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Questions and Answers of Accounting

On January 1, 2011, Palmer Company leased equipment to Immelman Corporation. The following information pertains to this lease.1. The term of the non-cancelable lease is 6 years, with no renewal
Assume that on January 1, 2011, Peking Duck Co. sells a computer system to Liquidity Finance Co. for ¥510,000 and immediately leases the computer system back. The relevant information is as
Cancun Inc. leased a new crane to Abriendo Construction under a 5-year non-cancelable contract starting January 1, 2011. Terms of the lease require payments of $33,000 each January 1, starting
Labron Industries and Ewing Inc. enter into an agreement that requires Ewing Inc. to build three diesel-electric engines to Labron’s specifications. Upon completion of the engines, Labron has
The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Shigeki Company, a lessee.Inception date January 1, 2010Annual lease payment due at the beginning
Moonstruck Company manufactures a reservation system with an estimated economic life of 12 years and leases it to National Airlines for a period of 10 years. The normal selling price of the equipment
In 2009, Grishell Shipping Company negotiated and closed a long-term lease contract for newly constructed truck terminals and freight storage facilities. The buildings were erected to the
On December 31, 2010, Shellhammer Co. sold 6-month-old equipment at fair value and leased it back. There was a loss on the sale. Shellhammer pays all insurance, maintenance, and taxes on the
The financial statements of M&S are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.comInstructionsRefer to M&S’s financial statements and the
Go to the British Airways (GBR) and Air France (FRA) company websites and use information found there to answer the following questions related to these airlines.Instructions(a) What types of leases
Presented in Illustration 21-30 are the financial statement disclosures from the 2008 annual report of Delhaize Group (BEL).InstructionsAnswer the following questions related to these disclosures.(a)
In recent years, the financial press has indicated that many companies have changed their accounting policies.What are the major reasons why companies change accounting policies?
Identify and describe the approach the IASB requires for reporting changes in accounting policies.
Define a change in estimate and provide an illustration.
Whittier Construction Co. had followed the practice of expensing all materials assigned to a construction job without recognizing any residual inventory. On December 31, 2010, it was determined that
Parsons Inc. wishes to change from the cost-recovery to the percentage-of-completion method for financial reporting purposes. The auditor indicates that a change would be permitted only if it is to a
What relevance do political costs have to accounting changes?
What are some of the key motivations that managers might have to change accounting policies?
An entry to record Purchases and related Accounts Payable of ¥130,000 for merchandise purchased on December 23, 2011, was recorded in January 2012. This merchandise was not included in inventory at
What is the difference in approach between U.S. GAAP and IFRS in regards to the equity method of accounting for the investor?
Shannon, Inc. changed from the average cost to the FIFO cost flow assumption in 2010. The increase in the prior year’s income before taxes is 1,200,000. The tax rate is 40%. Prepare Shannon’s
At January 1, 2010, Cheng Company reported retained earnings of ¥20,000,000. In 2010, Cheng discovered that 2009 depreciation expense was understated by ¥4,000,000. In 2010, net income was
Palmer Co. is evaluating the appropriate accounting for the following items. 1. Management has decided to switch from the FIFO inventory valuation method to the average cost inventory valuation
Cherokee Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for long-term construction contracts during 2010. For tax purposes, the company
Whitman Company began operations on January 1, 2008, and uses the average cost method of pricing inventory. Management is contemplating a change in inventory methods for 2011. The following
Presented below are income statements prepared on an average cost and FIFO basis for Carlton Company, which started operations on January 1, 2009. The company presently uses the average cost method
Yoon Co. purchased a machine on January 1, 2007, for 44,000,000. At that time, it was estimated that the machine would have a 10-year life and no residual value. On December 31, 2010, the firm’s
On January 1, 2006, McElroy Company purchased a building and equipment that have the following useful lives, residual values, and costs. Building, 40-year estimated useful life, £50,000 residual
Thurber Co. purchased equipment for $710,000 which was estimated to have a useful life of 10 years with a residual value of $10,000 at the end of that time. Depreciation has been entered for 7 years
Bryant Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for long-term construction contracts during 2010. For tax purposes, the company employs
Below is the net income of Benchley Instrument Co., a private corporation, computed under the two inventory methods using a periodic system.Instructions(a) Assume that in 2011 Benchley decided to
When the records of Aoki Corporation were reviewed at the close of 2011, the errors listed below were discovered. For each item, indicate by a check mark in the appropriate column whether the error
Various types of accounting changes can affect the financial statements of a business differently. Assume that the following list describes changes that have a material effect on the financial
As a public accountant, you have been contacted by Joe Davison, CEO of Sports-Pro Athletics, Inc., a manufacturer of a variety of athletic equipment. He has asked you how to account for the following
The financial statements of M&S are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com InstructionsRefer to M&S’s financial statements and the
Go to the book’s companion website and use information found there to answer the following questions related to Cadbury and Nestlé.Instructions(a) Identify the changes in accounting policies
In preparation for significant international operations, ABC Co. has adopted a plan to gradually shift to the same accounting policies as used by its international competitors. Part of this plan
In this simulation, you are asked questions about changes in accounting policy. Prepare responses to all parts.Journal Entries Prepare the journal entry necessary to record a change from the average
The IASB requires a reconciliation between the effective tax rate and the government’s statutory rate. Of what benefit is such a disclosure requirement?
