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accounting

Questions and Answers of Accounting

Preparing a consolidated balance sheet. The first two columns of Exhibit 13.13 present information from the accounting records of Ely Company and Sims Company at the end of the current year. Ely
Preparing a consolidated balance sheet. The first two columns of Exhibit 13.14 present information from the accounting records of Company P and Company S on December 31, 2009. Company P acquired
Equity method and consolidated financial statements. The first two columns of Exhibit 13.15 present information from the accounting records of Peak Company and Valley Company on December 31 of the
Equity method and consolidated financial statements with non-controlling interest. The first two columns of Exhibit 13.17 present information from the accounting records of Parent Company and Sub
Effect of intercorporate investment policies on financial statements. The Coca-Cola Company (Coke) follows a policy of holding less than a 50% ownership interest in the corporations that bottle its
Accounting for joint ventures. Smithfield Foods produces and processes beef, pork, and other meat products. It operates through 50/50 joint ventures with other consumer foods companies for sales in
Accounting for variable interest entity. Papa John’s International operates a chain of pizza restaurants, using a combination of company-owned units and franchised units. Franchisees own the
A firm contemplates issuing 10,000 shares of $100 par value preferred stock. The preferred stock promises a $4 per share annual dividend. The firm considers making this preferred stock callable, or
Redeemable preferred stock might appear among liabilities, or among shareholders’ or between liabilities and shareholders’ equity on the balance sheet under U.S. GAAP. Describe the circumstances
Compare and contrast a stock option. a stock right, and a stock warrant. How does the accounting for these three differ?
Stock option valuation models indicate that the value of a stock option increases with the volatility of the stock, increases with the time between the grant date and the expected exercise date, and
U.S. GAAP and IFRS require firms to amortize the fair value of stock options as an expense over the periods the firm expects to receive employee services as a result of granting the options. What is
“The accounting for stock options, stock dividends, and treasury stock clouds the distinction between capital transactions and income transaction.” Explain.
Compare the position of a shareholder who receives a cash dividend, a property dividend, and a stock dividend.
A firm that sells inventory for more than its acquisition cost realizes an economic gain that accountants include in net income, but a firm that sells treasury stock for more than its acquisition
A security analyst states. “Accountants could increase the usefulness of income statements if they included only recurring income items in the income statement and reported nonrecurring items
Why do U.S. GAAP and IFRS exclude from net income such items of other comprehensive income as holding gains and losses on securities available for sale?
Distinguish between the nature of, and accounting for, (1) a correction of an error in previously issued financial statements, (2) the adjustment for a change in accounting principle, and (3) the
Classification of redeemab1e preferred stock. The Washington Post Company has preferred stock outstanding with a par and redemption value of $1,000 per share. The Company can redeem this preferred
Classification of redeemable preferred stock. Bank of America has 81,000 shares, or $2.0 billion, of Rank of America Corporation Floating Rate Noncumulative Preferred Stock outstanding. The preferred
Accounting for stock options. Intel granted stock options to employees on December 31, 2007, permitting them to purchase 24.6 million shares of Intel common stock for $22.63 per share. An
Journal entries for employee stock options. Morrissey Corporation grants 50,000 stock options to its managerial employees on December 31, 2008, to purchase 50,000 shares of its $1 par value common
Journal entries for employee stock options. Watson Corporation grants 20,000 stock options to its managerial employees on December 31, 2008, to purchase 20,000 shares of its $10 par value common
Journal entries for convertible bonds. Higgins Corporation issues $1 million of 20-year, $1,000 face value, 10% semiannual coupon bonds at par on January 2, 2008. Each $1,000 bond is convertible into
Accounting for conversion of bonds. Symantec has convertible bonds outstanding with a face value of $10,000,000 and a carrying value of $10,255,000. Holders of the bonds convert them into 100,000
Journal entries for stock warrants. Kiersten Corporation sells 60,000 common stock warrants for $4 each on February 26, 2008. Each warrant permits its holder to purchase a share of the firm’s $10
Journal entries for stock warrants. On December 7, 2002, Altus Pharmaceuticals issued shares of convertible preferred stock and warrants to purchase additional shares of preferred stock for an
Journal entries for dividends. Give journal entries, if required, for the following transactions, which are unrelated unless otherwise specified:a. A firm declares the regular quarterly dividend on
Journal entries for dividend. Prepare journal entries for the following transactions of Watt Corporation. The firm has 20,000 shares of $15 par value common stock outstanding on January 1, 2008. The
Journal entries for treasury stock transactions. Prepare journal entries under the cost method to record the following treasury stock transactions of Danos Corporation.a. Purchases 10,000 shares of
Journal entries for treasury stock transactions. Prepare journal entries under the cost method to record the following treasury stock transactions of Melissa Corporation.a. Purchases 10,000 shares of
Treatment of accounting errors, changes in accounting principles, and changes in accounting estimates. A firm computes net income for 2008 of $1,500 and for 2009 of $1,800, its first two years of
Journal entries to correct errors and adjust for changes in estimates. Prepare journal entries to record each of the following items for Uncertainty Corporation for 2008. Uncertainty Corporation uses
Journal entries to record the issuance of capital stock Prepare journal entries under U.S. GAAP to record the issuance of capital stock in each of the following independent cases. You may omit
Journal entries for the issuance of capital stock. Prepare journal entries to record the issuance of capital stock in each of the following independent cases. You may omit explanations for the
Transactions to incorporate and run a business. The following events relate to shareholders’ equity transactions of Wilson Supply Company during the first year of its existence. Present journal
Reconstructing transactions involving shareholders' equity. Fisher Company began business on January 1. Its balance sheet on December 31 contained the shareholders' equity section in Exhibit 14.7.
