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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

(L03) Use the information for IBM from BE21-6. Assume the direct-financing lease was recorded at a present value of$150,000. Prepare IBM’s December 31, 2017, entry to record interest.
(L03) Jennifer Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no salvage value. On January 1, 2017, Jennifer Brent leases the equipment to Donna Havaci Inc.
(L04) Indiana Jones Corporation enters into a 6-year lease of equipment on January 1, 2017, which requires 6 annual payments of $40,000 each, beginning January 1, 2017. In addition, Indiana Jones
(L04) Geiberger Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company a replicator that had cost $110,000 to manufacture. The lease agreement covers the 5-year useful
(L01) At the beginning of 2017, Wertz Construction Company changed from the completed-contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The
(L01) Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2017. The increase in the prior year’s income before taxes is $1,200,000. The tax rate is 40%.
(L01) Tedesco Company changed depreciation methods in 2017 from double-declining-balance to straight-line.Depreciation prior to 2017 under double-declining-balance was $90,000, whereas straight-line
(L02) Sesame Company purchased a computer system for $74,000 on January 1, 2016. It was depreciated based on a 7-year life and an $18,000 salvage value. On January 1, 2018, Sesame revised these
(L03) In 2017, Bailey Corporation discovered that equipment purchased on January 1, 2015, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no
(L03) At January 1, 2017, Beidler Company reported retained earnings of $2,000,000. In 2017, Beidler discovered that 2016 depreciation expense was understated by $400,000. In 2017, net income was
(L03) Indicate the effect—Understate, Overstate, No Effect—that each of the following errors has on 2017 net income and 2018 net income.2017 2018(a) Equipment (with a useful life of 5 years) was
(L05) Simmons Corporation owns stock of Armstrong, Inc. Prior to 2017, the investment was accounted for using the equity method. In early 2017, Simmons sold part of its investment in Armstrong, and
(L05) Oliver Corporation has owned stock of Conrad Corporation since 2014. At December 31, 2017, its balances related to this investment were:Equity Investments $185,000 Fair Value Adjustment (AFS)
(L01) Novak Corporation is preparing its 2017 statement of cash flows, using the indirect method. Presented below is a list of items that may affect the statement. Using the code below, indicate how
(L02) Wainwright Corporation had the following activities in 2017.1. Sale of land $180,000. 4. Purchase of equipment $415,000.2. Purchase of inventory $845,000. 5. Issuance of common stock
(L02) Stansfield Corporation had the following activities in 2017.1. Payment of accounts payable $770,000. 4. Collection of note receivable $100,000.2. Issuance of common stock $250,000. 5. Issuance
(L02,3) Bloom Corporation had the following 2017 income statement.Sales revenue $200,000 Cost of goods sold 120,000 Gross profi t 80,000 Operating expenses (includes depreciation of $21,000) 50,000
(L02,3) Use the information from
for Bloom Corporation. Prepare the cash flows from operating activities section of Bloom’s 2017 statement of cash flows using the indirect method.
(L03) At January 1, 2017, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2017, accounts receivable is $54,000. Sales revenue for 2017 total $420,000. Compute Eikenberry’s 2017
(L03) Moxley Corporation had January 1 and December 31 balances as follows.1/1/17 12/31/17 Inventory $95,000 $113,000 Accounts payable 61,000 69,000 For 2017, cost of goods sold was $500,000. Compute
(L02) In 2017, Elbert Corporation had net cash provided by operating activities of $531,000, net cash used by investing activities of $963,000, and net cash provided by financing activities of
(L02,3) Colbert Corporation had the following 2017 income statement.Revenues $100,000 Expenses 60,000$ 40,000 In 2017, Colbert had the following activity in selected accounts.Allowance for Accounts
(L03) Hendrickson Corporation reported net income of $50,000 in 2017. Depreciation expense was $17,000. The following working capital accounts changed.Accounts receivable $11,000 increase
(L03) In 2017, Wild Corporation reported a net loss of $70,000. Wild’s only net income adjustments were depreciation expense $81,000, and increase in accounts receivable $8,100. Compute Wild’s
(L04) In 2017, Leppard Inc. issued 1,000 shares of $10 par value common stock for land worth $40,000.(a) Prepare Leppard’s journal entry to record the transaction.(b) Indicate the effect the
(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
Understand the financial reporting environment.
