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accounting

Questions and Answers of Accounting

Denton Equipment Inc. furnishes you with the following list of accounts.Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 66,000Accounts Receivable . . . .
Following is a list of account titles and balances for Pennington Investment Corporation as of January 31, 2011.Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted account balances and supplemental information for Brockbank Research Corp. as of December 31, 2011, are as follows:Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The accountant for Sierra Corp. prepared the following schedule of liabilities as of December 31, 2011.Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The following balance sheet was prepared by the accountant for Midway Company.Midway CompanyBalance SheetJune 30, 2011AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The financial position of St. Charles Ranch is summarized in the following letter to the corporation’s accountant.Dear Dallas:The following information should be of value to you in preparing the
The bookkeeper for Chordwise Music, Inc., reports the following balance sheet amounts as of June 30, 2011.Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The following balance sheet is submitted to you for inspection and review.Appalachian Freight CompanyBalance SheetDecember 31, 2011AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The accountant for Delicious Bakery prepares the following condensed balance sheet.Delicious BakeryCondensed Balance SheetDecember 31, 2011Current assets . . . . . . . . . . . . . . . . . . . . . . .
Blake Matthews incorporated his paper manufacturing operations on January 1, 2011, by issuing 5,000 shares of $1 par common stock to himself. The following balance sheet for the new corporation was
1. Which of the following is the true purpose of information presented in notes to the financial statements?(a) To provide disclosures required by generally accepted accounting principles.(b) To
Forbes annually provides a list of the most valuable companies in the world. The top 10 most valuable companies in the United States, from the 2007 Forbes 2000, follow.As an analyst for a securities
Following are summaries of the balance sheets of five companies. The amounts are all stated as a percentage of total assets. The five companies are€¢ BankAmerica, a large bank€¢
The Piedmont Computer Company has brought legal action against ATC Corporation for alleged monopolistic practices in the development of software. The claim has been pending for two years, with both
Bohr Company has a credit agreement with a syndicate of banks. In order to impose some limitations on Bohr’s financial riskiness, the credit agreement requires Bohr to maintain a current ratio of
First Federal Finance Co. has a large investment securities portfolio. In the “old days,” First Federal was allowed to value these securities at the lower of cost or market. Statement of
Technology Unlimited, Inc., uses a fiscal year ending June 30. The auditors completed their review of the 2011 financial statements on September 8, 2011. They discovered the following subsequent
Jonathan Atwood, a student from England, shows you the following balance sheet from his father€™s British company. Jonathan knows that you are studying accounting and asks you to look at
Aiga Company is a leading manufacturer of household plumbing materials. Aiga does not make the high-profile faucets and fixtures; instead, it makes the pipes and other connections that are usually
Locate the 2007 financial statements for The Walt Disney Company on the Internet.1. Compute a current ratio for Disney as of September 29, 2007. How does this current ratio compare with the prior
With all due respect to Michael Jordan and the Chicago Bulls, the Boston Celtics are the most successful team in professional basketball history. Teams led by Bill Russell, Dave Cowens, John
Safeway operates 1,761 supermarkets in the United States and Canada. In the United States, Safeway is located principally in the Western, Southwestern, Rocky Mountain, Midwestern, and Mid-Atlantic
Diageo is a United Kingdom (UK) consumer products firm, best known in the United States for the following brand names: Smirnoff, Johnnie Walker, J&B, Gordon€™s, Seagram€™s, and
Refer to the 2006 balance sheet for Consolidated Edison, reproduced in Exhibit 3-6 on pages 108–110.1. Compute the following financial ratios for Consolidated Edison for 2006:(a) Debt ratio
You are a member of the most popular student club on campus, the Accounting Antidefamation Organization. Recently, the field of accounting was savagely attacked in an article written by a militant
To help you become familiar with the accounting standards, this case is designed to take you to the FASB’s Web site and have you access various publications. Access the FASB’s Web site at
You are on the accounting staff of Chisos Manufacturing Company. Chisos has a $100 million loan with Rio Grande National Bank. One of the covenants associated with the loan is that Chisos must
How should compensated absences be accounted for?
The sales manager for Off-Road Enterprises is entitled to a bonus equal to 12% of profits. What difficulties may arise in the interpretation of this profit-sharing agreement?
Distinguish between (a) a defined benefit plan and a defined contribution plan, (b) a contributory plan and a noncontributory plan, and (c) a multiemployer plan and a single employer plan.
What is meant by the word vesting?
What factors must actuaries consider in determining the amount of future benefits under a defined benefit plan?