Reconstructing transactions involving shareholders' equity. Shea Company began business on January 1. Its balance sheet on December 31 contained the shareholders' equity section shown in Exhibit
Accounting for stuck options. Lowe Corporation grants stock options to its managerial employees on December 31 of each year. Employees may acquire one share of common stock with each stock option.
Accounting for stuck options. The Procter & Gamble Company (P&G grants stock options to its managerial employees on December 31 of each year. Employees may acquire one share of common stock with each
Reconstructing transactions affecting shareholders' equity. Exhibit 14.11 reproduces a portion of the statement of changes in shareholders equity for Microsoft Corporation for 2007. When Microsoft
Journal entries for changes in shareholders' equity. Exhibit 14.12 presents a portion of the statement of changes in shareholders' equity for Sirius Satellite Radio Inc. for 2007. Prepare journal
Journal entries for changes in shareholders' equity. Exhibit 14.13 presents a portion of the statement of changes in shareholders' equity for Anheuser-Busch Companies for 2007. Prepare journal
Treasury shares and their effects on performance ratios. Exhibit 14.14 presents the changes in common shareholders' equity of Monk Corporation for 2006 through 2008. Monk regularly purchases shares
Case introducing earnings-per-share calculations for a complex capital structure. The Layton Ball Corporation has a relatively complicated capital structure that is, it raises funds using various
Case for discussion Value of stock options. (The text does not give an explicit answer to this question but provides a sufficient basis to enable students to discuss the question.) Below is an
Identifying accounting principles. Indicate the accounting principle or method described in each of the following statements. Explain your reasoning.a. This inventory cost-flow assumption results in
Identifying accounting principles. Indicate the accounting principle or procedure apparently used to record each of the following independent transactions. Also, describe the transaction or event
Comprehensive review problem. Exhibits 16.8 and 16.9 (on pages 796 and 797) present a partial set of financial statements of Chicago Corporation for 2009, including a consolidated statement of
Comprehensive review problem. Exhibit 16.10 (On page 799) present a consolidated statement of income and retained earnings for 2009, and Exhibit 16.11 (on pages 800'801) presents a consolidated
Recasting financial statements to proposed reporting format. Refer to the financial statements of Scania in Exhibit 1.5 (balance sheet) and Exhibit 1.6 (income statement and Exhibit 1.7 (statement
Recasting financial statements to proposed reporting format. Refer to the financial statements of Wal-Mart Stores in Exhibit 6.2 (income statement), Exhibit 6.3 (balance sheet), and Exhibit 6.4
How does interest equate cash flow-s or time?
Distinguish between simple and compound interest.
Distinguish between the discounted present value of a stream of future payments and their net present value. If there is no distinction, then so state?
Does the present value of a given amount to be paid in 10 years increase or decrease if the interest rate increases? Suppose that the amount is due in 5 years? 20 years? Does the present value of an
Rather than pay you $1,000 a month for the next 20 years, the person who injured you in an automobile accident is wining to pay a single amount now to settle your claim for injuries. Would you-rather
A single-payment note promises to pay $140,493 in three years. The issuer exchanges the note for equipment having a fair value of $100,000. The exchange occurs three years before the maturity date on
Who prepares a firm’s financial statements?
Financial statements include amounts in units of currency. What is the most common determinant of the firm’s choice of currency for financial reporting?
