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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

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.
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. With regard to Nestlé’s cash and cash
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
At the end of 2019, the accounting firm for which you work is auditing the books of Debitus Publishing Inc. for the first time. Debitus, a calendar year company, publishes textbooks that are used in
Magrath Company has an operating cycle of less than one year and provides credit terms for all of its customers. On April 3, 2019, the company factored, without recourse, some of its accounts
Faeber Textile Company frequently factors its accounts receivable. During 2019, Faeber made credit sales of $100,000 to customers, under terms of 2/10, n/30. Faeber records its credit sales using
December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $12,000, 60-day note.Required:Prepare the journal entries necessary to record the receipt of the
At the end of 2019, Karras Inc. had a debit balance of $141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of $4,350 and $9,420 at
Balances The following information is extracted from Shelton Corporation’s accounting records at the beginning of 2019:Accounts Receivable
Blunt Company makes credit sales of $21,000 during the month of February 2019. During 2019, collections are received on February sales of $20,400, accounts representing $600 of these sales are
Towbin Products sells merchandise on credit for $7,000 on December 1, 2019. The merchandise cost Towbin $4,900 (70% of the selling price). Towbin estimates that returns and allowances will amount to
Eastman Corporation sells merchandise with a list price of $13,000 on February 1, 2019, with terms of 1/10, n/30. On February 10, 2019, payment was received on merchandise originally billed for
On December 1, 2019, Lynch Incorporated sold $18,000 of merchandise with terms 2/10, n/EOM. On December 11, 2019, collections were made on sales originally billed for $12,000, and on December 31,
How does IFRS differ from U.S. GAAP with regard to the derecognition of financial assets?
How are the cash proceeds determined when a note receivable is transferred?
How is revenue recognition related to the recognition of accounts receivable?
On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies.A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that
On December 1, Newton Enterprises sells $100,000 of accounts receivable to a factor without recourse, receives 85% of the value of the factored accounts, and is charged a 10% commission on the gross
Refer to RE6-8. On April 23, 2020, McKinney & Co. receives a check from Mangold Corporation for $8,500. Prepare the journal entry for McKinney to record the collection of the account previously
Refer to RE6-7. At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney’s management decides that $8,500 due from Mangold Corporation will not be
McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible.
SituationKelly Company, a small corporation, is preparing its 2019 financial statements. At the end of 2019, the company purchased a building for $100,000, paid $20,000 as a down payment, and signed
The comparative consolidated income statements and the comparative statements of comprehensive gains and losses for the years 2017, 2016, and 2015 for LVMH Group (Moet Hennessy – Louis Vuitton) are
Review Starbucks’s financial statements and notes in Appendix A.Required:1. Does the company use a multiple-step or a single-step format on its income statement? Explain.2. What was the net
It is the end of 2019, and, as an accountant for Newell Company, you are preparing its 2019 financial statements. On December 29, 2019, Newell’s management decided to sell one of its major
The following items were derived from Woodbine Circle Corporation’s adjusted trial balance on December 31, 2019:Other financial data for the year ended December 31, 2019:Federal Income TaxesPaid
Olson Company’s bookkeeper prepared the following income statement and retained earnings statement for the year ended December 31, 2019:The preceding account balances are correct but have been
Rox Corporation’s multiple-step income statement and retained earnings statement for the year ended December 31, 2019, as developed by its bookkeeper, are shown here:You determine that the account
The following are the financial statements issued by Allen Corporation for its fiscal year ended October 31, 2019:Notes to Financial Statements:1. Long-Term Lease. Under the terms of a 5-year,
Cunningham Company reports a retained earnings balance of $365,200 at the beginning of 2019. For the year ended December 31, 2019, the company reports pretax income from continuing operations of
At the beginning of 2019, Cameron Company’s retained earnings was $212,000. For 2019, Cameron has calculated its pretax income from continuing operations to be $120,000.During 2019, the following
O’Connor Company’s income statement information for 2019 and 2020 (a sole proprietorship) is as follows:Required:Next Level Provide the missing amounts for the blanks labeled (a) through (g). All
The following are selected items derived from Dibb Company’s adjusted trial balance on December 31, 2019:Twelve thousand shares of common stock were outstanding the entire year.Required:Assuming a
What is a statement of cash flows? What is its primary purpose?
What is interperiod tax allocation?
Define expenses. What do expenses measure?
What are the five steps to determine when revenues can be recognized?
SituationYou are the assistant accountant for Tyler Corporation. It is mid-January 2020 and you are helping to prepare Tyler’s balance sheet for December 31, 2019. Tyler will publish this balance

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