)Cash...... 20,000

Revenue—Annual Dues...... 20,000

(b)Cash...... 31,000

Revenue—Snack Bar and Soda Fountain...... 31,000

(c)Cash...... 6,000

Investment Revenue—Unrestricted...... 6,000

(d)Expense—House...... 17,000

Expense—Snack Bar and Soda Fountain...... 26,000

Expense—General and Administrative...... 11,000

Accounts Payable...... 54,000

(e)Accounts Payable...... 55,000

Cash...... 55,000

(f)Assessments Receivable...... 10,000

Public Support—Contributions—Temporarily Restricted. 10,000

(g)Cash...... 5,000

Public Support—Unrestricted Bequests...... 5,000

(h)Investments...... 7,000

Unrealized Gain on Investments—Unrestricted...... 7,000

(i)Depreciation Expense—House...... 9,000

Depreciation Expense—Snack Bar and Soda

Fountain...... 2,000

Depreciation Expense—General and Administrative...... 1,000

Accumulated Depreciation—Building...... 4,000

Accumulated Depreciation—Furniture

and Equipment...... 8,000

(j)Expense—Snack Bar and Soda Fountain...... 4,000

Inventories...... 4,000

(k)Cash...... 35,000

Contributions—Temporarily Restricted...... 35,000

(l)Pledges Receivable...... 100,000

Public Support—Contributions—Permanently Restricted. 100,000

Problem 18-8, Concluded

(2)Mayfair Sports Club

Statement of Activities

For Year Ended March 31, 2019

TemporarilyPermanently

UnrestrictedRestrictedRestrictedTotal

Public support and revenue:

Public support:

Contributions...... $45,000 $100,000 $145,000

Unrestricted bequests...... $ 5,000 5,000

Total public support...... $ 5,000 $45,000 $100,000 $150,000

Revenue:

Annual dues...... $ 20,000 $ 20,000

Snack bar and soda fountain sales..... 31,000 31,000

Investment revenue...... 6,000 6,000

Unrealized gain on investments...... 7,000 7,000

Total revenue...... $ 64,000 $0 $0 $ 64,000

Total public support and revenue...... $ 69,000 $45,000 $100,000 $214,000

Expenses:

Snack bar and soda fountain...... $ 32,000 $ 32,000

House...... 26,000 26,000

General and administrative...... 12,000 12,000

Total expenses...... $ 70,000 $0 $0 $ 70,000

Change in net assets...... $ (1,000) $45,000 $100,000 $144,000

Net assets, April 1, 2018...... 12,000 52,000 400,000 464,000

Net assets, March 31, 2019...... $ 11,000 $97,000 $500,000 $608,000

Fischer/Taylor/Cheng,

Advanced Accounting: Consolidations, Partnerships, and Government Accounting 11e

Errata Sheet

Updated 04/17/12