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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

At December 31, 2014, certain accounts included in the property, plant, and equipment section of Reagan Company’s statement of financial position had the following balances.During 2015, the
Selected accounts included in the property, plant, and equipment section of Lobo Corporation’s statement of financial position at December 31, 2014, had the following balances.During 2015, the
Spitfire Company was incorporated on January 2, 2016, but was unable to begin manufacturing activities until July 1, 2016, because new factory facilities were not completed until that date.The Land
On January 1, 2015, Blair Corporation purchased for \($500\),000 a tract of land (site number 101) with a building. Blair paid a real estate broker’s commission of \($36\),000, legal fees of
Cho Landscaping began construction of a new plant on December 1, 2015 (all amounts in thousands). On this date, the company purchased a parcel of land for ¥139,000 in cash.In addition, it paid
Laserwords Inc. is a book distributor that had been operating in its original facility since 1985. The increase in certification programs and continuing education requirements in several professions
Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry.1. Dorsett Company offered to exchange a
During the current year, Marshall Construction trades an old crane that has a book value of €90,000 (original cost €140,000 less accumulated depreciation €50,000) for a new crane from Brigham
Kang Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its product, the company
Troopers Medical Labs, Inc. began operations 5 years ago producing stetrics, a new type of instrument it hoped to sell to doctors, dentists, and hospitals. The demand for stetrics far exceeded
Vang Magazine Company started construction of a warehouse building for its own use at an estimated cost of ¥5,000,000 on January 1, 2014, and completed the building on December 31, 2014 (all amounts
Tones Company purchased a warehouse in a downtown district where land values are rapidly increasing. Gerald Carter, controller, and Wilma Ankara, financial vice president, are trying to allocate the
Financial Statement Analysis Case Unilever Group Unilever Group (GBR and NLD) is ranked at 135 in the Fortune 500. It is a leading international company in the nutrition, hygiene, and personal-care
Accounting, Analysis, and Principles Durler Company purchased equipment on January 2, 2011, for $112,000. The equipment had an estimated useful life of 5 years, with an estimated residual value of
Fernandez Corporation purchased a truck at the beginning of 2015 for \($50\),000. The truck is estimated to have a residual value of \($2\),000 and a useful life of 160,000 miles. It was driven
Lockard Company purchased machinery on January 1, 2015, for €80,000. The machinery is estimated to have a residual value of €8,000 after a useful life of 8 years. (a) Compute 2015 depreciation
Cominsky Company purchased a machine on July 1, 2016, for \($28\),000. Cominsky paid \($200\) in title fees and county property tax of \($125\) on the machine. In addition, Cominsky paid \($500\)
Ortiz purchased a piece of equipment that cost R$202,000 on January 1, 2015. The equipment has the following components.Compute the depreciation expense for this equipment at December 31, 2015.
Holt Company purchased a computer for £8,000 on January 1, 2014. Straight-line depreciation is used, based on a 5-year life and a £1,000 residual value. In 2016, the estimates are revised. Holt now
Obihiro Group has equipment with an original cost of ¥500,000,000 and related accumulated depreciation of ¥100,000,000 on December 31, 2015. The fair value of the equipment at December 31, 2015,
In its annual report, Campbell Soup Company (USA) reports beginning-of-the-year total assets of \($7\),745 million, end-of-the-year total assets of \($6\),445 million, total sales of \($7\),867
Lansbury Company purchases equipment on January 1, Year 1, at a cost of £518,000. The asset is expected to have a service life of 12 years and a residual value of £50,000.Instructions(a) Compute
Cosby Company purchased a new plant asset on April 1, 2015, at a cost of €774,000. It was estimated to have a service life of 20 years and a residual value of €60,000. Cosby’s accounting period
Wenner Furnace Corp. purchased machinery for \($279\),000 on May 1, 2015. It is estimated that it will have a useful life of 10 years, residual value of \($15\),000, production of 240,000 units, and
Maserati Corporation purchased a new machine for its assembly process on August 1, 2015. The cost of this machine was €150,000. The company estimated that the machine would have a residual value of
Agazzi Company purchased equipment for \($304\),000 on October 1, 2015. It is estimated that the equipment will have a useful life of 8 years and a residual value of \($16\),000. Estimated production
Jeeter Industries presents you with the following information.Instructions Complete the table for the year ended December 31, 2016. The company depreciates all assets using the half-year convention.
