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Questions and Answers of Accounting

Inventoriable Costs Assume that in an annual audit of Webber Inc. at December 31, 2010, you. Find the following transactions near the closing date.1. A special machine, fabricated to order for a
Inventoriable Costs—Perpetual Bradford Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for
Inventoriable Costs—Error Adjustments Werth Company asks you to review its December 31, 2010, inventory values and prepare the necessary adjustments to the books. The following information is given
Determining Merchandise Amounts?Periodic Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.
Purchases Recorded Net Presented below are transactions related to Guillen, Inc. May 10 Purchased goods billed at $20,000 subject to cash discount terms of 2/10, n/6011 Purchased goods billed at
Purchases Recorded, Gross Method Wizard Industries purchased $12,000 of merchandise on February 1, 2010, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,000
Periodic versus Perpetual Entries Chippewas Company sells one product. Presented below is information for January for Chippewas Company.Jan. 1 Inventory
Inventory Errors—Periodic Thomason Company makes the following errors during the current year. (In all cases, assume ending inventory in the following year is correctly stated.)1. Both ending
Inventory Errors At December 31, 2010, Dwight Corporation reported current assets of $390,000 and current liabilities of $200,000. The following items may have been recorded incorrectly. Dwight uses
(Inventory Errors) The net income per books of Adamson Company was determined without knowledge of the errors indicated below. Prepare a work sheet to show the adjusted net income figure for each of
FIFO and LIFO—Periodic and Perpetual Inventory information for Part 311 of Seminole Corp. discloses the following information for the month of June.June 1 Balance 300
FIFO, LIFO, and Average Cost Determination LoBianco Company's record of transactions for the month of April was as follows. (a) Assuming that periodic inventory records are kept, compute the
FIFO, LIFO, and Average Cost Inventory Esplanade Company was formed on December 1, 2009. The following information is available from Esplanade’s inventory records for Product BAP.
Compute FIFO, LIFO, Average Cost?Periodic Presented below is information related to radios for the Couples Company for the month of July. (a) Assuming that the periodic inventory method is used,
FIFO and LIFO'Periodic and Perpetual The following is a record of Cannondale Company's transactions for Boston Teapots for the month of May 2010. (a) Assuming that perpetual inventories are not
FIFO and LIFO, Income Statement Presentation The board of directors of Oksana Corporation is considering whether or not it should instruct the accounting department to change from a first-in,
FIFO and LIFO Effects You are the vice president of finance of Mickiewicz Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31,
FIFO and LIFO?Periodic Tom Brady Shop began operations on January 2, 2010. The following stock record card for footballs was taken from the records at the end of the year. A physical inventory on
LIFO Effect The following example was provided to encourage the use of the LIFO method. In a nutshell, LIFO subtracts inflation from inventory costs, deducts it from taxable income, and records it in
Alternative Inventory Methods?Comprehensive Belanna Corporation began operations on December 1, 2010. The only inventory transaction in 2010 was the purchase of inventory on December 10, 2010, at a
(Dollar-Value LIFO) Sisko Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Sisko?s records. Calculate the index
Dollar-Value LIFO The dollar-value LIFO method was adopted by King Corp. on January 1, 2010. Its inventory on that date was $160,000. On December 31, 2010, the inventory at prices existing on that
Dollar-Value LIFO Presented below is information related to Martin Company. Compute the ending inventory for Martin Company for 2007 through 2012 using the dollar-value LIFO method.
Dollar-Value LIFO The following information relates to the Choctaw Company. Use the dollar-value LIFO method to compute the ending inventory for Choctaw Company for 2007 through 2011.