What four accounting issues were addressed by the FASB in relation to defined benefit plans?
Distinguish between the accumulated benefit approach and the projected benefit approach in determining the amount of future benefits earned by employees under a defined benefit pension plan.
List and briefly describe the five basic components of net periodic pension expense.
Explain how prior service costs arise (a) at the inception of a pension plan and (b) at the time of a plan’s amendment.
How is the service cost portion of net periodic pension expense to be measured according to FASB Statement No. 87?
Does pension expense include the actual return on plan assets or the expected return? Explain.
Is prior service cost recognized as an expense in the period in which it initially arises?
The FASB permits the use of an average market value of plan assets for some pension computations. In other cases, the fair market value at a specific measurement date must be used. Under what
Under FASB Statement No. 158, which pension-related items impact the reported amount of accumulated other comprehensive income?
Why is a corridor amount identified in recognizing gain or loss from pension plans?
What is the function of the pension disclosure requirement included in the pension standards?
Distinguish between a pension settlement and a pension curtailment.
What is meant by postretirement benefits, and what is the primary issue in accounting for their costs?
Describe the differences between pension plans and other postretirement benefit plans.
What is the full eligibility date, and why is it an important date in accounting for postretirement benefits?
Describe the major differences between the accounting for pensions and other postretirement benefits.
The company pays its employees each Monday for the work performed during the preceding 5-day work week. Total payroll for one week is $25,000. December 31 fell on a Wednesday. (1) Make the journal
Total wages and salaries for the month of January were $50,000. Because it is January, no employee has yet reached the FICA tax cap amount, so the full FICA tax percentage is applicable to the entire
During Year 1 (the first year of the company€™s existence), employees of the company earned vacation days as follows:(1) Make the journal entry necessary at the end of Year 1 to record the
The manager is entitled to a bonus equal to 5% of her store’s earnings. The difficult part is that calculation of the store’s earnings includes a subtraction for the amount of the bonus. The
The company has decided to restructure operations at one of its stores. As part of this restructuring, the company has determined that the store facility is impaired. The store originally cost
Wu Company has established a defined benefit pension plan for its lone employee, Ronald Dalton. Annual payments under the pension plan are equal to Ronald’s highest lifetime salary multiplied by
Refer to Practice 17-6. Compute Wu Company’s projected benefit obligation (PBO) as of January 1, 2011, assuming(1) An 8% discount rate and(2) A 12% discount rate.
On January 1 of Year 1, the company had a projected benefit obligation (PBO) of $10,000 and a pension fund with a fair value of $9,200. There was no prior service cost, nor were there deferred
Refer to Practice 17-8. Compute pension expense for the year.
Refer to Practice 17-8. Make two summary journal entries necessary with respect to the pension plan for the year.
Refer to Practice 17-8. Enter all of the pension information, including the beginning balances, in a pension work sheet. Use the pension work sheet to display the computation of pension expense for
On January 1, the company adopted a new defined benefit pension plan. Existing employees were given credit in the new plan for their past service to the company. This created an immediate projected
As of January 1, the company had the following pension-related balances:Projected benefit obligation (PBO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Refer to Practice 17-6 and Practice 17-7. Assume that as of January 1, 2011 Wu Company changed the discount rate it uses to compute the PBO from 8% to 12%. Assume that before this change, Wu Company
On January 1 of Year 1, the company had a projected benefit obligation (PBO) of $10,000 and a pension fund with a fair value of $9,200. Prior service cost was $2,000; it was being amortized on a
The company had the following pension-related balances as of January 1:Projected benefit obligation (PBO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
On January 1 of Year 1, the company had a projected benefit obligation (PBO) of $10,000 and a pension fund with a fair value of $9,200. Prior service cost was $2,000; it was being amortized on a
Refer to Practice 17-17. Prepare the note disclosure necessary to reconcile the beginning balance in the pension fund and the ending balance in the pension fund.
Express Company paid one week’s wages of $21,200 in cash (net pay after all withholdings and deductions) to its employees. Income tax withholdings were equal to 17% of the gross payroll, and the
Aggie Co. sells agricultural products. Aggie pays its salespeople a salary plus a commission. The salary is the same for each salesperson, $1,000 per month. The commission varies by length of
General Aviation Company employs six people. Each employee is entitled to three weeks€™ paid vacation every year the employee works for the company. The conditions of the paid vacation
Illinois Wholesale Company has an agreement with its sales manager entitling that individual to 7% of company earnings as a bonus. Company income for the calendar year before bonus and income tax is
Francisco Company has established a defined benefit pension plan for its lone employee, Derrald Ryan. Annual payments under the pension plan are equal to 3% of Derrald’s highest lifetime salary
Pension plan information for Naperville Window Company is as follows:Assuming no change in actuarial assumptions, what is the pension service cost for2011?