Pippen Company purchased a piece of equipment at the beginning of 2012. The equipment cost 502,000. It has an estimated service life of 8 years and an expected residual value of 70,000. The
Machinery purchased for \($52\),000 by Carver Co. in 2011 was originally estimated to have a life of 8 years with a residual value of \($4\),000 at the end of that time. Depreciation has been entered
In 1988, Abraham Company completed the construction of a building at a cost of €1,900,000 and first occupied it in January 1989. It was estimated that the building will have a useful life of 40
Peloton Company constructed a building at a cost of \($2\),400,000 and occupied it beginning in January 1996. It was estimated at that time that its life would be 40 years, with no residual value.In
Kawasaki Company shows the following entries in its Equipment account for 2016. All amounts (in yen, in thousands) are based on historical cost.Instructions (a) Prepare any correcting entries
On March 10, 2017, No Doubt Company sells equipment that it purchased for \($240\),000 on August 20, 2010. It was originally estimated that the equipment would have a life of 12 years and a residual
Brazil Group purchases a tractor at a cost of €50,000 on January 2, 2015. Individual components of the tractor and useful lives are as follows (zero residual value).Instructions (a) Compute
Presented below are the components related to an office block that Veenman Company is considering purchasing for €10,000,000.Instructions (a) Compute depreciation expense for 2015, assuming that
Presented below is information related to equipment owned by Pujols Company at December 31, 2015.Assume that Pujols will continue to use this asset in the future. As of December 31, 2015, the
The management of Sprague Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of\($900\),000 with
Henrik Mining Company purchased land on February 1, 2015, at a cost of €1,250,000. It estimated that a total of 60,000 tons of mineral was available for mining.After it has removed all the mineral
At the beginning of 2015, Callaway Company acquired a mine for \($850\),000. Of this amount, \($100\),000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys
Croatia Company purchased land in 2015 for \($300\),000. The land’s fair value at the end of 2015 is \($320\),000; at the end of 2016, \($280\),000; and at the end of 2017, \($305\),000. Assume
Pengo Company owns land that it purchased at a cost of ¥400 million in 2013. The company chooses to use revaluation accounting to account for the land. The land’s value fluctuates as follows (all
Falcetto Company acquired equipment on January 1, 2014, for €12,000.Falcetto elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a
A recent annual report of Eastman Company contains the following information.Instructions Compute the following ratios for Eastman Company for the current year.(a) Asset turnover.(b) Return on
Su Company acquired an excavator on January 1, 2013, for ¥10,000 (all amounts in thousands). This excavator represents the company’s only piece of equipment, and Su chooses revaluation accounting.
Alladin Company purchased Machine #201 on May 1, 2015. The following information relating to Machine #201 was gathered at the end of May.Price \($85\),000 Credit terms 2/10, n/30 Freight-in costs $
The cost of equipment purchased by Charleston, Inc., on June 1, 2015, is €89,000. It is estimated that the machine will have a €5,000 residual value at the end of its service life. Its service
The following data relate to the Plant Assets account of Eshkol, Inc. at December 31, 2015.The following transactions occurred during 2016.(a) On May 5, Asset A was sold for £13,000 cash. The
depreciation schedule for semi-trucks of Ichiro Manufacturing Company was requested by your auditor soon after December 31, 2016, showing the additions, retirements, depreciation, and other data
Kohlbeck Corporation, a manufacturer of steel products, began operations on October 1, 2014. The accounting department of Kohlbeck has started the plant asset and depreciation schedule presented on
On January 1, 2013, a machine was purchased for \($90\),000. The machine has an estimated residual value of \($6\),000 and an estimated useful life of 5 years. The machine can operate for 100,000
Roland Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2014 for €10,000,000 and had an estimated useful life of 8 years with no residual
At the end of 2015, Sapporo Group tests a machine for impairment. The machine is carried at depreciated historical cost, and its carrying amount is ¥150,000. It has an estimated remaining useful
Wang Company owns land (cost HK$200,000) for which it uses revaluation accounting. It has the following information related to this asset, the only land asset that Wang owns.Instructions (a) Prepare
Parnevik Group uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was purchased on January 2, 2015, for €500,000; it has a 10-year
Hakodat Manufacturing Company was organized January 1, 2015. During 2015, it has used in its reports to management the straight-line method of depreciating its plant assets.On November 8, you are
As a cost accountant for San Francisco Cannery, you have been approached by Phil Perriman, canning room supervisor, about the 2015 costs charged to his department. In particular, he is concerned
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
Professional Research Matt Holmes recently joined Klax Company as a staff accountant in the controller’s office. Klax Company provides warehousing services for companies in several European
Restin Co. uses the gross method to record sales made on credit. On June 1, 2015, it made sales of £50,000 with terms 3/15, n/45. On June 12, 2015, Restin received full payment for the June 1 sale.
