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Questions and Answers of Accounting

Olympia Company establishes a stock appreciation rights program that entitles its new CEO to receive cash for the difference between the market price of the stock and a pre-established price of $20
For the following investments identify whether they are:1. Trading securities2. Available-for-sale securities3. Held-to-maturity securitiesEach case is independent of the other.(a) Purchase bonds
On July 1, 2014, Salt Mine Corporation purchased at par 8% bonds having a maturity value of $250,000. The bonds are dated July 1, 2014, and mature July 1, 2019, with interest payable on July 1 of
On January 1, 2014, Hummer Company purchased 5% bonds, having a maturity value of $500,000, for $428,938. The bonds provide the bondholders with a 7% yield. They are dated January 1, 2014, and mature
Assume the same information as in E17-3B except that the securities are classified as available-for-sale. The fair value of the bonds at December 31 of each yearend is as follows.2014 ........
On January 1, 2014, Falcon Electro acquires $400,000 of 8% bonds at a price of $442,376. The interest is payable each December 31, and the bonds mature December 31, 2034. The investment will provide
The following information is available for Quigley Company at December 31, 2014, regarding its investments.The company did not have any investments prior to 2014.Instructions(a) Prepare the adjusting
On December 31, 2014, InterSteel Inc. provided you with the following information regarding its trading securities.All of the securities were purchased during 2014.During 2015, InterSteel sold its
U-For Corporation purchases equity securities costing $163,480 and classifies them as available-for-sale securities. At December 31, the fair value of the portfolio is $167,500.InstructionsPrepare
At December 31, 2014, the available-for-sale equity portfolio for Zorro Foods Corp. is as follows.December 31, 2013, securities fair value adjustment balanceâ€”Dr. 5,400On January 20, 2015,
Assume the same information as E17-9B and that Zorro Foods Corp. reports net income in 2014 of $689,600 and in 2015 of $235,000. Total unrealized holding gains (including any realized holding gain or
Grander Skys Corporation made the following cash purchases of securities during 2014, which is the first year in which Grander Skys invested in securities.1. On March 31, purchased 25,000 shares of
Presented below are two independent situations.Situation 1People Tables acquired 15% of the 5,000,000 shares of common stock of Robot Sofas at a total cost of $8.50 per share on April 1, 2014. On
Parent Co. invested $5,000,000 in Sub Co. for 30% of its outstanding stock. At the time of the purchase, Sub Co. had a book value of $15,000,000. Sub Co. pays out 75% of net income in dividends each
AEP Co. purchased 1,000 shares of Sugarland Company for $22 each this year and classified the investment as a trading security. AEP sold 300 shares of the stock for $25 each. At year-end, the price
EverOne Corp. has the following securities in its trading portfolio of securities on December 31, 2014.All of the securities were purchased in 2014.In 2015, EverOne completed the following securities
Blank Co. acquired 25% of the 500,000 shares of outstanding common stock of Overload Inc. on December 31, 2014. The purchase price was $3,600,000. Overload declared and paid $1.20 per share cash
On January 1, 2014, LabTech Inc. purchased 40% of the common shares of UnderTech Company for $280,000. During the year, UnderTech earned net income of $120,000 and paid dividends of
Waxer Corporation has an investment in corporate bonds classified as available-for-sale at December 31, 2014. These bonds have a par value of $500,000, an amortized cost of $500,000, and a fair
Presented below is information related to the purchases of common stock by Thomlin Company during 2014.Instructions(a) What entry would Thomlin make at December 31, 2014, to record the investment in
Assume the same information as in E17-19B for Thomlin Company. In addition, assume that the investment in the Tiger Inc. stock was sold during 2015 for $278,000. At December 31, 2015, the following
Presented below is selected information related to the financial instruments of Kirkland Company at December 31, 2014. This is Kirkland Company€™s first year of operations.Instructions(a)
On April 16, 2014, ColorCo purchased a put option for $800 on Choco common stock. The put option gives ColorCo the option to sell 5,000 shares of Choco at a strike price of $25 per share for a
On January 1, 2014, K-Store Inc. issued a 10-year, $500,000 note at 8% fixed interest, interest payable semiannually. K-Store preferred a variable-rate note, but its lender offered only fixed-rate
On January 1, 2014, NorthLake Office Services issues a 10-year, $1,000,000 note at LIBOR plus 1%, with interest paid annually. The variable rate is reset at the end of each year. The LIBOR rate for
On January 1, 2014, VB Technical Inc. issues a 5-year, 6% fixed-rate interest only, nonprepayable $5,000,000 note with interest payable on June 30 and December 31 of each year. VB decides to change
On July 10, 2014. Outback Co. invested idle cash by purchasing a call option on Toby Inc. common shares for $700. The notional value of the call option is 700 shares, and the option price is $31.
