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accounting

Questions and Answers of Accounting

(Pension Worksheet - Missing Amounts) Kramer Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your
Pension Worksheet) The following data relate to the operation of Kramer Co.’s pension plan in 2011. The pension worksheet for 2010 is provided in P20-10.Service cost
(Pension Worksheet) Larson Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2011, the following balances related to this plan. Plan assets (market-related value) ? ? ? ?
(Postretirement Benefit Worksheet) Hollenbeck Foods Inc. sponsors a postretirement medical and dental benefit plan for its employees. The following balances relate to this plan on January 1,
(Postretirement Benefit Worksheet?2 Years) Elton Co. has the following postretirement benefit plan balances on January 1, 2010. Accumulated postretirement benefit obligation ? ? ? ? ? ? ? ? ?
(Pension Terminology and Theory) Many business organizations have been concerned with providing for the retirement of employees since the late 1800s. During recent decades a marked increase in this
(Pension Terminology) The following items appear on Brueggen Company’s financial statements.1. Under the caption Assets:Pension asset/liability2. Under the caption Liabilities:Pension
(Basic Terminology) In examining the costs of pension plans, Helen Kaufman, CPA, encounters certain terms. The components of pension costs that the terms represent must be dealt with appropriately if
(Major Pension Concepts) Davis Corporation is a medium-sized manufacturer of paperboard containers and boxes. The corporation sponsors a noncontributory, defined-benefit pension plan that covers its
(Implications of GAAP Rules on Pensions) Jill Vogel and Pete Dell have to do a class presentation on GAAP rules for reporting pension information. In developing the class presentation, they decided
(Gains and Losses, Corridor Amortization) Vickie Plato, accounting clerk in the personnel office of Streisand Corp., has begun to compute pension expense for 2012 but is not sure whether or not she
(Non-vested Employees—An Ethical Dilemma) Thinken Technology recently merged with College Electronic (CE), a computer graphics manufacturing firm. In performing a comprehensive audit of CE’s
What are the major lessor groups in the United States? What advantage does a captive have in a leasing arrangement?
Bradley Co. is expanding its operations and is in the process of selecting the method of financing this program. After some investigation, the company determines that it may (1) issue bonds and with
Identify the two recognized lease-accounting methods for lessees and distinguish between them.
Ballard Company rents a warehouse on a month-to-month basis for the storage of its excess inventory. The company periodically must rent space whenever its production greatly exceeds actual sales. For
Distinguish between minimum rental payments and minimum lease payments, and indicate what is included in minimum lease payments.
Explain the distinction between a direct-financing lease and a sales-type lease for a lessor.
Outline the accounting procedures involved in applying the operating method by a lessee.
Outline the accounting procedures involved in applying the capital-lease method by a lessee.
Identify the lease classifications for lessors and the criteria that must be met for each classification.
Outline the accounting procedures involved in applying the direct-financing method.
Outline the accounting procedures involved in applying the operating method by a lessor.
Walker Company is a manufacturer and lessor of computer equipment. What should be the nature of its lease arrangements with lessees if the company wishes to account for its lease transactions as
Metheny Corporation’s lease arrangements qualify as sales-type leases at the time of entering into the transactions how should the corporation recognize revenues and costs in these situations?
Alice Foyle, M.D. (lessee) has a non-cancelable 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
The residual value is the estimated fair value of the leased property at the end of the lease term.(a) Of what significance is (1) an unguaranteed and (2) a guaranteed residual value in the
How should changes in the estimated unguaranteed residual value be handled by the lessor?
Describe the effect of a “bargain-purchase option” on accounting for a capital-lease transaction by a lessee.
What are “initial direct costs” and how are they accounted for?
What disclosures should be made by lessees and lessors related to future lease payments?
Where can authoritative iGAAP guidance related to leases be found?
Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for leases.
Both iGAAP and U.S. GAAP require footnote disclosure of operating lease payments. Are there any differences in the information provided to statement readers in these disclosures? Explain.
Briefly discuss the IASB and FASB efforts to converge their accounting guidelines for leases.
What is the nature of a “sale-leaseback” transaction?
