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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Presented below are certain account balances of Paczki Products Co.InstructionsFrom the foregoing, compute the following:(a) Total net revenue,(b) Net income,(c) Dividends declared during the current
On January 1, 2008, Creative Works Inc. had cash and common stock of $60,000. At that date the company had no other asset, liability or equity balances. On January 2, 2008, it purchased for cash
Using the information from BE5-9, prepare a retained earnings statement for the year ended December 31, 2008. Assume an error was discovered: land costing $80,000 (net of tax) was charged to repairs
Lincoln Corporation has retained earnings of $675,000 at January 1, 2008. Net income during 2008 was $2,400,000, and cash dividends declared and paid during 2008 totaled $75,000. Prepare a retained
Green Day Corporation had income from continuing operations of $12,600,000 in 2008. During 2008, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the
Turner Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2008. Expenses for 2008 were: cost of goods sold $1,250,000; administrative expenses $212,000; selling expenses
Tim Allen Co. had sales revenue of $540,000 in 2008. Other items recorded during the year were:Cost of goods
What is meant by the terms elements and items as they relate to the income statement? Why might items have to be disclosed in the income statement?
On January 30, 2007, a suit was filed against Pierogi Corporation under the Environmental Protection Act. On August 6, 2008, Pierogi Corporation agreed to settle the action and pay $920,000 in
During 2008, Natsume Sozeki Company earned income of $1,000,000 before income taxes and realized a gain of $450,000 on a government-forced condemnation sale of a division plant facility. The income
Below and on page 194 are the titles of a number of debit and credit accounts as they might appear on the balance sheet of Ethan Allen Corporation as of October 31, 2008.InstructionsSelect the
In its December 31, 2008, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?
The financial statements of The Coca-Cola Company and PepsiCo, Inc. can be accessed at the book’s website.InstructionsUse information found at the book’s website to answer the following
The financial statements of Procter & Gamble (P&G) can be accessed at the book’s website.InstructionsRefer to P&G’s financial statements and the accompanying notes to answer the
A review of the ledger of Oklahoma Company at December 31, 2008, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries Payable $0. There are eight salaried
Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.Other data:1. The balance in prepaid insurance is a one-year premium paid on
Karen Weller, D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred.1. Performed services for patients who had dental plan
A partial adjusted trial balance of Piper Company at January 31, 2008, shows the following.InstructionsAnswer the following questions, assuming the year begins January 1.(a) If the amount in Supplies
The trial balance of Blues Traveler Corporation does not balance.An examination of the ledger shows these errors.1. Cash received from a customer on account was recorded (both debit and credit) as
The trial balance of Wanda Landowska Company (shown below) does not balance. Your review of the ledger reveals the following:(a) Each account had a normal balance.(b) The debit footings in Prepaid
Assume that Best Buy made a December 31 adjusting entry to debit Salaries Expense and credit Salaries Payable for $3,600 for one of its departments. On January 2, Best Buy paid the weekly payroll of
Using the data in BE3-3, journalize the entry on July 1 and the adjusting entry on December 31 for Hindi Insurance Company. Hindi uses the accounts Unearned Insurance Revenue and Insurance
On July 1, 2008, Blair Co. pays $18,000 to Hindi Insurance Company for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Blair Co. journalize the entry on July 1
Selanne Enterprises made the following entry on December 31, 2008.Interest Expense..........................................10,000Interest Payable...........................................10,000(To
As discussed in Chapter 1, the International Accounting Standards Board (IASB) develops accounting standards for many international companies. The IASB also has developed a conceptual framework to
Presented below is a statement that appeared about Weyerhaeuser Company in a financial magazine.The land and timber holdings are now carried on the company’s books at a mere $422 million. The value
What accounting assumption, principle, or modifying convention does Target Corporation use in each of the situations below?(a) Target uses the lower-of-cost-or-market basis to value inventories.(b)
In January 2008, Alan Jackson Inc. doubled the amount of its outstanding stock by selling on the market an additional 10,000 shares to finance an expansion of the business. You propose that this
The text discussed three expense recognition methods (associating cause and effect, rational and systematic allocation, and immediate recognition) under the matching principle. Indicate the basic
Go to the book’s companion website, at www.wiley.com/college/warfield, to find an interactive problem that simulates the computerized CPA exam. The professional simulation for this chapter asks you
Explain each of the following terms included in the equity section of the partial balance sheet above: a. $0.50 cumulative b. Total contributed capital c. 20,000 shares authorized d. 150,000 shares
On January 1, 2019, Belmont Company changedits inventory cost flow method to the FIFOmethod from the LIFO method. Belmont canjustify the change that was made for both financialstatement and income
Refer to the information for Shannon Corporationabove. Ignoring income taxes, what is thetotal effect of the errors on the amount of workingcapital (current assets minus current liabilities)at
