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Questions and Answers of Accounting

DeJohn Company, which began operations at the beginning of 2012, produces various products on a contract basis. Each contract generates a gross profit of $80,000. Some of DeJohn’s contracts provide
AMR Corporation (parent company of American Airlines) reported the following for 2011 (in millions).Service cost .......... $366Interest on P.B.O. ........ 737Return on plan assets ......
At January 1, 2014, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2014, service cost was $27,500, the settlement rate was 10%, actual and
For 2012, Campbell Soup Company had pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell Soup Company’s journal entry to record pension expense and
The following information is available for the pension plan of Radcliffe Company for the year 2014.Actual and expected return on plan assets ...... $ 15,000Benefits paid to retirees .............
Taveras Enterprises provides the following information relative to its defined benefit pension plan.Balances or Values at December 31, 2014Projected benefit obligation ..........
Englehart Co. provides the following information about its postretirement benefit plan for the year 2014.InstructionsCompute the postretirement benefit expense for2014.
Using the information in E20-22, prepare a worksheet inserting January 1, 2014, balances, showing December 31, 2014, balances, and the journal entry recording postretirement benefit expense.
The accounting staff of Holder Inc. has prepared the following postretirement benefit worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your
On January 1, 2014, Harrington Company has the following defined benefit pension plan balances.Projected benefit obligation .. $4,500,000Fair value of plan assets .... 4,200,000The interest
What is net interest? Identify the elements of net interest and explain how they are computed.
Bill Haley is learning about pension accounting. He is convinced that in years when companies record liability gains and losses, total comprehensive income will not be affected. Is Bill correct?
At the end of the current year, Joshua Co. has a defined benefit obligation of $335,000 and pension plan assets with a fair value of $345,000. The amount of the vested benefits for the plan is
Villa Company has experienced tough competition, leading it to seek concessions from its employees in the company’s pension plan. In exchange for promises to avoid layoffs and wage cuts, the
The following defined pension data of Doreen Corp. apply to the year 2014.Defined benefit obligation, 1/1/14 (before amendment) .... $560,000Plan assets, 1/1/14 ................... 546,200Pension
Buhl Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2014, the following balances relate to this plan.Plan assets ......... $480,000Defined benefit obligation ...
Linda Berstler Company sponsors a defined benefit pension plan. The corporationâ€™s actuary provides the following information about the plan.Instructions(a) Compute the actual return on the
Pat Delaney Company leases an automobile with a fair value of $8,725 from John Simon Motors, Inc., on the following terms:1. Noncancelable term of 50 months.2. Rental of $200 per month (at end of
Castle Leasing Company signs a lease agreement on January 1, 2014, to lease electronic equipment to Jan Way Company. The term of the noncancelable lease is 2 years, and payments are required at the
Mike Macinski Leasing Company leases a new machine that has a cost and fair value of $95,000 to Sharrer Corporation on a 3-year noncancelable contract. Sharrer Corporation agrees to assume all risks
On January 1, 2014, Bensen Company leased equipment to Flynn Corporation. The following information pertains to this lease.1. The term of the noncancelable lease is 6 years, with no renewal option.
The following facts pertain to a noncancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee.Inception date: May 1, 2014Annual lease payment due at the beginning ofeach
A lease agreement between Mooney Leasing Company and Rode Company is described in E21-8.InstructionsRefer to the data in E21-8 and do the following for the lessor.(a) Compute the amount of the lease
Morgan Leasing Company signs an agreement on January 1, 2014, to lease equipment to Cole Company. The following information relates to this agreement.1. The term of the noncancelable lease is 6 years
On January 1, 2014, Doug Nelson Co. leased a building to Patrick Wise Inc. The relevant information related to the lease is as follows.1. The lease arrangement is for 10 years.2. The leased building
On January 1, 2014, a machine was purchased for $900,000 by Young Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The
Assume that on January 1, 2014, Elmer’s Restaurants sells a computer system to Liquidity Finance Co. for $680,000 and immediately leases the computer system back. The relevant information is as
Presented below are four independent situations.(a) On December 31, 2014, Zarle Inc. sold computer equipment to Daniell Co. and immediately leased it back for 10 years. The sales price of the
The following facts pertain to a noncancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a lessee, for a computer system.Inception date ........... October 1, 2014Lease
The following facts pertain to a noncancelable lease agreement between Faldo Leasing Company and Vance Company, a lessee.Inception date ................ January 1, 2014Annual lease payment due at the
In 2013, Grishell Trucking Company negotiated and closed a long-term lease contract for newly constructed truck terminals and freight storage facilities. The buildings were erected to the
Albertsen Corporation is considering proposals for either leasing or purchasing aircraft. The proposed lease agreement involves a twin-engine turboprop Viking that has a fair value of $1,000,000.
