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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

(L01,2,4) (Two Temporary Differences, Multiple Rates, Future Taxable Income) Nadal Inc. has two temporary differences at the end of 2016. The first difference stems from installment sales, and the
(L01,2) (Two Differences, No Beginning Deferred Taxes, Multiple Rates) Teri Hatcher Inc., in its first year of operations, has the following differences between the book basis and tax basis of its
(L01,2) (Two Differences, One Rate, Beginning Deferred Balance, Compute Pretax Financial Income) Andy McDowell Co. establishes a $100 million liability at the end of 2017 for the estimated
(L01,2) (Three Differences, Multiple Rates, Future Taxable Income) During 2017, Kate Holmes Co.’s first year of operations, the company reports pretax financial income at $250,000. Holmes’s
(L01,2) (Two Temporary Differences, Tracked through 3 Years, Multiple Rates) Taxable income and pretax financial income would be identical for Huber Co. except for its treatments of gross profit on
(L01,2,3,4) (Deferred Tax Liability, Change in Tax Rate, Prepare Section of Income Statement) Novotna Inc.’s only temporary difference at the beginning and end of 2016 is caused by a $3 million
(L01,2) (Deferred Tax Asset with Previous Valuation Account) Assume the same information as E19-12, except that at the end of 2016, Jennifer Capriati Corp. had a valuation account related to its
(L01,2) (Deferred Tax Asset with and without Valuation Account) Jennifer Capriati Corp. has a deferred tax asset account with a balance of $150,000 at the end of 2016 due to a single cumulative
(L01,2) (One Difference, Multiple Rates, Effect of Beginning Balance versus No Beginning Deferred Taxes) At the end of 2016, Lucretia McEvil Company has $180,000 of cumulative temporary differences
(L01,2) (Two Temporary Differences, One Rate, Beginning Deferred Taxes, Compute Pretax Financial Income) The following facts relate to Duncan Corporation.1. Deferred tax liability, January 1, 2017,
(L04) (Three Differences, Classify Deferred Taxes) At December 31, 2016, Belmont Company had a net deferred tax liability of $375,000. An explanation of the items that compose this balance is as
(L01,2) (Two Temporary Differences, One Rate, 3 Years) Button Company has the following two temporary differences between its income tax expense and income taxes payable.2017 2018 2019 Pretax fi
(L01,2) (Terminology, Relationships, Computations, Entries)Instructions Complete the following statements by filling in the blanks.(a) In a period in which a taxable temporary difference reverses,
(L01,2) (Identify Temporary or Permanent Differences) Listed below are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes.Instructions
(L01,2) (Two Temporary Differences, One Rate, Beginning Deferred Taxes) The following facts relate to Krung Thep Corporation.1. Deferred tax liability, January 1, 2017, $40,000.2. Deferred tax asset,
(L01,2) (Three Differences, Compute Taxable Income, Entry for Taxes) Zurich Company reports pretax financial income of $70,000 for 2017. The following items cause taxable income to be different than
(L01,2) EXCEL (One Temporary Difference, Future Taxable Amounts, One Rate, Beginning Deferred Taxes) Bandung Corporation began 2017 with a $92,000 balance in the Deferred Tax Liability account. At
(L01,2) (Two Differences, No Beginning Deferred Taxes, Tracked through 2 Years) The following information is available for Wenger Corporation for 2016 (its first year of operations).1. Excess of tax
(L01,2) EXCEL (One Temporary Difference, Future Taxable Amounts, One Rate, No Beginning Deferred Taxes)South Carolina Corporation has one temporary difference at the end of 2017 that will reverse and
(LO8) (Franchise Fee, Initial Down Payment) On January 1, 2017, Lesley Benjamin signed an agreement, covering 5 years, to operate as a franchisee of Campbell Inc. for an initial franchise fee of
(LO8) (Franchise Entries) Pacific Crossburgers Inc. charges an initial franchise fee of $70,000. Upon the signing of the agreement (which covers 3 years), a payment of $28,000 is due. Thereafter,
(LO5,6) (Recognition of Profit and Balance Sheet Amounts for Long-Term Contracts) Yanmei Construction Company began operations on January 1, 2017. During the year, Yanmei Construction entered into a
(LO5,6) (Recognition of Revenue on Long-Term Contract and Entries) Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2017, Hamilton began work under contract
(LO5) EXCEL (Gross Profit on Uncompleted Contract) On April 1, 2017, Dougherty Inc. entered into a cost plus fixed fee contract to construct an electric generator for Altom Corporation. At the
(LO5) (Analysis of Percentage-of-Completion Financial Statements) In 2017, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $1,000,000.
