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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

Information concerning Sandro Corporation’s intangible assets is as follows.1. On January 1, 2015, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc.for an initial
During 2013, Robin Wright Tool Company purchased a building site for its proposed research and development laboratory at a cost of \($60\),000. Construction of the building was started in 2013. The
On July 31, 2015, Mexico Company paid \($3\),000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (cash-generating unit) of Mexico. Conchita reported the
Montana Matt’s Golf Inc. was formed on July 1, 2014, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans
After securing lease commitments from several major stores, Auer Shopping Center, Inc. was organized and built a shopping center in a growing suburb.The shopping center would have opened on schedule
On June 30, 2015, your client, Ferry Company, was granted two patents covering plastic cartons that it had been producing and marketing profitably for the past 3 years. One patent covers the
Cuevas Co. is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this new product. As of year-end (December 31,
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 to
Case 1: Merck and Johnson & Johnson Merck & Co., Inc. (USA) and Johnson & Johnson (USA) are two leading producers of healthcare products.Each has considerable assets and each expends
International Reporting Case Bayer and Merck Presented are data and accounting policy notes for the goodwill of two international drug companies.Bayer, a German company, prepares its statements in
Accounting, Analysis, and Principles On January 2, 2015, Raconteur Corp. reported the following intangible assets: (1) a copyright with a carrying value of €15,000, and (2) a trade name with a
Professional Research King Company is contemplating the purchase of a smaller company, which is a distributor of King’s products. Top management of King is convinced that the acquisition will
Professional Simulation In this simulation, you are asked to address questions related to intangible assets and similar costs. Prepare responses to all parts. KWW_Professional_Simulation Intangible
At December 31, 2014, Burr Corporation owes €500,000 on a note payable due February 15, 2015.(a) If Burr intends to refinance the obligation by issuing a long-term note on February 14 and using the
Herzog Company has a long-term debt with a maturity date of November 2, 2016. On October 10, 2014, it breaches a covenant related to this debt and the loan becomes due on demand. Herzog reaches an
Sport Pro Magazine sold 12,000 annual subscriptions on August 1, 2015, for €18 each. Prepare Sport Pro’s August 1, 2015, journal entry and the December 31, 2015, annual adjusting entry.
Kasten Inc. provides paid vacations to its employees. At December 31, 2015, 30 employees have each earned 2 weeks of vacation time. The employees’ average salary is €700 per week. Prepare
Scorcese Inc. is involved in a lawsuit at December 31, 2015. (a) Prepare the December 31 entry assuming it is probable that Scorcese will be liable for 900,000 as a result of this suit. (b) Prepare
Buchanan Company recently was sued by a competitor for patent infringement. Attorneys have determined that it is probable that Buchanan will lose the case and that a reasonable estimate of damages to
Calaf’s Drillers erects and places into service an off-shore oil platform on January 1, 2015, at a cost of £10,000,000. Calaf estimates it will cost £1,000,000 to dismantle and remove the
Streep Factory provides a 2-year warranty with one of its products which was first sold in 2015 for ¥4,000,000. Streep estimates that ¥450,000 will be spent in the future to service warranty claims
Main Company sells 100 televisions on June 1, 2015, at a total price of €35,000 with a warranty guarantee that the product was free of any defects. The assurance warranties extend for a 2-year
Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50¢. The blocks sets cost Wynn $1.10 each to purchase and 60¢ each to mail to
Cargo Company purchased land from Hazard Company for €20,000,000 on September 13, 2015.On October 31, 2015, it learned that the site was contaminated. As a result, Cargo Company sued Hazard Company
The following are selected 2015 transactions of Darby Corporation.Sept. 1 Purchased inventory from Orion Company on account for \($50\),000. Darby records purchases gross and uses a periodic
The CFO for Yong Corporation is discussing with the company’s chief executive officer issues related to the company’s short-term obligations. Presently, both the current ratio and the acid-test
Presented below are four different situations related to Mckee Corporation debt obligations. Mckee’s next financial reporting date is December 31, 2014. The financial statements are authorized for
Matthewson Company began operations on January 2, 2014. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually.
Assume the facts as in E13-6 except that Matthewson Company has chosen (1) not to accrue paid sick leave until used and (2) to accrue vacation time at expected future rates of pay without
Allison Hardware Company’s payroll for November 2015 is as follows:factory, €140,000; sales, €32,000; and administrative, €36,000. The Social Security rate is 8% on an employee’s wages.
