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accounting

Questions and Answers of Accounting

Buhl Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.Plan assets ........... $480,000Defined benefit obligation .....
Linda Berstler Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. The average remaining service life per employee is 20
Jack Kelly Company has grown rapidly since its founding in 2002. To instill loyalty in its employees, Kelly is contemplating establishment of a defined benefit plan. Kelly knows that lenders and
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.
How should a lessor measure its initial gross investment in either a sales-type lease or a direct-financing lease?
What are the major lessor groups in the United States? What advantage does a captive have in a leasing arrangement?
Alice Foyle, M.D. (lessee), has a noncancelable 20-year lease with Brownback Realty, Inc. (lessor) for the use of a medical building. Taxes, insurance, and maintenance are paid by the lessee in
Waterworld Company leased equipment from Costner Company. The lease term is 4 years and requires equal rental payments of $43,019 at the beginning of each year. The equipment has a fair value at the
Wadkins Company, a machinery dealer, leased a machine to Romero Corporation on January 1, 2012. The lease is for an 8-year period and requires equal annual payments of $38,514 at the beginning of
The following facts pertain to a noncancelable lease agreement between Lennox Leasing Company and Gill Company, a lessee.Inception date: .................. May 1, 2012Annual lease payment due at the
Assume the same information as in P21-4.Instructions(Round all numbers to the nearest cent.)(a) Assuming the lessor’s accounting period ends on September 30, answer the following questions with
The following facts pertain to a noncancelable lease agreement between Faldo Leasing Company and Vance Company, a lessee.Inception date January …………………………….. 1, 2012Annual lease
George Company manufactures a check-in kiosk 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 is
Amirante Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Chambers Medical Center for a period of 10 years. The normal selling price of the machine is $411,324,
You are auditing the December 31, 2012, financial statements of Hockney, Inc., manufacturer of novelties and party favors. During your inspection of the company garage, you discovered that a used
Sylvan Inc. entered into a noncancelable lease arrangement with Breton Leasing Corporation for a certain machine. Breton’s primary business is leasing; it is not a manufacturer or dealer. Sylvan
Albertsen Corporation is a diversified company with nationwide interests in commercial real estate developments, banking, copper mining, and metal fabrication. The company has offices and operating
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
UAL, Inc. and Southwest AirlinesInstructionsGo to the book’s companion website or the company websites and use information found there to answer the following questions related to UAL, Inc. and
Presented in Illustration 21-31 are the financial statement disclosures from the 2009 annual report of Tasty Baking Company.InstructionsAnswer the following questions related to these disclosures.(a)
Salaur Company is evaluating a lease arrangement being offered by TSP Company for use of a computer system. The lease is noncancelable, and in no case does Salaur receive title to the computers
Daniel Hardware Co. is considering alternative financing arrangements for equipment used in its warehouses. Besides purchasing the equipment outright, Daniel is also considering a lease. Accounting
In this simulation, you are asked to address questions related to the accounting for leases. Prepare responses to allparts.
In this simulation, you are asked to address questions related to the accounting for leases. Prepare responses to all parts. (Round amounts to the nearestcent.)
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for leases.
Outline the accounting procedures involved in applying the operating lease method by a lessee.
Outline the accounting procedures involved in applying the finance lease method by a lessee.
Rick Kleckner Corporation recorded a finance lease at $300,000 on January 1, 2012. The interest rate is 12%. Kleckner Corporation made the first lease payment of $53,920 on January 1, 2012. The lease
Use the information for Rick Kleckner Corporation from IFRS21-7. Assume that at December 31, 2012, Kleckner made an adjusting entry to accrue interest expense of $29,530 on the lease. Prepare
A lease agreement between Lennox Leasing Company and Gill Company is described in IFRS21-10. Refer to the data in IFRS21-10 and do the following for the lessor. (Round all numbers to the nearest
Daniel Hardware Co. is considering alternative financing arrangements for equipment used in its warehouses. Besides purchasing the equipment outright, Daniel is also considering a lease. Accounting
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.
