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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

(L04) (EPS: Simple Capital Structure) On January 1, 2018, Wilke Corp. had 480,000 shares of common stock outstanding.During 2018, it had the following transactions that affected the common stock
(L04) EXCEL (Weighted-Average Number of Shares) Newton Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,000,000 shares of $10 par common stock. At no time has
(L03) (Accounting for Restricted Stock) Tweedie Company issues 10,000 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. The stock has a fair value of $500,000 on this date. The
(L03) (Accounting for Restricted Stock) Derrick Company issues 4,000 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2017. The stock has a fair value of $120,000 on this date. The
(L03) (Issuance, Exercise, and Termination of Stock Options) On January 1, 2016, Nichols Corporation granted 10,000 options to key executives. Each option allows the executive to purchase one share
(L03) (Issuance, Exercise, and Termination of Stock Options) On January 1, 2018, Titania Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company’s
(L03) (Issuance and Exercise of Stock Options) On November 1, 2017, Columbo Company adopted a stock-option plan that granted options to key executives to purchase 30,000 shares of the company’s $10
(L02) (Issuance of Bonds with Stock Warrants) On May 1, 2017, Friendly Company issued 2,000 $1,000 bonds at 102.Each bond was issued with one detachable stock warrant. Shortly after issuance, the
(L02) (Issuance of Bonds with Detachable Warrants) On September 1, 2017, Sands Company sold at 104 (plus accrued interest) 4,000 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with
(L02) (Issuance of Bonds with Warrants) Illiad Inc. has decided to raise additional capital by issuing $170,000 face value of bonds with a coupon rate of 10%. In discussions with investment bankers,
(L01) (Conversion of Bonds) On January 1, 2017, Gottlieb Corporation issued $4,000,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31.
(L01) (Conversion of Bonds) The December 31, 2017, balance sheet of Kepler Corp. is as follows.10% callable, convertible bonds payable (semiannual interest dates April 30 and October 31; convertible
(L01) (Conversion of Bonds) On January 1, 2016, when its $30 par value common stock was selling for $80 per share, Plato Corp. issued $10,000,000 of 8% convertible debentures due in 20 years. The
(L01) (Conversion of Bonds) Vargo Company has bonds payable outstanding in the amount of $500,000, and the Premium on Bonds Payable account has a balance of $7,500. Each $1,000 bond is convertible
(L01) (Conversion of Bonds) Aubrey Inc. issued $4,000,000 of 10%, 10-year convertible bonds on June 1, 2017, at 98 plus accrued interest. The bonds were dated April 1, 2017, with interest payable
(L01,2) EXCEL (Issuance and Conversion of Bonds) For each of the unrelated transactions described below, present the entry(ies) required to record each transaction.1. Grand Corp. issued $20,000,000
(LO5) (Computation of Book Value per Share) Morgan Sondgeroth Inc. began operations in January 2015 and reported the following results for each of its 3 years of operations.2015 $260,000 net loss
*E 15-23 (LO5) (Preferred Stock Dividends) Cajun Company has outstanding 2,500 shares of $100 par, 6% preferred stock and 15,000 shares of $10 par value common. The following schedule shows the
*E 15-22 (LO5) (Preferred Dividends) Matt Schmidt Company’s ledger shows the following balances on December 31, 2017.7% Preferred stock—$10 par value, outstanding 20,000 shares $ 200,000 Common
*E 15-21 (LO5) (Preferred Dividends) The outstanding capital stock of Edna Millay Corporation consists of 2,000 shares of $100 par value, 8% preferred, and 5,000 shares of $50 par value
(LO4) (Trading on the Equity Analysis) Presented below is information from the annual report of Emporia Plastics, Inc.Instructions (a) Compute the return on common stockholders’ equity and the rate
(L04) (Comparison of Alternative Forms of Financing) Shown below is the liabilities and stockholders’ equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company. Each
(L01,2,3,4) GROUPWORK (Dividends and Stockholders’ Equity Section) Anne Cleves Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance
(L04) (Stockholders’ Equity Section) Bruno Corporation’s post-closing trial balance at December 31, 2017, is shown as follows.At December 31, 2017, Bruno had the following number of common and
