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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

(L02,4) (Lessee Entries with Residual Value) The following facts pertain to a noncancelable lease agreement between Faldo Leasing Company and Vance Company, a lessee.Inception date January 1, 2017
(L03,4) EXCEL (Balance Sheet and Income Statement Disclosure—Lessor) Assume the same information as in P21-4.Instructions(a) Assuming the lessor’s accounting period ends on September 30, answer
(L02,4) EXCEL (Balance Sheet and Income Statement Disclosure—Lessee) The following facts pertain to a noncancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a
(L02,4) (Lessee-Lessor Entries, Balance Sheet Presentation, Sales-Type Lease) Winston Industries and Ewing Inc.enter into an agreement that requires Ewing Inc. to build three diesel-electric engines
(L02,3) GROUPWORK (Lessee-Lessor Entries, Operating Lease) Cleveland Inc. leased a new crane to Abriendo Construction under a 5-year noncancelable contract starting January 1, 2017. Terms of the
(L02,4) (Lessee-Lessor Entries, Sales-Type Lease) Glaus Leasing Company agrees to lease machinery to Jensen Corporation on January 1, 2017. The following information relates to the lease agreement.1.
*P 20-14 (LO6,7) (Postretirement Benefit Worksheet—2 Years) Elton Co. has the following postretirement benefit plan balances on January 1, 2017.Accumulated postretirement benefi t obligation
*P 20-13 (LO6,7) GROUPWORK (Postretirement Benefit Worksheet) Hollenbeck Foods Inc. sponsors a postretirement medical and dental benefit plan for its employees. The following balances relate to this
(LO1,2,3,4,5) (Pension Worksheet) Larson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2018, the following balances related to this plan.Plan assets (market-related
(LO1,2,3,4,5) (Pension Worksheet) The following data relate to the operation of Kramer Co.’s pension plan in 2018.The pension worksheet for 2017 is provided in P20-10.Service cost $59,000 Actual
(LO1,2,3,4) (Pension Worksheet—Missing Amounts) Kramer Co. has prepared the following pension worksheet.Unfortunately, several entries in the worksheet are not decipherable. The company has asked
(LO1,2,3,4,5) GROUPWORK (Comprehensive 2-Year Worksheet) Hobbs Co. has the following defined benefit pension plan balances on January 1, 2017.Projected benefi t obligation $4,600,000 Fair value of
(LO1,2,3,4,5) GROUPWORK (Comprehensive 2-Year Worksheet) Lemke Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years
(LO2,3,4) (Pension Worksheet) Hanson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan.Plan assets (market-related
(LO3,4) GROUPWORK (Computation of Prior Service Cost Amortization, Pension Expense, Journal Entries, and Net Gain or Loss) Aykroyd Inc. has sponsored a noncontributory, defined benefit pension plan
(LO2,3,4) (Computation of Pension Expense, Amortization of Net Gain or Loss–Corridor Approach, Journal Entries for 3 Years) Hiatt Toothpaste Company initiates a defined benefit pension plan for its
(L01,2,3,4) EXCEL (Pension Expense, Journal Entries for 2 Years) Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017
(LO1,2,3,4,5) (Pension Expense, Journal Entries, Amortization of Loss) Gottschalk Company sponsors a defined benefit plan for its 100 employees. On January 1, 2017, the company’s actuary provided
(LO1,2,3,4,5) GROUPWORK (3-Year Worksheet, Journal Entries, and Reporting) Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following
(L01,2,3,4) EXCEL (2-Year Worksheet) On January 1, 2017, Harrington Company has the following defined benefit pension plan balances.Projected benefi t obligation $4,500,000 Fair value of plan assets
(LO1,2,4) GROUPWORK (Five Differences, Compute Taxable Income and Deferred Taxes, Draft Income Statement)Wise Company began operations at the beginning of 2018. The following information pertains to
(LO1,2,4) (Two Differences, 2 Years, Compute Taxable Income and Pretax Financial Income) The following information was disclosed during the audit of Elbert Inc.1. Amount Due Year per Tax Return 2017
