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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Olson Machine Company manufactures small and large milling machines. Selling prices of these machines range from $35,000 to $200,000. During the 5-month period from August 1, 2019, through December
Bussell Company exchanged the following assets during 2019:a. Acquired a newer machine by paying $4,000 cash and giving up a machine that originally cost $40,000, has a book value of $25,000, and is
Bremer Company made the following exchanges of assets during 2019:1. Acquired a more advanced machine worth $10,000 by paying $2,000 cash and giving up a machine that had originally cost $40,000 and
At December 31, 2018, certain accounts included in the property, plant, and equipment section of Townsand Company’s balance sheet had the following balances:Land
The following transactions of Weber Company occurred during 2019:1. The company acquired a tract of land in exchange for 1,000 shares of $10 par value common stock. The stock was traded on the New
The following account balances were included in Bromley Company’s balance sheet on December 31, 2018:Land .....................................................$100,000Land improvements
Mawn Company bought land and built a warehouse during 2019. It improperly debited the following related costs to an account titled Land and Buildings:Land purchase
In 2019, Lawrence Company spends $4 million drilling oil wells.Sixty percent of the drilling is successful and results in commercial quantities of oil being found.Required:1. How much drilling
McClain Company incurred the following expenditures during 2019:Apr. 9 The air conditioning system in the old manufacturing facility was replaced for $83,000. The old air conditioning system had a
Kit Company borrows $6 million at 12% on January 1, 2019, specifically for the purpose of financing the construction of a building that is expected to take 18 months to complete. Kit invests the
Snowbird Company is constructing a building that qualifies for interest capitalization.It is built between January 1 and December 31, 2019. Snowbird made the following expenditures related to this
Matrix Inc. borrowed $1,000,000 at 8% to finance the construction of a new building for its own use. Construction began on January 1, 2019, and was completed on October 31, 2019.Expenditures related
On February 1, 2019, Edwards Corporation purchased a parcel of land as a factory site for $100,000. It demolished an old building on the property and began construction on a new building that was
In January 2019, Cordova Company entered into a contract to acquire a new machine for its factory. The machine, which has a cash price of $215,000, was paid for as follows:Down payment $ 55,000Note
Voiture Company manufactures compact, energy-efficient cars. On April 1, it purchased a machine for its assembly line at a contract price of $400,000 with terms of 2/10, n/30. Voiture paid the
On January 1, 2019, Marshall Inc. purchased equipment for $1,000,000 that was to be used in various toxic chemical processes. The asset has a useful life of 20 years. Additionally, Marshall estimates
On January 1, Duane Company purchases land at a cost of $125,000. Duane incurs costs of $2,000 for the closing fees and surveys. Duane also spent $7,500 on clearing costs to prepare the land for use.
On January 2, 2019, Yuki Yogurt Company decided to replace its obsolete refrigeration system with a more efficient one. The old system had a book value of $9,000 and a fair value of $1,000. Yuki’s
The following expenditures were among those incurred by Jensen Corporation during the year ended December 31, 2019:Replacement of tiles on portion of roof that had been leaking $4,000Overhaul of
Distinguish between the successful-efforts and full-cost methods of accounting for oil and gas properties.
What are the primary differences between U.S. GAAP and IFRS with regard to the capitalization of interest on self-constructed assets?
What are the two common alternative treatments of overhead costs during self-construction of an asset? What are the arguments in favor of each?
Bogan Company is in need of cash to finance its operations. The company creates a new company, Hall Company, which is wholly owned by Bogan. On November 1, 2019, Bogan sells inventory on credit to
Obtain Moet Hennessy Louis Vuitton’s 2017 annual report using the “Investor Relations” portion of its web site (do a Web search for Moet Hennessy Louis Vuitton investor relations).Required:1.
Obtain Starbucks’s 2017 annual report either using the “Investor Relations” portion of its web site (do a Web search for Starbucks investor relations) or go to http://www.sec.gov and click
Hart Corporation is a chemical company that produces cleaning fluids of different types. It is the main employer in a small town. Stan Hart has been the company president for 15 years and is paid a
Reese Company sells two types of merchandise, Type A and Type B. Each carries a 1-year assurance-type warranty.• Type A merchandise: Product warranty costs, based on past experience, will normally
At December 31, 2019, Niki Company reviewed the following situations to consider their impact on its 2019 financial statements:1. In December 2019, Niki became aware of a safety hazard related to one
On December 15, 2019, a truck driver for Cork Transfer Company negligently rounded a curve that was also a bridge covering several local merchant shops. The truck jumped the guardrail and fell 30
Selected transactions of Shadrach Computer Corporation during November and December of 2019 are as follows:Nov. 1 Borrowed money from the bank by issuing a non-interest-bearing, $40,000, 90-day note.
