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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Using the information provided in BE4-4, assume now that Cal's customer pays off the balance owed of $120,000 in full on June 23, 2018. What is the effect of this transaction on the accounting
The following Trueblood case is recommended for use with this chapter. The case provides an excellent opportunity for class discussion, group projects, and writing assignments. The case, along with
The following Trueblood case is recommended for use with this chapter. The case provides an excellent opportunity for class discussion, group projects, and writing assignments. The case, along with
Sarin Retail Outlets incorrectly recorded inventory in 2016. Rather than recording ending inventory as $960,000, Barin's accounting manager entered $690.000, understating ending inventory b y
Outline the regulatory process in Australia in relation to accounting standard setting and discuss the influence of international bodies in the standard-setting process.
In groups of three, obtain the latest statement of cash flows for a company (other than JB Hi-Fi Limited). Financial reports are available from company websites, and usually from internet sites
You are provided with the following information from the statement of cash flows for Precedent Ltd:20172016Cash flow from operating activitiesRepayment of long-term borrowingsAssets acquiredDividends
Find the latest available annual report for a university (preferably your university), Write a report (no more than three pages) and prepare a five minute oral and visual presentation focusing on the
At December 31, 2019. the following information was provided by the Oscar Group:Fair value of plan assets ............................................ $850,000Vested benefit
Redo E19-9, assuming that Crystal Glass Works, Ltd. is an IFRS reporter and the expected return on plan assets is the same as the settlement rate. Crystal Glass reports service cost as an operating
Cal's Computer Servicing, Inc., a service company that provides installation services for computer programs, had a service revenue transaction in the amount of $ 120,000 on May 31, 2018, with one
Pfizer Inc., a global pharmaceutical company, offers several different types of stock-based compensation to its employees. Pfizer reports under U.S. GAAP. Use the disclosures provided in Exhibit 19.3
You are asked to analyze NCR Corporation’s EPS. NCR is a business solution company manufacturing automated teller machines (ATMs), point of sale (POS) terminals and devices, and self-service
Royal Hill Companies provided the following information regarding its stockholders’ equity section of the balance sheet for the 3-year period ending December 31, 2022.RequiredPrepare the summary
Second Thought Products (STP) began operations on January 1, 2021, and adopted the FIFO method of inventory valuation at that time. Management elected to change its inventory method to the
Massi Pharmacies, Inc. started operations on January 1, 2018. The company initially used the average-cost method to value its inventory for both book and tax purposes. Effective January 1, 2022,
Sumner Stores began operations on January 1, 2018, and adopted the average-cost method of accounting. In 2021, it is considering a change to the FIFO basis. Sumner provided the following information
Welsh, Inc. began operations January 1, 2021. During 2023, management changed its method of accounting for inventories from the average-cost method to the first-in, first-out (FIFO) method. This
Arnez Company began operations in 2021 and initially adopted the weighted-average method for inventory valuation. In 2023, in accordance with the inventory valuation policies followed by other
Jupiter Electric Company provided the following financial statement information for 2022 before considering the accounting changes that follow:• The company failed to record $7,000 interest expense
Winthur Stores began operations on January 1, 2018, and adopted the FIFO method of accounting for its inventory for book and tax purposes. In 2021, it is considering a change to the average-cost
Amazon.com, Inc., the online retail shopping and video subscription company, reported a change in an accounting estimate in the first quarter of 2020. Use the following information and excerpts from
Arlen Technology Solutions, Inc. adopted the percentage-of-completion method when it began operations on January 1, 2020. The company elected to change to the completed-contract method on January 1,
Rocket Man, Incorporated provided the following financial statement information for 2022:• On January 1, 2022, Rocket Man changed its plant and equipment accounting for depreciation from the
Romer Corporation began operations on January 1, 2019. The company decided to lease all plant assets rather than purchase them. Romer used the operating method for all leased assets in 2019 and 2020.