Access the glossary (“Master Glossary”) to answer the following.(a) What is a change in accounting estimate?(b) What is a change in accounting principle?(c) What is a restatement?(d) What is the
When a company has to restate its financial statements to correct an error, what information must the company disclose?
What reporting requirements does retrospective application require?
If a company registered with the SEC justifies a change in accounting method as preferable under the circumstances, and the circumstances change, can that company switch back to its prior method of
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;
Presented on page 1410 are income statements prepared on a LIFO and FIFO basis for Carlton Company, which started operations on January 1, 2011. The company presently uses the LIFO method of pricing
The first audit of the books of Fenimore Company was made for the year ended December 31, 2012. In examining the books, the auditor found that certain items had been overlooked or incorrectly handled
You have been asked by a client to review the records of Roberts Company, a small manufacturer of precision tools and machines. Your client is interested in buying the business, and arrangements have
The financial statements of P&G are provided 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
In preparation for significant international operations, ABC Co. has adopted a plan to gradually shift to the same accounting methods as used by its international competitors. Part of this plan
As part of the year-end accounting process and review of operating policies, Cullen Co. is considering a change in the accounting for its equipment from the straight-line method to an accelerated
In this simulation, you are asked questions about changes in accounting principle. Prepare responses to allparts.
Where can authoritative IFRS related to accounting changes be found?
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to reporting accounting changes.
How might differences in presentation of comparative data under GAAP and IFRS affect adoption of IFRS by U.S. companies?
What is the indirect effect of a change in accounting policy? Briefly describe the approach to reporting the indirect effects of a change in accounting policy under IFRS.
As part of the year-end accounting process and review of operating policies, Cullen Co. is considering a change in the accounting for its equipment from the straightline method to an accelerated
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.
Collinsworth Co. reported sales on an accrual basis of $100,000. If accounts receivable increased $30,000, and the allowance for doubtful accounts increased $9,000 after a write-off of $2,000,
Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Granderson Inc. for the year ended December 31, 2012.(a) Plant assets that had cost $25,000
Presented below are two independent situations.Situation A:Chenowith Co. reports revenues of $200,000 and operating expenses of $110,000 in its first year of operations, 2012. Accounts receivable
Presented below are data taken from the records of Morganstern Company. Additional information:1. Held-to-maturity securities carried at a cost of $43,000 on December 31, 2011, were sold in 2012 for
The following accounts appear in the ledger of Popovich Company. InstructionsFrom the postings in the accounts above, indicate how the information is reported on a statement of cash flows by
The following are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2012 and 2011, with a column showing the increase (decrease) from 2011 to 2012. Additional information:1. On
Mortonson Company has not yet prepared a formal statement of cash flows for the 2012 fiscal year. Comparative balance sheets as of December 31, 2011 and 2012, and a statement of income and retained
Michaels Company had available at the end of 2012 the information shown below. InstructionsPrepare a statement of cash flows for Michaels Company using the direct method accompanied by a
You have completed the field work in connection with your audit of Alexander Corporation for the year ended December 31, 2012. The balance sheet accounts at the beginning and end of the year are
Comparative balance sheet accounts of Marcus Inc. are presented below. Additional data (ignoring taxes):1. Net income for the year was $42,500.2. Cash dividends declared and paid during the year
Chapman Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative balance sheet and income statement for Chapman as of May 31,
Comparative balance sheet accounts of Sharpe Company are presented below. Additional data:1. Equipment that cost $10,000 and was 60% depreciated was sold in 2012.2. Cash dividends were declared
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,
Founded in the early 1980s, the Vermont Teddy Bear Co. designs and manufactures Americanmade teddy bears and markets them primarily as gifts called Bear-Grams or Teddy Bear-Grams. Bear-Grams are
The income statement for the year ended December 31, 2012, for Laskowski Manufacturing Company contains the following condensed information. Included in operating expenses is a $24,000 loss
As part of the year-end accounting process for your company, you are preparing the statement of cash flows according to GAAP. One of your team, a finance major, believes the statement should be
The professional simulation for this chapter asks you to address questions related to the accounting for the statement of cashflows.
