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Questions and Answers of Accounting

What distinguishes an item that is “unusual in nature” from an item that is considered “extraordinary”?
Enyart Company experienced a catastrophic loss in the second quarter of the year. The loss meets the criteria for extraordinary item reporting, but Enyart’s controller is unsure whether this item
What guidance does the SEC provide for public companies with respect to the reporting of the “effect of preferred stock dividends and accretion of carrying amount of preferred stock on earnings per
Access the Codification glossary (“Master Glossary”) to answer the following.(a) What is the definition provided for current assets?(b) What is the definition of an intangible asset? In what
What guidance does the Codification provide on the classification of current liabilities?
What guidance does the Codification provide concerning the format of accounting disclosures?
What are the objectives related to the statement of cash flows?
The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2014.The following additional information is provided.1. Cash includes $1,200 in a petty cash fund and
The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows.The following errors in the corporation€™s accounting have been
Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.InstructionsPrepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore incometaxes.)
A comparative balance sheet for Shabbona Corporation is presented below.Additional information:1. Net income for 2014 was $125,000. No gains or losses were recorded in 2014.2. Cash dividends of
Grant Wood Corporationâ€™s balance sheet at the end of 2013 included the following items.The following information is available for 2014.1. Net income was $55,000.2. Equipment (cost $20,000 and
The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below.Net income of $44,000 was reported, and dividends of $33,000 were paid in 2014. New
Presented below is the balance sheet of Sameed Brothers Corporation (000s omitted).InstructionsEvaluate the balance sheet presented. State briefly the proper treatment of any itemcriticized.
The balance sheet of Kishwaukee Corporation as of December 31, 2014, is as follows.Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of
Each of the following items must be considered in preparing a statement of cash flows for Blackwell Inc. for the year ended December 31, 2014. State where each item is to be shown in the statement,
Red Hot Chili Peppers Co. had the following activity in its most recent year of operations.(a) Purchase of equipment.(b) Redemption of bonds payable.(c) Sale of building.(d) Depreciation.(e) Exchange
Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Turbulent Indigo Inc. for the year ended December 31, 2014.a) Plant assets that had cost
Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2014.Additional information:1. Dividends in the amount of $6,000 were declared and paid during 2014.2.
Data for Brecker Inc. are presented in E23-13.InstructionsPrepare a statement of cash flows using the indirectmethod.
Presented below are data taken from the records of Alee Company.Additional information:1. Held-to-maturity securities carried at a cost of $43,000 on December 31, 2013, were sold in 2014 for $34,000.
The balance sheet data of Brown Company at the end of 2014 and 2013 follow.Land was acquired for $30,000 in exchange for common stock, par $30,000, during the year; all equipment purchased was for
Jobim Inc. had the following condensed balance sheet at the end of operations for 2013.During 2014, the following occurred.1. A tract of land was purchased for $9,000.2. Bonds payable in the amount
The accounts below appear in the ledger of Anita Baker CompanyInstructionsFrom the postings in the accounts above, indicate how the information is reported on a statement of cash flows by preparing a
Data for Anita Baker Company are presented in E23-18.InstructionsPrepare entries in journal form for all adjustments that should be made on a worksheet for a statement of cashflows.
The transactions below took place during the year 2014.1. Convertible bonds payable with a par value of $300,000 were exchanged for unissued common stock with a par value of $300,000. The market
Below is the comparative balance sheet for Stevie Wonder Corporation.Dividends in the amount of $15,000 were declared and paid in 2014.InstructionsFrom this information, prepare a worksheet for a
The following statement was prepared by Maloney Corporation€™s accountant.The following additional information relating to Maloney Corporation is available for the year ended September 30,
Dingel Corporation has contracted with you to prepare a statement of cash flows. The controller has provided the following information.Additional data related to 2014 are as follows.1. Equipment that
The following are a number of values taken from compound interest tables involving the same number of periods and the same rate of interest. Indicate what each of these four values represents.(a)
In a book named Treasure, the reader has to figure out where a 2.2 pound, 24 kt gold horse has been buried. If the horse is found, a prize of $25,000 a year for 20 years is provided. The actual cost
Consider the loan in BE6-16. What payments must Zach Taylor make to settle the loan at the same interest rate but with the 6 payments beginning on the day the loan is signed?