(LO5,6) (Recognition of Profit on Long-Term Contracts) During 2017, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2019. The following
(LO4) (Contract Costs, Collectibility) Refer to the information in E18-31.Instructions(a) Does the accounting for capitalized costs change if the contract is for 1 year rather than 3 years?
(LO4) (Contract Costs) Rex’s Reclaimers entered into a contract with Dan’s Demolition to manage the processing of recycled materials on Dan’s various demolition projects. Services for the
(LO4) (Contract Modification) Tyler Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area. On January 1, 2017, Tyler entered into a 3-year
(LO4) (Contract Modification) In September 2017, Gaertner Corp. commits to selling 150 of its iPhone-compatible docking stations to Better Buy Co. for $15,000 ($100 per product). The stations are
(LO4) (Existence of a Contract) On January 1, 2017, Gordon Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base in exchange for $3,000. The contract
(LO3) (Warranties) Celic Inc. manufactures and sells computers that include an assurance-type warranty for the first 90 days. Celic offers an optional extended coverage plan under which it will
(LO3) (Warranty Arrangement) On January 2, 2017, Grando Company sells production equipment to Fargo Inc. for$50,000. Grando includes a 2-year assurance warranty service with the sale of all its
(LO3) (Consignment Sales) On May 3, 2017, Eisler Company consigned 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amounted to $840 and was paid by Eisler
(LO3) (Bill and Hold) Wood-Mode Company is involved in the design, manufacture, and installation of various types of wood products for large construction projects. Wood-Mode recently completed a
(LO3) (Repurchase Agreement) Zagat Inc. enters into an agreement on March 1, 2017, to sell Werner Metal Company aluminum ingots. As part of the agreement, Zagat also agrees to repurchase the ingots
(LO3) (Sales with Repurchase) Cramer Corp. sells idle machinery to Enyart Company on July 1, 2017, for $40,000.Cramer agrees to repurchase this equipment from Enyart on June 30, 2018, for a price of
(LO3) (Sales with Returns) Uddin Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point,
(LO3) (Sales with Returns) Organic Growth Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its
(LO3) EXCEL (Sales with Returns) On June 3, 2017, Hunt Company sold to Ann Mount merchandise having a sales price of $8,000 (cost $6,000) with terms of n/60, f.o.b. shipping point. Hunt estimates
(LO3) EXCEL (Sales with Allowances) On October 2, 2017, Laplante Company sold $6,000 of its elite camping gear(with a cost of $3,600) to Lynch Outfitters. As part of the sales agreement, Laplante
(LO3) EXCEL (Sales with Returns) Refer to the revenue arrangement in E18-16. Assume that instead of selling the tool sets on credit, that Steele sold them for cash.Instructions(a) Prepare journal
(LO3) EXCEL (Sales with Returns) On March 10, 2017, Steele Company sold to Barr Hardware 200 tool sets at a price of $50 each (cost $30 per set) with terms of n/60, f.o.b. shipping point. Steele
(LO3) (Allocate Transaction Price) Appliance Center is an experienced home appliance dealer. Appliance Center also offers a number of services for the home appliances that it sells. Assume that
(LO3) (Allocate Transaction Price) Refer to the revenue arrangement in E18-13.Instructions Repeat requirements (a) and (b) assuming Crankshaft does not have market data with which to determine the
(LO3) (Allocate Transaction Price) Crankshaft Company manufactures equipment. Crankshaft’s products range from simple automated machinery to complex systems containing numerous components. Unit
(LO3) (Allocate Transaction Price) Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2017. The sales price includes an installation fee, which has a standalone
(LO2,3) (Allocate Transaction Price) Refer to the revenue arrangement in E18-10. Repeat the requirements, assuming(a) Geraths estimates the standalone selling price of the installation based on an
(LO2,3) (Allocate Transaction Price) Geraths Windows manufactures and sells custom storm windows for threeseason porches. Geraths also provides installation service for the windows. The installation
(LO2,3) (Determine Transaction Price) Taylor Marina has 300 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2018. The boating
(LO2,3) (Determine Transaction Price) Aaron’s Agency sells an insurance policy offered by Capital Insurance Company for a commission of $100 on January 2, 2017. In addition, Aaron will receive an
(LO2) (Determine Transaction Price) Blair Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Blair will receive a payment of $10,000,000 if the drug
(LO2) (Determine Transaction Price) Bill Amends, owner of Real Estate Inc., buys and sells commercial properties.Recently, he sold land for $3,000,000 to the Blackhawk Group, a developer that plans
(LO2) (Determine Transaction Price) Jeff Heun, president of Concrete Always, agrees to construct a concrete cart path at Dakota Golf Club. Concrete Always enters into a contract with Dakota to
(LO2) (Determine Transaction Price) Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $610,000 (cost of $500,000). The
(LO1,2) (Existence of a Contract) On May 1, 2017, Richardson Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the
(LO1) (Fundamentals of Revenue Recognition) Respond to the questions related to the following statements.1. A wholly unperformed contract is one in which the company has neither transferred the
(LO1) (Fundamentals of Revenue Recognition) Presented below are five different situations. Provide an answer to each of these questions.1. The Kawaski Jeep dealership sells both new and used Jeeps.
