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business
intermediate accounting reporting
Questions and Answers of
Intermediate Accounting Reporting
Dunn Company recognized a $5,000 unrealized holding gain on investment in Starbucks’s long-term bonds during 2019. The company classified its investment as an available-for-sale security. How would
On January 1, Hazard Company, a lessee, entered into three noncancelable leases for brand new general equipment: Lease J, Lease K, and Lease L. None of the three leases transfers ownership of the
RaleighTech enters into an arrangement with Bloomington Corp. to provide services, through a centralized data center. Because this involves a new secret project for Bloomington, it asks that
A customer enters into a 3-year contract with the Raleigh Sports Arena for the right to occupy a luxury box at events. Each luxury box has 20 individual seats. The contract provides that the customer
As of 2017, drivers in the United States now lease almost 80% of battery electric vehicles and over 55% of plug-in hybrids.16 The study found that the lease rate for nonelectric and non-hybrid
Landlord Company and Tenant Company enter into a noncancelable, direct financing lease on January 1, 2019, for nonspecialized equipment that cost the Landlord $280,000 (useful life is 6 years with no
Farrington Company leases a computer from Wilson Company. The lease includes the following provisions:• The lease is noncancelable and has a term of 8 years.• The annual rentals are $60,000,
Benjamin Company has rented new equipment to Murrell Builders that cost Benjamin $48,000, and has a fair value of $50,000. This nonspecialized equipment has a life of 4 years and no residual value at
Lessee Company leases heavy equipment on January 1, 2019, from Lessor Company with the following lease provisions:• The lease is noncancelable and has a term of 10 years.• The lease does not
On January 1, 2019, Amity Company leases a crane to Baltimore Company.The lease contains the following terms and provisions:• The lease is noncancelable and has a term of 10 years.• The lease
Lamplighter Company, the lessor, agrees to lease equipment to Tilson Company, the lessee, beginning January 1, 2019. The lease terms, provisions, and related events are as follows:• The lease is
Lessor Company and Lessee Company enter into a 5-year, noncancelable, sales-type lease on January 1, 2019, for equipment that cost Lessor $375,000 (useful life is 5 years). The fair value of the
Calder Company, the lessor, enters into a lease with Darwin Company, the lessee, to provide heavy equipment beginning January 1, 2017. The lease is appropriately classified as a sales-type lease. The
Timmer Company signs a lease agreement dated January 1, 2019, that provides for it to lease equipment from Landau Company beginning January 1, 2019. The lease terms, provisions, and related events
Scupper Farms, the lessee, and Tyrrell Equipment, the lessor, sign a lease agreement on January 1, 2019, that provides for Scupper to lease a cultivator from Tyrrell. The lease terms, provisions, and
On January 1, 2019, Alice Company leases nonspecialized equipment for 5 years, agreeing to pay $65,000 annually at the beginning of each year under the noncancelable lease. Superior Equipment
On January 1, 2019, Ballieu Company leases specialty equipment with an economic life of 8 years to Anderson Company. The lease contains the following terms and provisions:• The lease is
Reuben Company retires a machine from active use on January 2, 2019, for the express purpose of leasing it. The machine had a carrying value of $900,000 after 12 years of use and is expected to have
The following information is available for a noncancelable lease of equipment entered into on March 1, 2019. The lease is classified as a sales-type lease by the lessor (Anson Company) and as a
Diego Leasing Company agrees to provide La Jolla Company with equipment under a noncancelable lease for 5 years. The equipment has a 5-year life, cost Diego $25,000, and will have no residual value
Rexon Company leases non-specialized equipment to Ten-Care Company beginning January 1, 2019. The lease terms, provisions, and related events are as follows:1. The lease term is 8 years. The lease is
Ravis Rent-A-Car Company leases a car to Ira Reem, an employee, on January 1, 2019. The term of the noncancelable lease is 4 years. The following information about the lease is provided:1. Title to
Use the information for Edom Company in E20-8, except that the residual value was guaranteed by Davis Company (the lessee).Required:1. Assuming that the lease is a sales-type lease, calculate the
Edom Company, the lessor, enters into a lease with Davis Company to lease equipment to Davis beginning January 1, 2019. The lease terms, provisions, and related events are as follows:1. The lease
Berne Company (lessor) enters into a lease with Fox Company to lease equipment to Fox beginning January 1, 2019. The lease terms, provisions, and related events are as follows:1. The lease term is 4
Ramsey Company leases heavy equipment to Terrell Inc. on March 1, 2019, on the following terms:1. Twenty-four lease rentals of $2,950 at the beginning of each month are to be paid by Terrell, and the
On January 1, 2019, Nelson Company leases certain property to Queens Company at an annual rental of $60,000 payable in advance at the beginning of each year for 8 years. The first payment is received