Explain the meaning of generally accepted accounting principles (GAAP)and the role of the Codification for GAAP.
Describe major challenges in the financial reporting environment.
Understand the objective of financial reporting.
Describe the impact that the cost constraint has on reporting accounting information.
Understand the basic accounting information system.
Record and summarize basic transactions.
Identify and prepare adjusting entries.
Prepare financial statements from the adjusted trial balance.
Prepare closing entries.
Prepare financial statements for a merchandising company.
Understand the uses and limitations of an income statement.
Describe the content of the income statement.
Prepare an income statement.
Explain how to report various income items.
Understand the reporting of accounting changes and errors.
Prepare a retained earnings statement.
Explain how to report other comprehensive income.
Explain the uses and limitations of a balance sheet.
Identify the major classifications of the balance sheet.
Prepare a classified balance sheet using the report and account formats.
Identify the purpose and content of the statement of cash flows.
Prepare a basic statement of cash flows.
Understand the usefulness of the statement of cash flows.
Determine which balance sheet information requires supplemental disclosure.
Describe the major disclosure techniques for the balance sheet.
Describe the fundamental concepts related to the time value of money.
Solve future and present value of
problems.
Solve future value of ordinary and annuity due problems.
Solve present value of ordinary and annuity due problems.
Solve present value problems related to deferred annuities, bonds, and expected cash flows.
Indicate how to report cash and related items.
Define receivables and understand accounting issues related to their recognition.
Explain accounting issues related to valuation of accounts receivable.
Explain accounting issues related to recognition and valuation of notes receivable.
Explain the fair value option.
Explain accounting issues related to disposition of accounts and notes receivable.
Describe how to report and analyze receivables.
Understand inventory classifications and different inventory systems.
Determine the goods and costs included in inventory.
Describe and compare the cost flow assumptions used to account for inventories.
Identify special issues related to LIFO.
Determine the effects of inventory errors on the financial statements.
Understand and apply the lower-ofcost-or-net realizable value rule.
Understand and apply the lower-ofcost-or-market rule.
Understand other inventory valuation issues.
Determine ending inventory by applying the gross profit method.
Determine ending inventory by applying the retail inventory method.
Explain how to report and analyze inventory.
Understand property, plant, and equipment and its related costs.
Describe the accounting problems associated with self-constructed assets.
Describe the accounting problems associated with interest capitalization.
Understand accounting issues related to acquiring and valuing plant assets.
Describe the accounting treatment for costs subsequent to acquisition.
Describe the accounting treatment for the disposal of property, plant, and equipment.
Understand depreciation concepts and methods of depreciation.
Explain special depreciation methods and other depreciation issues.
Explain the accounting issues related to asset impairment.
Explain the accounting procedures for depletion of natural resources.
Explain how to report and analyze property, plant, equipment, and natural resources.
Describe the characteristics, valuation, and amortization of intangible assets.
Describe the accounting for various types of intangible assets.
Explain the accounting issues for recording goodwill.
Explain impairment procedures and presentation requirements for intangible assets.
Describe accounting and presentation for research and development and similar costs.
Describe the nature, valuation, and reporting of current liabilities.
Explain the accounting for gain and loss contingencies.
Indicate how to present and analyze liabilities and contingencies.
Describe the nature of bonds and indicate the accounting for bond issuances.
Describe the accounting for the fair value option.
Indicate how to present and analyze long-term debt.
Describe the corporate form and the issuance of shares of stock.

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