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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

(L02,3,5,6) (Adjusting and Closing) Presented below is the December 31 trial balance of New York Boutique.Instructions (a) Construct T-accounts and enter the balances shown.(b) Prepare adjusting
(L06) Heartland Company’s budgeted sales and budgeted cost of goods sold for the coming year are $144,000,000 and $99,000,000, respectively. Short-term interest rates are expected to average 10%.
* BE24-8 (L06) Answer each of the questions in the following unrelated situations.(a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount
BE24-7 (L02) Identifiable assets for the seven industry segments of Foley Corporation are:Penley $500 Cheng $200 Konami 550 Takuhi 150 KSC 250 Molina 475 Red Moon 400 Based only on the identifiable
BE24-6 (L02) Operating profits and losses for the seven industry segments of Foley Corporation are:Penley $ 90 Cheng $ (20)Konami (40) Takuhi 34 KSC 25 Molina 150 Red Moon 50 Based only on the
BE24-5 (L02) Foley Corporation has seven industry segments with total revenues as follows.Penley $600 Cheng $225 Konami 650 Takuhi 200 KSC 250 Molina 700 Red Moon 275 Based only on the revenues test,
BE24-4 (L02) Tina Bailey, a student of intermediate accounting, was heard to remark after a class discussion on segment reporting, “All this is very confusing to me. First we are told that there is
BE24-3 (L02) Morlan Corporation is preparing its December 31, 2017, financial statements. Two events that occurred between December 31, 2017, and March 10, 2018, when the statements were issued, are
BE24-2 (L01) An annual report of Ford Motor Corporation states, “Net income a share is computed based upon the average number of shares of capital stock of all classes outstanding. Additional
BE24-1 (L01) An annual report of Crestwood Industries states, “The company and its subsidiaries have long-term leases expiring on various dates after December 31, 2017. Amounts payable under such
(L05) (Worksheet Preparation) Below is the comparative balance sheet for Stevie Wonder Corporation.Dividends in the amount of $15,000 were declared and paid in 2017.Instructions From this
(L05) (Worksheet Analysis of Selected Transactions) The transactions below took place during the year 2017.1. Convertible bonds payable with a par value of $300,000 were exchanged for unissued common
(L05) (Worksheet Analysis of Selected Accounts) Data for Anita Baker Company are presented in E23-18.Instructions Prepare entries in journal form for all adjustments that should be made on a
(L02,4) (Partial SCF—Indirect Method) The accounts below appear in the ledger of Anita Baker Company.Instructions From the postings in the accounts above, indicate how the information is reported
(L02) (SCF—Indirect Method and Balance Sheet) Jobim Inc. had the following condensed balance sheet at the end of operations for 2016.During 2017, the following occurred.1. A tract of land was
(L01,2) (Cash Provided by Operating, Investing, and Financing Activities) The balance sheet data of Brown Company at the end of 2017 and 2016 follow.Land was acquired for $30,000 in exchange for
(L02) (SCF—Indirect Method) The following data are taken from the records of Alee Company.Additional information:1. Held-to-maturity securities carried at a cost of $43,000 on December 31, 2016,
(L02) (SCF—Indirect Method) Data for Brecker Inc. are presented in E23-13.Instructions Prepare a statement of cash flows using the indirect method.