Selected transactions of Lizard Lick Corporation during 2019 are as follows:Jan. 5 Purchased merchandise from Boston Company for $30,000; terms, 2/10, n/30. Purchases and accounts payable are
The following are the inventories for the years 2019, 2020, and 2021 for Parry Company:Required:1. Assume the inventory that existed at the end of each year was sold in the subsequent year. Prepare
Retail and Fire Loss Golden Company adopted the dollar-value retail LIFO method on January 1, 2019. The following information relates to the following 2 years:In addition, the following price indexes
During 2019, Boge Corporation signed a noncancelable contract to purchase 10,000 bushels of soybeans at $5 per bushel with delivery to be made in 2020. On December 31, 2019, the price of soybeans had
Gravais Company made two purchases on December 29, 2019. One purchase for $3,000 was shipped FOB destination, and the second for $4,000 was shipped FOB shipping point. Neither purchase had been
Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred:Jan. 11 Howard purchased merchandise on account for
The following amounts were obtained from the accounting records of Enderle Company:Required:Next Level Compute the missing amounts. 2019 2020 2021 (b) Beginning inventory Net purchases Ending
On December 31, 2018, Kern Company adopted the dollar-value LIFO inventory method. All of Kern’s inventories constitute a single pool. The inventory on December 31, 2018, using the dollar-value
The cost of the inventory on January 31, 2019, under the LIFO method is:a. $400b. $2,700c. $3,100d. $3,200
The cost of the inventory on January 31, 2019, under the FIFO method is:a. $400b. $2,700c. $3,100d. $3,200
Dixon Menswear Shop purchased shirts from Colt Company on May 28, 2019, and received an invoice with a list price amount of $5,000 and payment terms of 2/10, n/30. Dixon uses the net method to record
The following items were included in Venicio Corporation’s inventory account on December 31, 2019:Merchandise out on consignment, at sales price, including 40% markup on selling price
What types of information do companies disclose regarding inventory?
Explain the dollar-value LIFO method of inventory valuation.
Describe the key concept in determining the cost of inventory.
Consider each of the following independent situations. Should a company report the goods in its inventory?(a) Goods purchased by the company with shipping terms FOB shipping point that are in transit
Bronte Company sells goods on consignment. Should Bronte include these consigned goods in its ending inventory? Why or why not?
Wright Machinery Corporation manufactures automobile engines for major automobile producers. The engines sell for $920 per engine. In addition, customers have the option to purchase a service-type
Clean-All Inc. sells washing machines with a 3-year assurance-type warranty. In the past, Clean-All has found that in the year after sale, warranty costs have been 3% of sales; in the second year
Greenlaw Inc., a publishing company, is preparing its December 31, 2019, financial statements and must determine the proper accounting treatment for each of the following situations:1. Greenlaw
Fallon Company, a toy manufacturer that also operates several retail outlets, is preparing its December 31, 2019, financial statements. It has identified the following legal situations that may
Mauldin Company makes sales on which a 5% sales tax is assessed. The following summary transactions were made during 2019:1. sales for cash of $1,665,400, excluding sales taxes2. sales on credit of
James Kimberley, president of National Motors, receives a bonus of 10% of National’s profits above $1,500,000, before the bonus and the corporation’s income taxes are deducted.National’s
The balance in Ashwood Company’s accounts payable account at December 31, 2019, was $1,200,000 before any necessary year-end adjustment relating to the following:• Goods were in transit from a
Identify how to account for warranty costs if the warranty is determined to be an assurance-type warranty? A service-type warranty?
What conditions would have to be met for a company to accrue the loss from a pending lawsuit?
Define liabilities. Explain the meaning of obligations in the context of a liability.
