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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

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.
Estimate the molar flow rate (kmol/min) of each element in the coal (other than those in the ash).
Construct a flowchart of the process and completely label the streams. Show the details of only one train in the SO2 scrubber operation.
Construct a flowchart of the process and completely label the streams. Show the details of only one train in the SO2 scrubber operation.
The converter loop is a net generator of energy (why?) and proper utilization of that energy improves process economics. Assuming that the makeup gas is at 100°C and that the purge gas and crude
Relax the assumptions regarding the split of components at the flash tank by incorporating the information below into your calculations. Using all other conditions given in Problem 13.20, reestimate
Scale the results of your calculations in Problems 13.5(a); 13.7(a),(b); 13.10(a),(b); 13.20(b); 13.22; and 13.23 so that the quantities requested in each correspond to the specified production rate
The liquid leaving the flash tank in the converter loop is fed to a distillation column in which specification-grade methanol is produced. The column is designed to recover 95% of the methanol in an
How much heat must be removed to cool the reaction products from the MSR to 35°C? Express your answer in kJ/kmol of reaction products from the MSR.
The purge stream may be used to replace a portion of the methane burned in the reformer. Assuming that the purge gas is at 35°C and that it is fed directly to the reformer burners with 5% excess air
Perform an analysis of the converter loop by determining the composition and flow rate of the purge stream using a basis of 100 kmol of feed from the MUG compressor.a. Assume that the feed has a
In terms of Le Chatelier’s Principle, explain why steam reforming is done at low pressures while methanol synthesis is performed at moderate to high pressures. Explain why reforming is done at high
In terms of Le Chatelier’s Principle, explain why steam reforming is done at low pressures while methanol synthesis is performed at moderate to high pressures. Explain why reforming is done at high
In terms of Le Chatelier’s Principle, explain why steam reforming is done at low pressures while methanol synthesis is performed at moderate to high pressures. Explain why reforming is done at high
In terms of Le Chatelier’s Principle, explain why steam reforming is done at low pressures while methanol synthesis is performed at moderate to high pressures. Explain why reforming is done at high
You need to examine various ways of controlling the temperature in the MSR because the catalyst is sensitive to high temperatures and it has been reported that elevated temperatures lead to the
Values of Kϕ13.3 and Kϕ13.5 can deviate significantly from unity; typical values for Kϕ13.3 range from 0.7 to 0.9 at a pressure of 7.5 MPa and typical MSR temperatures from 200°C to 320°C, while
A situation often encountered with thermodynamic data is that different sources may present different correlations for a given quantity. In this case study, for example, two different expressions are
As covered in the Process Description, there are three primary reactions that occur in the MSR. These are given by Equations 13.3, 13.4, and 13.5. However, determination of chemical equilibrium among
Assume that CO, CO2, H2, and CH4 are insoluble in liquid water.a. Determine the dew-point temperature of the product gas from the reformer at 1.6 MPa.b. What is the composition of the gas stream
Each compressor stage in the MUG compressor unit operates adiabatically. If ideal gas behavior is assumed, the temperature of the gas leaving each compressor stage (Tout) is given by the
Again consider the modified system configuration described in the previous problem and estimate the effects of temperature and pressure on conversion. Do this by calculating CO and Hconversions and
For the purpose of analyzing the effects of recycle on process economics, consider a variation from the process flowchart that takes the synthesis gas leaving the MUG compressor directly to the
Assume that CO, CO2, H2, and CH4 are insoluble in liquid water.a. Determine the dew-point temperature of the product gas from the reformer at 1.6 MPa.b. What is the composition of the gas stream
The generation of steam from the heat produced in the reformer is essential for economic viability of this energy-intensive operation.a. At what rate (kg/h) is superheated steam at 4.8 MPa and 100°C
Operating data from the plant are available for a past period of operation. For that period, the plant operators determined the composition of the reformer product gas by sampling the product gas
Operating data from the plant are available for a past period of operation. For that period, the plant operators determined the composition of the reformer product gas by sampling the product gas
The heated tube length in the reformer is 10 m and the external diameter of the tubes is 10.5 cm. If the rate of heat transfer (Q̇) from the combustion gases in the firebox to the reformer gases
The reformer product gas leaves the reformer at 855°C.(a) Using the flow rate of the product gas determined in Problem 13.5, calculate the rate (kJ/h) at which heat must be transferred from the
Quantitatively demonstrate that high temperatures and low pressures favor the formation of CO and H2 in the reformer. Do this by calculating and then plotting the production rates (kmol/kmol of CH4
As pointed out in the Process Description, the water–gas shift reaction (Equation 13.2) occurs in the reformer along with the reforming reaction (Equation 13.1). It too is controlled by chemical
The primary purpose of the reformer is to convert methane and water to carbon monoxide and hydrogen (Equation 13.1). The extent of this reaction is limited by chemical equilibrium.whereSubscript 13.1
What are the compositions (mole and mass fractions) and volumetric flow rates (m3/kmol CH4 fed to burners) of (a) the effluent gas from the reformer burners and (b) the gas entering the stack?
Five percent excess air is used in burning the reformer fuel; it is drawn into the system at 30°C and 70% relative humidity. Estimate the average molecular weight of the air. Why does it differ from
The process objective can be described most simply as converting methane and water into methanol and hydrogen, and then purifying the methanol so that it meets specifications. The overall process
After several years of research, the company has developed a new grade of CPVC that contains 70.0 wt% chlorine. The high softening temperature and nonflammability of the new material make it suitable
In the dryer air furnace, a natural gas containing 92.5 mole% methane, 4.8% ethane, and the remainder propane is burned with 20% excess air. The fuel enters the furnace at 25°C and the air enters at
The CPVC wetcake leaves the product centrifuge at 80°C and 1 atm and is fed to the elevated end of a rotary dryer (a rotating cylinder inclined about 35° from horizontal). A fresh air stream at

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