2020 AICPA Released Questions FAR Blank Answer Key

The Super Toy Stores inventory records at December 31, revealed the following:
Inventory on hand, December 31 $350,000

Merchandise purchased F.O.B. shipping point, shipped by
vendor on December 31, expected delivery date—January 4 118,000
Merchandise shipped to customers on December 28
F.O.B. destination, expected delivery date–January 3 75,000
Goods held on consignment by Super Toy Store, not included
in inventory on hand 38,000
What was Super Toy Store's ending inventory at December 31?
A. $350,000
B. $393,000
C. $468,000
D. $543,000
Item ID: 41701

Key: D
FAR.CSO.20190701: FAR.002.003.000
FAR.SSO.20190701: Application:2
Registered to Meghan Carroll (#745940)

Marble Co. prepared its statement of cash flows using the following amounts
Net decrease in fixed assets $ (3,750)

Depreciation expense 13,000
Gain on sale of equipment, (net book value, $3,250) 1,250
Capital expenditures 12,500
Marble reported net income of $20,000 at year end. What amount should Marble report as net
cash provided by operating activities?
A. $19,500
B. $29,250
C. $31,750
D. $33,000
Item ID: 42327

Key: C
FAR.CSO.20190701: FAR.001.002.005

On January 1, Nick Co. purchased a delivery truck for $60,000. The truck's salvage value is
$2,000, and its estimated useful life is 10 years. The productive life of the truck is estimated to
be 100,000 miles. During the first year, the truck was driven 19,000 miles. Nick uses the double-
declining balance method of depreciation. What amount of depreciation expense should Nick
record for the first year?
A. $5,800
B. $11,020
C. $11,600
D. $12,000
Item ID: 45295

Key: D
FAR.CSO.20190701: FAR.002.004.000

Lamb Corp. has taxable income of $240,000 and depreciation expense for tax purposes of
$50,000 greater than financial reporting purposes. Lamb has a tax rate of 30%, and no other
differences exist. Which of the following entries should Lamb make for deferred taxes?
A. $87,000 deferred tax asset.

B. $72,000 deferred tax asset.
C. $57,000 deferred tax liability.
D. $15,000 deferred tax liability.
Item ID: 45389

Key: D
FAR.CSO.20190701: FAR.002.012.000

For the eight months ended August 31, year 5, the carpet division of a flooring company, which
is considered a major line of business, had an operating loss of $115,000 from operations. On
September 1, year 5, the board of directors voted to discontinue the division's operations. On
December 31, year 5, the division was sold for a pretax loss of $135,000. The division's
operating loss for year 5 was $240,000. The company's income tax rate is 30%. What amount of
loss should the company report as discontinued operations in the December 31, year 5, income
statement?
A. $262,500
B. $260,000
C. $182,000
D. $168,000
Item ID: 45395

Key: A
FAR.CSO.20190701: FAR.001.002.008

Which of the following common characteristics of derivative financial instruments distinguishes
them from other types of financial instruments?
A. They impose a contractual obligation by one entity to deliver cash to a second entity to
convey a contractual right.
B. They are financial investments in stocks, bonds, or other securities that are marketable.
C. They have a notional amount or payment provision that is based on the changes in one
or more underlying variables.
D. Most financial instruments are valued on the balance sheet at fair value, but derivatives
are valued on the balance sheet at cost.
Item ID: 45917

Key: C
FAR.CSO.20190701: FAR.003.004.000
FAR.SSO.20190701: Remembering and Understanding:1

Wright Co. is a small, privately-held entity established at the beginning of year 1. Wright
decided to prepare cash basis financial statements. At the end of year 1, the company recorded
receivables of $2,000,000 and accrued expenses of $900,000, which were included in the total
expenses incurred for the year of $2,200,000, with $1,300,000 paid during the year. Cash sales
of $1,200,000 were fully recognized for the year. What is the company's cash-basis income/loss
from operations at the end of year 1?
A. A loss of $1,900,000.
B. A loss of $1,000,000.
C. A loss of $100,000.
D. Income of $1,000,000.
Item ID: 48025

Key: C
FAR.CSO.20190701: FAR.001.006.000

A company has a single defined benefit pension plan for all employees. At year end, the
company's projected benefit obligation is $1 million and the fair value of plan assets is $3
million, which is comprised of $1.5 million of contributions made by the company and $1.5
million of recognized investment returns. What should the company report related to the
defined benefit pension plan in its statement of financial position at the end of the current
year?
A. A current liability of $2 million.