What would you pay for a $50,000 debenture bond that matures in 15 years and pays $5,000 a year in interest if you wanted to earn a yield of?(a) 8%? (b) 10%? (c) 12%?
George Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the
Your client, Keith Moreland Leasing Company, is preparing a contract to lease a machine to Souvenirs Corporation for a period of 25 years. Moreland has an investment cost of $365,755 in the machine,
Access the glossary (“Master Glossary”) to answer the following.(a) What is the definition of present value?(b) Briefly describe the term “discount rate adjustment technique.”(c) Identify the
In addition to the list of topics identified in footnote 1 on page 288, identify three areas in which present value is used as a measurement basis. Briefly describe one topic related to:(a) Assets.
What is interest cost? Briefly describe imputation of interest.
The following are a series of unrelated situations.1. Halen Company€™s unadjusted trial balance at December 31, 2014, included the following accounts.Halen Company estimates its bad debt
Access the glossary (“Master Glossary”) to answer the following.(a) What is the definition of cash?(b) What is the definition of securitization?(c) What are the three contexts that give rise to
Carrie Underwood believes that by establishing a loss contingency for uncollectible receivables, a company provides financial protection against the loss. What does the authoritative literature say
In addition to securitizations, what are the other types of transfers of financial assets identified in the Codification?
The controller for Nesheim Construction Company believes that it is appropriate to offset a note payable to Oregon Bank against an account receivable from Oregon Bank related to remodeling services
Access the glossary (“Master Glossary”) to answer the following.(a) What is the definition provided for inventory?(b) What is a customer?(c) Under what conditions is a distributor considered a
Due to rising fuel costs, your client, Overstock.com, is considering adding a charge for shipping and handling costs on products sold through its website. What is the authoritative guidance for
What guidance does the Codification provide concerning reporting inventories above cost?
What is the nature of the SEC guidance concerning the reporting of LIFO liquidations?
Assume that in an annual audit of Harlowe Inc. at December 31, 2014, you find the following transactions near the closing date.1. A special machine, fabricated to order for a customer, was finished
Craig Company asks you to review its December 31, 2014, inventory values and prepare the necessary adjustments to the books. The following information is given to you.1. Craig uses the periodic
Presented below are transactions related to Tom Brokaw, Inc.May 10 Purchased goods billed at $15,000 subject to cash discount terms of 2/10, n/60.11 Purchased goods billed at $13,200 subject to terms
Cruise Industries purchased $10,800 of merchandise on February 1, 2014, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash
Ann M. Martin Company makes the following errors during the current year. (Evaluate each case independently and assume ending inventory in the following year is correctly stated.)1. ending inventory
At December 31, 2013, Stacy McGill Corporation reported current assets of $370,000 and current liabilities of $200,000. The following items may have been recorded incorrectly.1. Goods purchased
The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated.InstructionsPrepare a worksheet to show the adjusted net income figure for each of the 6
Shania Twain Company was formed on December 1, 2013.The following information is available from Twain€™s inventory records for Product BAP.A physical inventory on March 31, 2014, shows
The board of directors of Ichiro Corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first-out (FIFO) basis of pricing inventories to a
Johnny Football Shop began operations on January 2, 2014. The following stock record card for footballs was taken from the records at the end of the year.A physical inventory on December 31, 2014,
The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2014.Its inventory on that date was $160,000. On December 31, 2014, the inventory at prices existing on that date amounted to
The following information relates to the Jimmy Johnson Company.InstructionsUse the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2010through
Brian Erlacher, an inventory control specialist, is interested in better understanding the accounting for inventories. Although Brian understands the more sophisticated computer inventory control
SUPERVALU reported the following data in its annual report.(a) Compute SUPERVALU€™s inventory turnovers for 2011 and 2012, using:(1) Cost of sales and LIFO inventory.(2) Cost of sales and
Where there is evidence that the utility of inventory goods, as part of their disposal in the ordinary course of business, will be less than cost, what is the proper accounting treatment?
