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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Using the information given in Exercise 5-23, prepare a statement of cash flows for 2002 for LaForge Company using the direct method.Exercise 5-23:The following are financial statements for LaForge
Following are data from the financial statements for Choi Hung Company.Compute the following for both 2001 and 2002:1. Cash flow-to-net income ratio 2. Cash flow adequacy ratio 3. Cash times
Podracer Productions provides the following income statement for the year ended December 31, 2002.In addition, Podracer provides the following balance sheet information.Instructions: Using the
Comparative balance sheet data for the Amber Company are presented below and on the following page. In addition, new equipment was purchased for \($50,000,\) payment consisting of \($25,000\) cash
The following information was taken from the records ofAlderman Produce Company for the year ended June 30, 2002.Instructions:1. From the information given, prepare a statement of cash flows using
The following information was obtained from analysis of selected accounts of Orlando Company for the year ended December 31, 2002.Instructions: From the information given, prepare a statement of cash
Based on an analysis of the cash account and other accounts, the following information was provided by the controller of Lumbercamp, Inc., a manufacturer of wood-burning stoves, for the year 2002.(a)
Comparative balance sheet data for the partnership ofYoung and Jones are presented below.Net income for the year was \($43,000,\) and this was transferred in equal amounts to the partners' capital
The table on the next page shows the account balances of Novations, Inc., at the beginning and end of the company's accounting period.The following additional information is available.(a) All
Refer to the data for Novations, Inc., in Problem 5-35.Instructions:1. Prepare an income statement for Novations, Inc. , for the year ended December 31 , 2002.2. Prepare a statement of cash flows for
The following summany data are for Queue Company.All current assets and current liabilities relate to operations.Instructions:1. Compute net cash provided by (used in) operating activities for 2001
The following summary information is for Data Company.Instructions:1. Compute net cash provided by (used in) operating activities for Data Company for the years 1999 through 2002.2. One definition of
The following combined income and retained earnings statement, along with selected balance sheet data, are provided for the Timberdale Company.Instructions:1. Using the direct method, compute the
Below are data from the financial statements for Ping Shek Company.Instructions:1. Compute the following for 2001 and 2002.a. Return on salesb. Return on assetsc. Return on equit}'d. Cash flow-to-net
Lorien Company wishes to prepare a forecasted income statement, a forecasted balance sheet, and a forecasted statement of cash flows for 2003. Lorien's balance sheet and income statement for 2002 are
The post-closing trial balances are provided for the Dallas Department Store. Credit balances are denoted with parentheses.The following additional information was obtained from Dallas Department
Refer to the information for Dallas Department Store in Problem 5-44.Instructions: Using a work sheet, prepare a statement of cash flows (indirect method) for the vear ended December 31,
Prior to 1988. a "funds" statement was required instead of a cash flow statement. What was that "funds" statement called? How did it differ from a statement of cash flows?
Compare how interest paid is classified in a statement of cash flows under the provisions of FASB Statement No. 95 and IAS 7.
What is the difference between "cash from operating activities ' as reported in the United States and in the United Kingdom?
What techniques can be used to simplify the preparation of a statement of cash flows when there are many accounts and transactions?
Management for Marlowe Manufacturing Company decided in 2001 to discontinue one of its unsuccessful product lines. (The product line does not meet the definition of a business segment.) The planned
The Flexisoft Company has had excellent success in developing business software for microcomputers. Management has followed the accounting practice of deferring the development costs for the software
The Walesco Corporation has decided to discontinue an entire segment of its business effective November 1, 2002. It hopes to sell the assets involved and convert the physical plant to other uses
The stock market crash of October 1987 caused many businesses to rethink the manner in which they operate. The crash caused at least one business to consider the way it recosnized revenues and
Changes in the balance sheet account balances for the Smite Sales Co. during 2002 are shown below. Dividends declared during 2002 were \($25.000.\) Calculate the net income for the year assuming
Indicate which of the following transactions or events gives rise to the recognition of revenue in 2002 under the accrual basis of accounting. If revenue is not recognized, what is the account, if
The selling expenses of Caribou Inc. for 2002 are 13% of sales. General expenses, excluding doubtful accounts, are 25% of cost of goods sold, but only 15% of sales.Doubtful accounts are 2% of sales.