Winslow Company sold 150 color laser copiers in 2015 for £4,000 apiece, together with a one-year assurance-type warranty. Maintenance on each copier during the warranty period
Selzer Equipment Company sold 500 Rollomatics during 2015 at \($6\),000 each.During 2015, Selzer spent \($30\),000 servicing the 2-year assurance-type warranties that accompany the
Moleski Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2015, Moleski Company purchased 8,800 premiums at
On December 31, 2015, the board of Dolman Group decided to close one of its divisions. On December 31, 2015, a detailed plan for closing the division was agreed to by the board, and letters were sent
Presented below are three independent situations.1. During 2015, Maverick Inc. became involved in a tax dispute with the government. Maverick’s attorneys have indicated that they believe it is
Bassinger Company purchases an oil tanker depot on January 1, 2015, at a cost of \($600\),000. Bassinger expects to operate the depot for 10 years, at which time it is legally required to dismantle
Martin Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Martin’s past experience indicates that only 80% of the stamps
Presented below are three independent situations.1. Bruegger Transportation purchased a ship on January 1, 2015, for £20,000,000. The useful life of the ship is 40 years, but it is subject to a
The following situations relate to Bolivia Company.1. Bolivia provides a warranty with all products sold. It estimates that it will sell 1,000,000 units of its product for the year ended December 31,
Chen Company has been operating for several years, and on December 31, 2015, presented the following statement of financial position (amounts in thousands).The net income for 2015 was ¥25,000.
EAN Company’s condensed financial statements provide the following information (amounts in thousands).Instructions (a) Determine the following for 2015.(1) Current ratio at December 31.(2)
Presented below and on page 640 is information related to Leland Inc.Instructions (a) Compute the following ratios or relationships of Leland Inc. Assume that the ending account balances are
Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also
Below is a payroll sheet for Otis Import Company for the month of September 2015. Assume a 10% income tax rate for all employees and an 8% Social Security tax on employee and employer.Instructions
Brooks Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2015, the corporation
Dos Passos Company sells televisions at an average price of R\($900\) and also offers to each customer a separate 3-year service-type warranty contract for R\($90\) that requires the company to
Alvarado Company sells a machine for \($7\),400 under a 12-month warranty agreement that requires the company to replace all defective parts and to provide the repair labor at no cost to the
To stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box. Five coupons are redeemable for a premium consisting of a child’s hand puppet.In 2015, the
On November 24, 2014, 26 passengers on Wong Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling NT$9,000,000 were filed
Polska Corporation, in preparation of its December 31, 2015, financial statements, is attempting to determine the proper accounting treatment for each of the following situations.1. As a result of
Garison Music Emporium carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. Garison uses two sales promotion techniques—warranties and
You are the independent auditor engaged to audit Millay Corporation’s December 31, 2015, financial statements. Millay manufactures household appliances. During the course of your audit, you
Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2015.1. Its line of amplifiers carries a 3-year assurance-type warranty against
Presented below is the current liabilities section of Micro Corporation(amounts in thousands).Instructions Answer the following questions.(a) What are the essential characteristics that make an item
Rodriguez Corporation includes the following items in its liabilities at December 31, 2014.1. Notes payable, $25,000,000, due June 30, 2015.2. Deposits from customers on equipment ordered by them
Kobayashi Corporation reports in the current liability section of its statement of financial position at December 31, 2014 (its year-end), short-term obligations of¥15,000,000, which includes the
Presented below is a note disclosure for Matsui Corporation.Litigation and Environmental: The Company has been notified, or is a named or a potentially responsible party in a number of governmental
The following two independent situations involve litigation provisions.Part 1: Benson Company sells two products, Grey and Yellow. Each carries a one-year warranty.1. Product Grey—Product warranty
The Dotson Company, owner of Bleacher Mall, charges Rich Clothing Store a rental fee of \($600\) per month plus 5% of yearly profits over \($500\),000. Matt Rich, the owner of the store, directs his
Financial Statement Analysis Cases Case 1 Northland Cranberries Despite being a publicly traded company only since 1987, Northland Cranberries (USA) of Wisconsin Rapids, Wisconsin, is one of the
YellowCard Company manufactures accessories for iPods. It had the following selected transactions during 2015. (For any part of this problem requiring an interest or discount rate, use 10%.)1.
Professional Research Hincapie Co. manufactures specialty bike accessories. The company is most well known for its product quality, and it has offered one of the best warranties in the industry on
Professional Simulation In this simulation, you are asked to address questions related to the accounting for current liabilities.Prepare responses to all parts. KWW Professional Simulation Current
The Colson Company issued €300,000 of 10% bonds on January 1, 2015. The bonds are due January 1, 2020, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare
Devers Corporation issued £400,000 of 6% bonds on May 1, 2015. The bonds were dated January 1, 2015, and mature January 1, 2017, with interest payable July 1 and January 1. The bonds were issued at
On January 1, 2015, JWS Corporation issued \($600\),000 of 7% bonds, due in 10 years. The bonds were issued for \($559\),224, and pay interest each July 1 and January 1. Prepare the company’s
Tan Corporation issued HK\($600\),000,000 of 7% bonds on November 1, 2015, for HK\($644\),636,000.The bonds were dated November 1, 2015, and mature in 10 years, with interest payable each May 1 and
Coldwell, Inc. issued a €100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1, 2015, and received €100,000 cash. The note requires annual interest payments each December 31.
