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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

(L03) (Extended Warranties) Dos Passos Company sells televisions at an average price of $900 and also offers to each customer a separate 3-year warranty contract for $90 that requires the company to
(L03) GROUPWORK (Warranties) Brooks Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor.
(L01) EXCEL (Payroll Tax Entries) The following is a payroll sheet for Otis Import Company for the month of September 2017. The company is allowed a 1% unemployment compensation rate by the state;
(L01) (Payroll Tax Entries) Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation
(L01,3) EXCEL (Liability Entries and Adjustments) Listed below are selected transactions of Schultz Department Store for the current year ending December 31.1. On December 5, the store received $500
(L01) GROUPWORK (Current Liability Entries and Adjustments) Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system.1. On February 2, the
(L02,4,5) (Accounting for R&D Costs) During 2015, Wright Tool Company purchased a building site for its proposed research and development laboratory at a cost of $60,000. Construction of the building
(L01,2,3,4) EXCEL (Comprehensive Intangible Assets) Montana Matt’s Golf Inc. was formed on July 1, 2016, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf
(L03,4,5) GROUPWORK (Goodwill, Impairment) On July 31, 2017, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division of Mexico. Conchita
(L01,2,5) (Accounting for Franchise, Patents, and Trademark) Information concerning Sandro Corporation’s intangible assets is as follows.1. On January 1, 2017, Sandro signed an agreement to operate
(L01,2,4,5) EXCEL (Accounting for Patents) Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Fields does not manufacture or
(L01,2,3,5) GROUPWORK (Correct Intangible Assets Account) Reichenbach Co., organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries
*P 11-12 (L01,6) EXCEL (Depreciation—SL, DDB, SYD, Act., and MACRS) On January 1, 2016, Locke Company, a small machine-tool manufacturer, acquired for $1,260,000 a piece of new industrial
(L01,2) (Depreciation for Partial Periods—SL, Act., SYD, and DDB) On January 1, 2015, a machine was purchased for $90,000. The machine has an estimated salvage value of $6,000 and an estimated
(L01) GROUPWORK (Comprehensive Depreciation Computations) Kohlbeck Corporation, a manufacturer of steel products, began operations on October 1, 2016. The accounting department of Kohlbeck has
(L03) (Impairment) Roland Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2016 for $10,000,000 and had an estimated useful life of 8 years
(L01) GROUPWORK (Comprehensive Fixed-Asset Problem) Darby Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The last two Olympic Games
(L01,4) (Natural Resources—Timber) Bronson Paper Products purchased 10,000 acres of forested timberland in March 2017. The company paid $1,700 per acre for this land, which was above the $800 per
(L04) (Depletion, Timber, and Unusual Loss) Conan O’Brien Logging and Lumber Company owns 3,000 acres of timberland on the north side of Mount Leno, which was purchased in 2005 at a cost of $550
(L01,4) (Depletion and Depreciation—Mining) Khamsah Mining Company has purchased a tract of mineral land for$900,000. It is estimated that this tract will yield 120,000 tons of ore with sufficient
(L01,2) (Depreciation and Error Analysis) A depreciation schedule for semi-trucks of Ichiro Manufacturing Company was requested by your auditor soon after December 31, 2018, showing the additions,
(L01,2) (Depreciation—SYD, Act., SL, and DDB) The following data relate to the Machinery account of Eshkol, Inc. at December 31, 2017.Machinery A B C D Original cost $46,000 $51,000 $80,000 $80,000
(L01,2) (Depreciation for Partial Periods—SL, Act., SYD, and Declining-Balance) The cost of equipment purchased by Charleston, Inc., on June 1, 2017, is $89,000. It is estimated that the machine
(L02) EXCEL GROUPWORK (Depreciation for Partial Period—SL, SYD, and DDB) Alladin Company purchased Machine #201 on May 1, 2017. The following information relating to Machine #201 was gathered at
(L01,4) (Purchases by Deferred Payment, Lump-Sum, and Nonmonetary Exchanges) Klamath Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to expand its
(L04) (Nonmonetary Exchanges) During the current year, Marshall Construction trades an old crane that has a book value of $90,000 (original cost $140,000 less accumulated depreciation $50,000) for a
(L04) (Nonmonetary Exchanges) On August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde’s asset is referred to below as “Asset A,” and Wiggins’ is referred to as “Asset