(L04) (Computation of Retained Earnings) The following information has been taken from the ledger accounts of Isaac Stern Corporation.Total income since incorporation $317,000 Total cash dividends
(L03) EXCEL (Dividend Entries) The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2016.Current assets $540,000 Debt investments (trading) 624,000
(L03) (Entries for Stock Dividends and Stock Splits) The stockholders’ equity accounts of G.K. Chesterton Company have the following balances on December 31, 2017.Common stock, $10 par, 300,000
(L03) (Stock Split and Stock Dividend) The common stock of Alexander Hamilton Inc. is currently selling at $120 per share. The directors wish to reduce the share price and increase share volume prior
(L03) (Cash Dividend and Liquidating Dividend) Lotoya Davis Corporation has 10 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 80 cents per share
(L03,4) (Equity Items on the Balance Sheet) The following are selected transactions that may affect stockholders’equity.1. Recorded accrued interest earned on a note receivable.2. Declared a cash
(L02,4) (Analysis of Equity Data and Equity Section Preparation) For a recent 2-year period, the balance sheet of Santana Dotson Company showed the following stockholders’ equity data at December
(L01,3) (Preferred Stock Entries and Dividends) Otis Thorpe Corporation has 10,000 shares of $100 par value, 8%, preferred stock and 50,000 shares of $10 par value common stock outstanding at
(L01,2) (Correcting Entries for Equity Transactions) Pistons Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the
(L02) (Effect of Treasury Stock Transactions on Financials) Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered
(L01,2) (Stock Issuances and Repurchase) Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2017, Lindsey Hunter took part in the following selected
(L01) (Lump-Sum Sales of Stock with Preferred Stock) Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of
(L01) (Lump-Sum Sale of Stock with Bonds) Faith Evans Corporation is a regional company which is an SEC registrant.The corporation’s securities are thinly traded on NASDAQ. Faith Evans Corp. has
(L01,2) (Stock Issued for Land) Twenty-five thousand shares reacquired by Elixir Corporation for $53 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the
(L01) (Recording the Issuance of Common and Preferred Stock) Kathleen Battle Corporation was organized on January 1, 2017. It is authorized to issue 10,000 shares of 8%, $100 par value preferred
(L01) EXCEL (Recording the Issuances of Common Stock) During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 80,000
(L06) (Debtor/Creditor Entries for Modification of Troubled Debt) Vargo Corp. owes $270,000 to First Trust. The debt is a 10-year, 12% note due December 31, 2017. Because Vargo Corp. is in financial
(L06) (Debtor/Creditor Entries for Settlement of Troubled Debt) Gottlieb Co. owes $199,800 to Ceballos Inc. The debt is a 10-year, 11% note. Because Gottlieb Co. is in financial trouble, Ceballos
(L06) (Term Modification with Gain—Creditor’s Entries) Using the same information as in E14-22 and E14-24, answer the following questions related to American Bank (creditor).Instructions(a)
(L06) (Term Modification with Gain—Debtor’s Entries) Use the same information as in E14-22 above except that American Bank reduced the principal to $1,900,000 rather than $2,400,000. On January
(L06) (Term Modification without Gain—Creditor’s Entries) Using the same information as in E14-22, answer the following questions related to American Bank (creditor).Instructions(a) What interest
(L06) (Term Modification without Gain—Debtor’s Entries) On December 31, 2017, American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial
(L06) (Settlement of Debt) Strickland Company owes $200,000 plus $18,000 of accrued interest to Moran State Bank.The debt is a 10-year, 10% note. During 2017, Strickland’s business deteriorated due
(L05) (Long-Term Debt Disclosure) At December 31, 2017, Redmond Company has outstanding three long-term debt issues. The first is a $2,000,000 note payable which matures June 30, 2020. The second is
(L04) (Fair Value Option) Fallen Company commonly issues long-term notes payable to its various lenders. Fallen has had a pretty good credit rating such that its effective borrowing rate is quite low
(L03) (Imputation of Interest with Right) On January 1, 2017, Margaret Avery Co. borrowed and received $400,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As
(L03) (Imputation of Interest) Presented below are two independent situations.(a) On January 1, 2017, Robin Wright Inc. purchased land that had an assessed value of $350,000 at the time of purchase.