B. Both a current liability of $1 million and a current asset of $3 million.
C. A noncurrent asset of $2 million.
D. A noncurrent asset of $1.5 million.
Item ID: 49407

Key: C
FAR.CSO.20190701: FAR.002.011.002
10

An investment company's portfolio of private placement securities is recorded at fair value and
valued using a matrix pricing model. The matrix pricing model uses current pricing spreads on
similar securities to determine the fair value of the private placement securities. Which of the
following valuation techniques is being used?
A. The cost approach.

B. The market approach.
C. The exchange approach.
D. The income approach.
Item ID: 49907

Key: B
FAR.CSO.20190701: FAR.003.011.000
11

The vacation policy for a company is as follows:
Years of service Annual vacation (in days)
1-5 6
6-10 12
11+ 18
Employee information for the company is as follows:
Employee Years of service
A 1
B 6
C 12
The calendar-year company is closing its three-month period ended March 31. Each employee's
gross pay is $100 per day, and no employee has taken any vacation time as of March 31. What
amount should be accrued for vacation pay for the three-month period ended March 31?
A. $150
B. $300
C. $450
D. $900
Item ID: 50075

Key: D
FAR.CSO.20190701: FAR.002.011.001
12

A corporation declared a 10% stock dividend on 15,000 shares outstanding of $5 par common
stock when the fair value was $10 per share. Which change in the corporation's stockholders'
equity accounts is correct?
A. Retained earnings is decreased by $15,000.

B. Additional paid-in-capital is increased by $15,000.
C. Common stock is decreased by $7,500.
D. Common stock is increased by $15,000.
Item ID: 50739

Key: A
FAR.CSO.20190701: FAR.002.009.000
13

Tiger Rags is evaluating its financial statement disclosures relating to gain contingencies. When
should Tiger Rags recognize the gain on the contingency?
A. When realized.
B. When clearly defined.
C. When reasonably possible and the amount can be estimated.
D. When probable and the amount can be estimated.
Item ID: 52777

Key: A
FAR.CSO.20190701: FAR.003.003.000
14

Rus City purchased the local water and sewer utility and intends to operate the utility and
charge user fees to the current customers for the services. In order to bring the utility up to
current Environmental Protection Agency (EPA) standards, Rus City issued bonds that would be
backed solely by the fees charged. In which fund should Rus City record the utility's activities?
A. Enterprise.
B. Debt service.
C. Internal service.
D. Special revenue.
Item ID: 52861

Key: A
FAR.CSO.20190701: FAR.004.001.003
15

Changes to existing authoritative GAAP for nonissuer, nongovernmental entities are
communicated by the Financial Accounting Standards Board through the issuance of
A. Exposure Drafts.
B. Concept Statements.
C. Accounting Standards Updates.
D. Statements of Financial Accounting Standards.
Item ID: 75124

Key: C
FAR.CSO.20190701: FAR.001.001.002
16

On January 1, year 1, the general fund of a state government made a capital acquisition of
$50,000. The asset's useful life is 10 years, and the government uses the straight-line basis of
depreciation. What is the complete journal entry that should be recorded on December 31,
year 1, when reconciling the fund financial statements to the government-wide financial
statements?
A. Debit capital asset $45,000; credit capital acquisition $45,000.

B. Debit capital asset $50,000; credit expenditures $45,000; credit accumulated
depreciation $5,000.
C. Debit capital asset $50,000; credit capital acquisition $45,000; credit accumulated
depreciation $5,000.
D. Debit capital asset $50,000; credit expenditures $50,000; debit depreciation expense
$5,000; credit accumulated depreciation $5,000.
Item ID: 84418

Key: D
FAR.CSO.20190701: FAR.004.003.000
17

Under which of the following circumstances does substantial doubt exist about an entity's
ability to continue as a going concern?
A. The entity is not in compliance with statutory capital requirements.

