All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question
AI Study Help New

Search
Sign In
Register

study help
business
financial reporting and analysis

Questions and Answers of Financial Reporting and Analysis

Equipment was sold at a loss. LO.1
Provide journal entries for each of these transactions. LO.1
Provide adjusting entries at the end of the year. LO.1
Prepare an income statement for the year ended December 31, 2011. LO.1
Prepare a balance sheet as of December 31, 2011. LO.1
Prepare the necessary adjusting entries for the year ended December 31, 2011. LO.1
Prepare an income statement for the year ended December 31, 2011. LO.1
Prepare a balance sheet as of December 31, 2011. LO.1
In preparing a revised comparative statement of income, Helen should report income from continuing operations after income taxes for 2011 and 2010, respectively, amounting to how much? LO.1
Starting with the revised income from continuing operations numbers you obtained in requirement 1, prepare the revised comparative income statements for 2011 and 2010 showing appropriate details for
Jordan Wing realized $175,000 from settling a trademark infringement lawsuit. LO.1
The corporation disposed of its catalog sales component at a pre-tax loss of $345,000. This transaction meets the criteria for discontinued operations. LO.1
Sale of 10,000 shares of Xerox stock held as a short-term investment resulted in a gain of$23,450. LO.1
The firm changed its method of depreciating fixed assets from the straight-line method to the declining balance method, which was used to determine income in 2011. LO.1
Jordan Wing suffered a $23,000 impairment loss in 2010, which it failed to record. LO.1
The firm experienced an (extraordinary) uninsured tornado pre-tax loss in the amount of $83,500. LO.1
How should Barden’s 2011 comparative financial statements reflect this change in accounting principle? LO.1
Prepare whatever disclosure is required under current GAAP as a result of this change. LO.1
What criteria must be met to warrant reclassifying the noncore business units as discontinued operations effective with the quarter ending September 30, 2010? LO.1
Suppose that in March 2011 a buyer signed a purchase commitment for Corrpro’s Rohrback Cosasco Systems division. This sale requires regulatory approval that is expected to take at least 18 months
Assume that in February 2011 a potential buyer of another of the domestic noncore business units insisted on a site assessment prior to signing a purchase commitment. The assessment’s purpose was
Is there any reason for management to prefer discontinued operations treatment for these noncore business units? LO.1
McDonald’s uses different critical events to recognize revenue for its different business activities. Identify the critical events and rank them from the most to the least conservative policy based
Prepare Neville Company’s 2011 and 2010 income statements reflecting the retrospective application of the accounting change from the LIFO method to the FIFO method. LO.1
Prepare Neville Company’s disclosure related to the accounting change; limit disclosure of financial statement line items affected by the change in accounting principle to those appearing on the
For Big Daddy’s, prepare summary journal entries for 2011 and 2012 necessitated by this franchise agreement. LO.1
Should Big Daddy’s recognize revenue from the initial franchise fee in their quarter ending September 30, 2011? Explain. LO.1
Does the financial statement data presented support your estimate? Why, or why not? LO.1
The SEC alleges that by the end of fiscal 2002, ClearOne had stuffed approximately $11.5 million of inventory into the distribution channel. On the basis of this assertion, what was the approximate
Retrieve the SEC’s complaint against ClearOne Communications, Inc. ( www.sec.gov/litigation/litreleases/lr17934.htm ). Describe management’s scheme for inflating revenue. LO.1
Determine how much income would be recognized if London used the completedcontract method for the 2012 and 2013 fiscal years. LO.1
Prepare a schedule showing London’s balances in the following accounts at September 30, 2012, under the percentage-of-completion method:• Accounts receivable• Costs and estimated earnings in
Prepare a schedule showing London’s gross profit (loss) recognized for the years ended September 30, 2012 and 2013 under the percentage-of-completion method. LO.1
Assume that the farm is left idle during 2012. With no harvest, Criswell’s only transaction consists of an October 2012 sale of the 15,000 bushels in inventory at $2.80 per bushel.Further assume
Determine the December 31, 2011, balances for Soybeans inventory and Accounts receivable under each of the three income recognition methods in requirement 1. LO.1
Prepare a 2011 income statement for Criswell’s farm under each of the following assumptions regarding what constitutes the “critical event” in the process of recognizing income:a. Assuming that
What impact did GM’s past accounting practices related to supplier credits and rebates have on reported net income in the year in which the rebate was received and in subsequent years? LO.1
What entry would be necessary to restate GM’s Year 1 balance sheet?(Ignore income tax effects.) LO.1
Assume that GM “discovered” the error in its approach to recording supplier rebates on November 1, Year LO.1
What adjusting entry, if any, would have been required at December 31, Year 1? (Assume that GM reports on a calendar year basis and makes annual adjusting entries.) LO.1
Assume that GM made the entry you suggested in requirement LO.1
Had GM followed GAAP, what would the appropriate journal entry have been? Where would the account credited be shown on GM’s financial statements? LO.1
Given GM’s past accounting practices for such rebates, what journal entry did the company make when it received the payment? LO.1
Errors occurred in the depreciation calculations that resulted in depreciation expense being overstated by $3,500 in 2009, understated by $7,000 in 2010, and understated by$6,000 in 2011. LO.1
No adjusting entries were ever made to reflect accrued salaries. The amounts $12,000,$13,500, and $8,300 should have been accrued in each of the three prior years, respectively. LO.1
The office manager expensed rent on equipment and facilities when paid. Amounts paid in 2009, 2010, and 2011 that represent prepaid rent are $5,000, $4,500, and $4,900, respectively. LO.1