(L02,3) (SCF—Direct Method) Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2017.Additional information:1. Dividends in the amount of $6,000 were
(L02) (SCF—Direct Method) Data for Pat Metheny Company are presented in E23-11.Instructions Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)
(L02) (SCF—Indirect Method) Condensed financial data of Pat Metheny Company for 2017 and 2016 are presented below.Additional information:During the year, $70 of common stock was issued in exchange
(L01,4) (Classification of Transactions) Following are selected balance sheet accounts of Allman Bros. Corp. at December 31, 2017 and 2016, and the increases or decreases in each account from 2016 to
(L02,3) (SCF—Direct Method) Los Lobos Corp. uses the direct method to prepare its statement of cash flows. Los Lobos’s trial balances at December 31, 2017 and 2016, are as follows.December 31
(L02,3) (Schedule of Net Cash Flow from Operating Activities—Indirect Method) Ballard Co. reported $145,000 of net income for 2017. The accountant, in preparing the statement of cash flows, noted
(L02,3) (Computation of Operating Activities—Direct Method) Presented below are two independent situations.Situation A: Annie Lennox Co. reports revenues of $200,000 and operating expenses of
(L02,3) (Preparation of Operating Activities Section—Indirect Method) Data for Krauss Company are presented in E23-5.Instructions Prepare the operating activities section of the statement of cash
(L02,3) (Preparation of Operating Activities Section—Direct Method) Krauss Company’s income statement for the year ended December 31, 2017, contained the following condensed information.Service
(L02,3) EXCEL (Preparation of Operating Activities Section—Direct Method) Data for the Vince Gill Company are presented in E23-3.Instructions Prepare the operating activities section of the
(L02,3) EXCEL (Preparation of Operating Activities Section—Indirect Method, Periodic Inventory) The income statement of Vince Gill Company is shown below.Additional information:1. Accounts
(L01,2) (Statement Presentation of Transactions—Indirect Method) Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Turbulent Indigo Inc.
(L01) (Classification of Transactions) Red Hot Chili Peppers Co. had the following activity in its most recent year of operations.(a) Purchase of equipment. (g) Amortization of intangible assets.(b)
*E 22-23 (L05) (Change from Equity to Fair Value) Dan Aykroyd Corp. was a 30% owner of Steve Martin Company, holding 210,000 shares of Martin’s common stock on December 31, 2016. The investment
*E 22-22 (L05) (Change from Fair Value to Equity) On January 1, 2017, Beyonce Co. purchased 25,000 shares (a 10% interest)in Elton John Corp. for $1,400,000. At the time, the book value and the fair
(L03,4) (Error Analysis) When the records of Debra Hanson Corporation were reviewed at the close of 2018, the following errors were discovered. For each item, indicate by a check mark in the
(L03,4) (Error Analysis) The before-tax income for Lonnie Holdiman Co. for 2017 was $101,000 and $77,400 for 2018. However, the accountant noted that the following errors had been made:1. Sales for
(L03,4) (Error Analysis; Correcting Entries) A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2018.Dr. Cr.Supplies $ 2,700 Salaries and wages payable $ 1,500
(L03,4) (Error Analysis) Peter Henning Tool Company’s December 31 year-end financial statements contained the following errors.December 31, 2017 December 31, 2018 Ending inventory $9,600
(L03) (Error Analysis and Correcting Entry) The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 2017, $147,000; 2018, $185,000. Early in 2019, the
(L03) (Error Analysis and Correcting Entry) You have been engaged to review the financial statements of Gottschalk Corporation. In the course of your examination, you conclude that the bookkeeper
(L03) (Error Correction Entries) The first audit of the books of Bruce Gingrich Company was made for the year ended December 31, 2018. In examining the books, the auditor found that certain items had
(L02) (Change in Estimate—Depreciation) Gerald Englehart Industries changed from the double-declining-balance to the straight-line method in 2018 on all its equipment. There was no change in the
(L02) EXCEL (Change in Estimate—Depreciation) Peter M. Dell Co. purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of
