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Questions and Answers of Accounting

On June 30, 2012, your client, Ferry Company, was granted two patents covering plastic cartons that it had been producing and marketing profitably for the past 3 years. One patent covers the
Cuevas Co. is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this new product. As of year-end (December 31,
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,
Merck & Co., Inc. and Johnson & Johnson are two leading producers of healthcare products. Each has considerable assets, and each expends considerable funds each year toward the development of
As a new intern for the local branch office of a national brokerage firm, you are excited to get an assignment that allows you to use your accounting expertise. Your supervisor provides you the
On January 2, 2012, Raconteur Corp. reported the following intangible assets: (1) copyright with a carrying value of $15,000, and (2) a trade name with a carrying value of $8,500. The trade name has
King Company is contemplating the purchase of a smaller company, which is a distributor of King’s products. Top management of King is convinced that the acquisition will result in significant
In this simulation, you are asked to address questions related to intangible assets and similar costs. Prepare responses to allparts.
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for intangible assets.
Briefly discuss the convergence efforts that are underway in the area of intangible assets.
Treasure Land Corporation incurred the following costs in 2012.Cost of laboratory research aimed at discovery of new knowledge ……….……$120,000Cost of testing in search for product
Indicate whether the following items are capitalized or expensed in the current year.(a) Purchase cost of a patent from a competitor.(b) Research costs.(c) Development costs (after achieving economic
Kenoly Corporation owns a patent that has a carrying amount of $300,000. Kenoly expects future net cash flows from this patent to total $210,000 over its remaining life of 10 years. The recoverable
Use the information in IFRS12-6. Assume that at the end of the year following the impairment (after recording amortization expense), the estimated recoverable amount for the patent is $130,000.
Use the information provided in IFRS12-8. Assume that the recoverable amount of the division is estimated to be $750,000. Prepare Waters’ journal entry, if necessary, to record impairment of the
Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2010, the company expends $325,000 on a research project, but by the end
King Company is contemplating the purchase of a smaller company, which is a distributor of King’s products. Top management of King is convinced that the acquisition will result in significant
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at corporate.
Access the glossary (“Master Glossary”) to answer the following.(a) What are trading securities?(b) What is the definition of “holding gain or loss”?(c) What is a cash flow hedge?(d) What is
For balance sheet purposes, can the fair value of a derivative in a loss position be netted against the fair value of a derivative in a gain position?
Hayes Company sold 10,000 shares of Kenyon Co. common stock for $27.50 per share, incurring $1,770 in brokerage commissions. These securities were classified as trading and originally cost $260,000.
Fairbanks Corporation purchased 400 shares of Sherman Inc. common stock as an available-for-sale investment for $13,200. During the year, Sherman paid a cash dividend of $3.25 per share. At year-end,
The following information relates to Starbucks for the year ended September 30, 2009: net income $390.8 million; unrealized holding gain of $9.8 million related to available-for-sale securities
Presented on page 1032 are two independent situations.Situation 1Hatcher Cosmetics acquired 10% of the 200,000 shares of common stock of Ramirez Fashion at a total cost of $14 per share on March 18,
Gator Co. invested $1,000,000 in Demo Co. for 25% of its outstanding stock. Demo Co. pays out 40% of net income in dividends each year.InstructionsUse the information in the following T-account for
Presented below is an amortization schedule related to Spangler Company??s 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2010, for $108,660. The following
On January 1, 2012, Novotna Company purchased $400,000, 8% bonds of Aguirre Co. for $369,114. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and January 1.
