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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

At December 31, 2021, Appaloosa plc had a deferred tax liability of $25,000. At December 31, 2022, the deferred tax liability is $42,000. The company’s 2022 current tax expense is $48,000. What
The following information has been obtained for the Gocker SA.1. Prior to 2022, taxable income and pretax financial income were identical.2. Pretax financial income is €1,700,000 in 2022 and
Brennan Corporation began 2022 with a $90,000 balance in the Deferred Tax Liability account. At the end of 2022, the related cumulative temporary difference amounts to $350,000, and it will reverse
Dexter Manufacturing reports depreciation expense for certain machinery purchased this year using an accelerated method for income tax purposes and the straight-line basis for financial reporting
The pretax financial income of Truttman AG differs from its taxable income throughout each of 4 years as follows.Pretax financial income for each year includes a non-deductible expense of €30,000
The following information is available for McKee plc for 2022.1. Excess of tax depreciation over book depreciation, £40,000. This £40,000 difference will reverse equally over the years
Oxford SA began operations in 2022 and reported pretax financial income of €225,000 for the year. Oxford’s tax depreciation exceeded its book depreciation by €40,000. Oxford’s tax rate for
Kleckner Company started operations in 2018. Although it has grown steadily, the company reported accumulated operating losses of $450,000 in its first four years in business. In the most recent year
(USA) is a 120-year-old international gold mining company with substantial gold mining operations and exploration in the United States, Canada, and Australia. At year-end, Homestake reported the
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer
The following information is available for Remmers Corporation for 2022.1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $120,000. This difference
Starfleet Corporation has one temporary difference at the end of 2021 that will reverse and cause taxable amounts of $55,000 in 2022, $60,000 in 2023, and $75,000 in 2024. Starfleet’s pretax
In 2022, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to the use of different depreciation methods for tax and accounting
On January 1, 2022, Lesley Benjamin signed an agreement, covering 5 years, to operate as a franchisee of Campbell Inc. for an initial franchise fee of $50,000. The amount of $10,000 was paid when the
Pacific Crossburgers Inc. charges an initial franchise fee of $70,000. Upon the signing of the agreement (which covers 3 years), a payment of $28,000 is due. Thereafter, three annual payments of
Yanmei Construction Company began operations on January 1, 2022. During the year, Yanmei Construction entered into a contract with Lundquist Corp. to construct a manufacturing facility. At that time,
Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2022, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other
On April 1, 2022, Dougherty Inc. entered into a cost plus fixed fee contract to construct an electric generator for Altom Corporation. At the contract date, Dougherty estimated that it would take 2
In 2022, Steinrotter Construction began construction work under a 3-year contract. The contract price was €1,000,000. Steinrotter uses the percentage-of-completion method for financial accounting
During 2022, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2024. The following information is available.Instructionsa. Compute the amount of
Refer to the information in E18.31.Instructionsa. Does the accounting for capitalized costs change if the contract is for 1 year rather than 3 years? Explain.b. Dan’s Demolition is a startup
The information below pertains to Barkley plc for 2022.Net income for the year£1,200,0008% convertible bonds issued at par (£1,000 per bond); each bond is convertible into 30 shares of ordinary
Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for
On January 1, 2022, Cai Ltd. issued a 10% convertible bond at par, with a face value of ¥100,000, maturing on January 1, 2032 (amounts in thousands). The bond is convertible into ordinary shares of
Assume that Sarazan SA has a shareoption plan for top management. Each share option represents the right to purchase a R$1 par value ordinary share in the future at a price equal to the fair value of
On January 1, 2022, Lin plc issued a convertible bond with a par value of £50,000 in the market for £60,000. The bonds are convertible into 6,000 ordinary shares of £1 per share par value. The
On May 1, 2022, Barkley SA issued 3,000 €1,000 bonds at 102. Each bond was issued with one detachable share warrant. The fair value of the bonds on May 1, 2022, was €2,940,000.Instructionsa.