B. The entity's CFO has retired, and there is no definitive succession plan in place.
C. The entity projects that it will have negative cash flows from operating activities over
the next 12 months.
D. It is probable that the entity will be unable to meet its obligations coming due within 12
months of financial statement issuance.
Item ID: 86827

Key: D
FAR.CSO.20190701: FAR.001.002.009
18

At the end of year 1, a defined benefit pension plan reported net assets available for benefits of
$650,000. During year 2, the following items were recorded:
Investment income $ 300,000

Contributions 1,350,000
Administrative expenses 150,000
Benefits paid directly to participants 900,000
What amount should the plan report as year-end net assets available for benefits in the year 2
statement of changes in net assets available for benefits?
A. $600,000
B. $1,250,000
C. $1,650,000
D. $2,300,000
Item ID: 88850

Key: B
FAR.CSO.20190701: FAR.001.005.000
19

A company is performing an impairment test of one of its long-lived assets. IFRS, but not U.S.
GAAP, requires the company to compare the carrying amount of the asset with its
A. Fair value.
B. Purchase price.
C. Recoverable amount.
D. Undiscounted future cash flows.
Item ID: 94868

Key: C
FAR.CSO.20190701: FAR.003.012.000
20

On January 1, year 1, a company purchased for $10,000 an at-the-money call option on 1,200
barrels of crude oil, which the company intends to purchase in five years. The company elected
to exclude the time value of the option from the assessment of effectiveness, classified the
option as a cash flow hedge, and applied a straight-line amortization to the initial option
premium. On December 31, year 1, the time value of the option decreased by $1,200, and the
change in intrinsic value increased by $1,800. The journal entry that the company should make
on December 31, year 1, to record the change in value of the derivative should include which of
the following as a credit?
A. Derivative asset, $600.

B. Derivative asset, $1,400.
C. Other comprehensive income, $600.
D. Other comprehensive income, $1,400.
Item ID: 502891

Key: C
FAR.CSO.20190701: FAR.003.004.000
21

Light Co. had the following bank reconciliation at March 31:
Balance per bank statement, 3/31 $23,250

Add: Deposit in transit 5,150
28,400
Less: Outstanding checks 6,300
Balance per books, 3/31 $22,100
Additional information from Light's bank statement for the month of April is as follows:
Deposits $29,200
Disbursements 24,800
All reconciling items at March 31 cleared through the bank in April. Outstanding checks at April
30 totaled $3,200. What is the amount of cash disbursements per books in April?
A. $21,700
B. $24,800
C. $27,900
D. $28,000
Item ID: 40649

Key: A
FAR.CSO.20190701: FAR.002.001.000
22

How should a local government's internal service fund report depreciation expense in its fund
financial statements?
A. Not reported.
B. Operating expense.
C. Nonoperating expense.
D. Separate from revenues and expense.
Item ID: 42127

Key: B
FAR.CSO.20190701: FAR.004.002.003
23

Main Co. began its manufacturing business last year. Main uses the dollar-value LIFO method to
determine the value of its inventory. Main's inventory was valued at $100,000 at the end of last
year, and, using current costs, $132,000 at the end of the current year. The prices for Main's
inventory during the current year were 20% higher than last year's prices. What amount should
Main report as inventory on its balance sheet at the end of the current year?
A. $110,000
B. $112,000
C. $122,000
D. $132,000
Item ID: 42827

Key: B
FAR.CSO.20190701: FAR.002.003.000
24

Glass Co. had net income of $70,000 during the year. Depreciation expense was $10,000. The
following information is available:
Accounts receivable increase $20,000

Equipment gain on sale (sale price $100,000) 10,000 increase
Nontrade notes payable increase 50,000
Equipment purchases 40,000 increase
Accounts payable increase 30,000
What amount should Glass report as net cash provided by investing activities in its statement of
cash flows for the year?
A. $(40,000)
B. $10,000
C. $50,000
D. $60,000
Item ID: 42989

Key: D
FAR.CSO.20190701: FAR.001.002.005
25

A city's water division generated $1.5 million in revenue. It reported expenses of $1 million,
which included $200,000 paid to an internal service fund. The water division also transferred
$50,000 to the general fund. What amount is the water division's change in net position on the
statement of revenues, expenses, and changes in fund net position?
A. $250,000
B. $300,000
C. $450,000
D. $500,000
Item ID: 45085

Key: C
FAR.CSO.20190701: FAR.004.002.003
26

A customer is considering buying a television set with a retail price of $2,000. The customer
asks the store manager if the store will consider paying the sales tax so that the total cash
payment is $2,000. The sales tax is 8%. The store manager agrees to accept $2,000 cash. What
should the accountant credit in this transaction?
Sales Sales tax payable

