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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

(Economic Consequences) Presented below are comments made in the financial press.Instructions Prepare responses to the requirements in each item.(a) Rep. John Dingell, at one time the ranking
Three expense recognition methods (associating cause and effect, systematic and rational allocation, and immediate recognition) were discussed in the text under the expense recognition principle.
The chairman of the board of directors of the company for which you are chief accountant has told you that he has little use for accounting figures based on historical cost.He believes that
According to the FASB conceptual framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. Explain the level of
GROUPWORK (GAAP and Economic Consequences) The following letter was sent to the SEC and the FASB by leaders of the business community.Dear Sirs:The FASB has been struggling with accounting for
If you were given complete authority in the matter, how would you propose that GAAP should be developed and enforced?
For what purposes did the AICPA create the Accounting Principles Board?
(Conceptual Framework—General) Wayne Cooper has some questions regarding the theoretical framework in which GAAP is set. He knows that the FASB and other predecessor organizations have attempted to
WRITING (Conceptual Framework—General) The Financial Accounting Standards Board (FASB) has developed a conceptual framework for financial accounting and reporting. The FASB has issued eight
(Objective of Financial Reporting) Homer Winslow and Jane Alexander are discussing various aspects of the FASB’s concepts statement on the objective of financial reporting. Homer indicates that
GROUPWORK (Qualitative Characteristics) Accounting information provides useful information about business transactions and events. Those who provide and use financial reports must often select and
(Revenue Recognition Principle) After the presentation of your report on the examination of the financial statements to the board of directors of Piper Publishing Company, one of the new directors
(Expense Recognition Principle) An accountant must be familiar with the concepts involved in determining earnings of a business entity. The amount of earnings reported for a business entity is
(Expense Recognition Principle) Accountants try to prepare income statements that are as accurate as possible. A basic requirement in preparing accurate income statements is to record costs and
(Expense Recognition Principle) Daniel Barenboim sells and erects shell houses, that is, frame structures that are completely finished on the outside but are unfinished on the inside except for
WRITING (Qualitative Characteristics) Recently, your uncle, Carlos Beltran, who knows that you always have your eye out for a profitable investment, has discussed the possibility of your purchasing
ETHICS (Expense Recognition Principle) Anderson Nuclear Power Plant will be “mothballed” at the end of its useful life (approximately 20 years) at great expense. The expense recognition principle
(Reporting the Financial Effects of Varied Transactions) In an examination of Arenes Corporation as of December 31, 2017, you have learned that the following situations exist. No entries have been
(Identifying Balance Sheet Deficiencies) The assets of Fonzarelli Corporation are presented below (000s omitted).Instructions Indicate the deficiencies, if any, in the foregoing presentation of
WRITING (Critique of Balance Sheet Format and Content) The following is the balance sheet of Sameed Brothers Corporation (000s omitted).Instructions Evaluate the balance sheet presented. State
WRITING (Cash Flow Analysis) The partner in charge of the Kappeler Corporation audit comes by your desk and leaves a letter he has started to the CEO and a copy of the cash flow statement for the
(L03) Match the qualitative characteristics below with the following statements.1. Relevance 5. Comparability 2. Faithful representation 6. Completeness 3. Predictive value 7. Neutrality 4.
(L03) Match the qualitative characteristics below with the following statements.1. Timeliness 5. Faithful representation 2. Completeness 6. Relevance 3. Free from error 7. Neutrality 4.
(L03) Discuss whether the changes described in each of the cases below require recognition in the CPA’s audit report as to consistency. (Assume that the amounts are material.)(a) The company
(L03) Identify which qualitative characteristic of accounting information is best described in each item below. (Do not use relevance and faithful representation.)(a) The annual reports of Best Buy
(L03) Presented below are three different transactions related to materiality. Explain whether you would classify these transactions as material.(a) Blair Co. has reported a positive trend in
(L05) If the going concern assumption is not made in accounting, discuss the differences in the amounts shown in the financial statements for the following items.(a) Land. (d) Inventory.(b)
(L06) Identify which basic principle of accounting is best described in each item below.(a) Norfolk Southern Corporation reports revenue in its income statement when the performance obligation is
(L02,3) On July 1, 2017, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July
(L02,3) Using the data in BE3-3, journalize the entry on July 1 and the adjusting entry on December 31 for Zubin Insurance Co. Zubin uses the accounts Unearned Service Revenue and Service Revenue.