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.Feb. 1, 2012
Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale. Instructions(a) Indicate
Parnevik Company has the following securities in its investment portfolio on December 31, 2012 (all securities were purchased in 2012): (1) 3,000 shares of Anderson Co. common stock which cost
McElroy Company has the following portfolio of investment securities at September 30, 2012, its last reporting date. On October 10, 2012, the Horton shares were sold at a price of $54 per share. In
The following information relates to the debt securities investments of Wildcat Company.1. On February 1, the company purchased 10% bonds of Gibbons Co. having a par value of $300,000 at 100 plus
Brooks Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration. During
Kennedy Company has the following portfolio of available-for-sale securities at December 31, 2012. Instructions(a) What should be reported on Kennedy??s December 31, 2012, balance sheet relative to
On January 1, 2012, Acker Inc. had the following balance sheet. The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of
Castleman Holdings, Inc. had the following available for- sale investment portfolio at January 1, 2012. During 2012, the following transactions took place.1. On March 1, Rogers Company paid a $2
Fernandez Corp. invested its excess cash in available-for-sale securities during 2012. As of December 31, 2012, the portfolio of available-for-sale securities consisted of the following common
The treasurer of Miller Co. has read on the Internet that the stock price of Wade Inc. is about to take off. In order to profit from this potential development, Miller Co. purchased a call option on
Johnstone Co. purchased a put option on Ewing common shares on July 7, 2012, for $240. The put option is for 200 shares, and the strike price is $70. (The market price of a share of Ewing stock on
Warren Co. purchased a put option on Echo common shares on January 7, 2012, for $360. The put option is for 400 shares, and the strike price is $85 (which equals the price of an Echo share on the
On December 31, 2012, Mercantile Corp. had a $10,000,000, 8% fixed-rate note outstanding, payable in 2 years. It decides to enter into a 2-year swap with Chicago FirstBank to convert the fixed-rate
LEW Jewelry Co. uses gold in the manufacture of its products. LEW anticipates that it will need to purchase 500 ounces of gold in October 2012, for jewelry that will be shipped for the holiday
On November 3, 2012, Sprinkle Co. invested $200,000 in 4,000 shares of the common stock of Pratt Co. Sprinkle classified this investment as available-for-sale. Sprinkle Co. is considering making a
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,
Union Planters is a Tennessee bank holding company (that is, a corporation that owns banks). (Union Planters is now part of Regions Bank.) Union Planters manages $32 billion in assets, the largest of
Instar Company has several investments in the securities of other companies. The following information regarding these investments is available at December 31, 2012.1. Instar holds bonds issued by
Your client, Cascade Company, is planning to invest some of its excess cash in 5-year revenue bonds issued by the county and in the stock of one of its suppliers, Teton Co. Teton’s shares trade on
In this simulation, you are asked to address questions related to investments. Prepare responses to allparts.
Where can authoritative IFRS be found related to investments?
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for investments.
Which types of investments are valued at amortized cost? Explain the rationale for this accounting.
Ramirez Company has a held-for-collection investment in the 6%, 20-year bonds of Soto Company. The investment was originally purchased for $1,200,000 in 2011. Early in 2012, Ramirez recorded an
Carow Corporation purchased, as a held-for-collection investment, $60,000 of the 8%, 5-year bonds of Harrison, Inc. for $65,118, which provides a 6% return. The bonds pay interest semiannually.
Fairbanks Corporation purchased 400 ordinary shares of Sherman Inc. as a trading investment for $13,200. During the year, Sherman paid a cash dividend of $3.25 per share. At year-end, Sherman shares
Use the information from IFRS17-10 but assume the shares were purchased to meet a non-trading regulatory requirement. Prepare Fairbanks’s journal entries to record (a) The purchase of the
On January 1, 2012, Roosevelt Company purchased 12% bonds, having a maturity value of $500,000, for $537,907.40. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2012,
Assume the same information as in IFRS17-12 except that Roosevelt has an active trading strategy for these bonds. The fair value of the bonds at December 31 of each year-end is as
On December 21, 2012, Zurich Company provided you with the following information regarding its trading investments. During 2013, Carolina Company shares were sold for $9,500. The fair value of the
Komissarov Company has a debt investment in the bonds issued by Keune Inc. The bonds were purchased at par for $400,000 and, at the end of 2012, have a remaining life of 3 years with annual interest
Your client, Cascade Company, is planning to invest some of its excess cash in 5-year revenue bonds issued by the county and in the shares of one of its suppliers, Teton Co. Teton’s shares trade on
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 an asset retirement obligation?(b) What is the definition of “current liabilities”?(c) What does it mean if
What must an entity disclose about its asset retirement obligations?
