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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

E4-7 (L02,3,4) (Multiple-Step and Single-Step Statements) The accountant of Latifa Shoe Co. has piled the following information from the company’s records as a basis for an income statement for the
E4-6 (L02,3,4) (Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31, 2017.Interest revenue $ 86,000 Accumulated depreciation—equipment $ 40,000
E4-5 (L02,3) EXCEL (Multiple-Step and Single-Step Statements) Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus
E4-4 (L02,3) (Single-Step Income Statement) The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2017. Fortunately, the controller had kept certain statistical data related
E4-3 (L02,4) (Income Statement Items) Presented below are certain account balances of Paczki Products Co.Rent revenue $ 6,500 Sales discounts $ 7,800 Interest expense 12,700 Selling expenses 99,400
E4-2 (L02,4) (Compute Income Measures) Presented below is information related to Viel Company at December 31, 2017, the end of its first year of operations.Sales revenue $310,000 Cost of goods sold
E4-1 (L02) (Computation of Net Income) Presented below are changes in all the account balances of Fritz Mayhew Furniture Co. during the current year, except for retained earnings.Increase Increase
*E3-20 (L03,8) (Adjusting and Reversing Entries) When the accounts of Daniel Barenboim Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal
*E3-18 (L07) (Cash to Accrual Basis) Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis.During 2017, Dr. Accardo collected $142,600 from her patients and paid
E3-17 (L02) (Transactions of a Corporation, Including Investment and Dividend) Scratch Miniature Golf and Driving Range Inc. was opened on March 1 by Scott Verplank. The following selected events and
E3-13 (L05,6) (Closing Entries) The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $800,000,
E3-8 (L03) EXCEL (Adjusting Entries) Andy Roddick is the new owner of Ace Computer Services. At the end of August 2017, his first month of ownership, Roddick is trying to prepare monthly financial
E3-6 (L03) (Adjusting Entries) Karen Weller, D.D.S., opened a dental practice on January 1, 2017. During the first month of operations, the following transactions occurred.1. Performed services for
E3-1 (L02) (Transaction Analysis—Service Company) Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and
(L06) What accounting assumption, principle, or constraint would Target Corporation use in each of the situations below?(a) Target was involved in litigation over the last year. This litigation is
(L06) Vande Velde Company made three investments during 2017. (1) It purchased 1,000 shares of Sastre Company, a start-up company. Vande Velde made the investment based on valuation estimates from an
(L06) Identify which basic principle of accounting is best described in each item below.(a) Norfolk Southern Corporation reports revenue in its income statement when the performance obligation is
(L05) If the going concern assumption is not made in accounting, discuss the differences in the amounts shown in the financial statements for the following items.(a) Land. (d) Inventory.(b)
(L05) Identify which basic assumption of accounting is best described in each item below.(a) The economic activities of FedEx Corporation are divided into 12-month periods for the purpose of issuing
(L04) Explain how you would decide whether to record each of the following expenditures as an asset or an expense.Assume all items are material.(a) Legal fees paid in connection with the purchase of
(L04) For each item below, indicate to which category of elements of financial statements it belongs.(a) Retained earnings (e) Depreciation (h) Dividends(b) Sales (f) Loss on sale of equipment (i)
(L03) Presented below are three different transactions related to materiality. Explain whether you would classify these transactions as material.(a) Blair Co. has reported a positive trend in
(L03) Identify which qualitative characteristic of accounting information is best described in each item below. (Do not use relevance and faithful representation.)(a) The annual reports of Best Buy
(L03) Discuss whether the changes described in each of the cases below require recognition in the CPA’s audit report as to consistency. (Assume that the amounts are material.)(a) The company
(L03) Match the qualitative characteristics below with the following statements.1. Timeliness 5. Faithful representation 2. Completeness 6. Relevance 3. Free from error 7. Neutrality 4.
(L03) Match the qualitative characteristics below with the following statements.1. Relevance 5. Comparability 2. Faithful representation 6. Completeness 3. Predictive value 7. Neutrality 4.
The following are a number of values taken from compound interest tables involving the same number of periods and the same rate of interest. Indicate what each of these four values represents.(a)
Regina Henry deposited $20,000 in a money market certificate that provides interest of 10% compounded quarterly if the amount is maintained for 3 years. How much will Regina have at the end of 3
Will Smith will receive $80,000 5 years from now, from a trust fund established by his father. Assuming the appropriate interest rate for discounting is 12% (compounded semiannually), what is the
Property/casualty insurance companies have been criticized because they reserve for the total loss as much as 5 years before it may happen. The IRS has joined the debate because it says the full
In what accounts should the following items be classified?(a) Coins and currency.(b) U.S. Treasury (government) bonds.(c) Certificate of deposit (matures in 5 months).(d) Cash in a bank that is in
What is a repurchase agreement (product financing)arrangement? How should a product repurchase agreement be reported in the financial statements?