(L02,3) Assume that on February 1, Procter & Gamble (P&G) paid $720,000 in advance for 2 years’ insurance coverage.Prepare P&G’s February 1 journal entry and the annual adjusting entry on June 30.
(L02,3) Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record
(L03) Prepare the following adjusting entries at August 31 for Walgreens.(a) Interest on notes payable of $300 is accrued.(b) Services performed but unbilled total $1,400.(c) Salaries and wages
(L03) Starr Co. had sales revenue of $540,000 in 2017. Other items recorded during the year were:Cost of goods sold $330,000 Salaries and wages expense 120,000 Income tax expense 25,000 Increase in
(L03) Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2017. Expenses for 2017 were cost of goods sold $1,450,000, administrative expenses $212,000, selling
(L03) Using the information provided in BE4-2, prepare a condensed multiple-step income statement for Brisky Corporation.
(L02,3,4) Finley Corporation had income from continuing operations of $10,600,000 in 2017. During 2017, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the
(L02,3,4) Stacy Corporation had income from operations of $7,200,000. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption, interest revenue of $17,000,
(L05) During 2017, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (Williamson’s first year of operations) under FIFO was $160,000 and
(L05) Vandross Company has recorded bad debt expense in the past at a rate of 1½% of accounts receivable, based on an aging analysis. In 2017, Vandross decides to increase its estimate to 2%. If the
(L04) In 2017, Hollis Corporation reported net income of $1,000,000. It declared and paid preferred stock dividends of$250,000. During 2017, Hollis had a weighted average of 190,000 common shares
(L06) Portman Corporation has retained earnings of $675,000 at January 1, 2017. Net income during 2017 was$1,400,000, and cash dividends declared and paid during 2017 totaled $75,000. Prepare a
(L05,6) Using the information from BE4-9, prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $80,000 (net of tax) was charged to
(L07) On January 1, 2017, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2017, it purchased for cash
(L03) Harding Corporation has the following accounts included in its December 31, 2017, trial balance: Accounts Receivable $110,000, Inventory $290,000, Allowance for Doubtful Accounts $8,000,
(L03) Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2017: Cash$7,000, Land $40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid
(L03) Included in Outkast Company’s December 31, 2017, trial balance are the following accounts: Prepaid Rent$5,200, Debt Investments (to be held to maturity until 2020) $56,000, Unearned Fees
(L03) Lowell Company’s December 31, 2017, trial balance includes the following accounts: Inventory $120,000, Buildings$207,000, Accumulated Depreciation—Equipment $19,000, Equipment $190,000,
(L03) Crane Corporation has the following accounts included in its December 31, 2017, trial balance: Equity Investments(trading) $21,000, Goodwill $150,000, Prepaid Insurance $12,000, Patents
(L03) Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2017: Prepaid Rent $12,000, Goodwill $50,000, Franchise Fees Receivable $2,000, Franchises
(L03) Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2017:Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable
(L03) Use the information presented in
for Adams Company to prepare the long-term liabilities section of the balance sheet.
(L03) Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2017:Retained Earnings $120,000, Common Stock $750,000, Bonds Payable $100,000, Paid-in Capital
(L03) Stowe Company’s December 31, 2017, trial balance includes the following accounts: Investment in Common Stock $70,000, Retained Earnings $114,000, Trademarks $31,000, Preferred Stock $152,000,
(L05) Ames Company reported 2017 net income of $151,000. During 2017, accounts receivable increased by $13,000 and accounts payable increased by $9,500. Depreciation expense was $44,000. Prepare the
(L05) Use the information presented in
for Martinez Corporation to compute the net cash used (provided) by financing activities.
(L06) Using the information in BE5-14, determine Martinez’s free cash flow, assuming that it reported net cash provided by operating activities of $400,000.
(L02) Candice Willis will invest $30,000 today. She needs $150,000 in 21 years. What annual interest rate must she earn?
(L02) Bo Newman will invest $10,000 today in a fund that earns 5% annual interest. How many years will it take for the fund to grow to $17,100?
(L03) Steve Madison needs $250,000 in 10 years. How much must he invest at the end of each year, at 5% interest, to meet his needs?
(L02) Refer to the data in BE6-7. Assuming quarterly compounding of amounts invested at 8%, how much of John Fillmore’s inheritance must be invested to have enough at retirement to buy the boat?
(L03) Morgan Freeman is investing $9,069 at the end of each year in a fund that earns 5% interest. In how many years will the fund be at $100,000?