What are three examples of estimates that are used in accounting that are not contingencies? Can you explain why they are not considered contingencies?
Under what conditions must an employer accrue a liability for employees’ compensation for future absences?
Assume that your friend Will Morris, who is a music major, asks you to define and discuss the nature of a liability. Assist him by preparing a definition of a liability and by explaining to him what
Leon Wight, a newly hired loan analyst, is examining the current liabilities of a corporate loan applicant. He observes that unearned revenues have declined in the current year compared to the prior
Southeast Airlines Inc. awards members of its Flightline program a second ticket at half price, valid for 2 years anywhere on its flight system, when a full-price ticket is purchased. How would you
When should liabilities for each of the following items be recorded on the books of an ordinary business corporation?(a) Acquisition of goods by purchase on credit.(b) Officers’ salaries.(c)
Upland Company borrowed $40,000 on November 1, 2012, by signing a $40,000, 9%, 3-month note. Prepare Upland’s November 1, 2012, entry; the December 31, 2012, annual adjusting entry; and the
Takemoto Corporation borrowed $60,000 on November 1, 2012, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemoto’s November 1, 2012, entry; the December 31, 2012, annual
At December 31, 2012, Burr Corporation owes $500,000 on a note payable due February 15, 2013.(a) If Burr refinances the obligation by issuing a long-term note on February 14 and using the proceeds to
The following are selected 2012 transactions of Darby Corporation.Sept. 1 Purchased inventory from Orion Company on account for $50,000. Darby records purchases gross and uses a periodic inventory
Matthewson Company began operations on January 2, 2012. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually.
Assume the facts in E13-5, except that Matthewson Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system.1. On February 2, the corporation purchased goods from Martin Company for $70,000
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 these 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,
Despite being a publicly traded company only since 1987, Northland Cranberries of Wisconsin Rapids, Wisconsin, is one of the world??s largest cranberry growers. During its short life as a publicly
Presented below is the current liabilities section and related note of Mohican Company. InstructionsAnswer the following questions.(a) What is the difference between the cash basis and the accrual
As discussed in the chapter, an important consideration in evaluating current liabilities is a company's operating cycle. The operating cycle is the average time required to go from cash to cash in
YellowCard Company manufactures accessories for iPods. It had the following selected transactions during 2012.1. YellowCard provides a 2-year warranty on its docking stations, which it began selling
Pleasant Co. manufactures specialty bike accessories. The company is known for product quality, and it has offered one of the best warranties in the industry on its higher-priced products—a
In this simulation, you are asked to address questions related to the accounting for current liabilities. Prepare responses to allparts.
What evidence is necessary to demonstrate the ability to defer settlement of short-term debt?
Define a provision, and give three examples of a provision.
Under what conditions should a provision be recorded?
Distinguish between a current liability, such as accounts payable, and a provision.
What is an onerous contract? Give two examples of an onerous contract.
On December 31, 2012, Alexander Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2013. On January 21, 2013, the company issued 25,000 ordinary shares for $36 per
Presented below are two different situations related to Mckee Corporation debt obligations. Mckee’s next financial reporting date is December 31, 2012. The financial statements are authorized for
The following situations relate to Bolivia Company.1. Bolivia provides a warranty with all its products it sells. It estimates that it will sell 1,000,000 units of its product for the year ended
Kobayashi Corporation reports in the current liability section of its statement of financial position at December 31, 2012 (its year-end), short-term obligations of $15,000,000, which includes the
Hincapie Co. manufactures specialty bike accessories. The company is most well known for its product quality, and it has offered one of the best warranties in the industry on its higher-priced
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.
What is the fair value option? Briefly describe the controversy of applying the fair value option to financial liabilities.
Pierre Company has a 12% note payable with a carrying value of $20,000. Pierre applies the fair value option to this note; given an increase in market interest rates, the fair value of the note is
What are the general rules for measuring and recognizing gain or loss by both the debtor and the creditor in a troubled debt restructuring involving a modification of terms?

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