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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

(L01,2) (Depreciation for Fractional Periods) On March 10, 2019, Lost World Company sells equipment that it purchased for $192,000 on August 20, 2012. It was originally estimated that the equipment
(L01) (Error Analysis and Depreciation, SL and SYD) Mike Devereaux Company shows the following entries in its Equipment account for 2018. All amounts are based on historical cost.Instructions (a)
(L01,2) (Depreciation—Replacement, Change in Estimate) Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 1998. It was estimated at that time
(L01,2) (Depreciation Computation—Addition, Change in Estimate) In 1990, Herman Moore Company completed the construction of a building at a cost of $2,000,000 and first occupied it in January 1991.
(L01,2) (Depreciation—Change in Estimate) Machinery purchased for $60,000 by Tom Brady Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of
(L01) (Depreciation Computations, SYD) Five Satins Company purchased a piece of equipment at the beginning of 2014. The equipment cost $430,000. It has an estimated service life of 8 years and an
(L02) (Composite Depreciation) Presented below is information related to LeBron James Manufacturing Corporation.Instructions (a) Compute the rate of depreciation per year to be applied to the plant
(L01,2) (Depreciation Computation—Replacement, Nonmonetary Exchange) George Zidek Corporation bought a machine on June 1, 2015, for $31,000, f.o.b. the place of manufacture. Freight to the point
(L01,2) (Different Methods of Depreciation) Jackel Industries presents you with the following information.Instructions Complete the table for the year ended December 31, 2019. The company depreciates
(L01,2) (Depreciation Computations—Five Methods, Partial Periods) Muggsy Bogues Company purchased equipment for $212,000 on October 1, 2017. It is estimated that the equipment will have a useful
(L01,2) (Depreciation Computations—Four Methods) Robert Parish Corporation purchased a new machine for its assembly process on August 1, 2017. The cost of this machine was $117,900. The company
(L01,2) EXCEL (Depreciation Computations—Five Methods) Jon Seceda Furnace Corp. purchased machinery for$315,000 on May 1, 2017. It is estimated that it will have a useful life of 10 years, salvage
(L01,2) (Depreciation Computations—SYD, DDB—Partial Periods) Judds Company purchased a new plant asset on April 1, 2017, at a cost of $711,000. It was estimated to have a service life of 20 years
(L01) (Depreciation—Conceptual Understanding) Rembrandt Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared
(L01) EXCEL (Depreciation Computations—SL, SYD, DDB) Deluxe Ezra Company purchases equipment on January 1, Year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years
(L06) (Disposition of Assets) On April 1, 2017, Gloria Estefan Company received a condemnation award of $430,000 cash as compensation for the forced sale of the company’s land and building, which
(L06) (Entries for Disposition of Assets) On December 31, 2017, Travis Tritt Inc. has a machine with a book value of$940,000. The original cost and related accumulated depreciation at this date are
(L05) (Analysis of Subsequent Expenditures) Plant assets often require expenditures subsequent to acquisition. It is important that they be accounted for properly. Any errors will affect both the
(L05,6) (Analysis of Subsequent Expenditures) The following transactions occurred during 2017. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a
(L05) GROUPWORK (Analysis of Subsequent Expenditures) King Donovan Resources Group has been in its plant facility for 15 years. Although the plant is quite functional, numerous repair costs are
(L04) (Nonmonetary Exchange) Dana Ashbrook Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $8,000 plus trade-in, f.o.b. factory. Dana Ashbrook Inc. paid $8,000
(L04) (Nonmonetary Exchange) Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $3,000 in cash for similar equipment used in the operations of Tony LoBianco Company.