Various Inventory Issues The following independent situations relate to inventory accounting.1. Kim Co. purchased goods with a list price of $175,000, subject to trade discounts of 20% and 10%, with
Inventory Adjustments Dimitri Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2010. Additional information is as
Purchases Recorded Gross and Net some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method.August 10 Purchased merchandise on account,
Compute FIFO, LIFO, and Average Cost Hull Company's record of transactions concerning part X for the month of April was as follows. (a) Compute the inventory at April 30 on each of the following
Compute FIFO, LIFO, and Average Cost some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows. (a) From these data compute the ending
Compute FIFO, LIFO, Average Cost?Periodic and Perpetual Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Compute cost of goods sold,
Financial Statement Effects of FIFO and LIFO the management of Tritt Company has asked its accounting department to describe the effect upon the company?s financial position and its income statements
Dollar-Value LIFO Norman?s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2010, Norman adopted dollar-value LIFO and decided to use a
Internal Indexes?Dollar-Value LIFO On January 1, 2010, Bonanza Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However,
Internal Indexes?Dollar-Value LIFO Presented below is information related to Kaisson Corporation for the last 3 years. Compute the ending inventories under the dollar-value LIFO method for 2009,
Dollar-Value LIFO Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for
Inventoriable Costs You is asked to travel to Milwaukee to observe and verify the inventory of the Milwaukee branch of one of your clients. You arrive on Thursday, December 30, and find that the
Inventoriable Costs Frank Erlacher, an inventory control specialist, is interested in better understanding the accounting for inventories. Although Frank understands the more sophisticated computer
Inventoriable Costs George Solti, the controller for Garrison Lumber Company, has recently hired you as assistant controller. He wishes to determine your expertise in the area of inventory accounting
Accounting Treatment of Purchase Discounts Shawnee Corp., a household appliances dealer, purchases its inventories from various suppliers. Shawnee has consistently stated its inventories at the lower
General Inventory Issues In January 2010, Susquehanna Inc. requested and secured permission from the commissioner of the Internal Revenue Service to compute inventories under the last-in, first-out
LIFO Inventory Advantages Jane Yoakam, president of Estefan Co., recently read an article that claimed that at least 100 of the country’s largest 500 companies were either adopting or considering
Average Cost, FIFO, and LIFO prepare a memorandum containing responses to the following items.(a) Describe the cost flow assumptions used in average cost, FIFO, and LIFO methods of inventory
LIFO Application and Advantages Geddes Corporation is a medium-sized manufacturing company with two divisions and three subsidiaries, all located in the United States. The Metallic Division
Dollar-Value LIFO Issues Arruza Co. is considering switching from the specific-goods LIFO approach to the dollar-value LIFO approach. Because the financial personnel at Arruza know very little about
FIFO and LIFO Harrisburg Company is considering changing its inventory valuation method from FIFO to LIFO because of the potential tax savings. However, the management wishes to consider all of the
LIFO Choices Wilkens Company uses the LIFO method for inventory costing. In an effort to lower net income, company president Lenny Wilkens tells the plant accountant to take the unusual step of
What are the two main characteristics of intangible assets?
If intangibles are acquired for stock, how is the cost of the intangible determined?
Intangibles have either a limited useful life or an indefinite useful life. How should these two different types of intangibles be amortized?
Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles?
In 2010 Ghostbusters Corp. spent $420,000 for “goodwill” visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to
What are factors to be considered in estimating the useful life of an intangible asset?
What should be the pattern of amortization for a limited life intangible?
Columbia Sportswear Company acquired a trademark that is helpful in distinguishing one of its new products. The trademark is renewable every 10 years at minimal cost. All evidence indicates that this
McNabb Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000 to market the process that was patented, all in the year 2010. How should these costs be
Izzy Inc. purchased a patent for $350,000 which has an estimated useful life of 10 years. Its pattern of use or consumption cannot be reliably determined. Prepare the entry to record the amortization
Explain the difference between artistic-related intangible assets and contract-related intangible assets.
What is good will? What is negative goodwill?
Under what circumstances is it appropriate to record goodwill in the accounts? How should goodwill, properly recorded on the books, be written off in order to conform with generally accepted
In examining financial statements, financial analysts often write off goodwill immediately. Evaluate this procedure.
Braxton Inc. is considering the write-off of a limited life intangible because of its lack of profitability. Explain to the management of Braxton how to determine whether a write-off is permitted.
Last year Wilde Company recorded an impairment on an intangible asset held for use. Recent appraisals indicate that the asset has increased in value. Should Wilde record this recovery in value?
Explain how losses on impaired intangible assets should be reported in income.
Simon Company determines that its goodwill is impaired. It finds that its implied goodwill is $360,000 and its recorded goodwill is $400,000. The fair value of its identifiable assets is $1,450,000.
What is the nature of research and development costs?
Research and development activities may include(a) Personnel costs,(b) Materials and equipment costs, and(c) Indirect costs. What is the recommended accounting treatment for these three types of R
Which of the following activities should be expensed currently as R & D costs?(a) Testing in search for or evaluation of product or process alternatives.(b) Engineering follow-through in an early
Indicate the proper accounting for the following items.(a) Organization costs.(b) Advertising costs.(c) Operating losses.