*E17-28 (L06) (Cash Flow Hedge) Hart Golf Co. uses titanium in the production of its specialty drivers. Hart anticipates that it will need to purchase 200 ounces of titanium in November 2017, for
*E17-27 (L05) (Call Option) On August 15, 2016, Outkast Co. invested idle cash by purchasing a call option on Counting Crows Inc. common shares for $360. The notional value of the call option is 400
*E17-26 (L06) (Fair Value Hedge) Sarazan Company issues a 4-year, 7.5% fixed-rate interest only, nonprepayable $1,000,000 note payable on December 31, 2016. It decides to change the interest rate
*E17-25 (L06) (Cash Flow Hedge) On January 2, 2017, Parton Company issues a 5-year, $10,000,000 note at LIBOR, with interest paid annually. The variable rate is reset at the end of each year. The
*E17-24 (L06) (Fair Value Hedge) On January 2, 2017, MacCloud Co. issued a 4-year, $100,000 note at 6% fixed interest, interest payable semiannually. MacCloud now wants to change the note to a
*E17-23 (L05) (Derivative Transaction) On January 2, 2017, Jones Company purchases a call option for $300 on Merchant common stock. The call option gives Jones the option to buy 1,000 shares of
(L04) (Impairment) Elaina Company has the following investments as of December 31, 2017:Investments in common stock of Laser Company $1,500,000 Investment in debt securities of FourSquare Company
(L01,2,4) (Fair Value Option) Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2017. This is Dawson Company’s first year of
(L02,4) (Fair Value Measurement Issues) Assume the same information as in E17-19 for Lilly Company. In addition, assume that the investment in the Woods Inc. stock was sold during 2018 for $195,000.
(L02,4) (Fair Value Measurement) Presented below is information related to the purchases of common stock by Lilly Company during 2017.Cost Fair Value(at purchase date) (at December 31)Investment in
(L04) (Impairment of Debt Securities) Hagar Corporation has municipal bonds classified as a held-to-maturity at December 31, 2017. These bonds have a par value of $800,000, an amortized cost of
(L03) (Equity Method) On January 1, 2017, Pennington Corporation purchased 30% of the common shares of Edwards Company for $180,000. During the year, Edwards earned net income of $80,000 and paid
(L02,3) (Fair Value and Equity Method Compared) Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2017. The purchase price was $1,200,000 for
(L02) (Equity Investments) Kenseth Company has the following securities in its portfolio on December 31, 2017.None of these investments are accounted for under the equity method.Investments Cost Fair
(L02) (Equity Investment) Oregon Co. had purchased 200 shares of Washington Co. for $40 each this year (Oregon Co. does not have significant influence). Oregon Co. sold 100 shares of Washington Co.