Samson Corporation issued a 4-year, £75,000, zero-interest-bearing note to Brown Company on January 1, 2015, and received cash of £47,664. The implicit interest rate is 12%. Prepare Samson’s
McCormick Corporation issued a 4-year, \($40\),000, 5% note to Greenbush Company on January 1, 2015, and received a computer that normally sells for \($31\),495. The note requires annual interest
Shlee Corporation issued a 4-year, €60,000, zero-interest-bearing note to Garcia Company on January 1, 2015, and received cash of €60,000. In addition, Shlee agreed to sell merchandise to Garcia
On January 1, 2015, Henderson Corporation retired \($500\),000 of bonds at 99. At the time of retirement, the unamortized premium was \($15\),000. Prepare Henderson’s journal entry to record the
Refer to the note issued by Coldwell, Inc. in BE14-9. During 2015, Coldwell experiences financial difficulties. On January 1, 2016, Coldwell negotiates a settlement of the note by issuing to Flint
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable.The note was issued at an effective rate of 11% and has a carrying value of HK\($16\),000. At year-end,
At December 31, 2015, Hyasaki Corporation has the following account balances:Show how the above accounts should be presented on the December 31, 2015, statement of financial position, including the
Presented below are various account balances.(a) Bank loans payable of a winery, due March 10, 2018. (The product requires aging for 5 years before sale.)(b) Serial bonds payable, €1,000,000, of
Foreman Company issued €800,000 of 10%, 20-year bonds on January 1, 2015, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1.Instructions Prepare the journal entries
Assume the same information as in E14-4, except that the bonds were issued at 84.95 to yield 12%.Instructions Prepare the journal entries to record the following. (Round to the nearest euro.)(a) The
Spencer Company sells 10% bonds having a maturity value of £3,000,000 for £2,783,724. The bonds are dated January 1, 2015, and mature January 1, 2020. Interest is payable annually on January
Presented below are three independent situations.Instructions(a) McEntire Co. sold $2,500,000 of 11%, 10-year bonds at 106.231 to yield 10% on January 1, 2015. The bonds were dated January 1, 2015,
On June 30, 2014, Macias Company issued R\($5\),000,000 face value of 13%, 20-year bonds at R\($5\),376,150 to yield 12%. The bonds pay semiannual interest on June 30 and December 31.Instructions(a)
On January 1, 2015, Osborn Company sold 12% bonds having a maturity value of £800,000 for £860,651.79, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2015, and
Pawnee Inc. has issued three types of debt on January 1, 2015, the start of the company’s fiscal year.(a) $10 million, 10-year, 13% unsecured bonds, interest payable quarterly. Bonds were priced to
On January 1, 2015, McLean Company makes the two following acquisitions.1. Purchases land having a fair value of €300,000 by issuing a 5-year, zero-interest-bearing promissory note in the face
Presented below are two independent situations.Instructions(a) On January 1, 2015, Spartan Inc. purchased land that had an assessed value of \($390\),000 at the time of purchase. A \($600\),000,
On January 1, 2015, Durdil Co. borrowed and received 500,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature,
On January 2, 2012, Prebish Corporation issued \($1\),500,000 of 10% bonds to yield 11% due December 31, 2021. Interest on the bonds is payable annually each December 31. The bonds are callable at
On June 30, 2007, Mendenhal Company issued 8% bonds with a par value of £600,000 due in 20 years. They were issued at 82.8414 to yield 10% and were callable at 104 at any date after June 30, 2015.
Kobiachi Company had bonds outstanding with a maturity value of ¥5,000,000. On April 30, 2016, when these bonds had an unamortized discount of¥100,000, they were called in at 104. To pay for these
Strickland Company owes \($200\),000 plus \($18\),000 of accrued interest to Moran State Bank. The debt is a 10-year, 10% note. During 2015, Strickland’s business deteriorated due to a faltering
On December 31, 2015, Sterling Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par,
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, 2019, Barkley pays £1,900,000 in cash to Sterling Bank for
Consider the following independent situations.Instructions(a) Gottlieb Co. owes €199,800 to Ceballos Inc. The debt is a 10-year, 11% note. Because Gottlieb Co. is in financial trouble, Ceballos
Fallen Company 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
At December 31, 2015, Redmond Company has outstanding three long-term debt issues. The first is a \($2\),000,000 note payable which matures June 30, 2018. The second is a\($6\),000,000 bond issue
The amortization and interest schedule on page 692 reflects the issuance of 10-year bonds by Capulet Corporation on January 1, 2009, and the subsequent interest payments and charges. The company’s
Venzuela Co. is building a new hockey arena at a cost of \($2\),500,000. It received a down payment of \($500\),000 from local businesses to support the project and now needs to borrow \($2\),000,000
Good-Deal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Good-Deal offered a low down payment and low car payments for
Samantha Cordelia, an intermediate accounting student, is having difficulty amortizing bond premiums and discounts using the effective-interest method. Furthermore, she cannot understand why IFRS
On December 31, 2015, Faital Company acquired a computer from Plato Corporation by issuing a £600,000 zero-interest-bearing note, payable in full on December 31, 2019. Faital Company’s credit

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