(L04) (Nonmonetary Exchanges) Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry.1. Dorsett
(L03) GROUPWORK (Capitalization of Interest) Laserwords Inc. is a book distributor that had been operating in its original facility since 1987. The increase in certification programs and continuing
(L01,3) (Interest During Construction) Grieg Landscaping began construction of a new plant on December 1, 2017. On this date, the company purchased a parcel of land for $139,000 in cash. In addition,
(L01,3) EXCEL (Classification of Costs and Interest Capitalization) On January 1, 2017, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real
(L01,4,6) GROUPWORK (Dispositions, Including Condemnation, Demolition, and Trade-In) Presented below is a schedule of property dispositions for Hollerith Co.Schedule of Property Dispositions Cost
(L01,2,4) (Classification of Land and Building Costs) Spitfire Company was incorporated on January 2, 2018, but was unable to begin manufacturing activities until July 1, 2018, because new factory
(L01,6) (Classification of Acquisition Costs) Selected accounts included in the property, plant, and equipment section of Lobo Corporation’s balance sheet at December 31, 2016, had the following
(L01) EXCEL (Classification of Acquisition and Other Asset Costs) At December 31, 2016, certain accounts included in the property, plant, and equipment section of Reagan Company’s balance sheet had
(L07) (Change to LIFO Retail) Diderot Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO retail method beginning with the accounting year ending December
(AICPA adapted)*P 9-13 (L07) GROUPWORK (Retail, LIFO Retail, and Inventory Shortage) Late in 2014, Joan Seceda and four other investors took the chain of Becker Department Stores private, and the
*P 9-12 (L07) (Conventional and Dollar-Value LIFO Retail) As of January 1, 2017, Aristotle Inc. adopted the retail method of accounting for its merchandise inventory.To prepare the store’s
(L01,3,6) (Statement and Note Disclosure, LCNRV, and Purchase Commitment) Maddox Specialty Company, a division of Lost World Inc., manufactures three models of gear shift components for bicycles that
(L05) GROUPWORK (Retail Inventory Method) Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single
(L05) (Retail Inventory Method) Presented below is information related to Waveland Inc.Cost Retail Inventory, 12/31/17 $250,000 $ 390,000 Purchases 914,500 1,460,000 Purchase returns 60,000 80,000
(L05) EXCEL (Retail Inventory Method) The records for the Clothing Department of Sharapova’s Discount Store are summarized below for the month of January.Inventory, January 1: at retail $25,000; at
(L04) (Gross Profit Method) Eastman Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following.Inventory
(L02) WRITING (Lower-of-Cost-or-Market) Fiedler Co. follows the practice of valuing its inventory at the lower-ofcost-or-market. The following information is available from the company’s inventory
for Garcia Home Improvement Company, consider the following expanded data at May 31, 2017. Assume Garcia uses LIFO inventory costing.Replacement Sales Net Realizable Normal Cost Cost Price Value
(L02) EXCEL GROUPWORK (Lower-of-Cost-or-Market) Referring to the situation in
(L01) (LCNRV—Cost-of-Goods-Sold and Loss) Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2017, December 31, 2018, and December 31, 2019, as shown below.Cost NRV
(L01) (LCNRV) Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of
(L01) (LCNRV) Remmers Company manufactures desks. Most of the company’s desks are standard models and are sold on the basis of catalog prices. At December 31, 2017, the following finished desks (10
(L04) WRITING (Dollar-Value LIFO) Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who
(L03) (Compute FIFO, LIFO, and Average-Cost) Some of the information found on a detail inventory card for Slatkin Inc. for the first month of operations is as follows.Received Issued, Balance, Date
(L03) EXCEL (Compute FIFO, LIFO, and Average-Cost) Hull Company’s record of transactions concerning part X for the month of April was as follows.Purchases Sales April 1 (balance on hand) 100 @
(L02) EXCEL (Purchases Recorded Gross and Net) Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method.August 10 Purchased merchandise on
(L02) GROUPWORK (Inventory Adjustments) Dimitri Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2017.Inventory
(L09) (Expected Cash Flows) On January 1, 2017, Botosan Company issued a $1,200,000, 5-year, zero-interestbearing note to National Organization Bank. The note was issued to yield 8% annual interest.
(L08) (Bank Reconciliation and Adjusting Entries) The cash account of Aguilar Co. showed a ledger balance of$3,969.85 on June 30, 2017. The bank statement as of that date showed a balance of $4,150.
(L06,7) GROUPWORK (Income Effects of Receivables Transactions) Sandburg Company requires additional cash for its business. Sandburg has decided to use its accounts receivable to raise the additional
(L06) (Assigned Accounts Receivable—Journal Entries) Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2017, it assigned, under
(L04) (Comprehensive Receivables Problem) Braddock Inc. had the following long-term receivable account balances at December 31, 2016.Note receivable from sale of division $1,500,000 Note receivable
(L04) (Notes Receivable Journal Entries) On December 31, 2017, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the
(L04) (Notes Receivable with Realistic Interest Rate) On October 1, 2017, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco
(L02,3) (Journalize Various Accounts Receivable Transactions) The balance sheet of Starsky Company at December 31, 2016, includes the following.Notes receivable $ 36,000 Accounts receivable 182,100
(L03) (Bad-Debt Reporting) Presented below is information related to the Accounts Receivable accounts of Gulistan Inc.during the current year 2017.1. An aging schedule of the accounts receivable as
(L03) (Bad-Debt Reporting) From inception of operations to December 31, 2017, Fortner Corporation provided for uncollectible accounts receivable under the allowance method. The provisions are
(L03) EXCEL (Bad-Debt Reporting—Aging) Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow’s Accounts Receivable
(L05) (Fair Value Estimate) Murphy Mining Company recently purchased a quartz mine that it intends to work for the next 10 years. According to state environmental laws, Murphy must restore the mine
(L04,5) (Expected Cash Flows and Present Value) Danny’s Lawn Equipment sells high-quality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2017, Danny sold $300,000 of new
(L05) ETHICS (Pension Funding) Craig Brokaw, newly appointed controller of STL, is considering ways to reduce his company’s expenditures on annual pension costs. One way to do this is to switch
(L05) (Pension Funding) You have been hired as a benefit consultant by Jean Honore, the owner of Attic Angels. She wants to establish a retirement plan for herself and her three employees. Jean has
(L02,4) (Analysis of Lease vs. Purchase) Dunn Inc. owns and operates a number of hardware stores in the New England region. Recently, the company has decided to locate another store in a rapidly
(L02,4) (Analysis of Business Problems) James Kirk is a financial executive with McDowell Enterprises. Although James Kirk has not had any formal training in finance or accounting, he has a “good
(L04) (Analysis of Alternatives) Ellison Inc., a manufacturer of steel school lockers, plans to purchase a new punch press for use in its manufacturing process. After contacting the appropriate
(L02,3,4) (Time Value Concepts Applied to Solve Business Problems) Answer the following questions related to Dubois Inc.(a) Dubois Inc. has $600,000 to invest. The company is trying to decide between
(L05) (Purchase Price of a Business) During the past year, Stacy McGill planted a new vineyard on 150 acres of land that she leases for $30,000 a year. She has asked you, as her accountant, to assist
(L02,4) (Analysis of Alternatives) Julia Baker died, leaving to her husband Brent an insurance policy contract that provides that the beneficiary (Brent) can choose any one of the following four
(L04) EXCEL (Evaluating Payment Alternatives) Howie Long has just learned he has won a $500,000 prize in the lottery.The lottery has given him two options for receiving the payments. (1) If Howie
(L02,4) (Analysis of Alternatives) Assume that Wal-Mart Stores, Inc. has decided to surface and maintain for 10 years a vacant lot next to one of its stores to serve as a parking lot for customers.
(L02,3,4) GROUPWORK EXCEL (Various Time Value Situations) Using the appropriate interest table, provide the solution to each of the following four questions by computing the unknowns.(a) What is the
(L02,4) GROUPWORK (Various Time Value Situations) Answer each of these unrelated questions.(a) On January 1, 2017, Fishbone Corporation sold a building that cost $250,000 and that had accumulated
*P3-12 (L03,4,5,9) (Worksheet, Balance Sheet, Adjusting and Closing Entries) Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented
*P3-11 (L07) (Cash and Accrual Basis) On January 1, 2017, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,000 cash. The new company,
(L03) (Adjusting Entries) A review of the ledger of Baylor Company at December 31, 2017, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages
(L02,4,5) (Transactions, Financial Statements—Service Company) Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September.Sept. 1 Kawabata begins practice as a
Subsequent events are reviewed through which date under IFRS?(a) Statement of financial position date.(b) Sixty days after the year-end date.(c) Date of independent auditor’s opinion.(d)
Differential reporting for small- and medium-sized entities:(a) is required for all companies less than a certain size.(b) omits accounting topics not relevant for SMEs, such as earnings per share,
Which of the following is false?(a) In general, IFRS note disclosures are more expansive compared to GAAP.(b) GAAP and IFRS have similar standards on subsequent events.(c) Both IFRS and GAAP require
For purposes of the statement of cash flows, under IFRS income taxes paid are treated as:(a) cash fl ows from operating activities unless they can be separately identifi ed as part of investing or fi
For purposes of the statement of cash flows, under IFRS interest paid is treated as:(a) an operating activity in all cases.(b) an investing or operating activity, depending on use of the borrowed
Under IFRS, significant non-cash transactions:(a) are classifi ed as operating, if they are related to income items.(b) are excluded from the statement of cash fl ows and disclosed in a narrative
In the case of a bank overdraft:(a) GAAP typically includes the amount in cash and cash equivalents.(b) IFRS typically includes the amount in cash equivalents but not in cash.(c) GAAP typically
Which of the following is true regarding the statement of cash flows under IFRS?(a) The statement of cash fl ows has two major sections—operating and non-operating.(b) The statement of cash fl ows
Which of the following is true regarding whether IFRS specifically addresses the accounting and reporting for effects of changes in accounting policies?Direct effects Indirect effects(a) Yes Yes(b)
Under IFRS, the retrospective approach should not be used if:(a) retrospective application requires assumptions about management’s intent in a prior period.(b) the company does not have trained
IFRS requires companies to use which method for reporting changes in accounting policies?(a) Cumulative effect approach.(b) Retrospective approach.(c) Prospective approach.(d) Averaging approach.
Which of the following is not classified as an accounting change by IFRS?(a) Change in accounting policy.(b) Change in accounting estimate.(c) Errors in fi nancial statements.(d) None of the above.
Which of the following is false?(a) GAAP and IFRS have the same absolute standard regarding the reporting of error corrections in previously issued fi nancial statements.(b) The accounting for
All of the following statements about lease accounting under IFRS and GAAP are true except:(a) IFRS requires a year-by-year breakout of payments related to leasing arrangements.(b) IFRS is more
Which of the following statements is true when comparing the accounting for leasing transactions under GAAP with IFRS?(a) IFRS for leases is more “rules-based” than GAAP and includes many
A lease that involves a manufacturer’s or dealer’s profit is a(an):(a) direct financing lease.(b) finance lease.(c) operating lease.(d) sales-type lease.
Under IFRS, in computing the present value of the minimum lease payments, the lessee should:(a) use its incremental borrowing rate in all cases.(b) use either its incremental borrowing rate or the

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