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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

(L06) In its 2015 annual report, Gap Inc. reported inventory of $1,889 million on January 31, 2015, and $1,928 million on February 1, 2014, cost of goods sold of $10,146 million for 2015, and net
(L07) Use the information for Boyne Inc. from BE9-10. Compute ending inventory at cost using the LIFO retail method.B E9-13 (L07) Use the information for Boyne Inc. from BE9-10, and assume the price
(L01) Previn Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $10,200. What amount should be recorded as the cost of the land?
(L03) Use the information for Hanson Company from
and BE10-3. Compute avoidable interest for Hanson Company.
(L04) Garcia Corporation purchased a truck by issuing an $80,000, 4-year, zero-interest-bearing note to Equinox Inc.The market rate of interest for obligations of this nature is 10%. Prepare the
(L04) Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer with a fair value of $3,300. Navajo also paid $500 in the transaction. Prepare the
(L04) Use the information for Navajo Corporation from BE10-8. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance.
(L06) Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2014. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated
(L06) Use the information presented for Ottawa Corporation in BE10-14, but assume the machinery is sold for$5,200 instead of $10,500. Prepare journal entries to (a) update depreciation for 2018 and
(L01) Fernandez Corporation purchased a truck at the beginning of 2017 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000
(L01) Lockard Company purchased machinery on January 1, 2017, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. (a) Compute 2017 depreciation
(L01) Use the information for Lockard Company given in BE11-2. (a) Compute 2017 depreciation expense using the sum-of-the-years’-digits method. (b) Compute 2017 depreciation expense using the
(L01) Use the information for Lockard Company given in BE11-2. (a) Compute 2017 depreciation expense using the double-declining-balance method. (b) Compute 2017 depreciation expense using the
(L02) Dickinson Inc. owns the following assets.Asset Cost Salvage Estimated Useful Life A $70,000 $7,000 10 years B 50,000 5,000 5 years C 82,000 4,000 12 years Compute the composite depreciation
(L02) Holt Company purchased a computer for $8,000 on January 1, 2016. Straight-line depreciation is used, based on a 5-year life and a $1,000 salvage value. In 2018, the estimates are revised. Holt
(L05) In its 2014 annual report, Campbell Soup Company reports beginning-of-the-year total assets of $8,113 million, end-of-the-year total assets of $8,323 million, total sales of $8,268 million, and
(L01,2) Use the information provided in BE12-1. Assume that at January 1, 2019, the carrying amount of the patent on Taylor Swift’s books is $43,200. In January, Taylor Swift spends $24,000
(L01,2) Stephan Curry, Inc., spent $68,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $68,000 expenditure
(L01,2) Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $120,000 on April 1, 2017. The franchise grants Gershwin the right to sell certain products and
(L01,2,5) Nieland Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2017, Nieland incurred
(L01,2,5) Sinise Industries acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a cost of $9,900. This textbook is estimated to have a useful
(L05) R. Wilson Corporation commenced operations in early 2017. The corporation incurred $60,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its
(L05) Treasure Land Corporation incurred the following costs in 2017.Cost of laboratory research aimed at discovery of new knowledge $120,000 Cost of testing in search for product alternatives
(L05) Indicate whether the following items are capitalized or expensed in the current year.(a) Purchase cost of a patent from a competitor. (c) Organizational costs.(b) Research and development
(L01) Upland Company borrowed $40,000 on November 1, 2017, by signing a $40,000, 9%, 3-month note. Prepare Upland’s November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the
(L01) Takemoto Corporation borrowed $60,000 on November 1, 2017, by signing a $61,350, 3-month, zero-interestbearing note. Prepare Takemoto’s November 1, 2017, entry; the December 31, 2017, annual
(L01) Kasten Inc. provides paid vacations to its employees. At December 31, 2017, 30 employees have each earned 2 weeks of vacation time. The employees’ average salary is $500 per week. Prepare
(L01) Mayaguez Corporation provides its officers with bonuses based on net income. For 2017, the bonuses total$350,000 and are paid on February 15, 2018. Prepare Mayaguez’s December 31, 2017,
(L02) At December 31, 2017, Burr Corporation owes $500,000 on a note payable due February 15, 2018. (a) If Burr refinances the obligation by issuing a long-term note on February 14 and using the
(L03) Leppard Corporation sells DVD players. The corporation also offers its customers a 4-year warranty contract.During 2017, Leppard sold 20,000 warranty contracts at $99 each. The corporation
(L03) Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50¢. The block sets cost Wynn $1.10 each to purchase and 60¢ each to mail to
(L01) The Colson Company issued $300,000 of 10% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value.
(L01) Assume the bonds in
were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and(c) December 31. Assume The Colson Company records straight-line amortization semiannually.
were issued at 103. Prepare the journal entries for (a) January 1, (b) July 1, and(c) December 31. Assume The Colson Company records straight-line amortization semiannually.