Identify the segment information that is required to be disclosed by IFRS.
What is the difference between an auditor’s unmodified opinion or “clean” opinion and a modified one?
Briefly describe some of the similarities and differences between disclosure rules under U.S. GAAP and IFRS.
Bill Novak is working on an audit of a U.S. GAAP client. In his review of the client’s interim reports, he notes that the reports are prepared on an integral basis. That is, each interim report is
Briefly explain the need for an IFRS on first-time adoption of IFRS.
What is the rationale for exemptions to retrospective application at first-time adoption of IFRS?
Briefly describe the required exemptions to retrospective application at first-time adoption of IFRS.
What are three elective exemptions to retrospective application at first-time adoption of IFRS?
Briefly describe the deemed cost exemption to retrospective application at first-time adoption of IFRS.
If a company elects the deemed cost exemption, must it continue to use revaluation accounting subsequent to first-time adoption? Explain.
Briefly describe the presentation and disclosure requirements for first-time adoption of IFRS.
An annual report of Barclays Company states, “Net income a share is computed based upon the average number of shares of all classes outstanding. Additional shares of ordinary shares may be issued
Foley Corporation has seven operating segments with total revenues as follows (in 000,000).Based only on the revenues test, which operating segments arereportable?
Operating profits and losses for the seven operating segments of Foley Corporation are (in 000,000):Based only on the operating profit (loss) test, which industry segments arereportable?
Bohmann Company is preparing its opening IFRS statement of financial position on January 1, 2012. Under its previous GAAP, Bohmann had capitalized all development costs of $50,000. Under IFRS, only
Stengel plc is preparing its opening IFRS statement of financial position on January 1, 2012. Under its previous GAAP, Stengel used the LIFO inventory method. Under LIFO, its inventory is reported at
Latta Inc. is preparing its opening IFRS statement of financial position on January 1, 2010. Under its previous GAAP, Latta had deferred certain advertising costs amounting to $37,000. Prepare the
Simtz Company is preparing its opening IFRS statement of financial position on January 1, 2012. Under its previous GAAP, Smitz did not record a prevision for litigation in the amount of €85,000
Porter Company is evaluating the following assets to determine whether it can use fair value as deemed cost in first-time adoption of IFRS.1. Biological assets related to agricultural activity for
Goodman Company is preparing to adopt IFRS. In preparing its opening statement of financial position on January 1, 2012, Goodman identified the following accounting policy differences between IFRS
Lombardo Group is preparing to adopt IFRS. It is preparing its opening statement of financial position on January 1, 2012. Lombardo identified the following accounting policy differences between IFRS
Bradburn Corporation was formed 5 years ago through a public subscription of ordinary shares. Daniel Brown, who owns 15% of the ordinary shares, was one of the organizers of Bradburn and is its
Presented below are comparative statements of financial position for the Gilmour Company.Instructions(Round to two decimal places.)(a) Prepare a comparative statement of financial position of Gilmour
Listed below are six independent cases on how accounting facts might be reported on an individual company’s interim financial reports.InstructionsFor each of these cases, state whether the method
Go to the book’s companion website and use information found there to answer the following questions related to Cadbury and Nestlé.Instructions(a) (1) What specific items does Cadbury discuss in
Explain the difference between external events and internal events. Give an example of each type of event.