Porco Construction Company initiated operations on January 1, 2020. At that time, Porco’s management used the percentage-of-completion method to account for its contracts. The estimates used
Finer Shoes Company recorded book income of $120,000 in 2020. It does not have any permanent differences, and the only temporary difference relates to a $60,000 installment sale that it recorded for
Lombardo Lumber Company incorrectly recorded inventory in 2021. Rather than recording ending inventory as $500, Lombardo’s accounting manager entered $560, overstating ending inventory by $60.An
Your assignment is to analyze Pfizer’s Inc. operating cash flows and compare it to that of Johnson & Johnson. Use Pfizer’s statement of cash flows and the following information to address
Tuscany Timber Company incorrectly recorded inventory in 2021. Rather than recording ending inventory as $2,200, Tuscany’s accounting manager entered $2,500. An inventory summary for 2021 and 2022
Greer Incorporated discovered the following errors on the books at the beginning of 2021:a. Maintenance expense on account was overstated by $20,000 in 2019 and understated by $30,000 in 2020. The
Wilson Incorporated acquired a leather-cutting machine for $200,000 on December 31, 2022. The general accountant incorrectly coded the invoice as Miscellaneous Expense. The general accountant
Using the data from BE21-10 for Wilson Incorporated, assume now that the general accountant discovered the error in 2023 when the books had already been closed for 2022. Prepare the correcting entry
Using the information from BE21-12, prepare the journal entry necessary to correct the inventory error, assuming that Barin’s controller discovered the error in 2021 after the books had been closed
Tyrion Retailers, Inc. incorrectly recorded inventory in 2020. Rather than recording ending inventory as $570,000, Tyrion’s accounting manager entered $750,000. Tyrion’s controller discovered the
Barin Retail Outlets incorrectly recorded inventory in 2020. Rather than recording ending inventory as $960,000, Barin’s accounting manager entered $690,000, understating ending inventory by
FA Manufacturers must make several investment decisions related to its business operations. Interest is compounded annually. Analyze the following independent situations to help FA make a profitable
Use the following excerpt from Dragonfly Corporation’s balance sheet and its income statement to compute Dragonfly’s profit margin and return on assets for 2022 and 2023. Comment on Dragonfly’s
Use the Nike Inc.’s 2019 financial statements found in its 2019 annual report to complete the following financial statement articulation worksheets. You can locate Nike’s financial statements on
MPS, Inc. has the following unadjusted account balances as of December 31, 2022, the company’s year-end:• Cash: $430,000• Accounts Receivable: $2,000• Prepaid Insurance: $14,000• Prepaid
In August 2018, the FASB issued Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements. The purpose of this project is to identify a broad range of possibilities
The stockholders’ equity section of DRB plc’s balance sheet at December 31, 2022, was as follows:Requireda. Prepare the journal entry required on January 9, 2023, if on that date DRB repurchased
Herman and Sons’ Law Offices opened on January 1, 2022. During the first year of business, the company had the following transactions:• January 2: The owners invested $250,000 (the par value of
Sherlock Locksmiths, Inc. has the following adjusted trial balance for the year ended December 31, 2022.Requireda. Journalize and post the necessary closing entries. Omit explanations.b. Prepare a
G&S Auto Body, Inc. started 2022 with the following balances:The following transactions occurred during the current year:a. On January 1, the owners invested a total of $150,000 (the par value of
Using the information in E4-22, prepare the post-closing trial balance for Diane’s Dairy Sales & Delivery.Data from Exercises 22Diane’s Dairy Sales & Delivery finished its first year of
Using the information provided in E4-7, prepare CC&C’s t-accounts for all relevant accounts for the year ended December 31, 2022. Post journal entries in E4-7 to the general ledger.Data from
Using the adjusted trial balance for Diane’s Dairy Sales & Delivery in E4-22, prepare a single-step income statement, a statement of shareholders’ equity, and a balance sheet.Data from
Lake Company provided the following information for the current year ended December 31.Requireda. Prepare the current-year classified balance sheet using the report format.b. Prepare the current-year
Cookies, Cakes & Crumbs Bakery (CC&C) ended its first year of operations on December 31, 2022. During 2022, the following transactions occurred:January 10: The owners of CC&C invested
Tulsa Corporation provided you with the following information for the current year.Compute the net cash flow from operating activities under the indirect reporting format. Sales Depreciation
The CFO of First Things Computing, Inc. (FTC) prepared the following net income statement for the year ended December 31, 2023.FTC had 15,000 common shares outstanding for the entire year. It had no
Over the course of 2022, the first year of operations, Medical Supplies, Inc. had the following income transactions: Sales Revenue of $4,340,000; Cost of Goods Sold of $1,936,000; Wage Expense of
Using the information provided in E4-6, prepare Dover Direct Insurance Agency’s unadjusted trial balance at June 30, 2022.Data from Exercises 6Using the information provided in E4-5, post Dover
Use Johnson & Johnson’s 2019 Annual Report, 10-K, to answer the following questions. You can locate Johnson & Johnson’s financial statements on its Web site, the Securities and Exchange
Seal Container Corporation (SCC) signed a lease agreement on January 1, 2021, to lease new forklift equipment. The terms of the lease follow.• The lease has a term of 10 years. There are no
Samuel Fishman Furs, an IFRS reporter, took an aggressive tax position and deducted $380,000 on its current tax return. This type of deduction has been challenged by tax jurisdictions in the past
In the text, we discussed the practical, step-by-step approach for the subsequent measurement of an operating lease for the lessee. However, that exact approach is not specified by the Codification.