Locket Jewelery Co. uses gold in the production of its products. Locket anticipates that it will need to purchase 100 ounces of gold in November 2014, for jewelery that will be shipped prior to
On January 1, Jenny Company sells goods that have a cost of $400,000 to Denny Inc. for $550,000, with payment due in 1 year. The cash price for these goods is $450,000, with payment due in 30 days.
Sheena Company sells goods that cost $400,000 to Richie Company for $530,000 on January 2, 2014. The sales price includes an installation fee, which is valued at $50,000. The fair value of the goods
Presented below are three revenue recognition situations.(a) Gee sells goods to Pluto for $950,000, payment due at delivery.(b) Gee sells goods on account to Goofy for $750,000, payment due in 45
Wilbur Company is involved in the design, manufacture, and installation of various types of products for large equestrain projects. Wilbur recently completed a large contract for Mr. Ed Inc., which
Gyro Company is presently testing a number of new weed control products that it recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional
Chester Books Co. publishes romance novels that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 90 days after
On October 5, Veri-Wyn Company sold to Dunn & Brooks merchandise having a sale price of $23,000 with terms of 1/10, n/30, f.o.b. shipping point. Dunn & Brooks received the goods on October 9 and
KimoCo Country Club is an exclusive country club located in North Dakota that offers a maximum of 1,000 annual memberships that it sells for $16,000 per year. Payments must be made in full at the
On August 15, 2014, Japan Ideas consigned 500 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,250 and was paid by Japan Ideas.
Apple Core is an experienced technology retailer. Apple Core also offers a number of services together with the electronic items that it sells. Assume that Apple Core sells home entertainment systems
On December 31, 2014, Gard Company sells production equipment to Wells Inc. for $75,000. Gard includes a 1-year warranty service with the sale of all its equipment. The customer receives and pays for
During 2014 AFCO started a construction job with a contract price of $2,500,000. The job was completed in 2016. The following information is available.Instructions(a) Compute the amount of gross
In 2014, Landers Construction Corp. began construction work under a 5-year contract. The contract price was $25,000,000. Landers uses the percentage-of-completion method for financial accounting
On July 1, 2014, Welton Inc. entered into a cost-plus-fixed-fee contract to construct a prototype robotic assembly line for New Car Corporation. At the contract date, Welton estimated that it would
In 2014 Nor-craft Sisters Construction agreed to construct a residence hall at University of the North at a price of $8,500,000. The information relating to the costs and billings for this contract
Young Tree Construction Company uses the percentage-of-completion method of accounting. In 2014, Young Tree began work under a contract with a contract price of $1,500,000. Other details
Harman Construction Company began operations January 1, 2014. During the year, Harman Construction entered into a contract with Kardon Corp. to construct a retail showcase facility. At that time,
Bearing Construction Company began operations in 2014. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31,
Mandarin Partners appropriately uses the installment- sales method of accounting to recognize income in its financial statements. The following information is available for 2014 and
Republic Distributors. appropriately uses the installment-sales method of accounting. On December 31, 2014, the books show balances as follows.Instructions(a) Prepare the adjusting entry or entries
Duke Corporation appropriately uses the installment-sales method of accounting. The following data were obtained for the years 2014 and 2015. Duke did not make any installment sales prior to
Upper World Corporation sells tractor trailers on the installment plan. On October 1, 2014, Upper World entered into an installment-sale contract with Lower Sky Inc. for a 5-year period. Equal annual
Eagle Flyer Corp. operates on a calendar-year basis, and began making installment sales in 2014; the company usese the installment-sales method of profit recognition in accounting. The following data
On April 1, 2014, Joy Ltd. sold land for $600,000. The note will be collected as follows: $100,000 in 2014, $200,000 in 2015, and $300,000 in 2016. The property had cost Joy $122,000 when it was
Green Acres Ltd. was involved in two default and repossession cases during the year:1. A home theatre system was sold to Jonathan Quick for $2,400, including a 40% markup on selling price. Quick made
X-Run Inc. uses the installment-sales method in accounting for its installment sales. On January 1, 2014, X-Run had an installment account receivable from Herman Pringle with a balance of $3,900.
