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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Flint Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2025, to expand its production capacity to meet customers’ demand for its product. Flint issues an
Alladin Company purchased Machine #201 on May 1, 2025. The following information relating to Machine #201 was gathered at the end of May.It is expected that the machine could be used for 10 years,
Cardinals Corporation purchased a computer on December 31, 2024, for $105,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $15,000 payable each December 31
Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2021. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of
Crowe Company purchased a heavy-duty truck on July 1, 2021, for $30,000. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $6,000. The company uses
Burnitz Manufacturing Company was organized on January 1, 2025. During 2025, it has used in its internal reports the straight-line method of depreciating its plant assets.On November 8, you are
On April 1, 2025, Estefan Company received a condemnation award of $430,000 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new state
The cost of equipment purchased by Charleston, Inc., on June 1, 2025, is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of its service life. Its service life is
Fernandez Corporation purchased a truck at the beginning of 2025 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 miles
The following data relate to the Machinery account of Eshkol, Inc. at December 31, 2025.*In the year an asset is purchased, Eshkol, Inc. does not record any depreciation expense on the asset. In the
Lockard Company purchased machinery on January 1, 2025, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. (a) Compute 2025 depreciation
Judds Company purchased a new plant asset on April 1, 2025, at a cost of $711,000. It was estimated to have a service life of 20 years and a salvage value of $60,000. Judds’ accounting period is
Electroboy Enterprises, Inc. operates several stores throughout the western United States. As part of an operational and financial reporting review in a response to a downturn in its markets, the
The following are three different and unrelated situations involving depreciation accounting. Answer the question(s) at the end of each situation.Situation I: Recently, Broderick Company
Muggsy Bogues Company purchased equipment for $212,000 on October 1, 2025. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production
Jon Seceda Furnace Corp. purchased machinery for $315,000 on May 1, 2025. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 240,000 units, and
Bronson Paper Products purchased 10,000 acres of forested timberland in March 2025. The company paid $1,700 per acre for this land, which was above the $800 per acre most farmers were paying for
As a cost accountant for San Francisco Cannery, you have been approached by Phil Perriman, canning room supervisor, about the 2025 costs charged to his department. In particular, he is concerned
Darby Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The last two Olympic Games greatly increased the popularity of basketball around the
Cominsky Company purchased a machine on July 1, 2026, for $28,000. Cominsky paid $200 in title fees and county property tax of $125 on the machine. In addition, Cominsky paid $500 shipping charges
Conan O’Brien Logging and Lumber Company owns 3,000 acres of timberland on the north side of Mount Leno, which was purchased in 2013 at a cost of $550 per acre. In 2025, O’Brien began selectively
George Zidek Corporation bought a machine on June 1, 2023, for $31,000, f.o.b. the place of manufacture. Freight to the point where it was set up was $200, and $500 was expended to install it. The
Workman Company purchased a machine on January 2, 2025, for $800,000. The machine has an estimated useful life of 5 years and a salvage value of $100,000. Depreciation was computed by the 150%
Holt Company purchased a computer for $8,000 on January 1, 2024. Straight line depreciation is used, based on a 5-year life and a $1,000 salvage value. In 2026, the estimates are revised. Holt now
Silverman Company purchased machinery for $162,000 on January 1, 2025. It is estimated that the machinery will have a useful life of 20 years, salvage value of $15,000, production of 84,000 units,
Roland Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2024 for $10,000,000 and had an estimated useful life of 8 years with no salvage
Bill Jovi is reviewing the cash accounting for Nottleman, Inc., a local mailing service. Jovi’s review will focus on the petty cash account and the bank reconciliation for the month ended May 31,
Briefly describe the process for recording bad debt expense under the allowance method.
In each of the following independent cases, the company closes its books on December 31.1. Sanford Co. sells $500,000 of 10% bonds on March 1, 2025. The bonds pay interest on September 1 and March 1.