On January 1, 2019, Concord Corp. signs a contract to lease nonspecialized manufacturing equipment from Stone Inc. Concord agrees to make lease payments of $47,500 per year.Additional information
Sax Company signs a lease agreement dated January 1, 2019, that provides for it to lease computers from Appleton Company beginning January 1, 2019. The lease terms, provisions, and related events are
Adden Company signs a lease agreement dated January 1, 2019, that provides for it to lease non-specialized heavy equipment from Scott Rental Company beginning January 1, 2019. The lease terms,
On January 1, 2019, Caswell Company signs a 10-year cancelable (at the option of either party) agreement to lease a storage building from Wake Company. The following information pertains to this
Use the following information to decide whether this equipment lease qualifies as an operating, sales-type, or direct financing lease to a lessor.a. • There is no transfer of ownership at the end
Use the information in RE20-1. Prepare the journal entry that Keller Corporation would make during the first year of the lease assuming that the lease is classified as an operating lease.RE20-1Keller
Keller Corporation (the lessee) entered into a general equipment lease with Dallo Company (the lessor) on January 1 of Year 1. Use the following information to decide whether this lease qualifies as
On August 1, 2019, Kern Company leased a machine to Day Company for a 6-year period requiring payments of $10,000 at the beginning of each year. The machine cost $40,000 and has a useful life of 8
On January 2, 2019, Lafayette Machine Shops Inc. signed a 10-year noncancelable lease for a heavyduty drill press, stipulating annual payments of $15,000 starting at the end of the first year, with
Refer to the information for Tiger Inc. above. Assuming that Tiger uses straight-line amortization, what is the amount of amortization and interest expense that Tiger should record for the year ended
Refer to the information for Fox Company above. What is the amount of profit on the sale and the amount of interest income that Fox should record for the year ended December 31, 2019?a. $0 and
East Company leased a new machine from North Company on May 1, 2019, under a lease with the following information:Lease term
Which of the following should be included by the lessee in determining the amount of the right-to use asset and lease liability: Unguaranteed Residual Value Fixed Payments Yes Yes a. No Yes Yes b. C.
Describe the difference between how a lessor would report the cash flows associated with an operating lease and a finance lease.
Why are compound interest concepts appropriate and applicable in accounting for a sales-type lease?
What must a lessee disclose for all leases whether classified as operating or finance?
Describe the difference between how a lessee would report the cash flows associated with an operating lease and a finance lease.
Describe briefly the procedures followed by the lessee to account for a finance lease.
From a lessor’s standpoint, a direct-financing lease does not meet any of the classification criteria of a sales-type lease but does meet both of the additional criteria. Describe these two
What is the difference between the lessee and lessor?
List the five criteria used to determine if a lease is classified as a finance lease by the lessee.
What conditions are necessary for an entity to have control over an asset?
What is a substitution right, and when does that right result in a contract not being a lease?
What is the definition of a lease?
List four potential benefits to the lessor of leasing versus selling an asset.
List four potential benefits to the lessee of leasing versus purchasing an asset.
SituationPanther Company currently sponsors a defined benefit pension plan for its employees. At the end of 2019, the plan had a projected benefit obligation of $1,456,000 and fair value of plan
Obtain The Coca-Cola Company’s 2017 annual report either using the “Investor Relations” portion of its website (do a web search for Coca-Cola investor relations) or go to http://www.sec .gov
On January 1, 2019, Vasby Software Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, Vasby retroactively gives credit to the date of hire for each
TAN Company has a defined benefit pension plan for its employees. The plan has been in existence for several years. During 2018, for the first time, TAN experienced a difference between its expected
Jay Company has had a defined benefit pension plan for several years. At the beginning of 2019, Jay amended the plan; this amendment provided for increased benefits to employees based on services
On January 1, 2019, Baznik Company adopted a defined benefit pension plan. At that time, Baznik awarded retroactive benefits to certain employees. These retroactive benefits resulted in a prior
Various pension plan information of Kerem Company for 2019 and 2020 is as follows:Required:Fill in the blanks lettered (a) through (k). All the necessary information is listed. It is not necessary to
In Fisk Company’s negotiations with its employees’ union on January 1, 2019, the company agreed to an amendment that increased the employee benefits based on services rendered in prior periods.
