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Questions and Answers of Accounting

Assume that Bon Temps has a beta coefficient of 1.2, that the risk-free rate (the yield on T-bonds) is 7%, and that the required rate of return on the market is 12%. What is Bon Temps’s required
Assume that Bon Temps is a constant growth company whose last dividend (D0, which was paid yesterday) was $2.00 and whose dividend is expected to grow indefinitely at a 6% rate. What is the firm’s
What is its current stock price?
What is the stock’s expected value 1 year from now?
What are the expected dividend yield, capital gains yield, and total return during the first year?
Now assume that the stock is currently selling at $30.29. What is its expected rate of return?
What would the stock price be if its dividends were expected to have zero growth? Discuss.
Now assume that Bon Temps is expected to experience nonconstant growth of 30% for the next 3 years, then return to its long-run constant growth rate of 6%. What is the stock’s value under these
Suppose Bon Temps is expected to experience zero growth during the first 3 years and then resume its steady-state growth of 6% in the fourth year. What would be its value then? What would be its
Finally, assume that Bon Temps’s earnings and dividends are expected to decline at a constant rate of 6% per year, that is, g = 6%. Why would anyone be willing to buy such a stock, and at what
Suppose Bon Temps embarked on an aggressive expansion that requires additional capital. Management decided to finance the expansion by borrowing $40 million and by halting dividend payments to
Access the glossary (“Master Glossary”) to answer the following.(a) What is the cost-recovery method?(b) What is the percentage-of-completion method?(c) What is the deposit method?(d) What is the
Is the installment-sales method of recognizing revenue generally acceptable? Why or why not?
When would a construction company be allowed to use the completed-contract method?
When is it appropriate to use the cost-recovery method?
Explain a bill and hold sale. When is revenue recognized in these situations?
What are the reporting issues in a sale and buyback agreement?
What is the nature of a sale on consignment?
Explain a multiple-deliverable arrangement. What is the major accounting issue related to these arrangements?
Explain how multiple-deliverable arrangements are measured and reported.
What are the two basic methods of accounting for longterm construction contracts? Indicate the circumstances that determine when one or the other of these methods should be used.
Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2012, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000. Prepare the journal entry to record
Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that
Turner, Inc. began work on a $7,000,000 contract in 2012 to construct an office building. During 2012, Turner, Inc. incurred costs of $1,700,000, billed its customers for $1,200,000, and collected
O’Neil, Inc. began work on a $7,000,000 contract in 2012 to construct an office building. O’Neil uses the percentage-of-completion method. At December 31, 2012, the balances in certain accounts
Use the information from BE18-7, but assume Turner uses the completed-contract method. Prepare the company’s 2012 journal entries.
Guillen, Inc. began work on a $7,000,000 contract in 2012 to construct an office building. Guillen uses the completed-contract method. At December 31, 2012, the balances in certain accounts were
Archer Construction Company began work on a $420,000 construction contract in 2012. During 2012, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At
Gordeeva Corporation began selling goods on the installment basis on January 1, 2012. During 2012, Gordeeva had installment sales of $150,000; cash collections of $54,000; cost of installment sales
Frozen Delight, Inc. charges an initial franchise fee of $75,000 for the right to operate as a franchisee of Frozen Delight. Of this amount, $25,000 is collected immediately. The remainder is
Jupiter Company sells goods on January 1 that have a cost of $500,000 to Danone Inc. for $700,000, with payment due in 1 year. The cash price for these goods is $610,000, with payment due in 30 days.
Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2012. The sales price includes an installation fee, which is valued at $40,000. The fair value of the goods is
Presented below are three revenue recognition situations.(a) Grupo sells goods to MTN for $1,000,000, payment due at delivery.(b) Grupo sells goods on account to Grifols for $800,000, payment due in
Wood-Mode Company is involved in the design, manufacture, and installation of various types of wood products for large construction projects. Wood-Mode recently completed a large contract for Stadium
Organic Growth Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the
On May 3, 2012, Eisler Company consigned 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amounted to $840 and was paid by Eisler Company. On December 30, 2012, a
Appliance Center is an experienced home appliance dealer. Appliance Center also offers a number of services together with the home appliances that it sells. Assume that Appliance Center sells ovens
On December 31, 2012, Grando Company sells production equipment to Fargo Inc. for $50,000. Grando includes a 1-year warranty service with the sale of all its equipment. The customer receives and pays
During 2012, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2014. The following information is available. Instructions(a) Compute the amount
In 2012, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $1,000,000. Steinrotter uses the percentage-of-completion method for financial
On April 1, 2012, Dougherty Inc. entered into a cost plus- fixed-fee contract to construct an electric generator for Altom Corporation. At the contract date, Dougherty estimated that it would take 2
In 2012, Gurney Construction Company agreed to construct an apartment building at a price of $1,200,000. The information relating to the costs and billings for this contract is shown
Berstler Construction Company began operations in 2012. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31,
Pacific Crossburgers Inc. charges an initial franchise fee of $70,000. Upon the signing of the agreement, a payment of $28,000 is due. Thereafter, three annual payments of $14,000 are required. The
On January 1, 2012, Lesley Benjamin signed an agreement to operate as a franchisee of Campbell Inc. for an initial franchise fee of $50,000. The amount of $10,000 was paid when the agreement was
Accounting, Analysis, and Principles Diversified Products, Inc. operates in several lines of business, including the construction and real estate industries. While the majority of its revenues are
The Coca-Cola Company and PepsiCo, IncInstructionsGo to book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo,
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to P&G’s financial statements and
On January 1, 2012, Lesley Benjamin signed an agreement to operate as a franchisee of Campbell Inc. for an initial franchise fee of $50,000. The amount of $10,000 was paid when the agreement was
What is a major difference between IFRS and GAAP as regards revenue recognition practices?
Turner, Inc. began work on a $7,000,000 contract in 2012 to construct an office building. During 2012, Turner, Inc. incurred costs of $1,700,000, billed its customers for $1,200,000, and collected
Use the information from IFRS18-6, but assume Turner uses the cost-recovery method. Prepare the company’s 2012 journal entries.
Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2012, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other
Employees at your company disagree about the accounting for sales returns. The sales manager believes that granting more generous return provisions and allowing customers to order items on a bill and
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http:/corporate.marksandspencer.com/
Westinghouse Electric Corporation The following note appears in the “Summary of Significant Accounting Policies” section of the Annual Report of Westinghouse Electric Corporation.Note 1 (in
Employees at your company disagree about the accounting for sales returns. The sales manager believes that granting more generous return provisions can give the company a competitive edge and
Differentiate between “loss carryback” and “loss carryforward.” Which can be accounted for with the greater certainty when it arises? Why?
In 2012, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to the use of different depreciation methods for tax and accounting
Oxford Corporation began operations in 2012 and reported pretax financial income of $225,000 for the year. Oxford’s tax depreciation exceeded its book depreciation by $40,000. Oxford’s tax rate
At December 31, 2012, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2013, the deferred tax liability is $42,000. The corporation’s 2013 current tax expense is
At December 31, 2012, Suffolk Corporation had an estimated warranty liability of $105,000 for accounting purposes and $0 for tax purposes. (The warranty costs are not deductible until paid.) The
At December 31, 2012, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2013, the deferred tax asset is $59,000. The corporation’s 2013 current tax expense is $61,000. What amount
At December 31, 2012, Hillyard Corporation has a deferred tax asset of $200,000. After a careful review of all available evidence, it is determined that it is more likely than not that $60,000 of
Mitchell Corporation had income before income taxes of $195,000 in 2012. Mitchell’s current income tax expense is $48,000, and deferred income tax expense is $30,000. Prepare Mitchell’s 2012
Rode Inc. incurred a net operating loss of $500,000 in 2012. Combined income for 2010 and 2011 was $350,000. The tax rate for all years is 40%. Rode elects the carryback option. Prepare the journal
(Carryback and Carryforward of NOL, No Valuation Account, No Temporary Differences) The pretax financial income (or loss) figures for Synergetics Company are as follows.2008 ...... $160,0002009 .....
