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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

Erickson Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan.Instructions (a) Compute the actual return on the plan assets
Latoya Company provides the following selected information related to its defined benefit pension plan for 2015.Instructions (a) Compute pension expense and prepare the journal entry to record
The accounting staff of Usher Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked for your assistance in
Kreter Co. provides the following information about its postretirement benefit plan for the year 2015.Instructions Compute the postretirement benefit expense for 2015. Service cost 45,000
Garner Inc. provides the following information related to its postretirement benefits for the year 2015.Instructions Compute postretirement benefit expense for 2015. Defined postretirement benefit
Englehart Co. provides the following information about its postretirement benefit plan for the year 2015.Instructions Compute the postretirement benefit expense for 2015. Service cost Contribution to
The accounting staff of Holder Inc. has prepared the following postretirement benefit worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your
On January 1, 2015, Harrington Company has the following defined benefit pension plan balances.The interest (settlement) rate applicable to the plan is 10%. On January 1, 2016, the company amends its
Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2014, with the following beginning balances: plan assets \($200\),000 and defined benefit obligation
Gottschalk Company sponsors a defined benefit plan for its 100 employees. On January 1, 2015, the company’s actuary provided the following information.The average remaining service period for the
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2015 and 2016.Instructions (a) Compute pension expense for 2015 and
Hiatt Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2015. The insurance company which administers the pension plan provided the following selected
Aykroyd Inc. has sponsored a noncontributory, defined benefit pension plan for its employees since 1989. Prior to 2015, cumulative net pension expense recognized equaled cumulative contributions to
Hanson Corp. sponsors a defined benefit pension plan for its employees.On January 1, 2015, the following balances related to this plan.As a result of the operation of the plan during 2015, the
Lemke Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2015 and 2016.Instructions (a) Prepare a pension
Hobbs Co. has the following defined benefit pension plan balances on January 1, 2015.The discount (interest) rate applicable to the plan is 10%. On January 1, 2016, the company amends its pension
Kramer Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and
The following data relate to the operation of Kramer Co.’s pension plan in 2016. The pension worksheet for 2015 is provided in P20-10.For 2016, Kramer will use a discount rate of 8%.Instructions
Chen Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2015, the following balances related to this plan (amounts in thousands).As a result of the operation of the plan
Hollenbeck Foods Inc. sponsors a postretirement medical and dental benefit plan for its employees. The following balances relate to this plan on January 1, 2015.As a result of the plan’s operation
Elton Co. has the following postretirement benefit plan balances on January 1, 2015.The discount (interest) rate applicable to the plan is 10%. On January 1, 2016, the company amends the plan so that
Lyons Corporation is a medium-sized manufacturer of paperboard containers and boxes. The corporation sponsors a non-contributory, defined benefit pension plan that covers its 250 employees. Tim Shea
Ruth Moore and Carl Nies have to do a class presentation on the pension pronouncement “Employee Benefits.” In developing the class presentation, they decided to provide the class with a series of
Comparative Analysis Case adidas and Puma The financial statements of adidas (DEU) and Puma (DEU) are presented in Appendices B and C, respectively. The complete annual reports, including the notes
International Reporting Case Walgreens (USA) is the leading drug store chain in the United States. The company provided the following disclosures related to its retirement benefits in its 2013 annual
Accounting, Analysis, and Principles PENCOMP’s statement of financial position at December 31, 2014, is as follows.Accounting Prepare an income statement for 2015 and a statement of financial
Professional Research Jack Kelly Company has grown rapidly since its founding in 2002. To instill loyalty in its employees, Kelly is contemplating establishment of a defined benefit plan. Kelly knows
Professional Simulation In this simulation, you are asked to address questions related to the accounting for pensions. Prepare responses to all parts. KWW Professional Simulation Accounting for
Waterworld 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
Rick Kleckner Corporation recorded a finance lease at €300,000 on January 1, 2015. The interest rate is 12%. Kleckner Corporation made the first lease payment of €53,920 on January 1, 2015. The
Jana Kingston Corporation enters into a lease on January 1, 2015, 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 Lenovo (CHN) leased equipment that was carried at a cost of ¥150,000,000 to Sharon Swander Company. The term of the lease is 6 years beginning January 1, 2015, with equal rental payments