A. $2,000 $0
B. $1,840 $160
C. $2,000 $148
D. $1,852 $148
Item ID: 45497

Key: D
FAR.CSO.20190701: FAR.002.007.000
27

On June 10, a company issued two thousand $1,000 5% bonds, payable in 10 years. Each bond
contained a detachable warrant that provided a right to purchase five shares of $1 par common
stock for $30. The value of the warrants at issuance was $50 each. On June 30, the market rate
of interest was 9%. At the time of issuance, what amount was the increase in shareholders'
equity?
A. $60,000
B. $100,000
C. $200,000
D. $300,000
Item ID: 46037

Key: B
FAR.CSO.20190701: FAR.002.008.001
28

McClave Enterprises used quoted prices for similar assets as the basis for determining the fair
value of its investments. McClave's inputs for determining the fair values of the investments
would be classified as which level in the fair value hierarchy?
A. Level 1.
B. Level 2.
C. Level 3.
D. Level 4.
Item ID: 48973

Key: B
FAR.CSO.20190701: FAR.003.011.000
29

A company holds a financial asset that is actively traded in two different markets. The company
transacts in both markets equally. The price of the asset in market A is $50. If the company sells
the asset in market A, it incurs a transaction cost of $4. The price of the asset in market B is $48.
If the company sells the asset in market B, it incurs a transaction cost of $1. What is the fair
value of the financial asset?
A. $46
B. $47
C. $48
D. $50
Item ID: 49411

Key: C
FAR.CSO.20190701: FAR.003.011.000
30

A publicly-traded corporation reported a $10,000 deduction in its current-year tax return for an
item it expects to be disallowed. The tax rate is 40%. How should the corporation report this tax
position in the financial statements?
A. As a temporary difference disclosed in the notes to the financial statements that is not
recognized.
B. As a $10,000 deferred tax asset.
C. As a $4,000 income tax expense and a $4,000 liability for an unrecognized tax benefit.
D. As a $4,000 deferred tax asset and a $4,000 income tax benefit.
Item ID: 51181

Key: C
FAR.CSO.20190701: FAR.002.012.000
31

A U.S. public company with a worldwide public float of $800 million at the end of the second
quarter of the fiscal year is required to file its annual report with the U.S. SEC on
A. Form 10-Q within 40 days after the end of the reporting period.
B. Form 10-Q within 45 days after the end of the reporting period.
C. Form 10-K within 60 days after the end of the reporting period.
D. Form 10-K within 75 days after the end of the reporting period.
Item ID: 51925

Key: C
FAR.CSO.20190701: FAR.001.004.000
32

A company operates a defined-contribution plan for its employees. At the end of the year, the
plan had investments with a cost of $5 million and a fair value of $10.25 million. Loans made to
employees had a balance of $1 million. After year end, one of the stocks in its portfolio, a
pharmaceutical stock valued at $150,000 at year end, lost half its value after a new drug was
denied regulatory approval. What amount should the defined-contribution plan financial
statements report as investments as of year end?
A. $5,000,000
B. $10,175,000
C. $10,250,000
D. $11,250,000
Item ID: 52125

Key: C
FAR.CSO.20190701: FAR.001.005.000
33

Azim Services, a nongovernmental not-for-profit organization, received dues of $100 from its
members. Azim provided its members with a newsletter that had a $25 value. All other services
were valued at $10 per member. What is the amount of contribution made to Azim by each
member?
A. $10
B. $25
C. $65
D. $100
Item ID: 53163

Key: C
FAR.CSO.20190701: FAR.003.007.000
34

A company acquired an item of property, plant and equipment that consists of individual
components with costs that are both significant and insignificant in relation to the total cost of
the item. Which of the following statements represents the methodology that should be used
to measure and record depreciation expense under IFRS?
A. The individual components may be combined and depreciated using a weighted-average

useful life computed for the asset as a whole.
B. The individual components may be combined and depreciated over the useful life of the
asset based on the company's established policy for that asset category.
C. Each component with a cost that is significant in relation to the total cost of the item
should be depreciated separately; approximation techniques may be used to depreciate
the cost of the remaining items that are individually insignificant.
D. Each component with a cost that is significant in relation to the total cost of the item
should be depreciated separately, and the company may elect to immediately expense
the cost of the remaining items that are individually insignificant.
Item ID: 54617

Key: C
FAR.CSO.20190701: FAR.003.012.000
35

Which of the following statements would most likely be included among a set of financial
statements prepared in conformity with a special purpose framework?
A. The statement of comprehensive income.