The Brigham Corporation reported the following income items before tax for the year 2002:The income tax rate is 35% on all items. Prepare the portion of the income statement beginning with "Income
On June 30, 2002. top management of Garrison Manufacturing Co. decided to dispose of an unprofitable business segment. A loss of \($110,000\) associated with the segment was incurred during the first
For the following independent cases, compute (1) the gain (loss) from operations of a discontinued segment, and (2) the gain (loss) from disposal of a discontinued segment.Ignore income taxes.
In 1988. SEARS. ROEBUCKAND CO. changed its method of accounting for income taxes. The FASB required the new principle to be applied retroactively, but prior years' financial statements were not
The Pensacola Awning Co. reports the following for 2002:Prepare a single-step income statement (including earnings-per-share data) and a statement of retained earnings for Pensacola. Retained
M. Taylor has been employed as a bookkeeper at the Losser Corporation for a number of years. With the assistance of a clerk, Taylor handles all accounting duties, including the preparation of
Svedin Incorporated provides the following information relating to 2002.The foreign currency adjustment resulted from a weakening in the currencies of Svedin's foreign subsidiaries relative to the
Han Company wishes to forecast its net income for the year 2003. Han has assembled balance sheet and income statement data for 2002 and has also done a forecast of the balance sheet for 2003. In
Ryan Company wishes to prepare a forecasted income statement and a forecasted balance sheet for 2003 Ryans balance sheet and income statement for 2002 are given below.In addition, Ryan has assembled
The Payette Co. on June 30, 2002, reported a retained earnings balance of \($1,535,000\).The books of the company showed the following account balances on June 30, 2002.Instructions:Prepare a
The Richmond Company manufactures and sells robot-tvpe toys for children. Under one type of agreement with the dealers, Richmond is to receive payment upon shipment to the dealers. Under another type
On December 31, 2002, the Hadley Company provides the following pre-audit income statement for your review.The following information is also available:(a) Many of Hadley's customers pay for their
The following information relates to Delaney Manufacturing Inc. for the fiscal year ended July 31. 2002. Assume there are no tax rate changes, a 30% tax rate applies to all items reported in the
Radiant Cosmetics Inc. shows a retained earnings balance on January' 1. 2002. of \($620,000.\) For 2002, the income from continuing operations was \($210,000\) before income tax. Following is a list
In 2002, Laetner Industries decided to discontinue its Laminating Division, an identifiable segment of Laetners business. The measurement date for the discontinuance is August 1. At December 31,
Selected account balances of Connell Company for 2002 along with additional information as of December 31 are as followsInstructions:Prepare a multiple-step income statement and statement of retained
The pre-audit income statement of Jericho Recreation Incorporated was prepared by a newly hired staff accountant for the year ending December 31. 2002.The following information was obtained by
On December 31, 2002, analysis of the Rollins Sporting Goods' operations for 2002 revealed the following.(a) Total cash collections from customers, \($107,770\).(b) December 31, 2001, inventor}-
Selected preadjustment account balances and adjusting information of Sunset Cosmetics Inc. for the year ended December 31, 2002, are as follows:Instructions:Prepare a corrected multiple-step income
The following information for the year ending December 31, 2002, has been provided for the Blacksburg Company.Instructions:Prepare a statement of comprehensive income for the Blacksburg Company.
Lorien Company wishes to prepare a forecasted income statement and a forecasted balance sheet for 2003. Lorien s balance sheet and income statement for 2002 are given below.In addition, Lorien has
What are some possible disadvantages of a multiplestep income statement and of a single-step statement?