Use the information in BE7-11 for Wood Incorporated. Assume that the receivables are sold with recourse (guarantee). Prepare the journal entry for Wood to record the sale.Data From BE7-11Wood
Use the information presented in BE7-13 for Arness Woodcrafters but assume that the receivables were sold with a full guarantee for credit losses. Prepare the journal entry and discuss the effects on
Use the information for Grant Company as presented in E7-21. Grant is planning to factor some accounts receivable at the end of the year. Accounts totaling €10,000 will be transferred to Credit
The Flatiron Pub provides catering services to local businesses. The following information was available for Flatiron for the years ended December 31, 2014 and 2015.Flatiron management is preparing
Refer to the data in BE9-4 for Keyser’s Fleece Inc. Prepare the journal entries for(a) the wool harvested in the first six months of 2015, and(b) when the wool harvested is sold for €10,500 in
Use the information for Kemper Company from BE9-7. In 2016, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase.Data From
Prater Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term, non-cancelable purchase commitment with its largest
At December 31, 2015, Volkan Company has outstanding non-cancelable purchase commitments for 40,000 gallons, at €3.00 per gallon, of raw material to be used in its manufacturing process. The
Zidek Corp. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $92,000;freight-in, $3,400; purchase
Castlevania Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation’s books disclosed the following.Merchandise with a
Sliver Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.On August 18, a fire destroyed the office, lumber shed, and a considerable portion
Presented below is information related to Kuchinsky Company.Instructions Compute the inventory by the conventional retail inventory method. Cost Beginning inventory 200,000 1,425,000 Purchases
Maddox Specialty Company, a division of Lost World Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since
Taipai Co. follows the practice of valuing its inventory at the LCNRV. The following information is available from the company’s inventory records as of December 31, 2015 (amounts in
Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2015: Capitalized Development Costs $18,000, Prepaid Rent $12,000, Goodwill $50,000, Franchise
Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2015. Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in
Included in Arco Company’s December 31, 2015, trial balance are the following accounts: Accounts Payable 220,000, Pension Liability 375,000, Advances from Customers 41,000, Bonds Payable 371,000,
Stowe Company’s December 31, 2015, trial balance includes the following accounts: Share Capital—Ordinary €70,000, Retained Earnings €114,000, Trademarks €31,000, Share Capital—Preference
In 2015, 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
Oxford Corporation began operations in 2015 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
At December 31, 2015, Suffolk Corporation had an estimated warranty liability of £105,000 for accounting purposes and £0 for tax purposes. (The warranty costs are not deductible until paid.) The
Starfleet Corporation has one temporary difference at the end of 2014 that will reverse and cause taxable amounts of $55,000 in 2015, $60,000 in 2016, and $75,000 in 2017. Starfleet’s pretax
The following information is available for McKee Corporation for 2015.1. Excess of tax depreciation over book depreciation, £40,000. This £40,000 difference will reverse equally over the years
Brennan Corporation began 2015 with a $90,000 balance in the Deferred Tax Liability account. At the end of 2015, the related cumulative temporary difference amounts to $350,000, and it will reverse
financial income of €80,000 for 2015. The following items cause taxable income to be different than pretax financial income.1. Depreciation on the tax return is greater than depreciation on the
The following facts relate to Alschuler Corporation.1. Deferred tax liability, January 1, 2015, £40,000.2. Deferred tax asset, January 1, 2015, £0.3. Taxable income for 2015, £115,000.4. Pretax
The following information is available for Remmers Corporation for 2015.1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by$120,000. This difference
The following information has been obtained for the Gocker Corporation.1. Prior to 2014, taxable income and pretax financial income were identical.2. Pretax financial income is €1,700,000 in 2014
The accounting records of Shinault Inc. show the following data for 2015.1. Equipment was acquired in early January for $300,000. Straight-line depreciation over a 5-year life is used, with no
Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2010–2016.Pretax financial income (loss) and taxable income (loss) were the same for all years since
This year, Gumowski Company has each of the following items in its income statement.1. Income on installment sales.2. Revenues on long-term construction contracts.3. Estimated costs of product
Higley Corporation has one temporary difference which will reverse and cause taxable amounts in 2015. In 2014, a new tax act set taxes equal to 45% for 2014, 40% for 2015, and 34% for 2016 and years
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
Accounting, Analysis, and Principles Adler Company, which began operations at the beginning of 2013, produces various products on a contract basis. Each contract generates income of €80,000. Some
Professional Research Kleckner Company started operations in 2011. Although it has grown steadily, the company reported accumulated operating losses of $450,000 in its first four years in business.
Professional Simulation In this simulation, you are asked to address questions related to the accounting for income taxes. Prepare responses to all parts. KWW_Professional_Simulation Accounting for
Roundtree Manufacturing Co. is preparing its year-end financial statements and is considering the accounting for the following items.1. The vice president of sales had indicated that one product line
Yoon Co. purchased a machine on January 1, 2012, for W44,000,000. At that time, it was estimated that the machine would have a 10-year life and no residual value. On December 31, 2015, the firm’s
On January 1, 2011, McElroy Company purchased a building and equipment that have the following useful lives, residual values, and costs.The building has been depreciated under the
Thurber Co. purchased equipment for $710,000 which was estimated to have a useful life of 10 years with a residual value of $10,000 at the end of that time. Depreciation has been entered for 7 years
Frederick Industries changed from the double-declining balance to the straight-line method in 2015 on all its plant assets. There was no change in the assets’ residual values or useful lives. Plant

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