Callaway Golf Co. leases telecommunication equipment. Assume the following data for equipment leased from Photon Company. The lease term is 5 years and requires equal rental payments of $31,000 at
Water world 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
Rick Kleckner Corporation recorded a capital lease at $300,000 on January 1, 2011. The interest rate is 12%. Kleckner Corporation made the first lease payment of $53,920 on January 1, 2011. The lease
Use the information for Rick Kleckner Corporation from BE21-3. Assume that at December 31, 2011, Kleckner made an adjusting entry to accrue interest expense of $29,530 on the lease. Prepare
Jana Kingston Corporation enters into a lease on January 1, 2011, that does not transfer ownership or contain a bargain-purchase option. It covers 3 years of the equipment’s 8-year useful life, and
Assume that IBM leased equipment that was carried at a cost of $150,000 to Sharon Swander Company. The term of the lease is 6 years beginning January 1, 2011, with equal rental payments of $30,044 at
Use the information for IBM from BE21-6. Assume the direct-financing lease was recorded at a present value of $150,000. Prepare IBM’s December 31, 2011, entry to record interest.
Jennifer Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no salvage value. On January 1, 2011, Jennifer Brent leases the equipment to Donna Havaci Inc. for
Indiana Jones Corporation enters into a 6-year lease of equipment on January 1, 2011, which requires 6 annual payments of $40,000 each, beginning January 1, 2011. In addition, Indiana Jones
Use the information for Indiana Jones Corporation from BE21-9. Assume that for Lost Ark Company, the lessor, Collectibility is reasonably predictable, there are no important uncertainties concerning
Geiberger Corporation manufactures replicators. On January 1, 2011, it leased to Altheas Company a replicator that had cost $110,000 to manufacture. The lease agreement covers the 5-year useful life
On January 1, 2011, Irwin Animation sold a truck to Peete Finance for $33,000 and immediately leased it back. The truck was carried on Irwin’s books at $28,000. The term of the lease is 5 years,
Access the glossary (“Master Glossary”) to answer the following.(a) What is a bargain-purchase option?(b) What is the definition of “incremental borrowing rate”?(c) What is the definition of
What comprises a lessee’s minimum lease payments? What is excluded?
What information should a lessee disclose about its capital leases in its financial statements and footnotes?
How should a less or measure its initial gross investment in either a sales-type lease or a direct-financing lease?
On January 1, 2011, Evans Company entered into a non-cancelable lease for a machine to be used in its manufacturing operations. The lease transfers ownership of the machine to Evans by the end of the
Sylvan Inc. entered into a non-cancelable lease arrangement with Breton Leasing Corporation for a certain machine. Breton’s primary business is leasing; it is not a manufacturer or dealer. Sylvan
(Lessee Capitalization Criteria) On January 1, Santiago Company, a lessee, entered into three non-cancelable leases for brand-new equipment, Lease L, Lease M, and Lease N. None of the three leases
Comparison of Different Types of Accounting by Lessee and LessorPart 1Capital leases and operating leases are the two classifications of leases described in FASB pronouncements from the standpoint of
Albertson 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
Baden Corporation entered into a lease agreement for 10 photocopy machines for its corporate headquarters. The lease agreement qualifies as an operating lease in all terms except there is a
On January 1, 2011, Perriman Company sold equipment for cash and leased it back. As seller-lessee, Perriman retained the right to substantially all of the remaining use of the equipment.The term of
On December 31, 2010, Shell hammer Co. sold 6-month old equipment at fair value and leased it back. There was a loss on the sale. Shell hammer pays all insurance, maintenance, and taxes on the
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, HYPERLINK "www.wiley.com/college/kieso" www.wiley.com/college/kieso. Refer to
Go 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 Southwest Airlines.(a) What types of leases are
Presented in Illustration 21-31 are the financial statement disclosures from the 2007 annual report of Tasty Baking Company. Answer the following questions related to these disclosures.(a) What is
As discussed in the chapter, U.S. GAAP accounting for leases allows companies to use off???balance-sheet financing for the purchase of operating assets. International accounting standards are similar
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
Go to the book's companion website, at www.wiley.com/college/kieso, to find interactive problems that simulate the computerized CPA exam. The professional simulations for this chapter ask you to
On January 1, 2011, Adams Corporation signed a 5-year non-cancelable lease for a machine. The terms of the lease called for Adams to make annual payments of $9,968 at the beginning of each year,
Brecker Company leases an automobile with a fair value of $10,906 from Emporia Motors, Inc., on the following terms:1. Non-cancelable term of 50 months.2. Rental of $250 per month (at end of each
Assume that on January 1, 2011, Kimberly-Clark Corp. signs a 10-year non-cancelable lease agreement to lease a storage building from Trevino Storage Company. The following information pertains to
Krauss Leasing Company signs a lease agreement on January 1, 2011, to lease electronic equipment to Stewart Company. The term of the non-cancelable lease is 2 years, and payments are required at the
(Type of Lease, Amortization Schedule) Jacobsen Leasing Company leases a new machine that has a cost and fair value of $75,000 to Stadler Corporation on a 3-year non-cancelable contract. Stadler
Lessor Entries, Sales-Type Lease Watkins Company, a machinery dealer, leased a machine to Romero Corporation on January 1, 2011. The lease is for an 8-year period and requires equal annual payments
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease.1. The term of the non-cancelable lease is 6 years, with no renewal option.