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the followingcases.
In its 2012 annual report, Gap Inc. reported inventory of $1,615 million on January 25, 2012, and $1,620 million on January 29, 2011, cost of sales of $9,275 million for fiscal year 2012, and net
Corrs Company began operations in 2013 and determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2013, and December 31, 2014. This information is presented
Presented below is information related to Candlebox Enterprises.Instructions(a) From the information, prepare (as far as the data permit) monthly income statements in columnar form for February,
Winans Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2013, included product X. Relevant per-unit data for
Phil Collins Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an additional cost of $34,460. These building lots were
During 2014, Pretenders Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pretenders for a lump sum of $59,850 because it is discontinuing manufacturing
Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term non-cancelable purchase commitment with its largest
At December 31, 2014, Indigo Girls Company has outstanding noncancelable purchase commitments for 36,000 gallons, at $3.00 per gallon, of raw material to be used in its manufacturing process. The
Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.Inventory, May 1 ....... $ 160,000Purchases
Tim Legler requires an estimate of the cost of goods lost by fire on March 9.Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $72,000; freight-in, $3,400; purchase returns
Rasheed Wallace Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation’s books disclosed the following.Beginning inventory
You are called by Tim Duncan of Spurs Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken
Gheorghe Moresan Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.Lumber ......... 25%Millwork ........ 30%Hardware and fittings .. 40%On
Presented below is information related to Aaron Rodgers Corporation for the current year.InstructionsCompute the ending inventory, assuming that (a) Gross profit is 45% of sales; (b) Gross profit is
Presented below is information related to Bobby Engram Company.Instructions(a) Compute the ending inventory at retail.(b) Compute a cost-to-retail percentage (round to two decimals) under the
Presented below is information related to Ricky Henderson Company.InstructionsCompute the inventory by the conventional retail inventorymethod.
The records of Ellen€™s Boutique report the following data for the month of April.InstructionsCompute the ending inventory by the conventional retail inventorymethod.
The financial statements of ConAgra Foods, Inc.'s 2012 annual report disclose the following information.InstructionsCompute ConAgra's(a) Inventory turnover and(b) The average days to sell inventory
Helen Keller Company began operations on January 1, 2013, adopting the conventional retail inventory system. None of the company€™s merchandise was marked down in 2013 and, because there
Leonard Bernstein Company began operations late in 2013 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2013 and no markdowns during 2013, the
You assemble the following information for Seneca Department Store, which computes its inventory under the dollar-value LIFO method.InstructionsCompute the cost of the inventory on December 31, 2014,
Presented below is information related to Langston Hughes Corporation.InstructionsCompute the ending inventory under the dollar-value LIFO method at December 31, 2015. The cost-to-retail ratio for
Amiras Corporation began operations on January 1, 2014, with a beginning inventory of $30,100 at cost and $50,000 at retail. The following information relates to 2014.Instructions(a) Assume Amiras
Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following
John Olerud Ltd., a local retailing concern in the Bronx, New York, has decided to change from the conventional retail inventory method to the LIFO retail method starting on January 1, 2015. The
Access the glossary (“Master Glossary”) to answer the following.(a) What is the definition of inventory?(b) What is the definition of market as it relates to inventory?(c) What is the definition
Based on increased competition for one of its key products, Tutaj Company is concerned that it will not be able to sell its products at a price that would cover its costs. Since the company is
What are the provisions for subsequent measurement of inventory in the context of a hedging transaction?
What is the nature of the SEC guidance concerning inventory disclosures?
The Coca-Cola Company and PepsiCo, Inc.InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo,
Kelly Clarkson Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2014. The terms of acquisition for each truck
Worf Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year
Ben Sisko Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.InstructionsDetermine the amounts that should
Harrisburg Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,000 on January 1, 2014. Harrisburg expected to complete
On December 31, 2013, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2014, the company made the following expenditures related to this
On July 31, 2014, Amsterdam Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2014.
The following three situations involve the capitalization of interest.Situation I: On January 1, 2014, Oksana Baiul, Inc. signed a fixed-price contract to have Builder Associates construct a major

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