Use the information for Lenovo from BE21-6. Assume the direct-financing lease was recorded at a present value of ¥150,000,000. Prepare Lenovo’s December 31, 2015, entry to record interest.Data
Jennifer Brent Corporation owns equipment that cost €80,000 and has a useful life of 8 years with no residual value. On January 1, 2015, Jennifer Brent leases the equipment to Lopez Inc. for one
Cortez Corporation enters into a 6-year lease of equipment on January 1, 2015, which requires 6 annual payments of R\($40\),000 each, beginning January 1, 2015. In addition, Cortez guarantees the
Buzz Lightyear Corporation manufactures replicators. On January 1, 2015, it leased to BoPeep Company a replicator that had cost £110,000 to manufacture. The lease agreement covers the 5-year useful
On January 1, 2015, Iniesta Animation sold a truck to Robben Finance for €33,000 and immediately leased it back. The truck was carried on Iniesta’s books at €28,000. The term of the lease is 5
On January 1, 2015, 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,
Assume that on January 1, 2015, Stora Enso (FIN) signs a 10-year, non-cancelable lease agreement to lease a storage building from Balesteros Storage Company. The following information pertains to
Krauss Leasing Company signs a lease agreement on January 1, 2015, to lease electronic equipment to Stewart Company. The term of the non-cancelable lease is 2 years, and payments are required at the
Jacobsen Leasing Company leases a new machine that has a cost and fair value of W75,000,000 to K. J. Choi Corporation on a 3-year, non-cancelable contract. K. J.Choi Corporation agrees to assume all
Wadkins Company, a machinery dealer, leased a machine to Aoki Corporation on January 1, 2015. The lease is for an 8-year period and requires equal annual payments of¥38,514,000 at the beginning of
On January 1, 2015, Palmer Company leased equipment to Immelman Corporation. The following information pertains to this lease.1. The term of the non-cancelable lease is 6 years, with no renewal
The following facts pertain to a non-cancelable lease agreement between Lennox Leasing Company and Gill Company, a lessee.The lessee assumes responsibility for all executory costs.Instructions (Round
Fieval Leasing Company signs an agreement on January 1, 2015, to lease equipment to Reid Company. The following information relates to this agreement.1. The term of the non-cancelable lease is 6
Demir Leasing Company signs an agreement on January 1, 2015, 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, 2015, 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, 2015, a machine was purchased for \($900\),000 by Floyd Co. The machine is expected to have an 8-year life with no residual value. It is to be depreciated on a straight-line basis. The
On February 20, 2015, Marcos Group purchased a machine for R\($1\),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
Assume that on January 1, 2015, Peking Duck Co. 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 and are four independent situations.(a) On December 31, 2015, 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, 2015. The following information relates to the lease agreement.1. The term of the lease is 7 years with no renewal
Cancun Inc. leased a new crane to Abriendo Construction under a 5-year, non-cancelable contract starting January 1, 2015. Terms of the lease require payments of R\($33\),000 each January 1, starting
Labron Industries and Ewing Inc. enter into an agreement that requires Ewing Inc. to build three diesel-electric engines to Labron’s specifications. Upon completion of the engines, Labron has
The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a lessee, for a computer system.The lessee assumes responsibility for all
The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Shigeki 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, 2015.Annual rental payments of \($40\),000 are to be made at the beginning of each lease
On January 1, 2015, Singh 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 2015 to operate as a computer software service firm with an accounting fiscal year ending August 31. Shapiro’s primary product is a sophisticated online
In 2014, Grishell Shipping Company negotiated and closed a long-term lease contract for newly constructed truck terminals and freight storage facilities. The buildings were erected to the company’s
You are auditing the December 31, 2015, financial statements of Hockney, Inc., manufacturer of novelties and party favors. During your inspection of the company garage, you discovered that a 2015
On January 1, 2015, Evans Company entered into a noncancelable 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
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 transfers ownership of the
Albertsen 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
On January 1, 2015, 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, 2015, Shellhammer Co. sold 6-month-old equipment at fair value and leased it back. There was a loss on the sale. Shellhammer pays all insurance, maintenance, and taxes on the
Comparative Analysis Case British Airways and Air France—KLM Instructions Go to the British Airways (GBR) and Air France—KLM (FRA) (Air France) company websites and use information found there to
Accounting, Analysis, and Principles Salaur Company is evaluating a lease arrangement being offered by TSP Company for use of a computer system. The lease is non-cancelable, and in no case does
Professional Simulations Simulation 1 In this simulation, you are asked to address questions related to the accounting for leases. Prepare responses to all parts. KWW_Professional_Simulation