(LO1,2,4) GROUPWORK (One Temporary Difference, Tracked 3 Years, Change in Rates, Income Statement Presentation) Crosley Corp. sold an investment on an installment basis. The total gain of $60,000 was
(L01,4) (Two Differences, Two Rates, Future Income Expected) Presented below are two independent situations related to future taxable and deductible amounts resulting from temporary differences
(LO3) EXCEL GROUPWORK (NOL without Valuation Account) Jennings Inc. reported the following pretax income(loss) and related tax rates during the years 2013–2019.Pretax Income (loss) Tax Rate 2013 $
(LO1,2,4) (Permanent and Temporary Differences, One Rate) The accounting records of Shinault Inc. show the following data for 2017 (its first year of operations).1. Life insurance expense on officers
(LO1,2,4) (Second Year of Depreciation Difference, Two Differences, Single Rate, Discontinued Operation) The following information has been obtained for Gocker Corporation.1. Prior to 2017, taxable
(L01,2) (One Temporary Difference, Tracked for 4 Years, One Permanent Difference, Change in Rate) The pretax financial income of Truttman Company differs from its taxable income throughout each of 4
(L01,2,4) EXCEL (Three Differences, No Beginning Deferred Taxes, Multiple Rates) The following information is available for Remmers Corporation for 2017.1. Depreciation reported on the tax return
(LO8) (Franchise Revenue) Amigos Burrito Inc. sells franchises to independent operators throughout the northwestern part of the United States. The contract with the franchisee includes the following
(LO5,6,7) EXCEL (Long-Term Contract with an Overall Loss) On July 1, 2017, Torvill Construction Company Inc.contracted to build an office building for Gumbel Corp. for a total contract price of
(LO5,6,7) (Long-Term Contract with Interim Loss) On March 1, 2017, Pechstein Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price
(LO5,6) EXCEL (Recognition of Profit on Long-Term Contract) Shanahan Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that
(LO2,3) (Time Value, Gift Cards, Discounts) Presented below are two independent revenue arrangements for Colbert Company.Instructions Respond to the requirements related to each revenue
(LO3) (Customer Loyalty Program) Martz Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount
(LO3) (Warranty, Customer Loyalty Program) Hale Hardware takes pride as the “shop around the corner” that can compete with the big-box home improvement stores by providing good service from
(LO2,3,4) (Allocate Transaction Price, Returns, and Consignments) Ritt Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for
(LO2,3,4) (Allocate Transaction Price, Discounts, Time Value) Economy Appliance Co. manufactures low-price, nofrills appliances that are in great demand for rental units. Pricing and cost information
(LO2,3,4) (Allocate Transaction Price, Discounts, Time Value) Grill Master Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services
(LO2,3,4) (Allocate Transaction Price, Modification of Contract) Refer to the Tablet Bundle A revenue arrangement in P18-1. In response to competitive pressure for Internet access for Tablet Bundle
(LO2,3) (Allocate Transaction Price, Upfront Fees) Tablet Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot
*P17-17 (L06) (Fair Value Hedge) On October 15, 2017, Oil Products Co. purchased 4,000 barrels of fuel oil with a cost of $240,000 ($60 per barrel). Oil Products is holding this inventory in
*P17-16 (L06) (Cash Flow Hedge) LEW Jewelry Co. uses gold in the manufacture of its products. LEW anticipates that it will need to purchase 500 ounces of gold in October 2017, for jewelry that will
*P17-15 (L06) EXCEL (Fair Value Hedge Interest Rate Swap) On December 31, 2017, Mercantile Corp. had a $10,000,000, 8% fixed-rate note outstanding, payable in 2 years. It decides to enter into a
*P17-14 (L05) (Free-Standing Derivative) Warren Co. purchased a put option on Echo common shares on January 7, 2017, for $360. The put option is for 400 shares, and the strike price is $85 (which
*P17-13 (L05) (Derivative Financial Instrument) Johnstone Co. purchased a put option on Ewing common shares on July 7, 2017, for $240. The put option is for 200 shares, and the strike price is $70.