Schuss SA issued €3,000,000 of 10%, 10-year convertible bonds on April 1, 2022, at 98. The bonds were dated April 1, 2022, with interest payable April 1 and October 1. Bond discount is amortized
Meng Group is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2022, and May 31, 2023 (yen in thousands). The income from
On January 1, 2022, Barwood Ltd. granted 5,000 options to executives. Each option entitles the holder to purchase one share of Barwood’s £5 par value ordinary shares at £50 per share at any time
Charles Austin of the controller’s office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2023.
For each of the unrelated transactions described below, present the entry or entries required to record each transaction.1. Coyle SA issued €10,000,000 par value 10% convertible bonds at 99. If the
On July 1, 2022, Roberts AG issued €3,000,000 of 9% bonds payable in 20 years. The bonds include warrants giving the bondholder the right to purchase for €30 one ordinary share of €1 par value
On January 1, 2022 (the date of grant), Lutz Corporation issues 2,000 restricted shares to its executives. The fair value of these shares is $75,000, and their par value is $10,000. The shares are
Tomba Group had 300,000 ordinary shares outstanding on January 1, 2022. On May 1, Tomba issued 30,000 ordinary shares. (a) Compute the weighted-average ordinary shares outstanding if the 30,000
Sun Ltd. has decided to raise additional capital by issuing HK$175,000 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was determined that to help the sale
Kalin AG had 2022 net income of €1,000,000. During 2022, Kalin paid a dividend of €2 per share on 100,000 preference shares. During 2022, Kalin had outstanding 250,000 ordinary shares. Compute
Agassi AG is preparing the comparative financial statements to be included in the annual report to shareholders. Agassi employs a fiscal year ending May 31.Income before income tax for Agassi was
On September 1, 2022, Tokachi Group sold at 104 (plus accrued interest) 30,000 of its 8%, 10-year, ¥10,000 face value, non-convertible bonds with detachable share warrants. Each bond carried two
Douglas Corporation had 120,000 ordinary shares outstanding on January 1, 2022. On May 1, 2022, Douglas issued 60,000 ordinary shares. On July 1, Douglas purchased 10,000 treasury shares, which were
On November 1, 2021, Olympic plc adopted a share-option plan that granted options to key executives to purchase 40,000 shares of the company’s £10 par value ordinary shares. The options were
Rockland SA reported net income of R$300,000 in 2022 and had 100,000 ordinary shares outstanding throughout the year. Also outstanding all year was R$800,000 of 10% bonds, which are convertible into
On January 1, 2022, Magilla SA granted share options to officers and key employees for the purchase of 20,000 of the company’s €10 par ordinary shares at €25 per share. The options were
Lopez SpA issues 10,000 restricted shares to its CFO, Juan Carlos, on January 1, 2022. The shares have a fair value of €500,000 on this date. The service period related to the restricted shares is
DiCenta AG reported net income of €270,000 in 2022 and had 50,000 ordinary shares outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preference shares, each
On January 1, 2021, Tsang Ltd. granted 10,000 options to key executives. Each option allows the executive to purchase one share of Tsang’s HK$5 par value ordinary shares at a price of HK$20 per
Bedard Ltd. reported net income of 300,000 in 2022 and had 200,000 ordinary shares outstanding throughout the year. Also outstanding all year were 45,000 options to purchase ordinary shares at 10 per
Derrick plc issues 4,000 restricted shares to its CFO, Dane Yaping, on January 1, 2022. The shares have a fair value of £120,000 on this date. The service period related to these restricted shares
The 2022 income statement of Wasmeier SE showed net income of €480,000 and a loss from discontinued operations of €120,000. Wasmeier had 100,000 shares of ordinary shares outstanding all year.