Burger Universe charges an initial franchise fee of $225,000. Upon the signing of the agreement, a payment of $25,000 is due. Thereafter, five annual payments of $40,000 are required. The credit
On January 1, 2014, Shaw & Shaw signed an agreement to operate as a franchisee of World Premiere Salons for an initial franchise fee of $130,000. The amount of $20,000 was paid when the agreement was
Allied Corporation has one temporary difference at the end of 2014 that will reverse and cause deductible amounts of $40,000 in 2015, and $70,000 in 2016. Allied’s pretax financial income for 2014
The following information is available for DirectMedia Inc. for 2014.1. Excess of tax depreciation over book depreciation, $80,000. This $80,000 difference will reverse equally over the next 4
At the beginning of 2014, Krypton Inc. reporting a deferred tax liability of $80,000. At the end of 2014, the related cumulative temporary difference amounts to $300,000 and it will reverse evenly
Metals Corporation reports pretax financial income of $260,000 for 2014. The following items cause taxable income to be different than pretax financial income.1. Rental income on the income statement
The following facts relate to Xylo Corporation.1. Deferred tax liability, January 1, 2012, $0.2. Deferred tax asset, January 1, 2012, $24,000.3. Taxable income for 2014, $265,000.4. Pretax financial
Listed below are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes.InstructionsFor each item below, indicate whether it involves:(1) A
Complete the following statements by filling in the blanks.Instructions(a) If a $150,000 balance in Deferred Tax Liability was computed by use of a 30% rate, the underlying cumulative temporary
Tipper Company has two temporary differences between its income tax expense and income taxes payable. The following information is available.The income tax rate for all years is 30%.Instructions(a)
The pretax financial income (or loss) figures for Metals, Inc. are as follows.2011 .........$ 90,0002012 ......... 65,0002013 ......... 40,0002014 ......... (230,000)2015 ......... 70,0002016
Vintage Car Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2008 through 2017 as follows.Pretax financial income (loss) and taxable income (loss) were the
At December 31, 2014, Rockfellow Corp. had a net deferred tax asset of $50,000. An explanation of the items that compose this balance is as follows.Resulting BalancesTemporary Differences in Deferred
The following facts relate to Integrated Products Corporation.1. Deferred tax liability, January 1, 2014, $225,000.2. Deferred tax asset, January 1, 2014, $162,000.3. Taxable income for 2014,
At the end of 2014, Frontier Corporation has $360,000 of cumulative temporary differences that will result in reporting future taxable amounts as follows.2015 ......... $105,0002016
NovaSci, Inc. has a deferred tax asset account with a balance of $255,000 at the end of 2013 due to a single cumulative temporary difference of $850,000. At the end of 2014 this same temporary
Assume the same information as E19-14B, except that at the end of 2013, NovaSci, Inc. had a valuation account related to its deferred tax asset of $125,000.In E19-14B, NovaSci, Inc. has a deferred
Sky Time Media Corporation’s only temporary difference at the beginning and end of 2014 is caused by a $2.5 million litigation accrual that is expected to be settled in 2016. The related deferred
Taxable income and pretax financial income would be identical for Ursula Co. except for its depreciation on equipment purchased in 2014 for $500,000 and estimated costs of warranties. The following
During 2014, Cumpuincâ€™s first year of operations, the company reports pretax financial income at $231,000. Cumpuincâ€™s enacted tax rate is 40% for 2014 and 2015 and 30% for all later
Low4All Stores establishes a $200 million liability at the end of 2014 for the estimated costs to settle a class-action lawsuit alleging discrimination. The settlement is expected to be approved by
Education Sciences Company, in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2014.It is estimated that
Jones Clothier Inc. has two temporary differences at the end of 2014. The first difference stems from installment sales, and the second one results from the accrual for costs associated with closing
