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financial accounting

Questions and Answers of Financial Accounting

Just Rolling Along Inc. was organized on May 1 by two college students who recognized an opportunity to make money while spending their days at a beach along Lake Michigan. The two entrepreneurs plan
The following events take place at Dillon’s Delivery Service:1. Supplies are ordered from vendors who will deliver the supplies within the week.2. Vendors deliver supplies on account, payment due
Jessie’s Accounting Services was organized on June 1. The company received a contribution of $1,000 from each of the two principal owners. During the month, Jessie’s Accounting Services provided
The following list of accounts was taken from the general ledger of Spencer Corporation on December 31. The bookkeeper thought it would be helpful if the accounts were arranged in alphabetical order.
Susan Spiffy, owner of Spiffy Cleaners, a drive-through dry cleaners, would like to expand her business from its current location to a chain of cleaners. Revenues at the one location have been
Refer to the financial information for Chipotle and Panera Bread reproduced at the back of the book for the information needed to answer the following questions.Required1. Compute each company’s
Wisconsin Corporation was organized at the beginning of the year with the investment of $400,000 in cash by its stockholders. The company immediately purchased a manufacturing facility for $300,000,
Refer to the list of income statement items in Problem 2-6A. Assume that Corbin Enterprises classifies all operating expenses into two categories: (1) selling and (2) general and
The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the current year:Required1. Prepare a single-step income statement for the
Colorado Corporation was organized at the beginning of the year, with the investment of $250,000 in cash by its stockholders. The company immediately purchased an office building for $300,000, paying
Refer to the list of income statement items in Problem 2-6. Assume that Shaw Corporation classifies all operating expenses into two categories: (1) selling and (2) general and
The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the current year:Required1. Prepare a single-step income statement for the
The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax
Regal Entertainment Group operates the largest chain of movie theaters in the U.S. Classify each of the following items found on the company’s balance sheet included in the Form 10-K for the fiscal
The following information is available from the records of Prestige Landscape Design Inc. at the end of the year:RequiredUse the previous information to answer the following questions.1. What is
Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L),
Braxton Corp. was organized on January 1 to operate a limousine service to and from the airport. For each of the following business activities, indicate whether it is a financing (F), investing (I),
Pete is the president of Island Enterprises. Island Enterprises began business at the beginning of the current year. The company’s controller is out of the country on business. Pete needs a copy of
The following items are available from the records of Victor Corporation at the end of the current year:RequiredPrepare a balance sheet. Hint: Not all of the items listed should appear on a balance
Dave is the president of Avon Consulting Inc. Avon began business at the beginning of the current year. The company’s controller is out of the country on business. Dave needs a copy of the
The following items are available fromrecords of Freescia Corporation at the end of the current year:RequiredPrepare a balance sheet.
Regal Entertainment Group operates the largest chain of movie theaters in the U.S. Classify each of the following items found in the company’s financial statements included in the Form 10-K for the
Morgan Corp enters into a lease of nonspecialized equipment with Hoffman Corp. The following is information aboutthe lease:• Lease term five years, no renewal option• Economic life of the
The IASB’s “Conceptual Framework for Financial Reporting” is its CF.Required:a. Discuss the evolution of IASB’s CF.b. List the major sections of the IASB’s revised CF.
On December 31, 2019, Carme Company had significant amounts of accounts receivables as a result of credit sales to its customers. Carme uses the allowance method based on credit sales to estimate bad
2nd State Bank lends Morgan Hoffman $200,000 to finance the purchase of a residential property. The loan agreement requires the Morgan Hoffman to make principal and interest payments based on a 3%
Pierce Company leases an automobile from Appling Company on January 1, 2021. The following summarizes the information about the lease and the leased asset.• Lease term – three years, no renewal
Whiley Company issued a $100,000, five-year, 10% note to Security Company on January 2, 2019. Interest was to be paid annually each December 31. The stated rate of interest reflected the market rate
On January 1, 2019, as an incentive to improved performance of duties, Recycling Corporation adopted a qualified stock option plan to grant corporate executives nontransferable stock options to
Carrol, Inc., accomplished a quasi-reorganization effective December 31, 2019. Immediately before the quasi-reorganization, the stockholders equity was as follows:Under the terms of the
Maywood Company enters into a property (land and building) lease with Oak Lawn Company. The following summarizes information about the lease and the leased asset.• Lease term – 10 years•
Noel Company leases 25 cell phones for three years. The rent for the phones is $1,700 a month for 36 months ($61,200 in total). The fair value of the leased phones is $65,000. Noel’s has an 5.5%
In 2012, the AICPA redrafted the majority of the auditing sections in the Codification of Statements on Auditing Standards, including the sections related to the audit report (known as the “Clarity
In 1984 the FASB released Statement of Financial Accounting Concepts No. 5, "Recognition and Measurement in Financial Statements of Business Enterprises."Required:Summarize the major provisions of
IASs are used in a variety of ways.Required:a. List five ways IASs might be used.b. How does the IASB enforce its standards?c. Approximately how many companies and jurisdictions currently use IASB
Search the FASB ASC database to determine if International Accounting Board pronouncements have considered GAAP. Cite and copy your answer.
Using present-value measurements is discussed under many FASB ASC topics. Find three FASB ASC topics that provide such guidance, then cite and copy those standards.
The FASB ASC provides recognition and measurement guidance for several of its topics. Find three topics that provide such guidance, and then cite and copy those topics.
The SEC issued an opinion whether there are differences in the measurement provisions for share-based payment arrangements with employees under International Accounting Standards Board International
The problems faced by a company that adopts an entire accounting regime are somewhat different than those faced by a company that adopts an individual change in an existing body of accounting
Search the FASB ASC current text section to find the paragraphs relating to revenue recognition.
Bismarck University, a for-profit private institution, publishes its tuition and housing costs on its website. These fees are different for the various educational levels and programs offered. The
Skippers Landing sells boats and provides mooring facilities for its customers. Skippers Landing sells the boats for $60,000 each and provides mooring facilities for $10,000 per year. It concludes
Consider two companies, both manufacture autonomous vehicles, but they have different company strategies to acquire the necessary intellectual property to develop and produce their products. MG is a
Poole Company purchases 5,000 shares of preferred stock issued by Ernst Company, a private manufacturer of specialized equipment, for $200,000. Poole Company has concluded that its investment meets
Watson Company has several investments in the securities of other companies. The following information regarding these investments is available at December 31, 2019.1. Watson holds bonds issued by
Bentley Company acquires Joslyn Company debt securities on January 1, 2020 for $15.000. Upon acquisition, Bentley Company designates the securities as available for sale. Bentley Company sells the
On April 1, 2020, Janine Corporation sold some of its five year, $1000 face value, 12% term bonds dated March 1, 2020, at an effective annual interest rate (yield) of 10%. Interest is payable
The Whitley Corporation’s year-end is December 31. It is now October 1, 2019. The Whitley management team is taking a look at the prior nine months and attempting to make some short-term strategy
The FASB ASC contains guidance on various intangible costs incurred by entities in the cable television industry. Search the FASB ASC for answers to the following questions:1. What is the prematurity
On July 1, 2020, Dynamic Company purchased for cash 40% of the outstanding capital stock of Cart Company. Both Dynamic and Cart have a December 31 year-end. Cart, whose common stock is actively
The Thomas Company is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this product. As of year-end (December 31,
McMann Company owns land that is used for industrial purposes. McMann Company is legally obligated by the local government to return it to its original condition when the land is sold. McMann Company
The FASB ASC contains guidance on accounting for franchise assets during the prematurity period. Search the FASB ASC for answers to the following questions:1 How is the prematurity period defined?2
Several FASB statements dealt with the topic of asset impairments. List the FASB statements that dealt with asset impairments and summarize them. Several EITF documents provide additional guidance on
The FASB ASC contains guidance on the mining extractive industry.1. Search the FASB ASC for definitions for the following terms:(a) Production phase(b) Stripping costs2. Discuss the accounting
The following selective information is available to the Maxine Company on December 31, 2020:Required:a. Compute the current and acid test ratios for Maxine Company.b. Evaluate Maxine’s liquidity in
Accounts receivable is presented on the balance sheet at net realizable value. This amount is calculated by offsetting the allowance for doubtful accounts against accounts receivable. Search the FASB
On January 5, 2016, the FASB issued Accounting Standards Update 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial
The FASB ASC contains guidance on development stage enterprises. Search the FASB ASC for answers to the following questions:1. How is a development stage enterprise defined?2. What types of financial
Assume the same facts as in Case 5-5 except that Skippers Landing sells the boats on a stand-alone basis for $58,000–$64,000 each. As a result, Skippers Landing determines that the stand-alone
Bellcom enters into a contract with a customer to sell a smart phone and provide a one-year warranty against both manufacturing defects and customer-inflicted damages (e.g. dropping the phone into
During the past several decades, companies have increasingly included custom metrics that don’t conform to generally accepted accounting principles (GAAP) or international financial reporting
Historical cost has been the most commonly used measurement attribute for assets. Find the places in the FASB ASC that cite historical cost.
Find the discussion of SFAS No. 157 in the FASB ASC. Summarize what you find.
Henderson Farms Inc. sells land to Harris Development Corporation for $2,000,000 It is also entitled to receive 6% of any future sales price of the developed land in excess of $5 million. Henderson
Except for short-term operating leases for which the lessee elects not to report a lease asset and liability, FASB ASC 842 requires lessees to report an asset and liability for all operating lessees.