On December 31, 2016, the inventory of Powhattan Company amounts to $800,000. During 2017, the company decides to use the dollar-value LIFO method of costing inventories. On December 31, 2017, the
What approaches may be employed in applying the LCNRV procedure? Which approach is normally used and why?
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases using LCNRV.Cases 1 2 3 4 5 Cost
In some instances, accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases, under the
A fire destroys all of the merchandise of Assante Company on February 10, 2017. Presented below is information compiled up to the date of the fire.Inventory, January 1, 2017 $ 400,000 Sales revenue
(a) Determine the ending inventory under the conventional retail method for the furniture department of Mayron Department Stores from the following data.Cost Retail Inventory, Jan. 1 $ 149,000 $
Discuss the basic accounting problem that arises in handling each of the following situations.(a) Assets purchased by issuance of common stock.(b) Acquisition of plant assets by gift or donation.(c)
A building that was purchased on December 31, 2003, for$2,500,000 was originally estimated to have a life of 50 years with no salvage value at the end of that time. Depreciation has been recorded
Andrea Torbert purchased a computer for $8,000 on July 1, 2017. She intends to depreciate it over 4 years using the double-declining-balance method. Salvage value is $1,000. Compute depreciation for
Wal-Mart Stores, Inc. in 2014 reported net income of$16.4 billion, net sales of $482.2 billion, and average total assets of $204.2 billion. What is Wal-Mart’s asset turnover? What is Wal-Mart’s
Indicate the proper accounting for the following items.(a) Organization costs. (c) Operating losses.(b) Advertising costs.
In 2016, Austin Powers Corporation developed a new product that will be marketed in 2017. In connection with the development of this product, the following costs were incurred in 2016: research and
Potlatch Corporation has issued various types of bonds such as term bonds, income bonds, and debentures.Differentiate between term bonds, mortgage bonds, debenture bonds, income bonds, callable
Distinguish between the following values relative to bonds payable:(a) Maturity value. (c) Market (fair) value.(b) Face value. (d) Par value.
Briggs and Stratton recently issued debt with issue costs of$5.1 million. How should the costs of issuing these bonds be accounted for and classified in the financial statements?
Pierre Company has a 12% note payable with a carrying value of $20,000. Pierre applies the fair value option to this note. Given an increase in market interest rates, the fair value of the note is
How are restrictions of retained earnings reported?*2
McNabb Corp. had $100,000 of 7%, $20 par value preferred stock and 12,000 shares of $25 par value common stock outstanding throughout 2017.(a) Assuming that total dividends declared in 2017 were
Four years after issue, debentures with a face value of$1,000,000 and book value of $960,000 are tendered for conversion into 80,000 shares of common stock immediately after an interest payment date.
Explain how trading debt securities are accounted for and reported.
At what amount should trading, available-for-sale, and held-to-maturity debt securities be reported on the balance sheet?
On July 1, 2017, Wheeler Company purchased $4,000,000 of Duggen Company’s 8% bonds, due on July 1, 2024.The bonds, which pay interest semiannually on January 1 and July 1, were purchased for
If the bonds in Question 8 are classified as available-forsale and they have a fair value at December 31, 2017, of$3,604,000, prepare the journal entry (if any) at December 31, 2017, to record this
Indicate how unrealized holding gains and losses should be reported for debt investments classified as trading, available-for-sale, and held-to-maturity.
(a) Assuming no Fair Value Adjustment account balance at the beginning of the year, prepare the adjusting entry at the end of the year if Laura Company’s available-forsale debt securities have a
Hayes Company sold 10,000 shares of Kenyon Co. common stock for $27.50 per share, incurring $1,770 in brokerage commissions. These securities originally cost $260,000.Prepare the entry to record the
Distinguish between the accounting treatment for marketable versus nonmarketable equity securities.
Where on the asset side of the balance sheet are debt investments classified as trading securities, available-forsale securities, and held-to-maturity securities reported?Explain.
Explain how to account for the impairment of a held-tomaturity debt security.
Franklin Corp. has a debt investment that it has held for several years. When it purchased the debt investment, Franklin classified and accounted for it as available-forsale.Can Franklin use the fair
What was viewed as a major criticism of GAAP as it relates to revenue recognition?
When is revenue recognized in the following situations?(a) Revenue from selling products, (b) revenue from services performed, (c) revenue from permitting others to use company assets, and (d)
Refer to the information in Question
Assume that Allee has limited experience with a construction project on the same scale as the 10 speedboats. How does this affect the accounting for the variable consideration?
In measuring the transaction price, explain the accounting for (a) time value of money, and (b) noncash consideration.
Why in franchise arrangements may it be improper to recognize the entire franchise fee as revenue at the date of sale?