The differences between the book basis and tax basis of the assets and liabilities of Host Five Inc. at the end of 2014 are presented below.It is estimated that the warranty accrual will be settled
Public Wares Corporation reports the following pretax income (loss) for both financial reporting purposes and tax purposes. (Assume the carryback provision is used for a net operating loss and 2013
Assume the same information as E19-23B, except that based on the weight of available evidence in 2014, it is more likely than not that 40 percent of the benefits of any loss carryforward will not be
Topper Company reported the following pretax financial income (loss) for the years 2013 through 2017.2013 .........$ 70,0002014 ......... 45,0002015 ......... (260,000)2016 ......... 90,0002017
The following information is available for the pension plan of Talkspace Corporation for the year 2014.Actual and expected return on plan assets ....... $ 65,000Benefits paid to retirees
McCaw Company provides the following information about its defined-benefit pension plan for the year 2014.Service cost ................ $ 210,000Contribution to the plan ............ 263,000Prior
The following facts apply to the pension plan of I-Pass Corporation for the year 2014.Plan assets, January 1, 2014 ............$950,000Projected benefit obligation, January 1, 2014 .....
Ace Inc. has five employees participating in its defined-benefit pension plan. Expected years of future service for these employees at the beginning of 2014 are as follows.FutureEmployee Years of
Hunt Syrups Company provides the following pension plan information.Fair value of pension plan assets, January 1, 2014 ........$1,250,000Fair value of pension plan assets, December 31, 2014 ........
The following defined pension data of Eagle Homes Corporation apply to the year 2014.Projected benefit obligation, January 1, 2014(before amendment) ...................$1,255,000Plan assets, January
XTRA Inc. has beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets.The average remaining service-life per employee in 2014
Ocean Air provides the following information related to its defined-benefit pension plan.Balances or Values at December 31, 2014____________Projected benefit obligation
Dade Shutters Inc. sponsors a defined-benefit pension plan for its employees. On January 1, 2014, the following balances relate to this plan.Plan assets ................$1,650,000Projected benefit
Western Zoo Corporation sponsors a defined-benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2014 in which no benefits were paid.1. The
Vice Oil received the following selected information from its pension plan trustee concerning the operation of the companyâ€™s defined-benefit pension plan for the year ended December 31,
Shiloh Acres sponsors a defined-benefit pension plan. The corporationâ€™s actuary provides the following information about the plan.The average remaining service life per employee is 10
Using the information in E20-13B about Shiloh Acres' defined-benefit pension plan, prepare a 2014 pension worksheet with supplementary schedules of computations.In E20-13B, Shiloh Acres sponsors a
Ultra-Home Corporation provides the following information related to its defined-benefit pension plan for 2014.Pension liability (January 1) .............$ 500,000Accumulated benefit obligation
The actuary for the pension plan of Regina Company calculated the following net gains and losses.Incurredduring the Year (Gain) or Loss2014 ........$ (660,000)2015 ........ 250,0002016 ........
Central Innovations Company sponsors a defined-benefit pension plan for its 175 employees. The companyâ€™s actuary provided the following information about the plan.The average remaining service
The accounting staff of Poe Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in
Family Favors Inc. provides the following information about its postretirement benefit plan for the year 2014.Service cost ................. $ 134,000Prior service cost amortization .........
Banc Six Corp. provides the following information related to its postretirement benefits for the year 2014.Accumulated postretirement benefit obligation at January 1, 2014 ... $1,195,000Actual and

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