Parsons Inc. has proposed a change from the completed contract to the percentage-of-completion method for financial reporting purposes. The auditor indicates that a change would be permitted only if
Roundtree Manufacturing Co. is preparing its year-end financial statements and is considering the accounting for the following items.1. The vice president of sales had indicated that one product
Cullen Construction Company, which began operations in 2014, changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2015.
Below is the net income of Anita Ferreri Instrument Co., a private corporation, computed under the three inventory methods using a periodic system.(a) Assume that in 2015 Ferreri decided to change
The first audit of the books of Bruce Gingrich Company was made for the year ended December 31, 2015. In examining the books, the auditor found that certain items had been overlooked or incorrectly
You have been engaged to review the financial statements of Gottschalk Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a
The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 2014, $147,000; 2015, $185,000. Early in 2016, the following errors were discovered.1. Depreciation
Peter Henning Tool Company€™s December 31 year-end financial statements contained the following errors.An insurance premium of $66,000 was prepaid in 2014 covering the years 2014, 2015,
A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2015.Additional adjusting data:1. A physical count of supplies on hand on December 31, 2015, totaled $1,100.2.
The before-tax income for Lonnie Holdiman Co. for 2014 was $101,000 and $77,400 for 2015. However, the accountant noted that the following errors had been made:1. Sales for 2014 included amounts of
When the records of Debra Hanson Corporation were reviewed at the close of 2015, the errors listed below were discovered. For each item, indicate by a check mark in the appropriate column whether the
On January 1, 2014, Beyonce Co. purchased 25,000 shares (a 10% interest) in Elton John Corp. for $1,400,000. At the time, the book value and the fair value of John€™s net assets were
Dan Aykroyd Corp. was a 30% owner of Steve Martin Company, holding 210,000 shares of Martinâ€™s common stock on December 31, 2013. The investment account had the following entries.On January 2,
The following are three independent, unrelated sets of facts relating to accounting changes.Situation 1: Sanford Company is in the process of having its first audit. The company has used the cash
Katherine Irving, controller of Lotan Corp., is aware of a pronouncement on accounting changes. After reading the pronouncement, she is confused about what action should be taken on the following
The Procter & Gamble Company (P&G)The financial statements of P&G are presented in Appendix 5B. The company’s complete annual report, including the notes to the financial statements, can be
Carlton Company is involved in four separate industries. The following information is available for each of the four industries.InstructionsDetermine which of the operating segments are reportable
As loan analyst for Utrillo Bank, you have been presented the following information.Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered.Because your bank
Picasso Company is a wholesale distributor of professional equipment and supplies. The company€™s sales have averaged about $900,000 annually for the 3-year period 2012€“2014. The
Edna Millay Inc. is a manufacturer of electronic components and accessories with total assets of $20,000,000. Selected financial ratios for Millay and the industry averages for firms of similar size
Presented below are the assumptions, principles, and constraints used in this chapter.1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption
Presented below are a number of operational guidelines and practices that have developed over time.InstructionsSelect the assumption, principle, or constraint that most appropriately justifies these
Principle) Presented below are a number of facts related to Baez, Inc. Assume that no mention of these facts was made in the financial statements and the related notes. InstructionsAssume that you
Presented below are a number of business transactions that occurred during the current year for Barela, Inc.InstructionsIn each of the situations, discuss the appropriateness of the journal entries
Presented below is information related to Bowman, Inc.InstructionsComment on the appropriateness of the accounting procedures followed by Bowman, Inc.(a) During the year, the company purchased
Brown is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.April 2 Invested $73,600 cash and equipment
The trial balance of Vista Company does not balance. Your review of the ledger reveals the following:(a) Each account had a normal balance.(b) The credit footings in Prepaid Insurance, Accounts
The trial balance of Cervantes Corporation, below, does not balance.An examination of the ledger shows these errors.1. Cash received from a customer on account was recorded (both debit and credit) as
The trial balance of Vail Co. does not balance.Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following
The ledger of Chan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.An analysis of the accounts shows the
Cheng, D.D.S., opened a dental practice on January 1, 2014. During the first month of operations the following transactions occurred.1. Performed services for patients who had dental plan insurance.
A partial adjusted trial balance of Coy Company at January 31, 2014, shows the following.InstructionsAnswer the following questions, assuming the year begins January 1.(a) If the amount in Supplies
Dement is the new owner of Fung Computer Services. At the end of August 2014, his first month of ownership, Dement is trying to prepare monthly financial statements. Below is some information related
Selected accounts of Conan Company are shown below.InstructionsFrom an analysis of the T-accounts, reconstruct (a) The August transaction entries, (b) The adjusting journal entries that were made on
Gonzalez Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.Other data:1. The balance in prepaid insurance is a one-year premium paid
The adjusted trial balance of Decimal Co. as of December 31, 2014, contains the following.Instructions(a) Prepare an income statement.(b) Prepare a statement of retained earnings.(c) Prepare a
Comp Corp. was founded by Kevin Flynn in January 2008. Presented below is the adjusted trial balance as of December 31, 2014.Instructions(a) Prepare an income statement and a statement of retained
The adjusted trial balance of Guevara Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2014:Sales .................... $320,000Sales Returns and
Presented below is information related to Crowe Corporation for the month of January 2014.Cost of goods sold .............. $361,000Freight-out ................. 22,500Insurance expense
Presented below is financial information for two different companiesInstructionsCompute the missingamounts.