On January 1, 2022, Chang Ltd. had 480,000 ordinary shares outstanding. During 2022, it had the following transactions that affected the ordinary share account.February 1 .............. Issued
At December 31, 2022, Ruiz SA had 600,000 ordinary shares issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 200,000 of which were issued on October 1,
Ferraro, Inc. established a share-appreciation rights (SARs) program on January 1, 2022, which entitles executives to receive cash at the date of exercise for the difference between the market price
In 2022, Buraka Enterprises issued, at par, 75 1,000, 8% bonds, each convertible into 100 ordinary shares. The liability component of convertible bonds was 950 per bond, based on a market rate of
Ott Company had 210,000 ordinary shares outstanding on December 31, 2022. During the year 2023, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year 2023,
On January 1, 2022, Bailey Industries had shares outstanding as follows.6% cumulative preference shares, €100 par value, issued and outstanding 10,000 shares€1,000,000Ordinary shares €10 par
At January 1, 2022, Cameron Company’s outstanding shares included the following. 280,000 shares of R$50 par value, 7% cumulative preference shares 800,000 shares of R$1 par value ordinary
The Ottey Corporation issued 10-year, $4,000,000 par, 7% callable convertible subordinated debentures on January 2, 2022. The bonds have a par value of $1,000, with interest payable annually. The
On June 1, 2021, Bluhm Company and Amanar Company merged to form Davenport SA. A total of 800,000 shares were issued to complete the merger. The new company reports on a calendar-year basis.On April
On January 1, 2022, Lund SA issued 10-year, €3,000,000 face value, 6% bonds, at par. Each €1,000 bond is convertible into 15 ordinary shares of Lund. Lund’s net income in 2023 was €240,000,
Zambrano plc net income for 2022 is £40,000. The only potentially dilutive securities outstanding were 1,000 options issued during 2021, each exercisable for one share at £8. None has been
Brooks Inc. recently purchased Donovan Corp., a large midwestern home painting company. One of the terms of the merger was that if Donovan’s income for 2023 was $110,000 or more, 10,000 additional
On December 31, 2019, Flessel plc issues 120,000 share-appreciation rights to its officers entitling them to receive cash for the difference between the market price of its shares and a
Dominquez SA establishes a shareappreciation rights program that entitles its new president Dan Scott to receive cash for the difference between the market price of the shares and a pre-established
The executive officers of Rouse Corporation have a performance-based compensation plan. The performance criteria of this plan are linked to growth in earnings per share. When annual EPS growth is
Berg Company adopted a share-option plan on November 30, 2021, that provided that 70,000 shares of $5 par value ordinary shares be designated as available for the granting of options to officers of
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer
Wang Corp. had $100,000 of 7%, $20 par value preference shares and 12,000 shares of $25 par value ordinary shares outstanding throughout 2022.a. Assuming that total dividends declared in 2022 were
Hagar Ltd. has outstanding 2,500 shares of £100 par, 6% preference shares and 15,000 shares of £10 par value ordinary. The schedule below shows the amount of dividends paid out over the last 4
Martinez SA’s ledger shows the following balances on December 31, 2022.Share Capital—Preference, 5%—€10 par value, outstanding 20,000 shares€ 200,000Share Capital—Ordinary—€100 par
Sprinkle SE has outstanding 10,000 shares of €10 par value ordinary shares. On July 1, 2022, Sprinkle reacquired 100 shares at €87 per share. On September 1, Sprinkle reissued 60 shares at €90
Teller SE’s post-closing trial balance at December 31, 2022, was as follows.At December 31, 2022, Teller had the following number of ordinary and preference shares.The dividends on preference
Petrenko SA has outstanding 2,000 €1,000 bonds, each convertible into 50 shares of €10 par value ordinary shares. The bonds are converted on December 31, 2022. The bonds payable have a carrying
Angela AG issues 2,000 convertible bonds at January 1, 2022. The bonds have a 3-year life and are issued at par with a face value of €1,000 per bond, giving total proceeds of €2,000,000. Interest
Archer plc issued £4,000,000 par value, 7% convertible bonds at 99 for cash. The net present value of the debt without the conversion feature is £3,800,000. Prepare the journal entry to record the
Johnstone Inc. began operations in January 2021 and reported the following results for each of its 3 years of operations.At December 31, 2023, Johnstone Inc. share capital accounts were as
Earnhart Corporation has outstanding 3,000,000 ordinary shares with a par value of $10 each. The balance in its retained earnings account at January 1, 2022, was $24,000,000, and it then had Share
Elizabeth Company reported the following amounts in the equity section of its December 31, 2022, statement of financial position.Share capital—preference, 8%, $100 par (10,000 shares authorized,
The books of Conchita SA carried the following account balances as of December 31, 2022.Cash
The following data were taken from the statement of financial position accounts of Murless SA on December 31, 2022.Current Assets
For a recent 2-year period, the statement of financial position of Jiang Group showed the following equity data at December 31 (amounts in millions).Instructionsa. Answer the following questions.1.