(L04) (Nonmonetary Exchange) Cannondale Company purchased an electric wax melter on April 30, 2017, by trading in its old gas model and paying the balance in cash. The following data relate to the
(L04) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was
(L03,4) GROUPWORK (Asset Acquisition) Hayes Industries purchased the following assets and constructed a building as well. All this was done during the current year.Assets 1 and 2: These assets were
(L04) (Purchase of Computer with Zero-Interest-Bearing Debt) Cardinals Corporation purchased a computer on December 31, 2016, for $105,000, paying $30,000 down and agreeing to pay the balance in five
(L04) (Purchase of Equipment with Zero-Interest-Bearing Debt) Chippewas Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2017, to expand its production capacity
(L01,4) (Entries for Acquisition of Assets) Presented below is information related to Zonker Company.1. On July 6, Zonker Company acquired the plant assets of Doonesbury Company, which had
(L01,2,4) (Entries for Asset Acquisition, Including Self-Construction) Below are transactions related to Duffner Company.(a) The City of Pebble Beach gives the company 5 acres of land as a plant
(L01,4) (Entries for Equipment Acquisitions) Jane Geddes Engineering Corporation purchased conveyor equipment with a list price of $10,000. Presented below are three independent cases related to the
(L03) (Capitalization of Interest) The following three situations involve the capitalization of interest.Situation I: On January 1, 2017, Oksana Baiul, Inc. signed a fixed-price contract to have
(L03) (Capitalization of Interest) On July 31, 2017, Amsterdam Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and
(L03) (Capitalization of Interest) On December 31, 2016, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2017, the company made the following
(L03) (Capitalization of Interest) Harrisburg Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,000 on January 1,
(L02,4) (Correction of Improper Cost Entries) Plant acquisitions for selected companies are as follows.1. Belanna Industries Inc. acquired land, buildings, and equipment from a bankrupt company,
(L01,3) (Treatment of Various Costs) Ben Sisko Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.Abstract
(L01,2) (Purchase and Self-Constructed Cost of Assets) Worf Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment
(L01) EXCEL (Acquisition Costs of Trucks) Kelly Clarkson Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1,
(L01) EXCEL (Acquisition Costs of Realty) Martin Buber Co. purchased land as a factory site for $400,000. The process of tearing down two old buildings on the site and constructing the factory
(L01) (Acquisition Costs of Realty) The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed
(L07) (Change to LIFO Retail) John Olerud Ltd., a local retailing concern in the Bronx, New York, has decided to change from the conventional retail inventory method to the LIFO retail method
(L07) (Dollar-Value LIFO Retail) Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time the inventory had a cost of $54,000 and a retail price
*E 9-28 (L07) (Conventional Retail and Dollar-Value LIFO Retail) Amiras Corporation began operations on January 1, 2017, with a beginning inventory of $30,100 at cost and $50,000 at retail. The
*E 9-26 (L07) (Dollar-Value LIFO Retail) You assemble the following information for Seneca Department Store, which computes its inventory under the dollar-value LIFO method.Instructions Compute the
*E 9-25 (L07) (Retail Inventory Method—Conventional and LIFO) Leonard Company began operations late in 2016 and adopted the conventional retail inventory method. Because there was no beginning
*E 9-24 (L07) (Retail Inventory Method—Conventional and LIFO) Keller Company began operations on January 1, 2016, adopting the conventional retail inventory system. None of the company’s
(L06) (Analysis of Inventories) The financial statements of ConAgra Foods, Inc.’s 2014 annual report disclose the following information.Instructions Compute ConAgra’s (a) inventory turnover and
(L05) (Retail Inventory Method) The records of Ellen’s Boutique report the following data for the month of April.Sales revenue $99,000 Purchases (at cost) $48,000 Sales returns 2,000 Purchases (at
(L05) (Retail Inventory Method) Presented below is information related to Ricky Henderson Company.Cost Retail Beginning inventory $ 200,000 $ 280,000 Purchases 1,375,000 2,140,000 Markups 95,000
(L05) (Retail Inventory Method) Presented below is information related to Bobby Engram Company.Cost Retail Beginning inventory $ 58,000 $100,000 Purchases (net) 122,000 200,000 Net markups 10,345 Net
(L04) (Gross Profit Method) Presented below is information related to Aaron Rodgers Corporation for the current year.Beginning inventory $ 600,000 Purchases 1,500,000 Total goods available for sale
(L04) (Gross Profit Method) Gheorghe Moresan Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.Lumber 25%Millwork 30%Hardware and fi ttings