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to P&G’s financial statements and
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,
Homestake Mining Company is a 120-year-old international gold mining company with substantial gold mining operations and exploration in the United States, Canada, and Australia. At year-end,
Accounting, Analysis, and Principles Allman Company, which began operations at the beginning of 2010, produces various products on a contract basis. Each contract generates a gross profit of $80,000.
Kleckner Company started operations in 2009, and although it has grown steadily, the company reported accumulated operating losses of $450,000 in its first four years in business. In the most recent
In this simulation, you are asked to address questions related to the accounting for taxes.Prepare responses to allparts.
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to income tax accounting.
Describe the procedure(s) involved in classifying deferred tax amounts on the statement of financial position under IFRS.
Rode Inc. incurred a net operating loss of $500,000 in 2012. Combined income for 2010 and 2011 was $350,000. The tax rate for all years is 40%. Rode elects the carryback option. Prepare the journal
Kleckner Company started operations in 2009, and although it has grown steadily, the company reported accumulated operating losses of $450,000 in its first four years in business. In the most recent
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at corporate.marksandspencer
Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,500,000; benefits paid during the period $1,400,000;
AMR Corporation (parent company of American Airlines) reported the following for 2009 (in millions).Service cost ........... $333Interest on P.B.O. ......... 712Return on plan assets ........
At January 1, 2012, Beaty Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2012, service cost was $27,500, the settlement rate was 10%, actual and
For 2010, Campbell Soup Company had pension expense of $68 million and contributed $284 million to the pension fund. Prepare Campbell Soup Company’s journal entry to record pension expense and
Mancuso Corporation amended its pension plan on January 1, 2012, and granted $160,000 of prior service costs to its employees. The employees are expected to provide 2,000 service years in the future,
At December 31, 2012, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income.
Hawkins Corporation has the following balances at December 31, 2012.Projected benefit obligation .... $2,600,000Plan assets at fair value ....... 2,000,000Accumulated OCI (PSC) ....... 1,100,000How
Veldre Company provides the following information about its defined benefit pension plan for the year 2012.Service cost ………………………………………………… $ 90,000Contribution
Kenseth Corp. has the following 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
Erickson Company sponsors a defined benefit pension plan. The corporation??s actuary provides the following information about the plan. Instructions(a) Compute the actual return on the plan assets
Thinken Technology recently merged with College Electronix (CE), a computer graphics manufacturing firm. In performing a comprehensive audit of CE’s accounting system, Gerald Ott, internal audit
The Procter & Gamble Company (P&G) The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to
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,
A Wall Street Journal article discussed a $1.8 billion charge to income made by General Electric for postretirement benefit costs. It was attributed to previously unrecognized healthcare and life
PENCOMP??s balance sheet at December 31, 2012, is as follows. Additional information concerning PENCOMP??s defined benefit pension plain is as follows.Projected benefit obligation at 12/31/12
Monat Company has grown rapidly since its founding in 2002. To instill loyalty in its employees, Monat is contemplating establishment of a defined benefit plan. Monat knows that lenders and potential
In this simulation, you are asked to address questions regarding accounting for pensions. Prepare responses to allparts.
What is meant by “past service cost”? When is past service cost recognized as pension expense?
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 $245,000. 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
Tevez Company experienced an actuarial loss of $750 in its defined benefit plan in 2012. Tevez has elected to recognize these losses immediately. For 2012, Tevez’s revenues are $125,000, and
The following defined pension data of Doreen Corp. apply to the year 2012.Defined benefit obligation, 1/1/12 (before amendment) ... $560,000Plan assets, 1/1/12 ................... 546,200Pension

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