(L01) Devers Corporation issued $400,000 of 6% bonds on May 1, 2017. The bonds were dated January 1, 2017, and mature January 1, 2020, with interest payable July 1 and January 1. The bonds were
were issued for $644,636 and the effective-interest rate is 6%. Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31
(L01) Teton Corporation issued $600,000 of 7% bonds on November 1, 2017, for $644,636. The bonds were dated November 1, 2017, and mature in 10 years, with interest payable each May 1 and November 1.
(L02) On January 1, 2017, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of redemption, the unamortized premium was $15,000. Prepare the corporation’s journal entry to record
(L03) Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1, 2017, and received $100,000 cash. The note requires annual interest payments each December 31.
(L03) Samson Corporation issued a 4-year, $75,000, zero-interest-bearing note to Brown Company on January 1, 2017, and received cash of $47,664. The implicit interest rate is 12%. Prepare Samson’s
(L04) 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 $16,000. At year-end,
(L05) At December 31, 2017, Hyasaki Corporation has the following account balances:Bonds payable, due January 1, 2026 $2,000,000 Discount on bonds payable 88,000 Interest payable 80,000 Show how the
(L01) Buttercup Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare Buttercup’s journal entry.
(L01,2) Wilco Corporation has the following account balances at December 31, 2017.Common stock, $5 par value $ 510,000 Treasury stock 90,000 Retained earnings 2,340,000 Paid-in capital in excess of
(L01) On February 1, 2017, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth$31,000. Prepare the February 1, 2017, journal entry.
(L01) Hinges Corporation issued 500 shares of $100 par value preferred stock for $61,500. Prepare Hinges’s journal entry.
(L03) Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2017, the securities were carried in Cole’s accounting records at their cost of $875,000, which equals their fair value. On
(L03) Graves Mining Company declared, on April 20, a dividend of $500,000 payable on June 1. Of this amount,$125,000 is a return of capital. Prepare the April 20 and June 1 entries for Graves.
(L05) Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2017, and no
(L01) Petrenko Corporation has outstanding 2,000 $1,000 bonds, each convertible into 50 shares of $10 par value common stock. The bonds are converted on December 31, 2017, when the unamortized
(L03) On January 1, 2017, Barwood Corporation granted 5,000 options to executives. Each option entitles the holder to purchase one share of Barwood’s $5 par value common stock at $50 per share at
(L03) Refer to the data for Barwood Corporation in BE16-6. Repeat the requirements assuming that instead of options, Barwood granted 2,000 shares of restricted stock.
(L03) On January 1, 2017 (the date of grant), Lutz Corporation issues 2,000 shares of restricted stock to its executives.The fair value of these shares is $75,000, and their par value is $10,000. The
(L04) Kalin Corporation had 2017 net income of $1,000,000. During 2017, Kalin paid a dividend of $2 per share on 100,000 shares of preferred stock. During 2017, Kalin had outstanding 250,000 shares
(L04) Douglas Corporation had 120,000 shares of stock outstanding on January 1, 2017. On May 1, 2017, Douglas issued 60,000 shares. On July 1, Douglas purchased 10,000 treasury shares, which were
(L04) The 2017 income statement of Wasmeier Corporation showed net income of $480,000 and a loss from discontinued operations of $120,000. Wasmeier had 100,000 shares of common stock outstanding all
(L05) Rockland Corporation earned net income of $300,000 in 2017 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 9% bonds, which are
(L05) DiCenta Corporation reported net income of $270,000 in 2017 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative
(L06) Ferraro, Inc. established a stock-appreciation rights (SARs) program on January 1, 2017, which entitles executives to receive cash at the date of exercise for the difference between the market
(L01) Garfield Company purchased, on January 1, 2017, as a held-to-maturity investment, $80,000 of the 9%, 5-year bonds of Chester Corporation for $74,086, which provides an 11% return. Prepare
(L01) Use the information from
but assume the bonds are purchased as an available-for-sale security. Prepare Garfield’s journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount
(L01) Hendricks Corporation purchased trading investment bonds for $50,000 at par. At December 31, Hendricks received annual interest of $2,000, and the fair value of the bonds was $47,400. Prepare
(L02) Fairbanks Corporation purchased 400 shares of Sherman Inc. common stock for $13,200 (Fairbanks does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per
but assume the stock is nonmarketable. Prepare Fairbanks’ journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment, if any.
(L02) Cleveland Company has a stock portfolio valued at $4,000. Its cost was $3,300. If the Fair Value Adjustment account has a debit balance of $200, prepare the journal entry at year-end.