In 2009, Austin Powers Corporation developed a new product that will be marketed in 2010. In connection with the development of this product, the following costs were incurred in 2009: research and
Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese. Some of the initial costs involved were
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2000, for $540,000. On January 1, 2010, a review was made of intangible assets and their expected service
Where can authoritative iGAAP guidance related to intangible assets be found?
Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for intangible assets.
Sophia Co., a cellular phone company based in Italy, prepares its financial statements in accordance with iGAAP. In 2010, it reported average assets of €12,500 and net income €1,125. Included in
Briefly discuss the convergence efforts that are underway in the area of intangible assets.
An article in the financial press stated, “More than half of software maker Comserve’s net worth is in a pile of tapes and ring-bound books. That raises some accountants’ eyebrows.” What is
Garfunkel, Inc. has incurred $6 million in developing a computer software product for sale to third parties. Of the $6 million costs incurred, $4.5 million is capitalized. The product produced from
In 2010, EZ-Learn Software developed a software package for assisting calculus instruction in business colleges, at a cost of $2,000,000. Although there are tens of thousands of calculus students in
Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2010, for $54,000. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10
Use the information provided in BE12-1. Assume that at January 1, 2012, the carrying amount of the patent on Celine Dion’s books is $43,200. In January, Celine Dion spends $24,000 successfully
Larry Byrd, Inc., spent $68,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $68,000 expenditure and the first
Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $120,000 on April 1, 2010. The franchise grants Gershwin the right to sell certain products and services for a
On September 1, 2010, Winans Corporation acquired Amount Enterprises for a cash payment of $700,000. At the time of purchase, Amount’s balance sheet showed assets of $620,000, liabilities of
Kenoly Corporation owns a patent that has a carrying amount of $300,000. Kenoly expects future net cash flows from this patent to total $210,000. The fair value of the patent is $110,000. Prepare
Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $400,000. The Johnson Division’s net assets, including the goodwill, have a carrying amount of
Use the information provided in BE12-7. Assume that the fair value of the division is estimated to be $750,000 and the implied goodwill is $350,000. Prepare Waters’ journal entry, if necessary, to
Capriati Corporation commenced operations in early 2010. The corporation incurred $60,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its
Treasure Land Corporation incurred the following costs in 2010. Prepare the necessary 2010 journal entry or entries for TreasureLand.
Treasure Land Corporation incurred the following costs in 2010. Prepare the necessary 2010 journal entry or entries for TreasureLand.
Indicate whether the following items are capitalized or expensed in the current year.(a) Purchase cost of a patent from a competitor.(b) Research and development costs.(c) Organizational costs.(d)
Nieland Industries had one patent recorded on its books as of January 1, 2010. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2010, Nieland incurred research
Sinise Industries acquired two copyrights during 2010. One copyright related to a textbook that was developed internally at a cost of $9,900. This textbook is estimated to have a useful life of 3
Karen Austin Corporation has capitalized software costs of $800,000, and sales of this product the first year totaled $420,000. Karen Austin anticipates earning $980,000 in additional future revenues
Classification Issues—Intangibles) Presented below and on the next page is a list of items that could be included in the intangible assets section of the balance sheet.1. Investment in a subsidiary
Classification Issues—Intangibles Presented below is selected account information related to Matt Perry Inc. as of December 21, 2010. All these accounts have debit balances. Cable television
Classification Issues—Intangible Asset Langrova Inc. has the following amounts included in its general ledger at December 31, 2010.(a) On the basis of the information above, compute the total
Intangible Amortization Presented below is selected information for Palmiero Company.1. Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2008. The patent is being amortized
Correct Intangible Asset Account As the recently appointed auditor for Hillary Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2010,
Recording and Amortization of Intangibles Power glide Company, organized in 2009, has set up a single account for all intangible assets. The following summary discloses the debit entries that have
Accounting for Trade Name In early January 2009, Reymont Corporation applied for a trade name, incurring legal costs of $18,000. In January of 2010, Reymont incurred $7,800 of legal fees in a
Accounting for Organization Costs Fontenot Corporation was organized in 2009 and began operations at the beginning of 2010. The company is involved in interior design consulting services. The

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