Refer to the accounting change by Wertz Construction Company in BE22-1. Wertz has a profitsharing plan, which pays all employees a bonus at year-end based on 1% of pretax income. Compute the indirect
As a public accountant, you have been contacted by Joe Davison, CEO of Sports-Pro Athletics, Inc., a manufacturer of a variety of athletic equipment. He has asked you how to account for the following
Professional Simulation In this simulation, you are asked questions about changes in accounting policy. Prepare responses to all parts. KWW Professional Simulation Changes in Accounting Policy Time
Use the information from BE23-4 for Bloom Corporation. Prepare the cash flows from operating activities section of Bloom’s 2015 statement of cash flows using the indirect method.Data From BE
Data for Andrews Inc. are presented in E23-13.Instructions Prepare a statement of cash flows using the indirect method.Data From E23-13Andrews Inc., a greeting card company, had the following
The financial statements of adidas (DEU) and Puma (DEU) are presented in Appendices B and C, respectively.The complete annual reports, including the notes to the financial statements, are available
Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2015, for $54,000.The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10
Use the information provided in BE12-1. Assume that at January 1, 2017, the carrying amount of the patent on Celine Dion’s books is \($43\),200. In January, Celine Dion spends \($24\),000
Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of £120,000 on April 1, 2015. The franchise grants Gershwin the right to sell certain products and services for
On September 1, 2015, Winans Corporation acquired Aumont Enterprises for a cash payment of £700,000. At the time of purchase, Aumont’s statement of financial position showed assets of £620,000,
Waters Corporation purchased Jang Group 3 years ago and at that time recorded goodwill of HK\($400\),000. The Jang Division’s net assets, including the goodwill, have a carrying amount of
Sujo Corporation commenced operations in early 2015. The corporation incurred HK\($60\),000,000 of costs such as fees to underwriters, legal fees, governmental fees, and promotional expenditures
Treasure Land Corporation incurred the following costs in 2015.Prepare the necessary 2015 journal entry or entries for Treasure Land. Cost of laboratory research aimed at discovery of new knowledge
Nieland Industries had one patent recorded on its books as of January 1, 2015. This patent had a book value of \($288\),000 and a remaining useful life of 8 years. During 2015, Nieland incurred
Sinise Industries acquired two copyrights during 2015. One copyright related to a textbook that was developed internally at a cost of €9,900. This textbook is estimated to have a useful life of 3
Presented below is selected account information related to Matt Perry Inc. as of December 21, 2015. All these accounts have debit balances.Cable television franchises Film contract rights Music
Langrova Inc. has the following amounts reported in its general ledger at December 31, 2015.Instructions (a) On the basis of the information above, compute the total amount to be reported by Langrova
Presented below is selected information for Palmiero Company.1. Palmiero purchased a patent from Vania Co. for \($1\),500,000 on January 1, 2013. The patent is being amortized over its remaining
As the recently appointed auditor for Ng Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2015, are prepared. The controller for Ng
In early January 2014, Reymont Corporation applied for a trade name, incurring legal costs of $18,000. In January 2015, Reymont incurred $7,800 of legal fees in a successful defense of its trade
Fontenot Corporation was organized in 2014 and began operations at the beginning of 2015. The company is involved in interior design consulting services. The following costs were incurred prior to
Devon Harris Company has provided information on intangible assets as follows.A patent was purchased from Bradtke Company for \($2\),500,000 on January 1, 2014. Harris estimated the remaining useful
During 2014, Matsumura Corporation spent ¥170,000 in research costs.As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2014, and had a legal life
Yoon Industries has the following patents on its December 31, 2014, statement of financial position (amounts in thousands).The following events occurred during the year ended December 31, 2015.1.
Fred Graf, owner of Graf Interiors, is negotiating for the purchase of Terrell Galleries. The statement of financial position of Terrell is given in an abbreviated form below.Graf and Terrell agree
On July 1, 2015, Brandon Corporation purchased Mills Company by paying €250,000 cash and issuing a €150,000 note payable. At July 1, 2015, the statement of financial position of Mills Company was
Presented below is information related to copyrights owned by Botticelli Company at December 31, 2015.Assume that Botticelli Company will continue to use this copyright in the future. As of December
Presented below is net asset information related to the Ting Division of Santana, Inc.The purpose of the Ting Division (cash-generating unit) is to develop a nuclear-powered aircraft. If successful,
Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2014, the company expends €325,000 on a research project, but by the
Reichenbach Co., organized in 2014, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2014 and 2015.Instructions
Choo Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Choo does not manufacture or sell the products and processes it develops.

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