Penzi plc was formed on July 1, 2020. It was authorized to issue 300,000 shares of £10 par value ordinary shares and 100,000 shares of 8% £25 par value, cumulative and non-participating preference
The following is a summary of all relevant transactions of Vicario Corporation since it was organized in 2022.In 2022, 15,000 shares were authorized and 7,000 ordinary shares ($50 par value) were
Weisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares and 50,000 ordinary shares of $10 par value outstanding at December 31, 2022.InstructionsAnswer the questions in each
Silva SpA owns shares of Costa S.A. classified as a trading equity investment. At December 31, 2022, the trading equity investment was carried in Silva’s accounting records at its cost of
Mask SE has 30,000 shares of €10 par value ordinary shares authorized and 20,000 shares issued and outstanding. On August 15, 2022, Mask purchased 1,000 shares of treasury shares for €18 per
Washington Company has the following equity accounts at December 31, 2022.Share Capital—Ordinary—$100 par value, authorized 8,000 shares ........ $480,000Retained Earnings
Arantxa S.A. has outstanding 20,000 shares of R$5 par value ordinary shares. On August 1, 2022, Arantxa reacquired 200 shares at R$80 per share. On November 1, Arantxa reissued the 200 shares at R$70
On February 1, 2022, Gruber plc issued 3,000 shares of its £5 par value ordinary shares for land worth £31,000. Prepare the February 1, 2022, journal entry.
Loxley Corporation is authorized to issue 50,000 shares of $10 par value ordinary shares. During 2022, Loxley took part in the following selected transactions.1. Issued 5,000 shares at $45 per share,
Wallace Computer is a small, closely held company. Derek Wallace, the president, holds 80% of the shares. Of the remainder, 10% are held by members of his family and 10% by Kathy Baker, a former
Wilco SE has the following equity balances at December 31, 2022.Share capital—ordinary, €5 par value ............ € 510,000Treasury shares ......................................................
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer
Hatch plc has two classes of share capital outstanding: 8%, £20 par preference and £5 par ordinary. At December 31, 2021, the following accounts were included in equity.Share Capital—Preference,
Clemson SE had the following equity as of January 1, 2022.Share capital—ordinary, €5 par value, 20,000 shares issued ........ €100,000Share premium—ordinary
Abernathy Corporation was organized on January 1, 2022. It is authorized to issue 10,000 shares of 8%, $50 par value preference shares, and 500,000 shares of no-par ordinary shares with a stated
On January 5, 2022, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and non-participating preference shares, and 50,000 shares of $10
What is off-balance-sheet financing? Why might a company be interested in using off balancesheet financing?
Fallen AG commonly issues long-term notes payable to its various lenders. Fallen has had a pretty good credit rating, such that its effective borrowing rate is quite low (less than 8% on an annual
At December 31, 2022, Redmond Company has outstanding three long-term debt issues. The first is a $2,000,000 note payable which matures June 30, 2025. The second is a $6,000,000 bond issue which
Use the same information as in E14.18 except that Sterling Bank reduced the principal to £1,900,000 rather than £2,400,000. On January 1, 2026, Barkley pays £1,900,000 in cash to Sterling Bank for

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