Refer to the information for Shannon Corporation above. Ignoring income taxes, what is the total effect of the errors on 2020 net income?a. Net income understated by $1,800b. Net income overstated by
On January 2, 2017, Garr Company acquired machinery at a cost of $320,000. This machinery was being depreciated by the double-declining- balance method over an estimated useful life of 8 years, with
During 2019, White Company determined that machinery previously depreciated over a 7-year life had a total estimated useful life of only 5 years. An accounting change was made in 2019 to reflect the
Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and unearned revenues as expenses and revenues, respectively, in the following year when paid or
The following are independent errors:a. In January 2019, repair costs of $9,000 were debited to the Machinery account. At the beginning of 2019, the book value of the machinery was $100,000. No
Refer to the information in E22-13.Required:Prepare the correcting journal entries if the company discovers each error 2 years after it is made and it has closed the books for the second year. Ignore
The following are independent errors made by a company that uses the periodic inventory system:a. Goods in transit, purchased on credit and shipped FOB destination, $10,000, were included in
The following are independent errors made by a company that uses a periodic inventory system:a. Failure to record a purchase of inventory on credit (however, inventory was properly counted at the end
On January 1, 2014, Klinefelter Company purchased a building for $520,000. The building had an estimated life of 20 years and an estimated residual value of $20,000. The company has been depreciating
Newton Company introduced a line of laptop computers in 2019 that carry a 1-year assurance-type warranty. Based on experience with other computers that it sells, Newton estimated warranty costs as 3%
Gundrum Company purchased equipment on January 1, 2015 for $850,000. The equipment was expected to have a useful life of 10 years and a salvage value of $30,000. Gundrum uses the straight-line method
In 2020, Frost Company, which began operations in 2018, decided to change from LIFO to FIFO because management believed that FIFO better represented the flow of their inventory. Management prepared
Delta Oil Company uses the successful-efforts method to account for oil exploration costs. Delta started business in 2017 and prepared the following income statements:The company chooses to change to
Berg Company began operations on January 1, 2019, and uses the FIFO method in costing its raw materials inventory. During 2020, management is contemplating a change to the LIFO method and is
Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had
At the beginning of 2020, Brett Company decided to change from the FIFO to the average cost inventory cost flow assumption for financial reporting purposes. The following data are available in regard
Abrat Company failed to accrue an allowance for doubtful accounts of $13,500 in 2019. Upon discovery of this error in 2020 prior to making its estimate of doubtful accounts, what correcting journal
At the end of 2019, Manny Company recorded its ending inventory at $350,000 based on a physical count. During 2020, the company discovered that the correct inventory value at the end of 2019 should
At the end of 2019, Jayrad Company paid $6,000 for insurance coverage for 2020. It recorded this by debiting Insurance Expense and crediting Cash, but failed to record a year-end adjustment. Upon
At the end of 2019, Cortex Company failed to accrue interest revenue of $3,200 that it had earned but not received on an outstanding note receivable. Instead, Cortex increased interest revenue in
At the end of 2019, Framber Company received $8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting
Refer to RE22-2. Assume Heller Company had sales revenue of $510,000 in 2019 and $650,000 in 2020.Prepare Heller’s partial income statements (through gross profit) for 2019 and 2020.RE22-2Heller
Refer to RE22-2. Assume the pretax cumulative effect adjustment is $50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the
Heller Company began operations in 2019 and used the LIFO method to compute its $300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller
You have just been promoted to manager at a national CPA firm. A new accountant approaches you with the following situation: He has discovered that the president of your client’s company has a
On March 1, 2019, White Company purchased $400,000 worth of inventory on credit with terms that require payment in 60 days but allow White to take a 1% discount if it pays in 10 days (often quoted as
On January 1, 2019, Philip Holding invests $40,000 in an annuity to provide 8 equal semi-annual payments. Interest is 10%, compounded semiannually.Required:Compute the equal semiannual amounts that
You are given the following situations:1. Thomas Petry owes a debt of $7,000 from the purchase of a boat. The debt bears 12% interest payable annually. Thomas will pay the debt and interest in 5
Ralph Benke wants to make 8 equal semiannual withdrawals of $8,000 from a fund that will earn interest at 11% compounded semiannually.Required:How much would Ralph have to invest on:1. January 1,
John Joshua wants to make 5 equal annual withdrawals of $20,000 from a fund that will earn interest at 12% compounded annually.Required:How much would John have to invest on January 1, 2019, if he
The following are two independent situations.1. Ted Houser wishes to accumulate a fund of $40,000 for the purchase of a house and lot. He plans to deposit $4,000 semiannually at the end of each 6
Using the appropriate tables, solve each of the following.Required:1. Beginning December 31, 2020, 5 equal withdrawals are to be made. Determine the equal annual withdrawals if $30,000 is invested at
On December 31, 2026, Michael McDowell wants to have $60,000. He plans to make 6 deposits in a fund to provide this amount. Interest is compounded annually at 12%.Required:Compute the equal annual