(L02) (Depreciation Changes) On January 1, 2014, Jackson Company purchased a building and equipment that have the following useful lives, salvage values, and costs.Building, 40-year estimated useful
(L02,3) EXCEL (Error and Change in Estimate—Depreciation) Joy Cunningham Co. purchased a machine on January 1, 2015, for $550,000. At that time, it was estimated that the machine would have a
(L01,2,3) (Accounting for Accounting Changes and Errors) Listed below are various types of accounting changes and errors.______ 1. Change in a plant asset’s salvage value.______ 2. Change due to
(L02,3) (Change in Estimate and Error; Financial Statements) Presented below are the comparative income and retained earnings statements for Denise Habbe Inc. for the years 2017 and 2018.2018 2017
(L02) (Accounting Changes—Depreciation) Kathleen Cole Inc. acquired the following assets in January of 2015.Equipment, estimated service life, 5 years; salvage value, $15,000 $525,000 Building,
(L01) (Various Changes in Principle—Inventory Methods) Below is the net income of Anita Ferreri Instrument Co., a private corporation, computed under the three inventory methods using a periodic
(L01) (Change in Principle—Long-Term Contracts) Cullen Construction Company, which began operations in 2017, changed from the completed-contract to the percentage-of-completion method of accounting
(L01) (Accounting Change) Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which started operations on January 1, 2016. The company presently uses the LIFO
(L01) (Accounting Change) Gordon Company started operations on January 1, 2012, and has used the FIFO method of inventory valuation since its inception. In 2018, it decides to switch to the
(L01) (Accounting Change) Taveras Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Taveras had used the LIFO method for financial reporting since its inception on
(L01) (Change in Principle—Inventory Methods) Holder-Webb Company began operations on January 1, 2015, and uses the average-cost method of pricing inventory. Management is contemplating a change in
(L01) (Change in Principle—Long-Term Contracts) Pam Erickson Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction
*E 21-16 (L05) (Lessee-Lessor, Sale-Leaseback) The following are four independent situations.(a) On December 31, 2017, Zarle Inc. sold computer equipment to Daniell Co. and immediately leased it back
*E 21-15 (L05) (Sale-Leaseback) Assume that on January 1, 2017, Elmer’s Restaurants sells a computer system to Liquidity Finance Co. for $680,000 and immediately leases the computer system back.
(L02,3) (Operating Lease for Lessee and Lessor) On February 20, 2017, Barbara Brent Inc. purchased a machine for$1,500,000 for the purpose of leasing it. The machine is expected to have a 10-year
(L02,3) (Accounting for an Operating Lease) On January 1, 2017, a machine was purchased for $900,000 by Young Co. The machine is expected to have an 8-year life with no salvage value. It is to be
(L02,3) (Accounting for an Operating Lease) On January 1, 2017, Doug Nelson Co. leased a building to Patrick Wise Inc. The relevant information related to the lease is as follows.1. The lease
(L02) (Amortization Schedule and Journal Entries for Lessee) Laura Leasing Company signs an agreement on January 1, 2017, to lease equipment to Plote Company. The following information relates to
(L03) (Computation of Rental; Journal Entries for Lessor) Morgan Leasing Company signs an agreement on January 1, 2017, to lease equipment to Cole Company. The following information relates to this
(L04) (Lessor Entries with Bargain-Purchase Option) A lease agreement between Mooney Leasing Company and Rode Company is described in E21-8.Instructions(Round all numbers to the nearest cent.)Refer
(L04) (Lessee Entries with Bargain-Purchase Option) The following facts pertain to a noncancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee.Inception date May 1, 2017
(L04) (Lessee-Lessor Entries; Sales-Type Lease) On January 1, 2017, Bensen Company leased equipment to Flynn Corporation. The following information pertains to this lease.1. The term of the
(L04) EXCEL (Lessor Entries; Sales-Type Lease) Crosley Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2017. The lease is for an 8-year period and requires equal
(L02,3) (Type of Lease; Amortization Schedule) Mike Macinski Leasing Company leases a new machine that has a cost and fair value of $95,000 to Sharrer Corporation on a 3-year noncancelable contract.