Venezuela Co. is building a new hockey arena at a cost of $2,500,000. It received a downpayment of $500,000 from local businesses to support the project, and now needs to borrow $2,000,000 to
On January 1, 2025, Nichols Company issued for $1,085,800 its 20-year, 11% bonds that have a maturity value of $1,000,000 and pay interest semiannually on January 1 and July 1. The following are
Presented below are two independent situations.1. On January 1, 2025, Simon Company issued $200,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and
The Colson Company issued $300,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare
Presented below are various account balances of K.D. Lang Inc.a. Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year.b. Bank loans payable of a winery, due
Good-Deal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Good-Deal offered a low downpayment and low car payments for
The following information is taken from the 2025 annual report of Bugant, Inc. Bugant’s fiscal year ends December 31 of each year. Bugant’s December 31, 2025, balance sheet is as follows.Note X:
On March 1, 2025, Sealy Company sold its 5-year, $1,000 face value, 9% bonds dated March 1, 2025, at an effective annual interest rate (yield) of 11%. Interest is payable semiannually, and the first
Crocker Corp. owes D. Yaeger Corp. a 10-year, 10% note in the amount of $330,000 plus $33,000 of accrued interest. The note is due today, December 31, 2025. Because Crocker Corp. is in financial
On April 1, 2025, Seminole Company sold 15,000 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of
The following are four independent situations.a. On March 1, 2026, Wilke Co. issued at 103 plus accrued interest $4,000,000, 9% bonds. The bonds are dated January 1, 2026, and pay interest
On June 30, 2025, Mischa Auer Company issued $4,000,000 face value of 13%, 20-year bonds at $4,300,920, a yield of 12%. Auer uses the effective-interest method to amortize bond premium or discount.
Sabonis Cosmetics Co. purchased machinery on December 31, 2024, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each December 31. An assumed interest
On January 1, 2025, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. JWS uses the effectiveinterest
Holiday Company issued its 9%, 25-year mortgage bonds in the principal amount of $3,000,000 on January 2, 2011, at a discount of $150,000, which it proceeded to amortize by charges to expense over
On December 31, 2025, Faital Company acquired a computer from Plato Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on December 31, 2029. Faital Company’s credit
Celine Dion Company issued $600,000 of 10%, 20-year bonds on January 1, 2025, at 102. Interest is payable semiannually on July 1 and January 1. Dion Company uses the straight-line method of
Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds are dated January 1, 2025, and mature January 1, 2030. Interest is payable annually on January
On January 1, 2025, 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 the
On January 1, 2025, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907.37, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2025, and mature
Samantha Cordelia, an intermediate accounting student, is having difficulty amortizing bond premiums and discounts using the effective-interest method. Furthermore, she cannot understand why GAAP
On January 2, 2020, Banno Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2029. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being
Karen Austin Inc. has issued three types of debt on January 1, 2025, the start of the company’s fiscal year.a. $10 million, 10-year, 15% unsecured bonds, interest payable quarterly. Bonds were
Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1, 2025, and received $100,000 cash. The note requires annual interest payments each December 31.
At December 31, 2025, Hyasaki Corporation has the following account balances:Show how the above accounts should be presented on the December 31, 2025, balance sheet, including the proper
Samson Corporation issued a 4-year, $75,000, zero-interest-bearing note to Brown Company on January 1, 2025, and received cash of $47,664. The implicit interest rate is 12%. Prepare Samson’s
Matt Perry, Inc. had outstanding $6,000,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,000,000 of 10%, 15-year bonds (interest payable July 1 and
On December 31, 2025, American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par,
McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2025, and received a computer that normally sells for $31,495. The note requires annual interest payments
Vargo Corp. owes $270,000 to First Trust. The debt is a 10-year, 12% note due December 31, 2025. Because Vargo Corp. is in financial trouble, First Trust agrees to extend the maturity date to
On June 30, 2017, County Company issued 12% bonds with a par value of $800,000 due in 20 years. They were issued at 98 and were callable at 104 at any date after June 30, 2025. Because of lower
Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of $60,000. In addition, Shlee agreed to sell merchandise to Garcia at
On January 1, 2025, Carter Company makes the two following acquisitions.1. Purchases land having a fair value of $200,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount
Presented below are two independent situations.a. On January 1, 2025, Wright Inc. purchased land that had an assessed value of $350,000 at the time of purchase. A $550,000, zero-interest-bearing note
Strickland Company owes $200,000 plus $18,000 of accrued interest to Moran State Bank. The debt is a 10-year, 10% note. During 2025, Strickland’s business deteriorated due to a faltering regional
Day Company had bonds outstanding with a maturity value of $300,000. On April 30, 2025, when these bonds had an unamortized discount of $10,000, they were called in at 104. To pay for these bonds,
On January 1, 2025, Avery Co. borrowed and received $400,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature,
At December 31, 2025, Redmond Company has outstanding three long-term debt issues. The first is a $2,000,000 note payable which matures June 30, 2028. The second is a $6,000,000 bond issue which
The following amortization and interest schedule reflects the issuance of 10-year bonds by Capulet Corporation on January 1, 2019, and the subsequent interest payments and charges. The company’s
Brady Sports began operations on January 2, 2025. The following stock record card for footballs was taken from the records at the end of the year.A physical inventory on December 31, 2025, reveals
Explain the following terms.a. LIFO layer.b. LIFO reserve.c. LIFO effect.