Sabran Corporation, a calendar year-end firm, invested in three debt securities on December 15, 2020, and classified them as trading securities. Sabran sold all three securities on January 1, 2021.
The stockholders’ equity section of Bellwood Brands’ 2021 balance sheet follows:During 2022, Bellwood completed the following transactions:• November 9: Purchased 200 shares of its own stock to
When preparing its financial statements at the end of 2022, Thorn Retail Inc. discovered an error in accounting for inventory. When Thorn started to purchase merchandise from a new supplier, it
On January 1, 2020, Pollo Company issued 1,000 shares of 4%, $100 par cumulative preferred stock for $110,000. On December 26, 2021, the board of directors declared dividends of $6,000, which were
The following information is available for the first 4 years of operations for Shooting Star Corporation:On January 2, 2022, the firm acquired heavy equipment costing $200,000 in a cash transaction.
Michael’s Incorporated reported the following tax information for its first 3 years of operations.Michael’s operates in a jurisdiction that allows carrybacks for two years and unlimited
Cisco Systems, Inc., the leading Internet protocol-based networking equipment company, has significant holdings of investment securities. Use the financial statement information provided to analyze
CPF Corporation operates in a jurisdiction that does not limit carryforwards and allows losses to be carried back for two years. CPF Corporation reported the following results for its first 3 years
On January 1, 2022, Queens Company reported the following stockholders’ equity:On January 4, the company purchased 10,000 shares of its own stock at $25 per share to be held as treasury stock. On
Tartini Telecom, Inc. files U.S. corporate tax returns and is subject to a 21% income tax rate. The company reports no book tax differences. Tartini provides you with the following income
Rodrigo Reality, LTD reported the following information regarding income or loss reported from 2017 through 2022:The tax rate in 2017 was 35%. However, the tax rate changed to 21%, effective in 2018.
Andrew, Inc. provides DJ services for corporate parties. Andrew operates in a jurisdiction that allows carryback for two years and unlimited carryforward. Andrew reported a net operating loss of
Early in 2022, Bicycle Messenger Service Corporation (BMSC) purchased a multiline/multifunction telephone system at a cost of $50,000. At that time, BMSC estimated that the system had a useful life
On January 1, 2021, Moorecraft Finance Company agreed to lease a piece of machinery to Ward Construction Products, Inc. Moorecraft paid $1,554,516 to acquire the machine from the manufacturer and
On January 1, 2022, Gato Company issued 1,000 shares of $80 par callable preferred shares for $200,000. Gato can call these preferred shares on January 1, 2023, for $200 per share. On June 1, 2023,
On January 1, 2022, Racine Company accepted a 10% note, dated January 1, 2022, with a face amount of $2,400,000 in exchange for cash. The note is due in 10 years. For notes of similar risk and
Beck-Curry Associates reported the following income information for the 2019–2021 period:The company does not have any book-tax differences and is subject to a 21% income tax rate. Beck-Curry is
On January 1, 2021, the lease commencement date, Curran Manufacturing Corporation (CMC) agreed to lease a piece of nonspecialized, heavy equipment to Oates Products, Inc. CMC paid $900,000 to
In 2022, its first year of operations, Genius Corp. had a $700,000 net operating loss when the tax rate was 30%. There are no differences between book (GAAP) income and taxable income. In 2022, the
Fontlyn Inc. issued $20 million of $10 par preferred stock on February 1, 2022. The company issued 1 million shares. Assume that the holder of the preferred shares has the option to require
Using the same information from E15-14, assume that Fontlyn is an IFRS reporter. Prepare the journal entry for Fontlyn’s issue of the preferred shares.Data from Exercises 14Fontlyn Inc. issued $20