Presented below are selected account balances for Kirby Co. as of December 31, 2014.InstructionsPrepare closing entries for Kirby Co. on December 31,2014.
Scott Loder opened Ledford Miniature Golf and Driving Range Inc. on March 1. The following selected events and transactions occurred during March.Mar. 1 Invested $62,500 cash in the business in
June Murray, M.D., maintains the accounting records of Murray Clinic on a cash basis. During 2014, Dr. Murray collected $285,200 from her patients and paid $110,940 in expenses. At January 1, 2014,
Letterman Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Letterman Corp. requests you as its independent CPA to
When the accounts of David Nguyen Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period.1. The prepaid insurance account shows a debit of
Presented below are selected accounts for Avacado Company as reported in the worksheet at the end of April 2014.InstructionsComplete the worksheet by extending amounts reported in the adjusted trial
The adjusted trial balance for Berkeley Co. is presented in the following worksheet for the month ended April 30, 2014.InstructionsComplete the worksheet and prepare a classified balancesheet.
Leno Co. prepares monthly financial statements from a worksheet. Selected portions of the January worksheet showed the following data.During February no events occurred that affected these accounts,
Presented below are changes in all the account balances of Chris Park Furniture Co. during the current year, except for retained earnings.InstructionsCompute the net income for the current year,
Presented below is information related to Copa Corporation at December 31, 2014, the end of its first year of operations.InstructionsCompute the following: (a) Income from operations, (b) Net income,
Presented below are certain account balances of Patel Products Co.InstructionsFrom the foregoing, compute the following: (a) Total net revenue, (b) Net income, (c) Dividends declared,(d) Income
The financial records of Leon Paul Inc. were destroyed by fire at the end of 2014. Fortunately the controller had kept certain statistical data related to the income statement as presented below.1.
Two accountants for the accounting firm of Pham and Pun are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the
The following balances were taken from the books of Schimank Corp. on December 31, 2014.Assume the total effective tax rate on all items is 34%.InstructionsPrepare a multiple-step income statement;
The accountant of Tabel Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2014.Rental revenue
EPS) Presented below are selected ledger accounts of Tran Corporation as of December 31, 2014.Cash ......................$ 125,000Administrative expenses .............. 250,000Selling expenses
Presented below is information related to Trieu Corp. for the year 2014.Instructions(a) Prepare a multiple-step income statement for 2014. Assume that 60,000 shares of common stock are
The stockholders€™ equity section of Udokah Corporation appears below as of December 31, 2014.Net income for 2014 reflects a total effective tax rate of 34%. Included in the net income
Presented below are selected ledger accounts of Vu Corporation at December 31, 2014.Cash .................. $ 92,500Merchandise inventory ........... 267,500Sales
Jason Woo Corporation began operations on January 1, 2012. During its first 3 years of operations, Woo reported net income and declared dividends as follows.The following information relates to
At December 31, 2013, Shulo Corporation had the following stock outstanding.10% cumulative preferred stock, $100 par, 202,000 shares ... $20,200,000Common stock, $1 par, 4,000,000 shares ..........
Tom Zuluaga Company placed an asset in service on January 2, 2012. Its cost was $1,350,000 with an estimated service life of 6 years. Salvage value was estimated to be $90,000. Using the
Ari Corporation reported the following for 2014: net sales $6,000,000; cost of goods sold $3,750,000; selling and administrative expenses $1,600,000; and an unrealized holding gain on
Calvo Co. reports the following information for 2014: sales revenue $350,000; cost of goods sold $250,000; operating expenses $40,000; and an unrealized holding loss on available-for-sale securities
The following information was taken from the records of Cantu Inc. for the year 2014. Income tax applicable to income from continuing operations $261,800; income tax applicable to loss on
Assume that Clark Enterprises uses the following headings on its balance sheet.(a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e) Other assets. (f)
Assume that Cluver Inc. has the following accounts at the end of the current year.1. Accrued Salaries Payable. 2. Cash Restricted for Plant Expansion. 3. Land Held for Future Plant Site. 4.
Darling Company has decided to expand its operations. The bookkeeper recently completed the balance sheet in order to obtain additional funds for expansion.DARLING COMPANYBALANCE SHEETDECEMBER 31,

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