B. The statement of operations.
C. The statement of cash receipts and disbursements.
D. The statement of financial position.
Item ID: 55757

Key: C
FAR.CSO.20190701: FAR.001.006.000
36

On January 1, year 1, a company appropriately capitalized $40,000 of software development
costs for computer software to be sold. The company estimated an economic life of two years
for the software and believes that it will generate $500,000 in total software sales. It had
software sales of $300,000 in year 1. What amount of software amortization expense, if any,
should the company report in its financial statements for the year ended December 31, year 1?
A. $0
B. $20,000
C. $24,000
D. $40,000
Item ID: 56155

Key: C
FAR.CSO.20190701: FAR.003.009.000
37

A holder of a variable interest that is not the primary beneficiary acquired additional variable
interests in the variable interest entity (VIE). What action, if any, should follow?
A. The holder of the variable interest should reconsider whether it is now the primary
beneficiary.
B. The holder of the variable interest should use the voting-interest model to determine
whether the VIE should be consolidated.
C. The primary beneficiary should discontinue consolidation of the VIE because the
election to consolidate is no longer allowed.
D. No action is necessary because the primary beneficiary of a VIE does not change
subsequent to the initial assessment.
Item ID: 77726

Key: A
FAR.CSO.20190701: FAR.001.002.007
38

On a nongovernmental, not-for-profit entity's statements of activities, which of the following
amounts should not be netted together under any circumstances?
A. Revenues and expenditures from the sale of used equipment.

B. Revenues and expenditures from an annual fundraising campaign.
C. Investment income, custodial fees, and other advisory expenditures.
D. Gains and losses from exchange rates or other foreign currency translations.
Item ID: 84252

Key: B
FAR.CSO.20190701: FAR.001.003.002
39

After speaking to the company's sales manager, a customer placed a large order. The customer
has no immediate need for the products, so the customer asked the company to wait 60 days
before delivering the products. In this case, the company should recognize revenue for the sale
when the order is
A. Placed by the customer.

B. Delivered to the customer.
C. Packed and ready for shipment.
D. Verified as in-stock by the company.
Item ID: 84416

Key: B
FAR.CSO.20190701: FAR.002.010.000
40

Scroll down to complete all parts of this task.
On April 1, year 1, Printing Co. purchased and received a binding machine from Mach 8 Co. During installation, the technicians
determined that a part vital to the machine's functionality was missing, so the machine could not be placed into service. On
May 15, year 1, the company received the part, and the machine was placed into service on July 1, year 1.
On March 30, year 3, the technicians returned to inspect the machine and performed maintenance.
On June 30, year 4, Printing disposed of its binding machine. On July 1, year 4, Printing purchased and received a new binding
machine, which was immediately placed into service.
The company's fixed asset capitalization and depreciation policy is located in the exhibit above. All invoices related to the above
transactions are located in the exhibits above.
For each of the dates below, enter the amounts to record the activities in the appropriate cells of the account columns. Enter
debits as positive, whole values and credits as negative, whole values. When an account requires more than one entry, enter
the net amount. If an account is not impacted enter a zero (0).
END OF CONTENT - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
41

Exhibits included in this item
1. Policy
2. April 1, year 1, Mach 8 Co. Invoice
3. March 30, year 3, Mach 8 Co. Invoice
4. July 1, year 4, Mach 8 Co. Invoice
42

Exhibit 1: Policy
Printing Co.
Fixed asset capitalization and depreciation policy
All asset purchases over $500 shall be capitalized and depreciated using the straight-line method and the half-year
convention. The following table contains the estimated useful lives to be used for each asset type:
Asset Type Life in years
Office equipment 3
Automobiles 4
Machines 5
Buildings 30
43

Exhibit 2: April 1, year 1, Mach 8 Co. Invoice
44

Exhibit 3: March 30, year 3, Mach 8 Co. Invoice
45

Exhibit for Item: 500374
Exhibit 4: July 1, year 4, Mach 8 Co. Invoice
46

CSO: 002.004.000
Skill: Analysis
Representative task: Prepare a rollforward of the property, plant and equipment account
balance using various sources of information
47