(L04) Leon Tyler’s VISA balance is $793.15. He may pay it off in 12 equal end-of-month payments of $75 each. What interest rate is Leon paying?
(L04) Maria Alvarez is investing $300,000 in a fund that earns 4% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 20 years?
(L03) Adams Inc. will deposit $30,000 in a 6% fund at the end of each year for 8 years beginning December 31, 2017.What amount will be in the fund immediately after the last deposit?
(L04) Consider the loan in BE6-16. What payments must Zach Taylor make to settle the loan at the same interest rate but with the 6 payments beginning on the day the loan is signed?
(L01) Kraft Enterprises owns the following assets at December 31, 2017.Cash in bank—savings account 68,000 Checking account balance 17,000 Cash on hand 9,300 Postdated checks 750 Cash refund due
(L02) Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2017, Restin received full payment for the June 1
(L02) Use the information from BE7-2, assuming Restin Co. uses the net method to account for cash discounts. Prepare the required journal entries for Restin Co.
(L03) Wilton, Inc. had net sales in 2017 of $1,400,000. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $250,000 debit, and Allowance for
for Wilton, Inc.(a) Instead of an Allowance for Doubtful Accounts Balance of $2,400 credit, the balance was $1,900 debit. Assume that 10%of accounts receivable will prove to be uncollectible. Prepare
(L04) Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2017, accepting Tung’s$30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual
(L06) On October 1, 2017, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the
(L06) Use the information in
for Wood. Assume that the receivables are sold with recourse. Prepare the journal entry for Wood to record the sale, assuming that the recourse liability has a fair value of $7,500.
(L06) Arness Woodcrafters sells $250,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 5% and retains an amount equal to 4% of accounts
(L06) Use the information presented in
for Arness Woodcrafters but assume that the recourse liability has a fair value of $4,000, instead of $8,000. Prepare the journal entry and discuss the effects of this change in the value of the
(L07) Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are$912,000,000 at the beginning of the year and $953,000,000 at the end of the year.
(L08) Use the information presented in
for Horton Corporation. Prepare any entries necessary to make Horton’s accounting records correct and complete.
(L01) Included in the December 31 trial balance of Rivera Company are the following assets.Cash $ 190,000 Work in process $200,000 Equipment (net) 1,100,000 Accounts receivable (net) 400,000 Prepaid
(L03) Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.Units Unit Cost Total Cost April 1 inventory 250 $10 $
(L03) Data for Amsterdam Company are presented in BE8-4. Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
(L03) Data for Amsterdam Company are presented in BE8-4. Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
(L04) Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2016; $119,900 at December 31, 2017; and $134,560 at December 31, 2018. The year-end price indexes were 100
(L04) Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.Year Ended December 31 Inventory at Current-Year Cost Price Index 2016 $19,750 100 2017
(L05) Bienvenu Enterprises reported cost of goods sold for 2017 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2017. Bienvenu later discovered that its ending inventories at
(L01) Presented below is information related to Rembrandt Inc.’s inventory.(per unit) Skis Boots Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to sell 19.00
(L01) Floyd Corporation has the following four items in its ending inventory.Item Cost Net Realizable Value (NRV)Jokers $2,000 $2,100 Penguins 5,000 4,950 Riddlers 4,400 4,625 Scarecrows 3,200 3,830
(L01) Kumar Inc. uses a perpetual inventory system. At January 1, 2017, inventory was $214,000,000 at both cost and net realizable value. At December 31, 2017, the inventory was $286,000,000 at cost
(L02) Presented below is information related to Rembrandt Inc.’s inventory, assuming Rembrandt uses lower-of-LIFO cost-or-market.(per unit) Skis Boots Parkas Historical cost $190.00 $106.00 $53.00
(L02) Kumar Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $214,000 at both cost and market value. At December 31, 2017, the inventory was $286,000 at cost and $265,000 at market
(L03) Bell, Inc. buys 1,000 computer game CDs from a distributor who is discontinuing those games. The purchase price for the lot is $8,000. Bell will group the CDs into three price categories for
(L03) Kemper Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2018 at a cost of $1,000,000. At December 31, 2017, the raw materials to
(L03) Use the information for Kemper Company from BE9-7. In 2018, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase.
(L04) Fosbre Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $150,000, and purchases for January through April totaled $500,000. Sales revenue for the same period
(L05) Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were $120,000 at cost and $170,000 at retail. Net markups were $10,000, net markdowns were $7,000, and

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