(L03) (Equity Method) Parent Co. invested $1,000,000 in Sub Co. for 25% of its outstanding stock. Sub Co. pays out 40% of net income in dividends each year.Instructions Use the information in the
(L02,3) (Journal Entries for Fair Value and Equity Methods) The following are two independent situations.Situation 1: Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez
(L02) (Equity Securities Entries) Aranda Corporation made the following cash purchases of securities during 2017, which is the first year in which Arantxa invested in securities.1. On January 15,
(L04) (Comprehensive Income Disclosure) Assume the same information as E17-9 and that Steffi Graf, Inc. reports net income in 2017 of $120,000 and in 2018 of $140,000. Total holding gains (including
(L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows.On January 20,
(L02) (Equity Securities Entries and Reporting) Satchel Corporation purchases equity securities costing $73,000. At December 31, the fair value of the portfolio is $65,000.Instructions Prepare the
(L02) (Equity Securities Entries) On December 21, 2017, Bucky Katt Company provided you with the following information regarding its equity investments.During 2018, Colorado Co. stock was sold for
(L02) (Entries for Equity Securities) The following information is available for Barkley Company at December 31, 2017, regarding its investments.Instructions (a) Prepare the adjusting entry (if any)
(L01) EXCEL (Effective-Interest versus Straight-Line Bond Amortization) On January 1, 2017, Phantom Company acquires $200,000 of Spiderman Products, Inc., 9% bonds at a price of $185,589. Interest is
(L01) (Entries for Available-for-Sale Securities) Assume the same information as in E17-3 except that the securities are classified as available-for-sale. The fair value of the bonds at December 31
(L01) (Entries for Held-to-Maturity Securities) On January 1, 2017, Hi and Lois Company purchased 12% bonds having a maturity value of $300,000 for $322,744.44. The bonds provide the bondholders with
(L01) EXCEL (Entries for Held-to-Maturity Securities) On January 1, 2017, Dagwood Company purchased at par 6%bonds having a maturity value of $300,000. They are dated January 1, 2017, and mature
(L01,2) (Investment Classifications) For the following investments, identify whether they are:1. Trading debt securities.2. Available-for-sale debt securities.3. Held-to-maturity debt securities.4.
(L06) (Stock-Appreciation Rights) Capulet Company establishes a stock-appreciation rights program that entitles its new president Ben Davis to receive cash for the difference between the market price
(L06) (Stock-Appreciation Rights) On December 31, 2013, Beckford Company issues 150,000 stock-appreciation rights to its officers entitling them to receive cash for the difference between the market
(L05) (EPS with Warrants) Howat Corporation earned $360,000 during a period when it had an average of 100,000 shares of common stock outstanding. The common stock sold at an average market price of
(L05) (EPS with Contingent Issuance Agreement) Winsor Inc. recently purchased Holiday Corp., a large midwestern home painting corporation. One of the terms of the merger was that if Holiday’s
(L05) (EPS with Options, Various Situations) Venzuela Company’s net income for 2017 is $50,000. The only potentially dilutive securities outstanding were 1,000 options issued during 2016, each
(L05) (EPS with Convertible Bonds and Preferred Stock) On January 1, 2017, Crocker Company issued 10-year,$2,000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of
(L05) (EPS with Convertible Bonds and Preferred Stock) The Simon Corporation issued 10-year, $5,000,000 par, 7%callable convertible subordinated debentures on January 2, 2017. The bonds have a par
(L05) (EPS with Convertible Bonds) On June 1, 2015, Andre Company and Agassi Company merged to form Lancaster Inc. A total of 800,000 shares were issued to complete the merger. The new corporation
(L05) (EPS with Convertible Bonds, Various Situations) In 2016, Chirac Enterprises issued, at par, 60 $1,000, 8%bonds, each convertible into 100 shares of common stock. Chirac had revenues of $17,500
(L04) (EPS: Simple Capital Structure) At January 1, 2017, Langley Company’s outstanding shares included the following.280,000 shares of $50 par value, 7% cumulative preferred stock 900,000 shares
(L04) (EPS: Simple Capital Structure) On January 1, 2017, Lennon Industries had stock outstanding as follows.6% Cumulative preferred stock, $100 par value, issued and outstanding 10,000 shares
(L04) (EPS: Simple Capital Structure) A portion of the combined statement of income and retained earnings of Seminole Inc. for the current year follows.At the end of the current year, Seminole Inc.
(L04) (EPS: Simple Capital Structure) Flagstad Inc. presented the following data.Net income $2,500,000 Preferred stock: 50,000 shares outstanding,$100 par, 8% cumulative, not convertible 5,000,000
(L04) (EPS: Simple Capital Structure) Ace Company had 200,000 shares of common stock outstanding on December 31, 2018. During the year 2019, the company issued 8,000 shares on May 1 and retired

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