The following facts pertain to a non-cancelable lease agreement between Lennox Leasing Company and Gill Company, a lessee. The Collectibility of the lease payments is reasonably predictable, and
A lease agreement between Lennox Leasing Company and Gill Company is described in E21-8. (Round all numbers to the nearest cent.)Refer to the data in E21-8 and do the following for the lessor.(a)
Fieval Leasing Company signs an agreement on January 1, 2010, to lease equipment to Reid Company. The following information relates to this agreement.1. The term of the non-cancelable lease is 6
Grady Leasing Company signs an agreement on January 1, 2010, to lease equipment to Azure Company. The following information relates to this agreement.1. The term of the non-cancelable lease is 5
On January 1, 2011, Secada Co. leased a building to Ryker Inc. The relevant information related to the lease is as follows.1. The lease arrangement is for 10 years.2. The leased building cost
On January 1, 2011, a machine was purchased for $900,000 by Floyd Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The
On February 20, 2011, Hooke Inc., purchased a machine for $1,200,000 for the purpose of leasing it. The machine is expected to have a 10-year life, no residual value, and will be depreciated on the
Assume that on January 1, 2011, Elmer’s Restaurants sells a computer system to Liquidity Finance Co. for $510,000 and immediately leases the computer system back. The relevant information is as
Presented below are four independent situations.(a) On December 31, 2011, Beard Inc. sold computer equipment to Barber Co. and immediately leased it back for 10 years. The sales price of the
Glaus Leasing Company agrees to lease machinery to Jensen Corporation on January 1, 2010. The following information relates to the lease agreement.1. The term of the lease is 7 years with no renewal
Cleveland 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
Winston Industries and Ewing Inc. enter into an agreement that requires Ewing Inc. to build three diesel-electric engines to Winston’s specifications. Upon completion of the engines, Winston has
(Balance Sheet and Income Statement Disclosure?Lessee) The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a lessee, for a
Assume the same information as in P21-4.(Round all numbers to the nearest cent.)(a) Assuming the lessor’s accounting period ends on September 30, answer the following questions with respect to this
The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Vance Company, a lessee. The lessee assumes responsibility for all executory costs, which are
Ludwick Steel Company as lessee signed a lease agreement for equipment for 5 years, beginning December 31, 2010. Annual rental payments of $40,000 are to be made at the beginning of each lease year
On January 1, 2011, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $137,899 (including the executory costs of $6,000) at the beginning of each year, starting
Shapiro Inc. was incorporated in 2010 to operate as a computer software service firm with an accounting fiscal year ending August 31. Shapiro's primary product is a sophisticated online
George Company manufactures a computer 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 $278,072,
Assume the same data as in P21-10 with National Airlines Co. having an incremental borrowing rate of 10%.(Round all numbers to the nearest dollar.)(a) Discuss the nature of this lease in relation to
(Basic Lessee Accounting with Difficult PV Calculation) In 2009 Gris hell Trucking Company negotiated and closed a long-term lease contract for newly constructed truck terminals and freight storage
Amir ante 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,
Assume the same data as in P21-13 and that Chambers Medical Center has an incremental borrowing rate of 10%.(Round all numbers to the nearest dollar.)(a) Discuss the nature of this lease in relation
You are auditing the December 31, 2011, financial statements of Hackney, Inc., manufacturer of novelties and party favors. During your inspection of the company garage, you discovered that a 2010
Goring Dairy leases its milking equipment from King Finance Company under the following lease terms.1. The lease term is 10 years, non-cancelable, and requires equal rental payments of $30,300 due at
What is the purpose of the statement of cash flows? What information does it provide?
Of what use is the statement of cash flows?

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