*P17-12 (L05) EXCEL (Derivative Financial Instrument) The treasurer of Miller Co. has read on the Internet that the stock price of Wade Inc. is about to take off. In order to profit from this
(L02,4) (Equity Securities—Statement Presentation) Fernandez Corp. invested its excess cash in securities during 2017. As of December 31, 2017, the securities portfolio consisted of the following
(L02) EXCEL (Equity Investments) Castleman Holdings, Inc. had the following equity investment portfolio at January 1, 2017.Evers Company 1,000 shares @ $15 each $15,000 Rogers Company 900 shares @
(L02,4) (Gain on Sale of Investments and Comprehensive Income) On January 1, 2017, Acker Inc. had the following balance sheet.The accumulated other comprehensive income related to unrealized holding
(L02,3) (Fair Value and Equity Methods) Brooks Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time
(L01) (Available-for-Sale and Held-to-Maturity Debt Securities Entries) The following information relates to the debt securities investments of Wildcat Company.1. On February 1, the company purchased
(L02) (Equity Securities Entries) McElroy Company has the following portfolio of investment securities at September 30, 2017, its most recent reporting date.Investment Securities Cost Fair Value
(L02) EXCEL (Equity Securities Entries and Disclosures) Parnevik Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1)
(L01) (Debt Investments) Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale.12/31/17
(L01,2) (Debt and Equity Investments) Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the
(L01) (Available-for-Sale Debt Securities) On January 1, 2017, Novotna Company purchased $400,000, 8% bonds of Aguirre Co. for $369,114. The bonds were purchased to yield 10% interest. Interest is
(L01) (Debt Securities) Presented below is an amortization schedule related to Spangler Company’s 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2015, for
(L04) (EPS with Stock Dividend and Discontinued Operations) Christina Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Christina
(L05) (Computation of Basic and Diluted EPS) The information below pertains to Barkley Company for 2018.Net income for the year $1,200,000 7% convertible bonds issued at par ($1,000 per bond); each
(L04,5) GROUPWORK (Computation of Basic and Diluted EPS) Charles Austin of the controller’s office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per
(L04) (Basic EPS: Two-Year Presentation) Melton Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May
(L03) (Stock-Based Compensation) Assume that Amazon.com has a stock-option plan for top management. Each stock option represents the right to purchase a share of Amazon $1 par value common stock in
(L03) EXCEL (Stock-Option Plan) Berg Company adopted a stock-option plan on November 30, 2016, that provided that 70,000 shares of $5 par value stock be designated as available for the granting of
(L01) EXCEL (Entries for Conversion, Amortization, and Interest of Bonds) Volker Inc. issued $2,500,000 of convertible 10-year bonds on July 1, 2017. The bonds provide for 12% interest payable
(LO1,2,3) GROUPWORK (Entries for Various Dilutive Securities) The stockholders’ equity section of Martino Inc.at the beginning of the current year appears below.Common stock, $10 par value,
(LO1,2,3,4) (Analysis and Classification of Equity Transactions) Penn Company was formed on July 1, 2015. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of
(LO3,4) (Stock and Cash Dividends) Earnhart Corporation has outstanding 3,000,000 shares of common stock with a par value of $10 each. The balance in its Retained Earnings account at January 1, 2017,
(LO3) WRITING (Stock Dividends and Stock Split) Oregon Inc. $10 par common stock is selling for $110 per share.Four million shares are currently issued and outstanding. The board of directors wishes
(LO1,2,3,4) (Stockholders’ Equity Section of Balance Sheet) The following is a summary of all relevant transactions of Vicario Corporation since it was organized in 2017.In 2017, 15,000 shares were
(LO3) GROUPWORK (Dividends and Splits) Myers Company provides you with the following condensed balance sheet information.Assets Liabilities and Stockholders’ Equity Current assets $ 40,000 Current
(LO3) (Cash Dividend Entries) The books of Conchita Corporation carried the following account balances as of December 31, 2017.Cash $ 195,000 Preferred Stock (6% cumulative, nonparticipating, $50
(LO2,3,4) GROUPWORK (Treasury Stock—Cost Method—Equity Section Preparation) Washington Company has the following stockholders’ equity accounts at December 31, 2017.Common Stock ($100 par value,