(L04) (Gross Profit Method) You are called by Tim Duncan of Spurs Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that
(L04) (Gross Profit Method) Wallace Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation’s books disclosed the
(L04) (Gross Profit Method) Tim Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $72,000;
(L04) (Gross Profit Method) Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.Inventory, May 1
(L04) (Gross Profit Method) Each of the following gross profit percentages is expressed in terms of cost.1. 20%. 3. 331/3%.2. 25%. 4. 50%.Instructions Indicate the gross profit percentage in terms of
(L03) (Purchase Commitments) At December 31, 2017, Indigo Girls Company has outstanding noncancelable purchase commitments for 36,000 gallons, at $3.00 per gallon, of raw material to be used in its
(L03) (Purchase Commitments) Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase
(L01) (LCNRV—Error Effect) LaGreca Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, included product X. Relevant
(L01) (LCNRV—Journal Entries) Dover Company began operations in 2017 and determined its ending inventory at cost and at LCNRV at December 31, 2017, and December 31, 2018. This information is
(L01) (LCNRV) Sedato Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis.Item No. Quantity Cost per Unit Estimated Selling Price Cost to Complete and Sell 1320
(L01) EXCEL (LCNRV) The inventory of Oheto Company on December 31, 2017, consists of the following items.Part Quantity Cost per Unit Net Realizable Value 110 600 $ 95 $100 111 1,000 60 52 112 500 80
(L06) WRITING (Dividend Policy Analysis) Matheny Inc. went public 3 years ago. The board of directors will be meeting shortly after the end of the year to decide on a dividend policy. In the past,
*P 24-3 (L06,8) EXCEL GROUPWORK (Ratio Computations and Additional Analysis) Bradburn Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of
(L02) (Segmented Reporting) Cineplex Corporation is a diversified company that operates in five different industries:A, B, C, D, and E. The following information relating to each segment is available
(L02) (Subsequent Events) Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2017. The bookkeeper who maintains the financial records has prepared all
(L02,4) (Indirect SCF) Dingel Corporation has contracted with you to prepare a statement of cash flows. The controller has provided the following information.December 31 2017 2016 Cash $ 38,500
(L02,4) (SCF—Direct and Indirect Methods) Comparative balance sheet accounts of Sharpe Company are presented below.SHARPE COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances
(L02,3,4) GROUPWORK (SCF—Direct and Indirect Methods from Comparative Financial Statements) Chapman Company, a major retailer of bicycles and accessories, operates several stores and is a publicly
(L02,3,4) (SCF—Indirect Method, and Net Cash Flow from Operating Activities, Direct Method) Comparative balance sheet accounts of Marcus Inc. are presented below.MARCUS INC.COMPARATIVE BALANCE
(L02,4) (SCF—Indirect Method) You have completed the field work in connection with your audit of Alexander Corporation for the year ended December 31, 2017. The balance sheet accounts at the
(L02,4) (SCF—Direct Method) Michaels Company had available at the end of 2017 the following information.MICHAELS COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash $
(L02) EXCEL (SCF—Direct Method) Mortonson Company has not yet prepared a formal statement of cash flows for the 2017 fiscal year. Comparative balance sheets as of December 31, 2016 and 2017, and a
(L02,4) EXCEL GROUPWORK (SCF—Indirect Method) The comparative balance sheets for Hinckley Corporation show the following information.December 31 2017 2016 Cash $ 33,500 $13,000 Accounts receivable
(L02,4) (SCF—Indirect Method) The following are Sullivan Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to
(L05) (Change from Fair Value to Equity Method) On January 3, 2016, Martin Company purchased for $500,000 cash a 10% interest in Renner Corp. On that date, the net assets of Renner had a book value
(L05) (Fair Value to Equity Method with Goodwill) On January 1, 2017, Millay Inc. paid $700,000 for 10,000 shares of Genso Company’s voting common stock, which was a 10% interest in Genso. At that
(L03,4) (Error Analysis and Correcting Entries) You have been asked by a client to review the records of Roberts Company, a small manufacturer of precision tools and machines. Your client is
(L03,4) (Error Analysis) Lowell Corporation has used the accrual basis of accounting for several years. A review of the records, however, indicates that some expenses and revenues have been handled
(L03,4) GROUPWORK (Comprehensive Error Analysis) On March 5, 2018, you were hired by Hemingway Inc., a closely held company, as a staff member of its newly created internal auditing department. While
(L03,4) GROUPWORK (Error Corrections) You have been assigned to examine the financial statements of Zarle Company for the year ended December 31, 2017. You discover the following situations.1.