At the beginning of 2019, Shanklin Company issued 10-year bonds with a face value of $1,000,000 due on December 31, 2028. Shanklin wants to accumulate a fund to retire these bonds at maturity by
Jerry Rockness needs $40,000 to pay off a loan due on December 31, 2028. His plans included the making of 10 annual deposits beginning on December 31, 2019, in accumulating a fund to pay off the
Using the future values tables, solve the following.Required:1. What is the future value on December 31, 2028, of 10 cash flows of $20,000 with the first cash payment made on December 31, 2019, and
Using the present value tables, solve the following.Required:1. What is the present value on January 1, 2019, of $30,000 due on January 1, 2023, and discounted at 10% compounded annually?2. What is
Using the future value tables, solve the following.Required:1. What is the future value on December 31, 2023, of a deposit of $35,000 made on January 1, 2020, assuming interest of 10% compounded
Beginning December 31, 2023, 5 equal annual withdrawals are to be made.Required:Using the appropriate tables, determine the equal annual withdrawals if $25,000 is invested at an interest of 12%
On January 1, 2019, Ashly Farms leased a hay baler from Agrico Company. The lease requires Ashly to make $3,000 payments on January 1 of each year for 5 years beginning in 2019. The interest rate is
On July 1, 2019, Boston Company purchased a machine at a cost of $80,000. It paid $56,046.06 in cash and signed a 10% note for the difference. This note is to be paid off in annual installments of
The following are several situations involving compound interest.Required:Using the appropriate table, solve each of the following:1. Hope Dearborn invests $40,000 on January 1, 2019, in a savings
John Goodheart wishes to provide for 6 annual withdrawals of $3,000 each beginning January 1, 2029. He wishes to make 10 annual deposits beginning January 1, 2019, with the last deposit to be made on
On January 1, 2019, Charles Jamison borrows $40,000 from his father to open a business. Charles is the beneficiary of a trust created by his aunt from which he will receive $25,000 on January 1,
Samuel David wants to make 5 equal annual withdrawals of $8,000 from a fund that will earn interest at 10% compounded annually.Required:How much would Samuel have to invest on:1. January 1, 2019, if
Beginning on January 1, 2020, 5 equal deposits are to be made in a fund.Required:Using the appropriate tables, determine the equal deposits if interest at 10% is compounded annually and if $200,000
Six equal annual contributions are made to a fund, with the first deposit on December 31,2019.Required:Using the future value tables, determine the equal contributions that, if invested at 10%
Using appropriate tables, solve the following future value of annuity problems.Required:1. What is the future value on December 31, 2025, of 7 annual cash flows of $10,000 with the first cash
Using the present value tables, solve the following problems.Required:1. What is the present value on January 1, 2019, of $30,000 due on January 1, 2024, and discounted at 12% compounded annually?2.
Using the future value tables, solve the following.Required:1. What is the value on January 1, 2026, of $40,000 deposited on January 1, 2019, which accumulates interest at 12% compounded annually?2.
What is the present value on January 1, 2019, of 7 equal future annual receipts of $30,000 if the first receipt is received on January 1, 2019, and the interest rate is 10% compounded annually?
What is the future value on December 31, 2024, of 6 annual cash flows of $50,000 with the first cash flow being made on December 31, 2019, and interest at 9% compounded annually?
If $90,000 is invested in a fund on December 31, 2019, and 5 equal annual withdrawals of $23,138.32 are made starting on December 31, 2020, that will deplete the fund, what is the interest rate being
If $80,000 is invested in a fund on December 31, 2019, what is the amount of each of 6 annual withdrawals starting on December 31, 2020, that would deplete the fund if the interest rate earned in the
What is the present value on January 1, 2019, of 7 equal future annual receipts of $30,000 if the first receipt is received on January 1, 2020, and the interest rate is 10% compounded annually?
What will be the future value on December 31, 2023, of 5 annual $60,000 deposits starting on December 31, 2019, if the amounts earn 8% compounded annually?
What is the future value on December 31, 2025, of 6 annual cash flows of $50,000 with the first cash flow being made on December 31, 2019, and interest at 9% compounded annually?
What is the present value on January 1, 2019, of $10,000 to be received on January 1, 2023, and discounted at 6% compounded quarterly?
What is the present value on January 1, 2019, of $40,000 to be received on January 1, 2022, and discounted 8% compounded annually?
What is the future value on January 1, 2025, of $20,000 deposited on January 1, 2019, which accumulates interest at 10% compounded annually?
On January 1, 2019, Ken Company sold a machine to Burns Company. Burns signed a non-interest-bearing note requiring payment of $30,000 annually for 7 years. The first payment was made on January 1,
On May 1, 2019, a company purchased a new machine that it does not have to pay for until May 1, 2021. The total payment on May 1, 2021, will include both principal and interest. Assuming interest at
Give two examples of assets and three examples of liabilities that are measured and reported using present values under U.S. GAAP.
How do you compute the present value of a deferred ordinary annuity?
What is a deferred ordinary annuity? How does it differ from one that is not deferred? Draw a time line of each.
Distinguish between the present value of an ordinary annuity and the present value of an annuity due. Draw a time line of each.
How do you compute the present value of an annuity due?

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