(L02,4) The following information relates to Moran Co. for the year ended December 31, 2017: net income $1,245.7 million; unrealized holding loss of $10.9 million related to available-for-sale debt
(L04) Hillsborough Co. has a held-to-maturity investment in the bonds of Schuyler Corp. with a carrying value of $70,000. Hillsborough determined that due to poor economic prospects for Schuyler, the
(L04) Presented below are two independent cases related to available-for-sale debt investments.Case 1 Case 2 Amortized cost $40,000 $100,000 Fair value 30,000 110,000 Expected credit losses 25,000
(L01) In 2017, 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
(L01) Oxford Corporation began operations in 2017 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
(L01,2) Using the information from BE19-2, assume this is the only difference between Oxford’s pretax financial income and taxable income. Prepare the journal entry to record the income tax
(L01,2) At December 31, 2017, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2018, the deferred tax liability is $42,000. The corporation’s 2018 current tax expense
(L01,2) At December 31, 2017, 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.)
(L01,2) At December 31, 2017, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2018, the deferred tax asset is $59,000. The corporation’s 2018 current tax expense is $61,000.
(L01,2) At December 31, 2017, Hillyard Corporation has a deferred tax asset of $200,000. After a careful review of all available evidence, it is determined that it is more likely than not that
(L01,2) Mitchell Corporation had income before income taxes of $195,000 in 2017. Mitchell’s current income tax expense is $48,000, and deferred income tax expense is $30,000. Prepare Mitchell’s
(L01,2) Shetland Inc. had pretax financial income of $154,000 in 2017. Included in the computation of that amount is insurance expense of $4,000 which is not deductible for tax purposes. In addition,
(L01,2) Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2017. This difference will reverse as follows: 2018, $42,000; 2019, $244,000;
(L02) At December 31, 2017, Fell Corporation had a deferred tax liability of $680,000, resulting from future taxable amounts of $2,000,000 and an enacted tax rate of 34%. In May 2018, a new income
(L03) Conlin Corporation had the following tax information.Year Taxable Income Tax Rate Taxes Paid 2015 $300,000 35% $105,000 2016 325,000 30 97,500 2017 400,000 30 120,000 In 2018, Conlin suffered a
(L03) Rode Inc. incurred a net operating loss of $500,000 in 2017. Combined income for 2015 and 2016 was $350,000.The tax rate for all years is 40%. Rode elects the carryback option. Prepare the
(L03) Use the information for Rode Inc. given in BE19-13. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the
(L04) Youngman Corporation has temporary differences at December 31, 2017, that result in the following deferred taxes.Deferred tax liability related to depreciation difference $38,000 Deferred tax
(L01) AMR Corporation (parent company of American Airlines) reported the following (in millions).Service cost $366 Interest on P.B.O. 737 Return on plan assets 593 Amortization of prior service cost
(L02) At January 1, 2017, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2017, service cost was $27,500, the settlement rate was 10%, actual
(L02) Campbell Soup Company reported pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell Soup Company’s journal entry to record pension expense and
(L03) Mancuso Corporation amended its pension plan on January 1, 2017, and granted $160,000 of prior service costs to its employees. The employees are expected to provide 2,000 service years in the
(L03) At December 31, 2017, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income.
(L04) Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at January 1, 2017. Shin also had a net actuarial loss of $465,000 in accumulated OCI at January
(L05) Hawkins Corporation has the following balances at December 31, 2017.Projected benefi t obligation $2,600,000 Plan assets at fair value 2,000,000 Accumulated OCI (PSC) 1,100,000 How should these
(L05) Norton Co. had the following amounts related to its pension plan in 2017.Actuarial liability loss for 2017 $28,000 Unexpected asset gain for 2017 18,000 Accumulated other comprehensive income
(L05) Lahey Corp. has three defined benefit pension plans as follows.Pension Assets Projected Benefi t(at Fair Value) Obligation Plan X $600,000 $500,000 Plan Y 900,000 720,000 Plan Z 550,000 700,000
(L06,7) Manno Corporation has the following information available concerning its postretirement benefit plan for 2017.Service cost $40,000 Interest cost 47,400 Actual and expected return on plan
(L06,7) For 2017, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell’s contribution to the plan during 2017 was $180,000. Prepare Sampsell’s 2017 entry to record
(L02) Rick Kleckner Corporation recorded a capital lease at $300,000 on January 1, 2017. The interest rate is 12%.Kleckner Corporation made the first lease payment of $53,920 on January 1, 2017. The
(L02) Use the information for Rick Kleckner Corporation from BE21-3. Assume that at December 31, 2017, Kleckner made an adjusting entry to accrue interest expense of $29,530 on the lease. Prepare
(L02) Jana Kingston Corporation enters into a lease on January 1, 2017, that does not transfer ownership or contain a bargain-purchase option. It covers 3 years of the equipment’s 8-year useful

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