Obtain Moet Hennessy Louis Vuitton’s 2017 annual report using the “Investor Relations” portion of its website (do a web search for Moet Hennessy – Louis Vuitton investor
Obtain Starbucks’ 2017 annual report either using the “Investor Relations” portion of its website (do a web search for Starbucks investor relations) or go to http://www.sec.gov and click
Shelly Corporation is an importer and wholesaler. Its merchandise is purchased from several suppliers and is warehoused by Shelly until sold to consumers. In conducting her audit for the year ended
Frost Company’s inventory records for the years 2019 and 2020 reveal the cost and market of the January 1, 2019, inventory to be $125,000. On December 31, 2019, the cost of inventory was $130,000,
Layne Corporation, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2019:Inventory at December 31, 2019 (based on physical
The following information is obtained from Burger Company’s records. Burger uses the dollar-value LIFO retail method.The company adopted LIFO on January 1, 2019, when the cost and retail values of
On January 20, 2020, Stewart Company’s records revealed the following information:Inventory, July 1, 2019 $ .......................................................55,300Purchases, July 1,
On September 28, 2019, a fire destroyed the entire merchandise inventory of Carroll Corporation. The following information is available:Sales, January 1–September 28, 2019
The inventories of Berry Company for the years 2019 and 2020 are as follows:Berry uses a perpetual inventory system and the FIFO inventory cost flow assumption.Required:1. Assume the inventory that
The following information for Tuell Company is available:Required:1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations under
Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows:Required:1. What is the correct inventory value, assuming
Use the information in E8-1. Assume that Stiles uses the LIFO cost flow assumption and is applying the LCM rule.Required:1. What is the correct inventory value for each product?2. Next Level With
Acute Company manufactures a single product. On December 31, 2018, Acute adopted the dollar-value LIFO inventory method. It computes the inventory on that date using the dollar-value LIFO inventory
Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is
Refer to the information provided in RE8-4. If Paul Corporation’s inventory at January 1, 2019, had a cost and net realizable value of $300,000, prepare the journal entry to record the reductions
Refer to the information provided in RE8-4. If Paul Corporation’s inventory at January 1, 2019, had a cost and net realizable value of $300,000, prepare the journal entry to record the reductions
Borys Company’s periodic inventory at December 31, 2019, is understated by $10,000, but purchases are correct. Johnson correctly values its 2020 ending inventory. What is the effect of this error
Using the information provided in RE8-4, prepare the journal entry to record the write-down of inventory for Paul Corporation assuming that it uses the allowance method instead of the direct
Paul Corporation uses FIFO and reports the following inventory information:Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of
Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blue’s inventory:Determine (a) the net realizable value for each item and (b) the inventory value of
At December 31, 2019, the following information was available from Crisford Company’s books:Sales for the year totaled $110,600; markdowns amounted to $1,400. Under the approximate lower of average
Hestor Company’s records indicate the following information:Merchandise inventory, January 1, 2019 .........................................$ 550,000Purchases, January 1 through December 31, 2019
The following information is available for Silver Company for the three months ended March 31, 2019:Merchandise inventory, January 1, 2019 .........................$ 900,000Purchases
Moore Company uses the LIFO cost flow assumption and carries Product A in inventory on December 31, 2019, at its unit cost of $9.50. Because of a sharp decline in demand for the product, the selling
What are the advantages of the retail inventory method compared to the gross profit method?
Under what conditions can inventory be valued above cost?
In applying the inventory valuation rules to inventory, how do IFRS define market value?
What is the major criticism of the inventory valuation rules?
Describe the two approaches to recording the reduction of inventory.
What three implementation approaches may a company choose when applying the inventory valuation rules?
Define the terms cost, net realizable value, and market value.
What is the conceptual justification for reducing inventory below cost?
Under what circumstances will a company value inventory below its cost?
Obtain Nestlé’s 2017 annual report using the “Investor Relations” portion of its web site (do a Web search for Nestlé investor relations).Required:1. Which inventory method does Nestlé use?
Obtain Starbucks’s 2017 annual report either using the “Investor Relations” portion of its web site (do a Web search for Starbucks investor relations) or go to http://www.sec.gov and click
Kelly Company adopted dollar-value LIFO on January 1, 2018, using two inventory pools each of which includes two types of inventory items. Kelly uses the double-extension method to compute the
Webster Company adopted dollar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Webster’s beginning inventory consisted of the following:Required:1. Compute the LIFO
The following information for 2019 is available for Marino Company:1. The beginning inventory is $100,000.2. Purchases returns of $4,000 were made.3. Purchases of $300,000 were made on terms of 2/10,
On April 11, Edwards Construction Company purchased inventory for $30,000 on terms of 2/10, n/30. It pays the account balance on April 21. Edwards uses a periodic inventory system.Required:1. Prepare
The inventory on hand at the end of 2019 for Reddall Company is valued at a cost of $94,550. The following items were not included in this inventory:1. Purchased goods in transit, under terms FOB
As the auditor of Hayes Company for the year ended December 31, 2019, you found the following transactions occurred near its closing date:1. Merchandise received on January 8, 2020, and costing $800
Assume prices were stable during the period. The following values were obtained from the inventory records of Harris Company which has a fiscal year ending on December 31:Inventory, January 1, 2019,
For goods in transit at the end of a period, describe how a company determines if the goods should be included in inventory.

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