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business
intermediate accounting reporting
Questions and Answers of
Intermediate Accounting Reporting
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
The existence of just five large CPA firms that service virtually all of the major industrial and financial companies and thus dominate the accounting profession has led to criticism through the
Determine whether the following statements are true or false. If a statement is false, explain why.1 Comprehensive income includes changes in equity resulting from distributions to owners.2.
For each situation listed, indicate by letter the appropriate qualitative characteristic(s) or accounting concept(s) applied. A letter may be used more than once, and more than one characteristic or
What are the differences in purpose and scope of the FASB's Statements of Financial Accounting Standards. Statements of Financial Accounting Concepts. Interpretations of Statements of Financial
What is the IASC? What is the SEC position regarding IASC Standards?
Define the terms working capital, current ratio, and acid-test ratio (or quick ratio).
Some accountants believe that deferred taxes should be recognized only for some temporary differences. What is the conceptual basis for this argument? What is the counter argument that serves as the
Define interest.
Define what is meant by a component of an entity in the context of reporting the results of discontinued operations. How are discontinued operations reported in the income statement?
What are the components of relevant information? What are the components of reliable information?
Using the information provided in BE3.2, prepare a condensed multiple-step income statement for Brisky Corporation.Data from BE3.2:Brisky Corporation had net sales of $2,400,000 and interest revenue
The following account balances were included in the trial balance of Twain Corporation at June 30, 2025.The Retained Earnings account had a balance of $337,000 at July 1, 2024. There are 80,000
Finley Corporation had income from continuing operations of $10,600,000 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division
Presented below are selected accounts for Alvarez Company as reported in the worksheet at the end of May 2025.InstructionsComplete the worksheet by extending amounts reported in the adjusted trial
Counting Crows Inc. provided the following information for the year 2025.AccountingPrepare (a) A single-step income statement for 2025, (b) A retained earnings statement for 2025 and (c) A
Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2025.Instructionsa. Compute net income for 2025.b. Prepare a partial income statement beginning with income from
The following balances were taken from the books of Alonzo Corp. on December 31, 2025.Assume the total effective tax rate on all items is 20%.InstructionsPrepare a multiple-step income statement;
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following
Santo Design was founded by Thomas Grant in January 2016. Presented below is the adjusted trial balance as of December 31, 2025.Instructionsa. Prepare an income statement and a retained earnings
The adjusted trial balance of Oliver Co. as of December 31, 2025, contains the following.Instructionsa. Prepare an income statement.b. Prepare a retained earnings statement.c. Prepare a classified
The accountant of Latifa Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2025.There were 20,000 shares
Stacy Corporation had income from operations of $7,200,000. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption, interest revenue of $17,000, and a
In 2025, Hollis Corporation reported net income of $1,000,000. It declared and paid preferred stock dividends of $250,000. During 2025, Hollis had a weighted average of 190,000 common shares
Vedula Advertising was founded by Murali Vedula in January 2020. The following are both the adjusted and unadjusted trial balances as of December 31, 2025.Instructionsa. Journalize the annual
Wade Corp. has 150,000 shares of common stock outstanding. In 2025, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in
Portman Corporation has retained earnings of $675,000 at January 1, 2025. Net income during 2025 was $1,400,000, and cash dividends declared and paid during 2025 totaled $75,000. Prepare a retained
On January 1, 2025, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or stockholders’ equity balances. On January 2, 2025, it purchased
Andy Roddick is the new owner of Ace Computer Services. At the end of August 2025, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information
Presented below is information related to Gonzales Corporation for the month of January 2025.InstructionsPrepare the necessary closing entries. Cost of goods sold Delivery expense Insurance
Presented below are selected account balances for Homer Winslow Co. as of December 31, 2025.InstructionsPrepare closing entries for Homer Winslow Co. on December 31, 2025. (Omit explanations.)
Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2025, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2025,
On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the
The adjusted trial balance for Ed Bradley Co. is presented in the following worksheet for the month ended April 30, 2025.InstructionsComplete the worksheet and prepare a classified balance sheet.
Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent
Midwest Enterprises made the following entry on December 31, 2025.What entry would Anaheim National Bank make regarding its outstanding loan to Midwest Enterprises? Explain why this must be the case.
When the accounts of Daniel Barenboim Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period.1. The prepaid insurance account shows a
The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2025: Sales Revenue $800,000, Delivery Expense $12,000, Sales
The following information is related to Dickinson Company for 2025.Dickinson Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its
The following is the trial balance of Thompson Corporation at December 31, 2025.A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold for
Starr Co. had sales revenue of $540,000 in 2025. Other items recorded during the year were as follows.Prepare a single-step income statement for Starr for 2025. Starr has 100,000 shares of stock
O’Malley Corporation was incorporated and began business on January 1, 2022. It has been successful and now requires a bank loan for additional working capital to finance expansion. The bank has
Presented below is information related to Viel Company at December 31, 2025, the end of its first year of operations.Instructions Compute the following: (a) Income from operations, (b) Net
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2025. Expenses for 2025 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are
Bobek Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2022, $25,000 in 2023, and $30,000 in 2024. A number of market analysts have recommended that
Maher Inc. reported income from continuing operations before taxes during 2025 of $790,000. Additional transactions occurring in 2025 but not considered in the $790,000 are as follows.1. The
The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2025. Fortunately, the controller had kept certain statistical data related to the income statement as follows.1. The
Presented below is a combined single-step income and retained earnings statement for Nerwin Company for 2025.Additional facts are as follows.1. “Selling, general, and administrative expenses” for
The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
December 31, 2024, Shiga Naoya Corporation had the following stock outstanding.During 2025, Shiga Naoya did not issue any additional common stock. The following also occurred during
Eddie Zambrano Corporation began operations on January 1, 2022. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows.The following information
The following are selected ledger accounts of Spock Corporation at December 31, 2025.Spock’s effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is
The stockholders’ equity section of Hendly Corporation appears below as of December 31, 2025.Net income for 2025 reflects a total effective tax rate of 20%. Included in the net income figure is a
Presented below is information related to Ivan Calderon Corp. for the year 2025.Instructionsa. Prepare a multiple-step income statement for 2025. Assume that 60,000 shares of common stock are
Leno Computers manufactures tablet computers for sale to retailers such as Fallon Electronics. Recently, Leno sold and delivered 200 tablet computers to Fallon for $20,000 on January 5, 2025. Fallon
Mason Advertising was founded in January 2018. Presented below are adjusted and unadjusted trial balances as of December 31, 2025.Instructionsa. Journalize the annual adjusting entries that were
The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
William Murray achieved one of his life-long dreams by opening his own business, The Caddie Shack Driving Range, on May 1, 2025. He invested $20,000 of his own savings in the business. He paid $6,000
In January 2026, Janeway 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 financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are
A review of the ledger of Baylor Company at December 31, 2025, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages Payable $0. There are eight
The Amato Theater is nearing the end of the year and is preparing for a meeting with its bankers to discuss the renewal of a loan. The accounts listed below appeared in the December 31, 2025, trial
Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are as
A partial adjusted trial balance of Piper Company at January 31, 2025, shows the following.InstructionsAnswer the following questions, assuming the year begins January 1.a. If the amount in Supplies
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