(L03) (Entries for Zero-Interest-Bearing Notes) On January 1, 2017, Ellen Carter Company makes the two following acquisitions.1. Purchases land having a fair value of $200,000 by issuing a 5-year,
(L01,2) (Entries for Redemption and Issuance of Bonds) Jason Day Company had bonds outstanding with a maturity value of $300,000. On April 30, 2017, when these bonds had an unamortized discount of
(L01,2) (Entries for Redemption and Issuance of Bonds) On June 30, 2009, 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
(L01,2) (Entries for Redemption and Issuance of Bonds) 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
(L01,2) (Entry for Redemption of Bond) On January 2, 2012, Banno Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2021. Interest on the bonds is payable annually each December 31.
(L01) (Information Related to Various Bond Issues) Karen Austin Inc. has issued three types of debt on January 1, 2017, the start of the company’s fiscal year.(a) $10 million, 10-year, 15%
(L01) (Entries for Bond Transactions) On January 1, 2017, 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
(L01) GROUPWORK (Entries and Questions for Bond Transactions) On June 30, 2017, 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
(L01) (Classification) The following items are found in the financial statements.(a) Discount on bonds payable.(b) Interest expense (credit balance).(c) Unamortized bond issue costs.(d) Gain on
(L01) (Classification of Liabilities) 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
(L04) (Ratio Computations and Effect of Transactions) Presented below is information related to Carver Inc.Instructions (a) Compute the following ratios or relationships of Carver Inc. Assume that
(L04) (Ratio Computations and Analysis) Prior Company’s condensed financial statements provide the following information.Instructions (a) Determine the following for 2017.(1) Current ratio at
(L04) (Ratio Computations and Discussion) Sprague Company has been operating for several years, and on December 31, 2017, presented the following balance sheet.The net income for 2017 was $25,000.
(L04) (Financial Statement Impact of Liability Transactions) Presented below is a list of possible transactions.1. Purchased inventory for $80,000 on account (assume perpetual system is used).2.
(L03) GROUPWORK (Premiums) The following are three independent situations.1. Hairston Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold
(L03) (Asset Retirement Obligation) Oil Products Company purchases an oil tanker depot on January 1, 2017, at a cost of $600,000. Oil Products expects to operate the depot for 10 years, at which time
(L03) (Contingencies) Presented below are three independent situations. Answer the question at the end of each situation.1. During 2017, Salt-n-Pepa Inc. became involved in a tax dispute with the
(L03) (Premium Entries) No Doubt Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2017, No Doubt Company
(L03) (Warranties) Early in 2017, Sheryl Crow Equipment Company sold 500 Rollomatics during 2017 at $6,000 each. During 2017, Crow spent $20,000 servicing the 2-year assurance warranties that
(L02) (Refinancing of Short-Term Debt) On December 31, 2017, Kate Holmes Company has $7,000,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2018. On January 28, 2018,
(L02) (Refinancing of Short-Term Debt) On December 31, 2017, Hattie McDaniel Company had $1,200,000 of shortterm debt in the form of notes payable due February 2, 2018. On January 21, 2018, the
(L01) (Payroll Tax Entries) The payroll of YellowCard Company for September 2016 is as follows.Total payroll was $480,000, of which $110,000 is exempt from Social Security tax because it represented
(L01) (Adjusting Entry for Sales Tax) During the month of June, Rowling Boutique recorded cash sales of $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be
(L01) EXCEL (Compensated Absences) Assume the facts in E13-3 except that Matt Broderick Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected
(L01) (Compensated Absences) Matt Broderick Company began operations on January 2, 2016. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days