In 2022, Meg Inc. discovered an error in its 2019 financial statements. The firm recorded $11,000,000 of depreciation expense on its equipment instead of recording $10,000,000. Meg has a constant tax
In 2022, Thom Inc. discovered an error in its 2019 financial statements. The firm recorded $8,500,000 of depreciation expense on its equipment instead of recording $9,500,000. Thom has a constant tax
Simply Syrup Incorporated, a maple syrup maker, reported the following events causing differences between pretax accounting income and taxable income during its first full year of operations:• In
John Holland Incorporated provides you with the following information.The company does not report any book tax differences and is subject to a 21% income tax rate. Holland is a US Corporate tax
Prepare the journal entry needed to record the partial sale of the investment acquired in BE16-9. Assume that Turner sold 12,800 of the Fenwick shares for $47 per share in 2021 and the fair value of
Gills Products, an IFRS reporter, acquired $2,960,000 face value, 5% bonds on January 1 of the current year when the market rate of interest was 10%. Gills plans to hold the bonds to generate cash
Turner Tires, Inc. acquired 40,000 shares of Fenwick Corporation stock at a price of $35 per share during 2020. This investment does not allow Turner to participate in the decision making of Fenwick,
You have been tasked with analyzing the leases of Delta Air Lines. In Delta Air Lines’ lease disclosures, its lease obligations on its finance leases were $821 million, whereas the lease
Florida Energy Restoration, Ltd. (FER) enters into a lease agreement on January 1, 2021, to lease standard power generators from R&R Electric, Inc. The terms of the lease follow.• The term of
Melia Company purchased a debt investment in 2020 and classified it as held to maturity. The carrying value on December 31, 2020, is $250,000. At December 31, 2020, the fair value of the investment
Walker Power Washing Services, Inc. leases nonspecialized equipment from McCoy Equipment. The lease term is 3 years with no renewal or purchase options, and title to the underlying asset is retained
Plash Photo Company leased a digital reproduction machine on January 1, 2022. The following information was obtained from the lease contract:• The lease carries a term of 5 years. There is no
You are reviewing the financial statements of Trident Incorporated and observed that Trident entered into a significant operating lease for office equipment at the end of the current year. Because of
Repeat E16-19 assuming that Gretta Company reports under IFRS and measures the debt security at amortized cost. Gretta determines that there has not been a significant increase in credit risk in 2021
Repeat E16-21 assuming that Gretta measures the debt security at fair value through OCI. Assume for simplicity that the carrying value is not reduced by amortization during 2021; thus, the carrying
Gretta Company purchased a debt investment on June 15, 2021, and classified it as held to maturity. On December 31, 2021, the investment had a carrying value of $8,500 and a fair value of $8,000. On
Company, a U.S. corporate filer, provides you with the following information.The company does not report any book tax differences and is subject to a 21% income tax rate. Compute the NOL carryforward
Gretta Company purchased a debt investment on June 15, 2020, and classified it as available for sale. On December 31, 2020, the investment had a carrying value of $8,500 and a fair value of $8,000.
Using the information for Vasquez Company in BE17-22, determine the reversal (utilization) of the deferred tax asset for 2021 and 2022.Data from Exercises 22Company, a U.S. corporate filer, provides
On May 1, 2021, Gia Equipment Manufacturers (GEM) agreed to lease nonspecialized machinery to Jason Associates. GEM paid $2,000,000 to produce the machine and carries it at this amount in its
Regal Inc., a U.S. GAAP reporter, holds an equity investment with a carrying value of $107,250. This investment is not publicly traded and Regal has elected to carry it at adjusted cost. At December

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