FASB ASC 842 requires lessors to classify all leases that meet at least one of the five finance lease criteria as sales-type leases. Prior GAAP required lessors to classify those leases that met the
Baker Corp (lessee) and Able Corp (lessor) execute a 10-year lease of a building with the following terms on January 1, 2019:• The lease commencement date is February 1, 2019.• Baker Corp must
Baker Company needs $1 million to expand its existing plant. Baker management is considering the following two alternative forms of financing:1. At the beginning of 2020, issue $1 million of
At the end of the current year, Bozeman Corporation is preparing its estimate of the allowance for uncollectible accounts. The company’s historical loss rate on accounts receivable, based on the
On January 1, 2019, Plywood Homes, Inc., issued 20-year, 4% bonds having a face value of $1 million. The interest on the bonds is payable semiannually on June 30 and December 31. The proceeds to the
Lincoln National Bank purchases a loan with a par value of $100,000 for $83,000. The loan has experienced a more-than insignificant deterioration in credit quality since origination. Therefore,
The FASB ASC contains guidance on the accounting for temporary differences arising from entities operating in foreign countries.1. What are the three possible causes of these differences citedin the
Peter Company purchases a machine during 2020 for $120,000. The machine is being depreciated on a straight-line basis over 20 years for financial accounting purposes (book) and over 15 years for tax
Assume that enacted tax rates are 15% for 2018, 2019, and 2020 and 20% for 2021 and thereafter. At the end of 2020, Billups Corporation has $15,000 of deductible temporary differences, which are
Bank Data Center Contract 5th National Bank enters into a lease for a portion of its data center with Data Info Company. The lease contract does not explicitly specify the equipment to be used to
The FASB ASC discusses accounting for sale-leaseback transactions for rate-making purposes. Summarize this accounting treatment.
Bronx Company enters into an agreement with Brooklyn Company to lease office space for a term of 60 months. Lease payments during the first year of the lease are $20,000 per month. Each year, lease
On January 1, Majewski Company enters into an arrangement to obtain the right to access land owned by Burgess Inc. for 40 years. The land is located in Wisconsin and is used by Burgess Inc. to grow
Match the following pension and postretirement benefit terms and descriptions. Term 1. Amortization of prior service cost 2. Accumulated postretirement benefit obligation 3. Obligations under
Image Maker Company enters into a lease of nonspecialized digital imaging equipment with Agee Equipment Inc on January 1, 2020. Image Maker Company is a manufacturer of digital imaging equipment that
Biltmore Company leases a copier from Vanderbilt Inc. The following table summarizes information about the lease and the leased asset.• Lease term – three years, no renewal option• Economic
Accounting for pensions and postretirement benefits is similar in many respects; however, there are some differences. Use the following chart to outline some of these differences: Item Service
Okner Inc. sponsors a defined benefit plan. The company provides the following information:• On December 31, 2020, plan assets were $270,000• The projected benefit obligation on December 31, 2020
When calculating the components of pension expense, companies enlist the aid of actuaries.Required:a. What is the role of an actuary in calculating the components of pension expense?b. What are
Emily Smalls is the new CFO of the Evansville Manufacturing Company. Evansville produced castings of larger components consumed in the heavy machinery industry. Emily relocated to Evansville, Indiana
The FASB ASC contains guidance on mandatorily redeemable preferred stock. Search the FASB ASC for answers to the following questions:1. How does the FASB ASC define mandatorily redeemable preferred
You have completed your audit of Carter Corporation and its consolidated subsidiaries for the year ended December 31, 2020 and are satisfied with the results of your examination. You have examined
Lancaster Electronics produces electronic components for sale to manufacturers of radios, television sets, and phonographic systems. In connection with his examination of Lancaster’s financial
On June 30, 2020, Lansing Company was notified by its only customer that the customer will no longer order its product. All existing orders are expected to be completed by May 2021. From July through
The Fillups Company has been in the business of exploring for oil reserves. During 2020, $10 million was spent drilling wells that were dry holes. Under US GAAP, Fillups has the option of accounting
Part I. Lessee Obtains Control Prior to Lease Commencement Phoenix Company wishes to lease a new vehicle for five years. The vehicle manufacturer is not willing to enter into lease arrangements, so
Part 1. Madigan Inc. owns a large warehouse that can be subdivided into numerous subsections by inserting removable walls. It leases out different portions of storage space to its customers based on
When is it a requirement that the equity method of accounting be applied?
On 1 July 2022 Sheila Ltd, an Australian company, acquires all of the issued shares in Felicity plc, a company incorporated in England. Exchange rates for the year ending 30 June 2023 are as
What rates should be used to translate the expense and income items of a foreign entity’s financial statements? When would average rates be acceptable?
In a newspaper article entitled ‘NAB slashes to brace for digital threat’ (by Clancy Yeates, The Age, 3 November 2017, p. 20), it was reported that:National Australia Bank chief executive Andrew
Discuss the factors you would consider when deciding whether an investor has significant influence rather than control over an entity.
What is the difference between significant influence and control, and what are the implications of establishing either?

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