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