Item: 500326
Scroll down to complete all parts of this task.
In year 3, Cougar Co. purchased the equipment indicated in the situations below. The company has a
December 31 year end and records depreciation using the straight-line method.
To prepare each required journal entry:
• Click on a cell in the Account Name column and select the appropriate account. An account may be
used once or not at all for a journal entry.
• Enter the corresponding debit or credit amount in the associated column.
• All amounts will be automatically rounded to the nearest dollar.
• Not all rows in the table might be needed to complete each journal entry.
• If no journal entry is needed, check the "No entry required" box at the top of the table as your response.
On January 1, year 3, Cougar added an engine to a backhoe at a cost of $65,000, which extended the
estimated useful life of the asset by five years. The original equipment, purchased January 1, year 1, cost
$120,000 and had an estimated useful life of 12 years. Record the entry needed on December 31, year 3.
Assume that Cougar records depreciation expense annually.
48

Cougar purchased a tractor on March 1, year 3, for $240,000 and the estimated useful life was five years.
Cougar recorded $48,000 for depreciation expense in year 3. Record the entry upon discovery of the
error in year 4. Assume that Cougar records depreciation expense monthly.
49

Cougar purchased a snowmobile on October 1, year 3, for $19,000, with a $1,000 salvage value, and the
estimated useful life was three years. Due to an oversight, the company failed to record depreciation expense
in years 3 and 4. Record the entry needed on June 30, year 4, when the oversight was discovered. Assume
that Cougar records depreciation expense monthly.
END OF CONTENT - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
50

Exhibits Information
There are no exhibits for this item.
51

Blueprint Information
CSO: 003.001.000
Skill: Application
Representative task: Calculate a required adjustment to the financial statements due to an

accounting change or error correction and determine whether it requires prospective or
retrospective application
52

Item: 500719
As a staff accountant at a company that provides life insurance, the controller has asked you to prepare a
report on the assumptions related to settlement costs needed to calculate the liability for future benefits
associated with new insurance policies. Which section of the authoritative literature best provides guidance on
determining the expense assumptions used to estimate future liabilities?
Enter your response in the answer fields below. Unless specifically requested, your response should not cite
implementation guidance. Guidance on correctly structuring your response appears above and below the
answer fields.
END OF CONTENT - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Exhibits Information
There are no exhibits for this item.
53

Blueprint Information
CSO: 002.007.000
Skill: Application
Note: There is no specific representative task associated with research prompts.
54

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The Super Toy Stores inventory records at December 31, revealed the following:

Inventory on hand, December 31 $350,000

What was Super Toy Store's ending inventory at December 31?

Item ID: 41701

Registered to Meghan Carroll (#745940)

Net decrease in fixed assets $ (3,750)

Item ID: 42327

Registered to Meghan Carroll (#745940)

Item ID: 45295

Registered to Meghan Carroll (#745940)

A. $87,000 deferred tax asset.

Item ID: 45389

Registered to Meghan Carroll (#745940)

Item ID: 45395

Registered to Meghan Carroll (#745940)

Item ID: 45917

Registered to Meghan Carroll (#745940)

Item ID: 48025

Registered to Meghan Carroll (#745940)

A. A current liability of $2 million.

Item ID: 49407

Registered to Meghan Carroll (#745940)

A. The cost approach.

Item ID: 49907

Registered to Meghan Carroll (#745940)

Item ID: 50075

Registered to Meghan Carroll (#745940)

A. Retained earnings is decreased by $15,000.

Item ID: 50739

Registered to Meghan Carroll (#745940)

Item ID: 52777

Registered to Meghan Carroll (#745940)

Item ID: 52861

Registered to Meghan Carroll (#745940)

Item ID: 75124

Registered to Meghan Carroll (#745940)

A. Debit capital asset $45,000; credit capital acquisition $45,000.

Item ID: 84418

Registered to Meghan Carroll (#745940)

A. The entity is not in compliance with statutory capital requirements.

Item ID: 86827

Registered to Meghan Carroll (#745940)

Investment income $ 300,000

Item ID: 88850

Registered to Meghan Carroll (#745940)

Item ID: 94868

Registered to Meghan Carroll (#745940)

A. Derivative asset, $600.

Item ID: 502891

Registered to Meghan Carroll (#745940)

Balance per bank statement, 3/31 $23,250

Item ID: 40649

Registered to Meghan Carroll (#745940)

Item ID: 42127

Registered to Meghan Carroll (#745940)

Item ID: 42827

Registered to Meghan Carroll (#745940)

Accounts receivable increase $20,000

Item ID: 42989

Registered to Meghan Carroll (#745940)

Item ID: 45085

Registered to Meghan Carroll (#745940)

Sales Sales tax payable

Item ID: 45497