(L03) (Lessor Entries; Direct-Financing Lease with Option to Purchase) Castle Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Jan Way Company. The term of
(L02,4) EXCEL (Lessee Entries; Capital Lease with Executory Costs and Unguaranteed Residual Value) Assume that on January 1, 2017, Kimberly-Clark Corp. signs a 10-year noncancelable lease agreement
(L02) (Lessee Computations and Entries; Capital Lease with Guaranteed Residual Value) Pat Delaney Company leases an automobile with a fair value of $8,725 from John Simon Motors, Inc., on the
(L02) (Lessee Entries; Capital Lease with Unguaranteed Residual Value) On January 1, 2017, Burke Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Burke
(L06,7) (Postretirement Benefit Worksheet—Missing Amounts) The accounting staff of Holder Inc. has prepared the following postretirement benefit worksheet. Unfortunately, several entries in the
(L06,7) (Postretirement Benefit Worksheet) Using the information in E20-22, prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry
*E 20-22 (L06,7) (Postretirement Benefit Expense Computation) Englehart Co. provides the following information about its postretirement benefit plan for the year 2017.Service cost $ 90,000 Prior
(L06,7) (Postretirement Benefit Expense Computation) Garner Inc. provides the following information related to its postretirement benefits for the year 2017.Accumulated postretirement benefi t
*E 20-20 (L06,7) (Postretirement Benefit Worksheet) Using the information in E20-19, prepare a worksheet inserting January 1, 2017, balances, and showing December 31, 2017, balances. Prepare the
(L06,7) (Postretirement Benefit Expense Computation) Kreter Co. provides the following information about its postretirement benefit plan for the year 2017.Service cost $ 45,000 Contribution to the
(L01,2,3,4) (Pension Worksheet—Missing Amounts) The accounting staff of Usher Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not
(L01,4,5) (Amortization of Accumulated OCI Balances) Keeton Company sponsors a defined benefit pension plan for its 600 employees. The company’s actuary provided the following information about the
(L04) (Amortization of Accumulated OCI (G/L), Corridor Approach, Pension Expense Computation) The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses.Incurred
(L01,2,5) (Pension Expense, Journal Entries) Latoya Company provides the following selected information related to its defined benefit pension plan for 2017.Pension asset/liability (January 1) $
(L01,2,4) (Worksheet for E20-13) Using the information in E20-13 about Erickson Company’s defined benefit pension plan, prepare a 2017 pension worksheet with supplementary schedules of
(L01,2,4) (Computation of Actual Return, Gains and Losses, Corridor Test, and Pension Expense) Erickson Company sponsors a defined benefit pension plan. The corporation’s actuary provides the
(L01,2,3,4,5) (Pension Expense, Journal Entries, Statement Presentation) Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the
(L01,2,3,4,5) (Pension Expense, Journal Entries, Statement Presentation) Henning Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the
(L01,2,3,4) (Pension Worksheet) Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan.Plan assets $480,000 Projected
(L05) (Disclosures: Pension Expense and Other Comprehensive Income) Taveras Enterprises provides the following information relative to its defined benefit pension plan.Balances or Values at December
(L04) (Application of the Corridor Approach) Kenseth Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan
(L01,2,3) EXCEL (Basic Pension Worksheet) The following defined pension data of Rydell Corp. apply to the year 2017.Projected benefi t obligation, 1/1/17 (before amendment) $560,000 Plan assets,
(L01) (Computation of Actual Return) Gingrich Importers provides the following pension plan information.Fair value of pension plan assets, January 1, 2017 $2,400,000 Fair value of pension plan
(L03) (Application of Years-of-Service Method) Andrews Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the
(L01,2) (Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc. for the year 2017.Plan assets, January 1, 2017 $490,000 Projected benefi t obligation, January 1, 2017
(L01,2,3) (Preparation of Pension Worksheet) Using the information in E20-2, prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal
(L01,2,3) (Computation of Pension Expense) Veldre Company provides the following information about its defined benefit pension plan for the year 2017.Service cost $ 90,000 Contribution to the plan
(L01,2) EXCEL (Pension Expense, Journal Entries) The following information is available for the pension plan of Radcliffe Company for the year 2017.Actual and expected return on plan assets $ 15,000
(L03) (NOL Carryback and Carryforward, Valuation Account Needed) Meyer reported the following pretax financial income (loss) for the years 2015–2019.2015 $240,000 2016 350,000 2017 120,000 2018
(L03) (NOL Carryback and Carryforward, Valuation Account Needed) Beilman Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where
(L03) (NOL Carryback and Carryforward, Valuation Account versus No Valuation Account) Spamela Hamderson Inc. reports the following pretax income (loss) for both financial reporting purposes and tax
(L03) (Two NOLs, No Temporary Differences, No Valuation Account, Entries and Income Statement) Felicia Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from
(L03) (Carryback and Carryforward of NOL, No Valuation Account, No Temporary Differences) The pretax financial income (or loss) figures for Jenny Spangler Company are as follows.2012 $160,000 2013
(L01,2,4) (Two Differences, One Rate, First Year) The differences between the book basis and tax basis of the assets and liabilities of Castle Corporation at the end of 2016 are presented below.Book

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