(L01) EXCEL (Accounts and Notes Payable) The following are selected 2017 transactions of Sean Astin Corporation.Sept. 1 Purchased inventory from Encino Company on account for $50,000. Astin records
(L01) (Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balance sheet?(a) Accrued vacation pay. (j) Premium offers outstanding.(b)
(L05) (Accounting for R&D Costs) More Company incurred the following costs during the current year in connection with its research and development activities.Cost of equipment acquired that will have
(L02,5) (Accounting for R&D Costs) Price Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2016, the company expends $325,000 on a
(L05) (Accounting for Organization Costs) Angelou Corporation was organized in 2016 and began operations at the beginning of 2017. The company is involved in interior design consulting services. The
(L03,4) (Goodwill Impairment) Presented below is net asset information related to the Carlos Division of Santana, Inc.CARLOS DIVISION NET ASSETS AS OF DECEMBER 31, 2017 (IN MILLIONS)Cash $ 50
(L04) (Copyright Impairment) Presented below is information related to copyrights owned by Mare Company at December 31, 2017.Cost $8,600,000 Carrying amount 4,300,000 Expected future net cash fl ows
(L01,2,3) (Accounting for Goodwill) On July 1, 2017, Brigham Corporation purchased Young Company by paying$250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2017, the
(L03) (Accounting for Goodwill) Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Galleries.The following balance sheet of Zweifel is given in an abbreviated form as
(L01,2,4) (Accounting for Patents) Tones Industries has the following patents on its December 31, 2016, balance sheet.Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A
(L01,2,5) (Accounting for Patents) During 2013, Winston Corporation spent $170,000 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was
(L01,2,5) (Accounting for Patents, Franchises, and R&D) Carter Company has provided information on intangible assets as follows.A patent was purchased from Ford Company for $2,000,000 on January 1,
(L01,2,5) (Intangible Amortization) The following is selected information for Alatorre Company.1. Alatorre purchased a patent from Vania Co. for $1,000,000 on January 1, 2015. The patent is being
(L01,2) EXCEL (Classification Issues—Intangible Assets) Joni Hyde Inc. has the following amounts reported in its general ledger at the end of the current year.Organization costs $24,000 Trademarks
(L01,2) (Classification Issues—Intangibles) Presented below is selected information related to Martin Burke Inc. at year-end. All these accounts have debit balances.Cable television franchises Film
(L01,2) (Classification Issues—Intangibles) The following is a list of items that could be included in the intangible assets section of the balance sheet.1. Investment in a subsidiary company.2.
(L06) (Book vs. Tax (MACRS) Depreciation) Shimei Inc. purchased computer equipment on March 1, 2017, for$31,000. The computer equipment has a useful life of 10 years and a salvage value of $1,000.
(L04) (Depletion Computations—Minerals) At the beginning of 2017, Aristotle Company acquired a mine for$970,000. Of this amount, $100,000 was ascribed to the land value and the remaining portion to
(L04) (Depletion Computations—Mining) Alcide Mining Company purchased land on February 1, 2017, at a cost of$1,190,000. It estimated that a total of 60,000 tons of mineral was available for mining.
(L04) (Depletion Computations—Timber) Forda Lumber Company owns a 7,000-acre tract of timber purchased in 2003 at a cost of $1,300 per acre. At the time of purchase, the land was estimated to have
(L04) (Depletion Computations—Timber) Stanislaw Timber Company owns 9,000 acres of timberland purchased in 2006 at a cost of $1,400 per acre. At the time of purchase, the land without the timber
(L03) (Impairment) The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a
(L03) (Impairment) Assume the same information as E11-16, except that Suarez intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be
(L03) (Impairment) Presented below is information related to equipment owned by Suarez Company at December 31, 2017.Cost $9,000,000 Accumulated depreciation to date 1,000,000 Expected future net cash

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