Bienvenu Enterprises reported cost of goods sold for 2025 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2025. Bienvenu later discovered that its ending inventories at December 31,
Trout Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,300,000. At December 31,
Clark Pierce conducts a wholesale merchandising business that sells approximately 5,000 items per month with a total monthly average sales value of $250,000. Its annual bad debt rate has been
From inception of operations to December 31, 2025, Fortner Corporation provided for uncollectible accounts receivable under the allowance method. The provisions are recorded, based on analyses of
Jim Carrie Company shows a balance of $221,140 in the Accounts Receivable account on December 31, 2025. The balance consists of the following.InstructionsIllustrate how the information above should
Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2025.1. An aging schedule of the accounts receivable as of December 31, 2025, is as
The Flatiron Pub provides catering services to local businesses. The following information was available for The Flatiron Pub for the years ended December 31, 2024 and 2025.Flatiron management is
Corrs Wholesalers Co. sells industrial equipment in exchange for a standard 3-year note receivable. Revenue is recognized at time of sale. Each note is secured by a lien on the equipment and has a
Wilton, Inc. had net sales in 2025 of $1,400,000. At December 31, 2025, before adjusting entries, the balances in selected accounts were Accounts Receivable $250,000 debit, and Allowance for Doubtful
On December 31, 2025, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance in four equal installments of
As the manager of the accounts receivable department for Beavis Leather Goods, Ltd., you recently noticed that Kelly Collins, your accounts receivable clerk who is paid $2,500 per month, has been
At the end of 2025, Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2026, Aramis Company determined that its receivable from
If the 520-ng/J criterion had been followed, what would be the emission rate of SO2 in kg/day?
Why does the EPA standard for new power plants have two criteria? Using your own words, explain them in terms that can be understood by an informed public. Include in your discussion the impact of
We assumed a 39% efficiency for this power plant, meaning that for each unit of heat released with the combustion of coal, 0.39 unit is converted to electrical energy. Using an energy balance around
The pump used to transport the steam condensate in the power cycle from the condenser to the boiler has an efficiency of 80% (i.e., 80% of the work done by the pump is on the condensate).What size
What is the flow rate of cooling water (kg/h and L/h) required to condense the low-pressure steam in the power cycle?
Assuming that option 2 in Problem 14.14 is used, construct a graph of the velocity of the stack gas (1 atm, 80°C) versus the diameter of the stack. Cover a range of velocities from 5 to 15
The following are alternatives by which the scrubbed flue gas can be reheated:(1) Bypassing the scrubber with a fraction of the flue gas leaving the air preheater and mixing this stream with cleaned
Why is the scrubbed flue gas reheated before it is sent to the stack?
For the required coal feed rate, scale the results from Problem 14.6 to determine for each scrubber train the actual flow rates (kg/h) of wet solids and filtrate from the filter, the slurry flow
Power plants of the type described here operate with an efficiency of about 39%; that is, for each unit of heat released with the combustion of coal, 0.39 unit is converted to electrical energy. From
Compare the release of SO2 in the scrubbed flue gas (determined in Problem 14.6) with the EPAlimit of no more than 520 nanograms SO2 per joule of heat input to the boiler. If you determined that
Determine the temperature of the flue gas as it leaves the heat exchanger (air preheater) following the boiler. Estimate this value for the two alternative air flow rates corresponding to 5% and 25%
Determine the effect of the percent excess air fed to the boiler furnace by calculating the rate of steam generation (kg/min) for air flow rates that are 5% and 25% in excess of that theoretically
At what rate is heat removed from the furnace? Assuming that all of the heat removed from the furnace is used to generate steam (i.e., none is lost to the surroundings), estimate the rate of steam
The system may be assumed to meet the standard of 90% removal of the SO2 released upon combustion.a. Determine the flow rate (kg/min and kmol/min) of each component in the cleaned flue gas leaving
Estimate the flow rate (kg/min and kmol/min) of each component and the composition (mole fractions) of the furnace flue gas. (Ignore the fly ash in calculating mole fractions.) At what rate (kg/min)
If 15% excess O2 is fed to the combustion furnace, estimate the following:a. The oxygen and nitrogen feed rates (kmol/min).b. The mole fraction of water in the wet air, the average molecular weight,
Determine the feed rate (kmol/min) of O2 required for complete combustion of the coal.

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