Under International Accounting Standards, how is the cumulative effect of a change in accounting principle reported?
Fortune annually provides a list of the most valuable companies in America. The top 1 most valuable companies, from the 1999 Fortune 500, are listed below.As an analyst for a securities broker, you
Technology Unlimited, Inc., uses a fiscal year ending June 30. The auditors completed their review of the 2002 financial statements on September 8, 2002. They discovered the followins subsequent
The followins is an excerpt from an article dealing with accountins and banks in The Wall Street Journal:Congress deresuiated the left side of the balance sheet [liabilities] by permitting thrifts to
Using the definition of an asset from FASB Concepts Statement No. 6, indicate whether each of the following should be listed as an asset by DeBroglie Company.(a) DeBroglie has legal title to a silver
From the following data, compute the working capital for Benson Equipment Co. at December 31, 2002. Cash in general checking account.. Cash in fund to be used to retire bonds in 2006 Cash held to pay
The following balance sheet was prepared for Jared Corporation as of Dec. 31, 2002.The following additional information relates to the December 31, 2002, balance sheet.(a) Cash includes \($4,000\)
For each of the items (a) through (n) on the Faevero and Company Inc. balance sheet, indicate the amount that should appear on the balance sheet. Current assets: Cash.... Faevero and Company Inc.
Lwaxana Company has the following assets.Companies in Lwaxanas industry- topically have the following asset mix: cash, 7%;accounts receivable. 15%; inventory. 18%: property plant, and equipment.
For each of the items below, indicate whether the item should be reflected in the 2002 financial statements for Rutherford Company. If the item should be reflected, indicate whether it should be
Following is a list of account titles and balances for Zaldo Investment Corporation as of January 31,2002.Instructions:1. Prepare a properly classified balance sheet.2. Assume net income of
Adjusted account balances and supplemental information for Brockbank Research Corp. as of December 31, 2002, are as follows:Supplemental information:(a) Depreciation is provided by the straight-line
The accountant for Sierra Corp. prepared the following schedule of liabilities as of December 31, 2002.The following additional information pertains to these liabilities.(a) All trade notes payable
The following balance sheet was prepared by the accountant for Rowley Company.Instructions: Prepare a corrected classified balance sheet using appropriate account titles. Rowley Company Balance
The financial position of St. Charles Ranch is summarized in the following letter to the corporation's accountant.Instructions: Based on this information, prepare a properly classified balance sheet
The bookkeeper for Dependable Computers, Inc. reports the following balance sheet amounts as ofJune 30, 2002.A review of account balances reveals the following data,(a) An analysis of current assets
Tony Akea incorporated his concrete manufacturing operations on January 1, 2002, by issuing 10,000 shares of \($1\) par common stock to himself. The following balance sheet for the new corporation
Alaska Supply Corporation, a merchandising firm, prepared the following trial balance as of OctoberAlaska Supply engaged in the following transactions during October 2002. The company records
Upon inspecting the books and records for Beardall Company for the year ended December 31, 2002, you find the following data.(a) A receiv'able of S380 from Clarke Realty is determined to be
Accounts of Pioneer Heating Corporation at the end of the first year of operations show the balances listed at the top of the next page. The end-of-year physical inventory is \($50,000\). Prepaid
Below is the trial balance for Feigenbaum Company as of December 31.Consider the following additional information:(a) Feigenbaum uses a perpetual inventory system.(b) The prepaid expenses were paid
The following accounts were taken from the trial balance of Cristy Company as of December 31, 2002.Given the information below, make the necessary adjusting entries.(a) The equipment has an estimated
The data listed below were obtained from an analysis of the accounts of Noble Distributor Company as of March 31, 2002, in preparation of the annual report. Noble records current transactions in
Computer Consulting Company uses the asset-and-liability approach in accounting for prepaid expenses and unearned revenues. Selected account balances at the end of the current and prior year are
An analysis of Huffman. Inc.. disclosed changes in account balances for 2002 and the supplementay data listed below. From these data, calculate the net income or loss for 2002. (Net income can be
Caddys Inc. uses a general journal, sales journal, cash receipts journal, check register, and voucher register. For each transaction below, indicate the appropriate journal(s) or register to be
On July 15, vouchers for payment of the following items were approved by the chief financial officer of Lorenz Company:Prepare a voucher register and record the approved vouchers described above.The
All of the vouchers described in Exercise 2-22 were paid by check on July l6. starting with check number 439. A 2% purchase discount was taken on the payment to Rands Supply. Based on the information
Mandelbrot Graphics makes most of its sales on credit. Data from the October sales journal are given below:During November, Mandelbrot received payment for all of the credit sales made in October.