The book basis of depreciable assets for Erwin Co. is$900,000, and the tax basis is $700,000 at the end of 2018.The enacted tax rate is 34% for all periods. Determine the amount of deferred taxes to
Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2018. At the end of 2018, it reports accounts receivable on the books at $90,000 and the tax basis at zero (its only temporary
Lee Company’s current income taxes payable related to its taxable income for 2017 is $320,000. In addition, Lee’s deferred tax liability increased $40,000 and its deferred tax asset increased
Addison Co. has one temporary difference at the beginning of 2017 of $500,000. The deferred tax liability established for this amount is $150,000, based on a tax rate of 30%. The temporary difference
Boey Company reported net income of $25,000 in 2018. It had the following amounts related to its pension plan in 2018: Actuarial liability gain $10,000; Unexpected asset loss $14,000; Accumulated
A headline in the Wall Street Journal stated, “Firms Increasingly Tap Their Pension Funds to Use Excess Assets.” What is the accounting issue related to the use of these “excess assets”
(FASB and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.1. GAAP is the term used to indicate the whole
(GAAP and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.1. The objective of financial statements
(Financial Accounting) Omar Morena has recently completed his first year of studying accounting. His instructor for next semester has indicated that the primary focus will be the area of financial
(Objective of Financial Reporting) Karen Sepan, a recent graduate of the local state university, is presently employed by a large manufacturing company. She has been asked by Jose Martinez,
(Accounting Numbers and the Environment) Hardly a day goes by without an article appearing on the continuing fallout from the financial crisis of 2008. An overheated real estate market, fueled by
(AICPA’s Role in Rule-Making) One of the major groups that has been involved in the standard-setting process is the American Institute of Certified Public Accountants. Initially, it was the primary
(Models for Setting GAAP) Presented below are three models for setting GAAP.1. The purely political approach, where national legislative action decrees GAAP.2. The private, professional approach,
Discuss how a leased building might qualify as an asset of the lessee(tenant) under this definition.
Refer to the definition of assets on page
GROUPWORK (GAAP Terminology) Wayne Rogers, an administrator at a major university, recently said, “I’ve got some CDs in my IRA, which I set up to beat the IRS.” As elsewhere, in the world of
Where should the following items be shown on the balance sheet, if shown at all?(a) Allowance for doubtful accounts.(b) Merchandise held on consignment.(c) Advances received on sales contract.(d)
In what section of the balance sheet should the following items appear, and what balance sheet terminology would you use?(a) Treasury stock (recorded at cost).(b) Checking account at bank.(c) Land
The New York Knicks, Inc. sold 10,000 season tickets at$2,000 each. By December 31, 2017, 16 of the 40 home games had been played. What amount should be reported as a current liability at December
ETHICS (Rule-Making Issues) When the FASB issues new pronouncements, the implementation date is usually 12 months from date of issuance, with early implementation encouraged. Karen Weller,
What is meant by liquidity? Rank the following assets from one to five in order of liquidity.(a) Goodwill. (d) Short-term investments.(b) Inventory. (e) Accounts receivable.(c) Buildings.
What are the two ways that other comprehensive income may be displayed (reported)?
Linus Paper Company decided to close two small pulp mills in Conway, New Hampshire, and Corvallis, Oregon.These two closings do not represent a major shift in strategy for the company. Would these
On January 30, 2016, a suit was filed against Frazier Corporation under the Environmental Protection Act. On August 6, 2017, Frazier Corporation agreed to settle the action and pay $920,000 in
Qualls Corporation reported 2017 earnings per share of $7.21. In 2018, Qualls reported earnings per share as follows.On income from continuing operations $6.40 On discontinued operations 1.88 On net
Neumann Company computed earnings per share as follows.Net income Common shares outstanding at year-end Neumann has a simple capital structure. What possible errors might the company have made in the
Indicate the section of a multiple-step income statement in which each of the following is shown.(a) Loss on inventory write-down.(b) Loss from strike.(c) Bad debt expense.(d) Loss on disposal of a
Indicate where the following items would ordinarily appear on the financial statements of Boleyn, Inc. for the year 2017.(a) The service life of certain equipment was changed from 8 to 5 years. If a
Discuss the appropriate treatment in the financial statements of each of the following.(a) Gain on sale of investment securities.(b) A profit-sharing bonus to employees computed as a percentage of
Distinguish between cash-basis accounting and accrualbasis accounting. Why is accrual-basis accounting acceptable for most businesses and the cash-basis unacceptable in the preparation of an income
Jay Hawk, maintenance supervisor for Boston Insurance Co., has purchased a riding lawnmower and accessories to be used in maintaining the grounds around corporate headquarters. He has sent the
The treasurer of Landowska Co. has heard that conservatism is a doctrine that is followed in accounting and, therefore, proposes that several policies be followed that are conservative in nature.

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