Using the information given for the following three independent cases, compute the amount of pension-related asset/liability that would be reported on the balance sheet. Clearly indicate whether the
Queensland Company has five employees belonging to its pension plan. One employee is expected to retire each year over the next five years. On January 1, 2011, Queensland initiated an amendment to
Da Vinci Inc. has a workforce of 400 employees. A new pension plan is negotiated on January 1, 2011, with the labor union. Based on the provisions of the pension agreement, prior service cost related
Osvaldo Awning Co. has prior service cost of $1,262,000 arising from a pension plan amendment. The board of directors decided to amortize this cost over the average remaining service period for its
Longlee Electrical Company maintains a fund to cover its pension plan. The following data relate to the fund for 2011:Compute the 2011 actual return on the pension fund for LongleeElectrical.
Rasband Photography has a pension plan covering its 100 employees. Rasband anticipates an 11% return on its pension fund. The fund trustee furnishes Rasband with the following information relating to
Melba Enterprises has a deferred gain of $425,000 relating to its pension plan as of January 1, 2011. Management has chosen to amortize this deferral on a straight-line basis over the 10-year average
The computation of pension expense includes (1) a deferral of the difference between actual and expected return on the pension fund and (2) amortization of deferred pension gains and losses.
The accountants for Eden Financial Services provide you with the following detailed information at December 31, 2011. Based on these data, prepare the summary journal entries related to the
Fredco’s defined benefit pension plan had a PBO of $10,000,000 at the beginning of the year. This was based on a 10% discount rate (obligation discount rate). The fair value of pension plan
The following information relates to the defined benefit pension plan of Mascare Company.January 1, 2011:PBO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
From the following information for each of three independent cases, prepare the pension note disclosure that outlines the items that go into the computation of the pension-related asset or liability
Joey Department Store's employees are paid on the 6th and 22rd of each month for the period ending the last day of the previous month and the 15th of the current month, respectively. An analysis of
Bags, Inc., a manufacturer of suitcases, has 10 employees; five are paid on a salary basis, and five are hourly employees. The employees and their compensation are as follows:Annual SalaryKen Scott
Ludwig Electronics Inc. has a plan to compensate its employees for certain absences. Each employee can receive five days' sick leave each year plus 10 days' vacation. The benefits carry over for two
United Rental Company reported the following information related to its pension plan for the years 2011€“2014. The fund is administered by a separate outside trustee.Instructions:1. Prepare
Staybrite Electronics Co. amended its pension plan effective January 1, 2011. The increase in the PBO occurring as a result of the plan amendment is $6,290,000. Staybrite arranged to fund the prior
McGrath Financial Corp. has a defined benefit pension plan. As of January 1, 2011, the following balances were computed for the pension plan:Deferred pension gain . . . . . . . . . . . . . . . . . .
Averon Industrial, Inc., computed the following components of pension expense for the years 2011€“2013:Instructions:1. Compute the net periodic pension expense for the years
The information below was provided relative to the pension plan for Atlas Wholesale Company for the years 2011€“2013.Instructions:1. Compute the amount of net periodic pension expense for
The following information relates to the pension plan of Circle Manufacturing Company at December 31, 2011:(in thousands)Balances at December 31, 2011:PBO . . . . . . . . . . . . . . . . . . . . . .
The following data relate to the defined benefit pension plan of Haan Company: Balances at January 1, 2011:PBO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The actuaries for Interconnect Cable Company provided its accountants with the following information (in thousands of $) related to the company’s pension plan:December 31, 2010:Increase in PBO
As of January 1, 2011, information related to the defined benefit pension plan of Leffingwell Company was as follows:PBO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A criticism of FASB Statement No. 87 is that it did not require companies to report the funding status of a defined benefit pension plan (overfunded if the plan assets exceed the projected benefit
The topic of pensions and other postretirement benefits was considered at length in an accounting theory class. The discussion centered on the following terms:(a) Representational faithfulness (b)
You plan to retire at age 65. You anticipate needing $5,000 per month ($60,000 per year) after you retire. You expect to live for 20 years after you retire. You will work for 40 years, from age 25 to
C. B. Seabright, a U.S. congresswoman, has just received from her staff an analysis of FASB Statement No. 106, “Employers’ Accounting for Postretirement Benefits Other Than Pensions.” Seabright

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