Each economic event or transaction will have a dual effect on financial position. Explain what is meant by this dual effect.
What is the purpose of a journal? What is the purpose of a general ledger?
Explain the difference between permanent accounts and temporary accounts. Why does an accounting system include both types of accounts?
What is the first step in the accounting processing cycle? What role do source documents fulfill in this step?
What is an unadjusted trial balance? An adjusted trial balance?
Define adjusting entries and discuss their purpose.
Define closing entries and their purpose.
Define prepaid expenses and provide at least two examples.
Describe the purpose of each of the four primary financial statements.
What is the purpose of a worksheet? In a columnar worksheet similar to Illustration 2A–1, what would be the result of incorrectly transferring the balance in a liability account to column K, the
Define reversing entries and discuss their purpose.
What is the purpose of special journals? In what ways do they simplify the recording process?
Explain the difference between the general ledger and a subsidiary ledger.
The Marchetti Soup Company entered into the following transactions during the month of June:(1) Purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system);(2)
Prepare journal entries for each of the transactions listed in BE 2–1.The Marchetti Soup Company entered into the following transactions during the month of June: (1) Purchased inventory on account
Post the journal entries prepared in BE 2–2 to T-accounts. Assume that the opening balances in each of the accounts is zero except for cash, accounts receivable, and accounts payable that had
Prepare journal entries for each of the following transactions for a company that has a fiscal year-end of December 31: (1) On October 1, $12,000 was paid for a one-year fire insurance policy; (2) On
Prepare the necessary adjusting entries at December 31 for each of the items listed in BE 2–4. Depreciation on the equipment is $12,000 per year.In BE 2-4, Prepare journal entries for each of the
If the adjusting journal entries prepared in BE 2–5 were not made, would net income be higher or lower and by how much?Prepare the necessary adjusting entries at December 31 for each of the items
Prepare the necessary adjusting entries at its year-end of December 31, 2011, for the Jamesway Corporation for each of the following situations. No adjusting entries were made during the year.1. On
If none of the adjusting journal entries prepared in BE 2–7 were made, would assets, liabilities, and shareholders' equity on the 12/31/11 balance sheet be higher or lower and by how much?Prepare
The following account balances were taken from the 2011 adjusted trial balance of the Bowler Corporation: sales revenue, $325,000; cost of goods sold, $168,000; salaries expense; $45,000; rent
The following account balances were taken from the 2011 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; machinery and equipment,
The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $220,000; sales revenue, $850,000; cost of goods sold,
Newman Consulting Company maintains its records on a cash basis. During 2011 the following cash flows were recorded: cash received from customers, $420,000; and cash paid for salaries, utilities, and
The following transactions occurred during March 2011 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.1. Issued 30,000 shares of common stock in exchange for
Prepare journal entries to record each of the transactions listed in Exercise 2–1.In Exercise 2–1, The following transactions occurred during March 2011 for the Wainwright Corporation. The
Post the journal entries prepared in Exercise 2–2 to T-accounts. Assume that the opening balances in each of the accounts is zero.In Exercise 2–2, Prepare journal entries to record
The following transactions occurred during the month of June 2011 for the Stridewell Corporation. The company owns and operates a retail shoe store.1. Issued 100,000 shares of common stock in
Listed below are several terms and phrases associated with the accounting processing cycle. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with
Indicate whether a debit will increase (I) or decrease (D) each of the following accounts listed in items 1 through 16: Increase (I) or Decrease (D) Account 1. Inventory 2.
Some of the ledger accounts for the Sanderson Hardware Company are numbered and listed below. For each of the October 2011 transactions numbered 1 through 12 below, indicate by account number which
Prepare the necessary adjusting entries at December 31, 2011, for the Falwell Company for each of the following situations. Assume that no financial statements were prepared during the year and no
Prepare the necessary adjusting entries at December 31, 2011, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no
The Eldorado Corporation's controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2011:Additional information:1. The

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