(LO2) EXCEL (Treasury Stock—Cost Method) Before Gordon Corporation engages in the treasury stock transactions listed on the next page, its general ledger reflects, among others, the following
(LO1) (Stock Transactions—Lump Sum) Seles Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock. The following
(LO1,2,3,4) (Equity Transactions and Statement Preparation) Hatch Company has two classes of capital stock outstanding:8%, $20 par preferred and $5 par common. At December 31, 2017, the following
(LO2,4) (Treasury Stock Transactions and Presentation) Clemson Company had the following stockholders’ equity as of January 1, 2017.Common stock, $5 par value, 20,000 shares issued $100,000 Paid-in
(L01,2,3,4) EXCEL GROUPWORK (Equity Transactions and Statement Preparation) On January 5, 2017, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8%
(L06) (Debtor/Creditor Entries for Continuation of Troubled Debt with New Effective Interest) Crocker Corp.owes D. Yaeger Corp. a 10-year, 10% note in the amount of $330,000 plus $33,000 of accrued
(L06) (Restructure of Note under Different Circumstances) Halvor Corporation is having financial difficulty and therefore has asked Frontenac National Bank to restructure its $5 million note
*P 14-12 (L06) (Debtor/Creditor Entries for Continuation of Troubled Debt) Daniel Perkins is the sole shareholder of Perkins Inc., which is currently under protection of the U.S. bankruptcy court. As
(L01) WRITING (Effective-Interest Method) Samantha Cordelia, an intermediate accounting student, is having difficulty amortizing bond premiums and discounts using the effective-interest method.
(L01,2,5) GROUPWORK (Comprehensive Problem: Issuance, Classification, Reporting) The following are four independent situations.(a) On March 1, 2018, Wilke Co. issued at 103 plus accrued interest
(L03) (Entries for Zero-Interest-Bearing Note; Payable in Installments) Sabonis Cosmetics Co. purchased machinery on December 31, 2016, paying $50,000 down and agreeing to pay the balance in four
(L03) (Entries for Zero-Interest-Bearing Note) On December 31, 2017, Faital Company acquired a computer from Plato Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on
(L01,2) (Entries for Life Cycle of Bonds) On April 1, 2017, Seminole Company sold 15,000 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the
(L01,2) GROUPWORK (Issuance of Bonds between Interest Dates, Straight-Line, Redemption) Presented below are selected transactions on the books of Simonson Corporation.May 1, 2017 Bonds payable with a
(L01,2) EXCEL (Comprehensive Bond Problem) In each of the following independent cases, the company closes its books on December 31.1. Sanford Co. sells $500,000 of 10% bonds on March 1, 2017. The
(L01,2,5) (Issuance and Redemption of Bonds; Income Statement Presentation) Holiday Company issued its 9%, 25-year mortgage bonds in the principal amount of $3,000,000 on January 2, 2003, at a
(L01,3) (Negative Amortization) Good-Deal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Good-Deal offered a low
(L01,2) EXCEL (Issuance and Redemption of Bonds) Venezuela Co. is building a new hockey arena at a cost of$2,500,000. It received a downpayment of $500,000 from local businesses to support the
(L01) GROUPWORK (Analysis of Amortization Schedule and Interest Entries) The following amortization and interest schedule reflects the issuance of 10-year bonds by Capulet Corporation on January 1,
(L03) (Warranty and Coupon Computation) Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2018.1. Its line of amplifiers carries a
(L03) WRITING GROUPWORK (Liability Errors) You are the independent auditor engaged to audit Millay Corporation’s December 31, 2017, financial statements. Millay manufactures household appliances.
(L03) (Warranties and Premiums) Garison Music Emporium carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. Garison uses two sales promotion
(L03) WRITING (Loss Contingencies: Entries and Essays) Polska Corporation, in preparation of its December 31, 2017, financial statements, is attempting to determine the proper accounting treatment
(L03) WRITING (Loss Contingencies: Entries and Essay) On November 24, 2017, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal
(L03,4) (Premium Entries and Financial Statement Presentation) Sycamore Candy Company offers an MP3 download(seven-single medley) as a premium for every five candy bar wrappers presented by customers
(L03) (Premium Entries) To stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box. Five coupons are redeemable for a premium consisting of a children’s
(L03) (Warranties) Alvarado Company sells a machine for $7,400 with a 12-month warranty agreement that requires the company to replace all defective parts and to provide the repair labor at no cost

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