On December 31, the Philips Company noted the following transactions that occurred during 2002, some or all of which might require adjustment to the books.(a) Payment to suppliers of \($2,900\) was
The accountant for Save More Company made the following adjusting entries on December 31, 2002.Further information is provided as follows:(a) Rent is paid every October 1 .(b) Advertising materials
The bookkeeper for the Irwin Wholesale Electric Co. records all revenue and expense items in nominal accounts during the period. The following balances, among others, are listed on the trial balance
Gee Enterprises records all transactions on the cash basis. Greg Gee. company accountant, prepared the following income statement at the end of the company's first year of operations.You have been
Account balances taken from the ledger of the Builders' Supply Corporation on December 31. 2002. before adjustment, are listed below. Information relating to adjustments on December 3 1 , 2002,
Data for adjustments at December 31, 2002, are as follows:(a) Kwon International uses a perpetual inventory system.(b) An analysis of Accounts Receivable reveals that the appropriate year-end balance
Account balances taken from the ledger of Royal Distributing Co. on December 31, 2002, follow:Information relating to adjustments on December 31, 2002, follows:(a) The inventory on hand is
The following account balances are taken from the general ledger of the Whitni Corporation on December 31, 2002, the end of its fiscal year. The corporation was organized January 2, 1999.Data for
West Mountain Inc., a fruit wholesaler, records business transactions in the following books of original entrs: general journal (J): voucher register (VR); check register (CR); sales journal (SJ);
A fire destroyed Fong Company's journals. However, the general ledger and accounts receivable subsidiary' ledger were saved. An inspection of the ledgers reveals the following information:Fong's
Prepare a voucher register and a check register for Bethe Company and record the following transactions. The last voucher used was #847, and the last check used was #562.June 1 Paid voucher #9846
Distinguish between the procedures followed by a merchandising enterprise using a periodic (physical) inventory system and one using a perpetual inventory system.
The accountant for the Miller Hardware Store, after completing all adjustments except for the merchandise inventory, makes the following entry to close the beginning inventory, to set up the ending
From the following list of accounts, determine which ones should be closed and whether each would normally be closed by a debit or by a credit entry.Cash
What advantages are provided through the use of:(a) special journals,(b) subsidiary ledgers, and (c) the voucher system?
The Tantor Co. maintains a sales journal, a voucher register, a cash receipts journal, a check register, and a general journal. For each account listed below, indicate the most common journal sources
Emilio Valdez worked for several years as a loan analyst for a large bank. He recently left the bank and took a management position with Positron, a high-tech manufactunng firm. Emilio prepared for
Quality Enterprises Inc. issued its 2001 financial statements on February 22, 2002. The auditors expressed a "clean" opinion in the audit report. On July 14, 2002, the company filed for bankruptcy as
Little attempt is made to reconcile the accounting standard differences between the IRS and the FASB. These differences are recognized as arising from differences in the objectives of the two bodies.
The cable television industry is facing competition from companies using advanced technologies.The use of microwaves allows programs to be beamed, at low cost, to locations not accessed by cable.
Financial statements in the United States rely heavily on historical cost information, particularly in the valuation of land, buildings, and equipment. However, accounting standards in many other

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