Determine Roxio’s gross revenues for fiscal years Year 1–Year 3. LO.1
Are opportunities for “earnings management” present in Roxio’s stated accounting policies for expected product returns? Is there any evidence in the data presented that Roxio’s management has
Explain the rising balance in this account. LO.1
Re-create (in summary form) the journal entries Roxio made in the Allowance for sales returns and certain sales incentives account for fiscal years Year 1–Year LO.1
How much revenue would Brio recognize on this contract if the various elements included in the contract were not sold separately? LO.1
Prepare the journal entry to record receipt of the signed contract and electronic delivery of the software. Assume that the sale conforms to Brio’s normal billing terms and that collectibility is
Following Brio’s stated revenue recognition policies, how much revenue would it recognize on this contract? LO.1
Elaborate on what circumstances would have to exist for each alternative to be employed. LO.1
Calculate the amount of gross profit recognized in 2011 under each of the alternatives identified in requirement 1. LO.1
Identify and explain three alternative methods for revenue and cost recognition available to Quincy in this scenario. LO.1
Prepare Miller’s journal entry under each method at December 31, 2014, if the company believes it will not collect any more of these installment receivables. LO.1
Prepare Miller’s journal entries each year if Miller adopts the cost-recovery accounting method under IFRS. (Ignore any presumed interest collections.) LO.1
Prepare Miller’s journal entries each year if Miller adopts the installment sales accounting method under U.S. GAAP. (Ignore any presumed interest collections.) LO.1
How would the solution to the three requirements above change if the contract-based revenue recognition principles proposed in the recent IASB/FASB exposure draft on revenue recognition are adopted?
Because the highway is being built in an area with very unstable soils, Jensen believes it is not able to reasonably estimate the contract’s completion costs and thus uses the costrecovery method
Because the highway is being built in an area with very unstable soils, Jensen believes it is not able to reasonably estimate the contract’s completion costs and thus uses the completedcontract
Because the highway is being built in an area with very stable soils, Jensen believes it is able to reasonably estimate the contract’s completion costs and thus uses the percentageof-completion
Recognize revenue on an installment (cash collection) basis. LO.1
Recognize revenue at point of sale. LO.1
Recognize revenue when production is complete. LO.1
Prepare Heinkel’s journal entries for 2011 under each of the methods in requirement 1. LO.1
Calculate the amount of Heinkel’s net income each year, assuming that revenue and income are recognized:a. At the completion of production.b. At the point of sale.c. As cash is collected
Give the journal entries that Tack would make in June 2011 to correct the errors made in 2010. Assume that depreciation for 2011 is made as a year-end adjusting entry.(Ignore taxes.) LO.1
What amount should Tack report as a prior period adjustment to beginning Retained earnings at January 1, 2011? (Ignore taxes.) LO.1
Give the journal entries that Bettner would make in 2011 to correct the errors. LO.1
Ignoring income taxes, what amount should Bettner report as a prior period adjustment to the beginning retained earnings in its statement of retained earnings at January 1, 2011? LO.1
Assume that York’s Rustic Furniture had instead used the installment sales method. What amount of gross profit would it have deferred in 2011? LO.1
How much cash did the company collect on installment sales in 2011? LO.1
Determine the amount of revenue to be recognized in 2011 and prepare the necessary journal entry. LO.1
Prepare a journal entry to record receipt of the cash payment. LO.1
Same scenario as requirement 4, except that collectibility of the remaining installments cannot be estimated. LO.1
At the time the franchise is signed, all the services promised have been provided, and collection of the franchise fee is assured. LO.1
At the time the franchise is signed, the value of the services rendered is estimated to be at least $10,000. The remaining services are performed equally over the five-year period, and collectibility
Same scenario as requirement 1, except that collectibility of the remaining installments cannot be estimated. LO.1
At the time the franchise is signed, none of the services promised have been provided;however, at least 80 percent of the services have been provided on the date of the first installment.
Prepare the necessary journal entries for August 15, 2011 (ignore any interest accruals). LO.1
Prepare the necessary journal entries for Oversized Burrito for April 1, 2011, when the franchise agreement is signed. LO.1
Revenue recognized using the cost recovery method. LO.1
Revenue recognized using the installment sales method. LO.1
Revenue recognized at point of sale. LO.1
Revenue recognized when production is complete. LO.1
If the cost recovery method is used, what amount would Fox report as gross profit from sales for the year ended March 31, 2011? LO.1
What amount of net unearned franchise fees would Potter report at December 31, 2011? LO.1
Baker’s realized gross profit for 2012 was how much? LO.1
At December 31, 2011, Baker’s deferred gross profit was how much? LO.1
For a customer who pays the annual fee in advance, Rawl should recognize the related revenue in what amounts and when? LO.1
In Simmons’s December 31, 2011, balance sheet, at what amount should the unearned franchise fees from Jensen’s franchise be reported? LO.1
The Installment accounts receivable balances at December 31, 2011 and 2012 would be how much? LO.1
In its 2011 income statement, what amount of realized gross profit should Yardley report? LO.1
Calculate the amount of gross profit that would be recognized each year under the cost recovery method. LO.1
Calculate the amount of gross profit that would be recognized each year under the installment sales method. LO.1
In its income statement for the year ended December 31, 2012, what amount of gross profit should Haft report? LO.1
How much cash was collected on this contract in 2011? LO.1
What was the initial estimated total income before tax on this contract? LO.1

Showing 1200 - 1300 of 2553

First
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved