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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

E5-7 (L03) EXCEL (Current Assets Section of the Balance Sheet) Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2017.The following additional information is
E5-9 (L02,3) (Current Assets and Current Liabilities) The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows.The following errors
E5-11 (L03) EXCEL (Balance Sheet Preparation) Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2017.Additional information:1. Net loss for the year was $2,500.2. No
E5-12 (L03) (Preparation of a Balance Sheet) Presented below is the trial balance of Scott Butler Corporation at December 31, 2017.Instructions Prepare a balance sheet at December 31, 2017, for Scott
E5-14 (L05) (Preparation of a Statement of Cash Flows) The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2017 are as follows.Net income of $44,000
E5-15 (L05,6) (Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December
E5-16 (L05,6) (Preparation of a Statement of Cash Flows) A comparative balance sheet for Shabbona Corporation is presented below.Additional information:1. Net income for 2017 was $125,000. No gains
E5-17 (L03,5) (Preparation of a Statement of Cash Flows and a Balance Sheet) Grant Wood Corporation’s balance sheet at the end of 2016 included the following items.The following information is
E5-18 (L05,6) (Preparation of a Statement of Cash Flows, Analysis) The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2017 appear below.Net income of $44,000
E8-13 (L03) (Compute FIFO, LIFO, Average-Cost—Periodic) Presented below is information related to Blowfish radios for the Hootie Company for the month of July.Instructions (a) Assuming that the
E8-14 (L03) (FIFO and LIFO—Periodic and Perpetual) The following is a record of Pervis Ellison Company’s transactions for Boston Teapots for the month of May 2017.Instructions (a) Assuming that
E8-15 (L03) (FIFO and LIFO; Income Statement Presentation) The board of directors of Ichiro Corporation is considering whether or not it should instruct the accounting department to shift from a
E8-16 (L03) (FIFO and LIFO Effects) You are the vice president of finance of Sandy Alomar Corporation, a retail company that prepared two different schedules of gross margin for the first quarter
E8-17 (L03) (FIFO and LIFO—Periodic) Johnny Football Shop began operations on January 2, 2017. The following stock record card for footballs was taken from the records at the end of the year.A
E8-18 (L04) (LIFO Effect) The following example was provided to encourage the use of the LIFO method. In a nutshell, LIFO subtracts inflation from inventory costs, deducts it from taxable income, and
E8-19 (L03,4) (Alternative Inventory Methods—Comprehensive) Tori Amos Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on
E8-20 (L04) (Dollar-Value LIFO) Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Oasis’
E8-22 (L04) (Dollar-Value LIFO) Presented below is information related to Dino Radja Company.Instructions Compute the ending inventory for Dino Radja Company for 2014 through 2019 using the
E8-26 (L05) (Inventory Errors) The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated.Instructions Prepare a worksheet to show the adjusted net
E8-25 (L05) (Inventory Errors) At December 31, 2016, Stacy McGill Corporation reported current assets of $370,000 and current liabilities of $200,000. The following items may have been recorded
E8-24 (L05) (Inventory Errors—Periodic) Ann M. Martin Company makes the following errors during the current year.(Evaluate each case independently and assume ending inventory in the following year
E8-21 (L04) (Dollar-Value LIFO) The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2017. Its inventory on that date was $160,000. On December 31, 2017, the inventory at prices
E8-12 (L03) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed on December 1, 2016. The following information is available from Twain’s inventory records for Product BAP.Purchases
E8-11 (L03) (FIFO, LIFO and Average-Cost Determination) John Adams Company’s record of transactions for the month of April was as follows.Instructions (a) Assuming that periodic inventory records
E8-10 (L03) (FIFO and LIFO—Periodic and Perpetual) Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June.June 1 Balance 300 units @ $10
E8-9 (L03) EXCEL (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.Jan. 1 Inventory 100 units at $5 each
E8-8 (L02) (Purchases Recorded, Gross Method) Cruise Industries purchased $10,800 of merchandise on February 1, 2017, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It
E8-7 (L02) (Purchases Recorded Net) Presented below are transactions related to Tom Brokaw, Inc.May 10 Purchased goods billed at $15,000 subject to cash discount terms of 2/10, n/60.11 Purchased
E8-6 (L02) (Determining Merchandise Amounts—Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.2016 2017
E8-5 (L02) (Inventoriable Goods and Costs—Error Adjustments) Craig Company asks you to r eview its December 31, 2017, inventory values and prepare the necessary adjustments to the books. The
E8-4 (L02) (Inventoriable Goods and Costs—Perpetual) Colin Davis Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the
E8-3 (L02) (Inventoriable Goods and Costs) Assume that in an annual audit of Harlowe Inc. at December 31, 2017, you find the following transactions near the closing date.1. A special machine,
E8-2 (L02) EXCEL (Inventoriable Goods and Costs) In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $441,000 was on hand
E8-1 (L02) (Inventoriable Goods and Costs) Presented below is a list of items that may or may not be reported as inventory in a company’s December 31 balance sheet.1. Goods out on consignment at
E7-27 (L09) (Expected Cash Flows) On December 31, 2017, Conchita Martinez Company signed a $1,000,000 note to Sauk City Bank. The market interest rate at that time was 12%. The stated interest rate
E7-26 (L09) (Expected Cash Flows) On December 31, 2017, Iva Majoli Company borrowed $62,092 from Paris Bank, signing a 5-year, $100,000 zero-interest-bearing note. The note was issued to yield 10%
E7-25 (L08) (Bank Reconciliation and Adjusting Entries) Logan Bruno Company has just received the August 31, 2017, bank statement, which is summarized below.County National Bank Disbursements
E7-24 (L08) (Bank Reconciliation and Adjusting Entries) Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash
E7-23 (L08) (Petty Cash) The petty cash fund of Fonzarelli’s Auto Repair Service, a sole proprietorship, contains the following.1. Coins and currency $ 15.20 2. Postage stamps 2.90 3. An I.O.U.
E7-22 (L08) (Petty Cash) Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the
E7-21 (L06,7) (Transfer of Receivables) Use the information for Jones Company as presented in E7-20. Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling
E7-20 (L07) (Analysis of Receivables) Presented below is information for Jones Company.1. Beginning-of-the-year Accounts Receivable balance was $15,000.2. Net sales (all on account) for the year were
E7-19 (L06) (Transfer of Receivables without Recourse) JFK Corp. factors $300,000 of accounts receivable with LBJ Finance Corporation on a without recourse basis on July 1, 2017. The receivables
E7-18 (L06) (Transfer of Receivables with Recourse) Beyoncé Corporation factors $175,000 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle
E7-17 (L06) (Transfer of Receivables with Recourse) Ames Quartet Inc. factors receivables with a carrying amount of $200,000 to Joffrey Company for $160,000 on a with recourse basis.Instructions The
E7-16 (L02,3,6) (Journalizing Various Receivable Transactions) The trial balance before adjustment for Phil Collins Company shows the following balances.Dr. Cr.Accounts Receivable $82,000 Allowance
E7-15 (L06) (Assigning Accounts Receivable) On April 1, 2017, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1,
E7-14 (L04,6) (Notes Receivable with Unrealistic Interest Rate) On December 31, 2015, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Abbey Co.
E7-13 (L04) (Note Transactions at Unrealistic Interest Rates) On July 1, 2017, Agincourt Inc. made two sales.1. It sold land having a fair value of $700,000 in exchange for a 4-year
E7-12 (L02,3,6) (Journalizing Various Receivable Transactions) Presented below is information related to James Garfield Corp., which sells merchandise with terms 2/10, net 60. Garfield records its
E7-11 (L03) (Bad Debts—Aging) Danica Patrick, Inc. includes the following account among its trade receivables.Hopkins Co.1/1 Balance forward 700 1/28 Cash (#1710) 1,100 1/20 Invoice #1710 1,100 4/2
E7-10 (L03) (Bad-Debt Reporting) The chief accountant for Dickinson Corporation provides you with the following list of accounts receivable written off in the current year.Date Customer Amount March
E7-9 (L03) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Taylor Swift Inc.shows the following balances.Dr. Cr.Accounts Receivable $90,000 Allowance for
E7-8 (L03) (Recording Bad Debts) At the end of 2017, Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2018, Aramis Company
E7-7 (L03) (Recording Bad Debts) Duncan Company reports the following financial information before adjustments.Dr. Cr.Accounts Receivable $100,000 Allowance for Doubtful Accounts $ 2,000 Sales
E7-6 (L02) (Recording Sales Transactions) Presented below is information from Perez Computers Incorporated.July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the
E7-5 (L02) EXCEL (Recording Sales Gross and Net) On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $3,000 with terms of 2/10, n/60, f.o.b. shipping point. An
E7-4 (L02) (Determining Ending Accounts Receivable) Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $1,500 per month, has just purchased a new Acura. You decide to test the
E7-3 (L02) (Financial Statement Presentation of Receivables) Jim Carrie Company shows a balance of $181,140 in the Accounts Receivable account on December 31, 2017. The balance consists of the
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations.Instructions For each individual situation, determine the amount that should be reported as cash. If the
E7-1 (L01) EXCEL (Determining Cash Balance) The controller for Clint Eastwood Co. is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The following
E6-22 (L05) (Fair Value Estimate) Killroy Company owns a trade name that was purchased in an acquisition of McClellan Company. The trade name has a book value of $3,500,000, but according to GAAP, it
E6-21 (L05) (Expected Cash Flows and Present Value) Keith Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 2 years to overhaul the engine on his
E6-20 (L05) (Expected Cash Flows) For each of the following, determine the expected cash flows.Cash Flow Probability Estimate Assessment (a) $ 4,800 20%6,300 50%7,500 30%(b) $ 5,400 30%7,200 50%8,400
E6-19 (L04) (Least Costly Payoff) Assuming the same facts as those in E6-18 except that the payments must begin now and be made on the first day of each of the 15 years, what payment method would you
E6-18 (L04) (Least Costly Payoff) Assume that Sonic Foundry Corporation has a contractual debt outstanding. Sonic has available two means of settlement. It can either make immediate payment of
E6-17 (L04) (Computation of Amount of Rentals) Your client, Keith Moreland Leasing Company, is preparing a contract to lease a machine to Souvenirs Corporation for a period of 25 years. Moreland has
E6-16 (L03) (Retirement of Debt) Ricky Fowler borrowed $70,000 on March 1, 2015. This amount plus accrued interest at 6%compounded semiannually is to be repaid March 1, 2025. To retire this debt,
E6-15 (L02,3) (Investment Decision) Andrew Bogut just received a signing bonus of $1,000,000. His plan is to invest this payment in a fund that will earn 8%, compounded annually.Instructions (a) If
E6-14 (L05) (Computation of Pension Liability) Nerwin, Inc. is a furniture manufacturing company with 50 employees.Recently, after a long negotiation with the local labor union, the company decided
E6-13 (L05) (Computation of Bond Liability) Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet
E6-12 (L04) (Analysis of Alternatives) The Black Knights Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to
E6-11 (L04) (Evaluation of Purchase Options) Sosa Excavating Inc. is purchasing a bulldozer. The equipment has a price of $100,000. The manufacturer has offered a payment plan that would allow Sosa
E6-10 (L02) (Unknown Periods and Unknown Interest Rate) Consider the following independent situations.(a) Mike Finley wishes to become a millionaire. His money market fund has a balance of $92,296
E6-9 (L02) (Unknown Rate) LEW Company purchased a machine at a price of $100,000 by signing a note payable, which requires a single payment of $123,210 in 2 years. Assuming annual compounding of
E6-8 (L05) (Computations for a Retirement Fund) Clarence Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 8% basis that will enable
E6-7 (L05) (Computation of Bond Prices) What would you pay for a $100,000 debenture bond that matures in 15 years and pays $5,000 a year in interest if you wanted to earn a yield of:(a) 4%? (b) 5%?
E6-6 (L02,3,4) (Future Value and Present Value Problems) Presented below are three unrelated situations.(a) Dwayne Wade Company recently signed a lease for a new office building, for a lease period
E6-5 (L04) (Computation of Present Value) Using the appropriate interest table, compute the present values of the following periodic amounts due at the end of the designated periods.(a) $30,000
E6-4 (L03,4) (Computation of Future Values and Present Values) Using the appropriate interest table, answer the following questions. (Each case is independent of the others).(a) What is the future
E6-3 (L02,3,4) EXCEL (Computation of Future Values and Present Values) Using the appropriate interest table, answer each of the following questions. (Each case is independent of the others.)(a) What
E6-2 (L01,2) EXCEL (Simple and Compound Interest Computations) Alan Jackson invests $20,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At
E6-1 (L01) (Using Interest Tables) For each of the following cases, indicate (a) to what rate columns, and (b) to what number of periods you would refer in looking up the interest factor.1. In a
E5-13 (L04) (Statement of Cash Flows—Classifications) The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the
E5-10 (L02,3) (Current Liabilities) Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. The following transactions
E5-8 (L02) (Current vs. Long-term Liabilities) Frederic Chopin Corporation is preparing its December 31, 2017, balance sheet. The following items may be reported as either a current or long-term
E5-4 (L02,3) (Preparation of a Classified Balance Sheet) Assume that Denis Savard Inc. has the following accounts at the end of the current year.1. Common Stock.2. Discount on Bonds Payable.3.
E5-3 (L02,3) (Classification of Balance Sheet Accounts) Assume that Fielder Enterprises uses the following headings on its balance sheet.(a) Current assets. (g) Long-term liabilities.(b) Investments.
E5-2 (L02,3) (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk Company’s balance sheet.(a) Current assets. (f) Current liabilities.(b) Investments. (g) Noncurrent
E5-1 (L02,3) (Balance Sheet Classifications) Presented below are a number of balance sheet accounts of Deep Blue Something, Inc.(a) Debt Investments. (h) Interest Payable.(b) Treasury Stock. (i)
E4-17 (L03,4,6,7) (Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income from continuing operations
E4-16 (L06,7) (Comprehensive Income) C. Reither Co. reports the following information for 2017: sales revenue $700,000, cost of goods sold $500,000, operating expenses $80,000, and an unrealized
E4-15 (L03,7) (Comprehensive Income) Roxanne Carter Corporation reported the following for 2017: net sales $1,200,000, cost of goods sold $750,000, selling and administrative expenses $320,000, and
E4-14 (L05) (Change in Accounting Principle) Tim Mattke Company began operations in 2015 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2017, in accordance with other
E4-13 (L04) (Earnings per Share) At December 31, 2016, Shiga Naoya Corporation had the following stock outstanding.10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock,
E4-12 (L06) EXCEL (Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2017.During its first 3 years of operations, Zambrano reported net income and declared
E4-11 (L03,4) (Condensed Income Statement—Periodic Inventory Method) The following are selected ledger accounts of Spock Corporation at December 31, 2017.Cash $ 185,000 Salaries and wages expense
E4-10 (L04) (Earnings per Share) The stockholders’ equity section of Hendly Corporation appears below as of December 31, 2017.8% preferred stock, $50 par value, authorized 100,000 shares,
E4-9 (L03,4,6) (Multiple-Step Statement with Retained Earnings Statement) Presented below is information related to Ivan Calderon Corp. for the year 2017.Net sales $1,300,000 Write-off of inventory
E4-8 (L03,4) (Income Statement, EPS) Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2017.Cash $ 50,000 Administrative expenses 100,000 Selling expenses 80,000

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