For several years, Kent Company has had a defined benefit contribution plan for its employees. During those years, Kent experienced differences between its expected and actual projected benefit
Lane Company was incorporated in 2004. Because it had become successful, Lane established a defined benefit pension plan for its employees on January 1, 2019. Due to the loyalty of its employees,
On January 1, 2019, Parkway Company adopted a defined benefit pension plan. At that time, Parkway awarded retroactive benefits to its employees, resulting in a prior service cost of $2,180,000 on
Carpenter Company adopted a defined benefit pension plan for its employees on January 1, 2019. At the time of adoption, the pension contract provided for retroactive benefits for the company’s
When Turner Company adopted its defined benefit pension plan on January 1, 2019, it awarded retroactive benefits to its employees. These retroactive benefits resulted in a prior service cost of
Nelson Company has a defined benefit pension plan for its employees. At the end of 2019 and 2020, the following information is available in regard to this pension plan:Required:1. Compute the amount
On January 1, 2019, Flash and Dash Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for
Wolz Company, a small business, has had a defined benefit pension plan for its employees for several years. At the beginning of 2019, Wolz amended the pension plan; this amendment provides for
At the beginning of 2019, Brent Company amended its defined benefit pension plan. The amendment entitled five active participating employees to receive increased future benefits based on their prior
Refer to the information provided in E19-13.Required:Using the years-of-future-service method, prepare a set of schedules to determine (1) The amortization fraction for each year(2) The
Hudson Company’s actuary has provided the following information concerning the company’s defined benefit pension plan at the end of 2019:Fair value of plan assets (1/1/2019)
Lee Company has a defined benefit pension plan. During 2018, for the first time, Lee experienced a difference between its expected and actual projected benefit obligation. At the beginning of 2019,
On January 1, 2019, Smith Company adopted a defined benefit pension plan. At that time, Smith awarded retroactive benefits to its employees, resulting in a prior service cost that created a projected
Pitchford Company adopted a defined benefit pension plan on January 1, 2019, at which time it awarded retroactive benefits to its employees. The following information is available in regard to this
Farber Company adopted a defined benefit pension plan on January 1, 2019, at which time it awarded retroactive benefits to its employees. This prior service cost amounted to $200,000, which the
Several years ago, Lewad Company established a defined benefit pension plan for its employees. The following information is available for 2019 in regard to its pension plan: (1) discount rate, 10%;
Carli Company adopted a defined benefit pension plan on January 1, 2018, and funded the entire amount of its 2018 pension expense. The following information pertains to the pension plan for 2019 and
Baron Company adopted a defined benefit pension plan on January 1, 2018. The following information pertains to the pension plan for 2019 and 2020:There are no other components of Baron’s pension
Verna Company has had a defined benefit pension plan for several years. At the end of 2019, Verna accumulated the following information: (1) service cost for 2019, $127,000; (2) projected benefit
On December 31, 2019, Palmer Company determined that the 2019 service cost on its defined benefit pension plan was $120,000. At the beginning of 2019, Palmer had pension plan assets of $520,000 and a
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan:Service cost
Bailey Company has had a defined benefit pension plan for several years. At the end of 2019, Bailey’s actuary provided the following information for 2019 regarding the pension plan: (1) service
McCollum Company amended its noncontributory defined benefit pension plan at the beginning of 2016. The prior service cost related to this amendment amounts to $240,000. Information regarding the
Davison Company has a noncontributory defined benefit pension plan for its employees. During 2019, the pension plan has a discount rate of 8%, service cost of $98,000, plan assets as of 1/1/19 of
Refer to the information for Spath Company to the left. As of December 31, 2020, what is the balance in the pension plan asset fund?a. $456,000b. $630,000c. $654,000d. $840,000Spath Company adopted a
Refer to the information for Spath Company below. In the journal entry to record pension expense, what is the amount of the credit entry to accrue pension cost on December 31?Spath Company adopted a
Refer to the information for Spath Company above. What is the pension expense for the year ended December 31, 2020?a. $390,000b. $426,000c. $456,000d. $480,000Spath Company adopted a noncontributory
On January 1, 2019, Soloman Company changes the factor in the benefit formula from 0.02 to 0.022, retroactive to the adoption of the plan. The amendment will result in a(n):a. Decrease in projected
How does accounting for other postretirement benefits differ from accounting for defined benefit pension plans?
Why do pension plans tend to be funded while OPRB plans are unfunded?
Where should a company report the cash it paid to fund its pension plan when preparing its statement of cash flows?
What are the five possible alternative methods of determining the extent of a company’s pension plan liability? Which one is required by GAAP?
Conceptually, what are the four possible alternative methods for accounting for the prior service cost that arises from pension plan modifications? Which one is required by GAAP?
Compare how prior service cost is treated under amended IAS 19 relative to its treatment under U.S. GAAP.
List and define the potential components of pension expense under amended IAS 19. In addition, how are differences between expected and actual returns treated?
SituationGolf-Travel Inc. is a U.S. company that provides travel packages for individual golfers and corporate golf outings. The company has mainly focused on U.S. customers but has decided to expand
Obtain Nestlé’s 2017 annual report using the “Investor Relations” portion of its website (do a web search for Nestlé investor relations).Required:1. What was the total income tax expense
Obtain The Coca-Cola Company’s 2017 annual report either using the “Investor Relations” portion of its website (do a web search for Coca-Colainvestor relations) or go to http://www.sec.gov and
Chris Green, CPA, is auditing Rayne Co.’s 2019 financial statements. For the year ended December 31, 2019, Rayne is applying GAAP for income taxes. Rayne’s controller, Dunn, has prepared a
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