What distinguishes noncurrent assets from current assets?
Accounting treats cash discounts taken on the purchase of merchandise or equipment as a reduction in the amount recorded for the assets acquired. What justification can you see for this treatment?
Distinguish between a cost and an expense.
Issuance and Retirement of Bonds Venzuela Co. is building a new hockey arena at a cost of $2,500,000. It received a down payment of $500,000 from local businesses to support the project, and now
What is meant by general purpose financial statements?
Who is the primary user group for general-purpose financial statements?
Explain the role of the international financial Reporting Interpretations Committee.
One writer recently moved that a high percentage of all companies prepare statements that are in accordance with IFRS. Why then is there such concern about fraudulent financial reporting?
Presented below are five statements which you are to identify as true or false. If false, explain why the statement is false.1. IFRS is the term used to indicate the whole body of IASB authoritative
Presented below are five statements which you are to identify as true or false. If false, explain why the statement is false.1. The IASB uses a rules-based approach to its standard-setting process,
According to the IASB framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. Explain the level of sophistication that the
What is the destination between comparability and consistency?
What are the basic elements of the framework? Briefly describe the relationship between the moment in time and period of time elements?
What are the five basic assumptions that underlie the financial accounting structure?
Do the IASB and U.S GAAP conceptual frameworks differ in terms of fair value measurement? Explain.
Identify the phases in the joint conceptual framework project. What two phases are expect to be completed earliest?
The IASB has developed a conceptual framework for finance accounting and reporting. The Framework sets forth the objective and fundamentals that will be the basis for developing financial accounting
Recently your Uncle Carlos Beltran, who knows that you always have your eye out for a profitable investment, has discussed the possibility of your purchasing some corporate bonds. He suggests that
Why should caution be exercised in the use of the net income figure derived in an income statement? What are the objectives of IFRS in their application to the income statement?
A Wall Street Journal article noted that MicroStrategy (USA) reported higher income than its competitors by using a more aggressive policy for recognizing revenue on future upgrades to its products.
What is the major distinction between income and expenses under IFRS?
Do the elements of financial statements, income and expense, include gains and losses? Explain.
What are the sections of the income statement that comprise (1) Gross profit and (2) Income from operations?
Ahold (NLD), in its consolidated income statement, reported “settlement of securities class action” €803 million loss. In what section of the income statement is this amount reported?
Explain where the following items are reported on the income statement: (1) Interest expense and (2) Income tax expense.
Discuss the appropriate treatment in the income statement for the following items:(a) Loss on discontinued operations.(b) Non-controlling interest allocation.(c) Earnings per share.(d) Gain on sale
Discuss the appropriate treatment in the financial statements of each of the following.(a) Write-down of plant assets due to impairment.(b) A delivery expense on goods sold.(c) Additional
Indicate where the following items would ordinarily appear on the financial statements of Boleyn. Inc, for the year 2010.(a) The service life of certain equipment was changed from 8 to 5 years. If a
Indicate the section of an income statement in which each of the following is shown,(a) Loss on inventory write-down.(b) Loss from strike.(c) Bad debt expense.(d) Loss on disposal of a component of
Santo Corporation has eight expense accounts in its general ledger which could be classified as selling expense. Should Santo report these eight expenses separately in its income statement or simply
How should a loss on the disposal of a component of a business be disclosed in the income statement?
Qualls Corporation reported 2010 earnings per share of $7.21. In 2011, Qualls reported earnings per share as follows.On income from continuing operations $8.00On loss on discontinued operations
How should corrections of errors be reported in the financial statements?
Explain how a change in accounting principles affects the current year’s net income.
IFRS usually requires the use of accrual accounting to ‘fairly present” income, if the cash receipts and disbursements method of accounting will ‘clearly reflect taxable income, why does this
What are two ways that other comprehensive income may be displayed (reported)?
Vandross Company has recorded bad debt expense in the past at a rate of 1½% of net sales. In 2010, Vandross decides to increase its estimate to 2%. If the new rate had been used in prior years,
In 2010, Hollis Corporation reported net income of $1,000,000. It declared and paid preference dividends of $250,000. During 2010, Hol1is had a weighted average of 190,000 ordinary shares outstanding
Portman Corporation has retained earnings of $675,000 at January 1, 2010 Net income during 2010 was $1,400,000, and cash dividends declared and paid during 2010 totaled $75,000. Prepare a retained
Using the information from BE4-11, prepare a retained earnings statement for the year ended December 31, 2010. Assume an error was discovered: Land costing $80,000 (net of tax) was charged to repairs

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