(L01,3,4) EXCEL (Accounting Change and Error Analysis) On December 31, 2017, before the books were closed, the management and accountants of Madrasa Inc. made the following determinations about three
(L02) GROUPWORK ETHICS (Accounting Changes) Aston Corporation performs year-end planning in November of each year before its calendar year ends in December. The preliminary estimated net income is $3
(L01,2,3) (Error Corrections and Accounting Changes) Penn Company is in the process of adjusting and correcting its books at the end of 2017. In reviewing its records, the following information is
(L01,2,3) (Comprehensive Accounting Change and Error Analysis Problem) Botticelli Inc. was organized in late 2015 to manufacture and sell hosiery. At the end of its fourth year of operation, the
(L01,2,3) EXCEL GROUPWORK (Change in Estimate and Error Correction) Holtzman Company is in the process of preparing its financial statements for 2017. Assume that no entries for depreciation have
(L01) (Change in Principle—Inventory—Periodic) The management of Utrillo Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be
(L02,3,4) GROUPWORK (Lessee-Lessor Accounting for Residual Values) Goring Dairy leases its milking equipment from King Finance Company under the following lease terms.1. The lease term is 10 years,
(L02,4) WRITING (Operating Lease vs. Capital Lease) You are auditing the December 31, 2017, financial statements of Hockney, Inc., manufacturer of novelties and party favors. During your inspection
and that Chambers Medical Center has an incremental borrowing rate of 10%.Instructions (a) Discuss the nature of this lease in relation to the lessee, and compute the amount of the initial lease
(L02,4) (Lessee Computations and Entries, Capital Lease with Guaranteed Residual Value) Assume the same data as in
(L03,4) (Lessor Computations and Entries, Sales-Type Lease with Guaranteed Residual Value) Amirante Inc.manufactures an X-ray machine with an estimated life of 12 years and leases it to Chambers
(L02,4) (Basic Lessee Accounting with Difficult PV Calculation) In 2016, Grishell Trucking Company negotiated and closed a long-term lease contract for newly constructed truck terminals and freight
with National Airlines having an incremental borrowing rate of 10%.Instructions (a) Discuss the nature of this lease in relation to the lessee, and compute the amount of the initial lease
(L02,4) (Lessee Computations and Entries, Capital Lease with Unguaranteed Residual Value) Assume the same data as in
(L03,4) GROUPWORK (Lessor Computations and Entries, Sales-Type Lease with Unguaranteed Residual Value) George Company manufactures a check-in kiosk with an estimated economic life of 12 years and
(L02) (Lessee Entries, Capital Lease with Monthly Payments) Shapiro Inc. was incorporated in 2016 to operate as a computer software service firm with an accounting fiscal year ending August 31.
(L02,4) (Lessee Entries and Balance Sheet Presentation, Capital Lease) On January 1, 2017, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $137,899 (including the
(L02,4) GROUPWORK (Lessee Entries and Balance Sheet Presentation, Capital Lease) Ludwick Steel Company as lessee signed a lease agreement for equipment for 5 years, beginning December 31, 2017.

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