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to cash flow reporting.
What are some of the key obstacles for the FASB and IASB within its accounting guidance in the area of cash flow reporting? Explain.
Stan Conner and Mark Stein were discussing the statement of cash flows of Bombeck Co. In the notes to the statement of cash flows was a schedule entitled “Noncash investing and financing
Springsteen Co. had the following activity in its most recent year of operations.(a) Pension expense exceeds amount funded. (b) Redemption of bonds payable. (c) Sale of building at book value. (d)
Following are selected statement of financial position accounts of Sander Bros. Corp. at December 31, 2012 and 2011, and the increases or decreases in each account from 2011 to 2012. Also presented
As part of the year-end accounting process for your company, you are preparing the statement of cash flows according to IFRS. One of your team, a finance major, believes the statement should be
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.
Access the glossary (“Master Glossary”) to answer the following.(a) What is the definition of “ordinary income” (loss)?(b) What is an error in previously issued financial statements?(c) What
What are some examples of related parties?
What are the quantitative thresholds that would require a public company to report separately information about an operating segment?
If an SEC-registered company uses the gross profit method to determine cost of goods sold for interim periods, would it be acceptable for the company to state that it’s not practicable to determine
Jane Ellerby and Sam Callison are discussing the recent fraud that occurred at LowRental Leasing, Inc. The fraud involved the improper reporting of revenue to ensure that the company would have
For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) Adjust the financial statements, (b) Disclose in notes to the financial statements, or (c)
Bradburn Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Bradburn and is its current
Below are comparative balance sheets for the Gilmour Company. Instructions(a) Prepare a comparative balance sheet of Gilmour Company showing the percent each item is of the total assets or total
As stated in the chapter, notes to the financial statements are the means of explaining the items presented in the main body of the statements. Common note disclosures relate to such items as
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,
RNA Inc. manufactures a variety of consumer products. The company's founders have run the company for 30 years and are now interested in retiring. Consequently, they are seeking a purchaser who will
Savannah, Inc. is a company that manufactures and sells a single product. Unit sales for each of the four quarters of 2012 are projected as follows.Quarter UnitsFirst ........ 80,000Second .......
As part of the year-end audit, you are discussing the disclosure checklist with your client. The checklist identifies the items that must be disclosed in a set of GAAP financial statements. The
In this simulation, you are asked to evaluate a company's solvency and going-concern potential, by analyzing a set of ratios. You also are asked to indicate possible limitations of ratio analysis.
Where can authoritative IFRS be found related to the various disclosure issues discussed in the chapter?
For each of the following subsequent events, indicate whether a company should (a) Adjust the financial statements,(b) Disclose in notes to the financial statements, or (c) Neither adjust nor
What are interim reports? Why is a complete set of financial statements often not provided with interim data? What are the accounting problems related to the presentation of interim data?
Dierdorf Inc., a closely held corporation, has decided to go public. The controller, Ed Floyd, is concerned with presenting interim data when an inventory write down is recorded. What problems are
Bill Novak is working on an audit of an IFRS client. In his review of the client’s interim reports, he notes that the reports are prepared on a discrete basis. That is, each interim report is
As part of the year-end audit, you are discussing the disclosure checklist with your client. The checklist identifies the items that must be disclosed in a set of IFRS financial statements. The
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.
Access the glossary (“Master Glossary”) to answer the following.(a) What is the definition of amortization?(b) What is the definition of impairment?(c) What is the definition of recoverable
Your client, Barriques Inc., is contemplating a restructuring of its operations, including the possibility of spinning off some of its assets to the original owners. However, management is unsure of
Your great-uncle, who is a CPA, is impressed that you are majoring in accounting, but based on his experience, he believes that depreciation is something that companies do based on past practice, not

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