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intermediate accounting volume 2

Questions and Answers of Intermediate Accounting Volume 2

(SCF—Indirect Method) The following is Blue Man Corp.’s comparative balance sheet accounts at December 31, 2008 and 2007, with a column showing the increase (decrease) from 2007 to
(SCF—Indirect Method) The comparative balance sheets for Shenandoah Corporation show the — following information.Instructions Prepare a statement of cash flows using the indirect method. Flood
(SCF—Direct Method) Mardi Gras Company has not yet prepared a formal statement of cash flows for the 2008 fiscal year. Comparative balance sheets as of December 31, 2007 and 2008, and a statement
(SCF—Direct Method) Cleveland Company had available at the end of 2007 the information on page 126AInstructions Prepare a statement of cash flows for Cleveland Company using the direct method
(SCF—Indirect Method) You have completed the field work in connection with your audit of Texas Hold Em Corporation for the year ended December 31, 2008. The balance sheet accounts at the beginning
(SCF—Indirect Method, and Net Cash Flow from Operating Activities, Direct Method) Comparative balance sheet accounts of Secada Inc. are presented below.Instructions (a) Compute net cash flow from
(SCF-Direct and Indirect Methods from Comparative Financial Statements) George Winston Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company.
(SCF—Direct and Indirect Methods) Comparative balance sheet accounts of Jensen Company are presented below.Additional data:1. Equipment that cost $10,000 and was 40% depreciated was sold in 2007.2.
(Indirect SCF) Seneca Corporation has contracted with you to prepare a statement of cash flows. — The controller has provided the following information.Instructions (a) Use the indirect method to
(Analysis of Improper SCF) The following statement was prepared by Abriendo Corporation’s accountant.Instructions (a) In general, what are the objectives of a statement of the type shown above for
(SCF Theory and Analysis of Improper SCF) Gloria Estefan and Flaco Jimenez are examin- ing the following statement of cash flows for Tropical Clothing Store's first year of operations.Gloria claims
(SCF Theory and Analysis of Transactions) John Lee Hooker Company is a young and growing producer of electronic measuring instruments and technical equipment. You have been retained by Hooker to
(Analysis of Transactions’ Effect on SCF) Each of the following items must be considered in preparing a statement of cash flows for Sage Fashions Inc. for the year ended December 31, 2008.1. Fixed
(Purpose and Elements of SCF) In 1987 the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (SFAS) No. 95, “Statement of Cash Flows.”Instructions (a) Explain
(Cash Flow Reporting) Durocher Guitar Company is in the business of manufacturing top- quality, steel-string folk guitars. In recent years the company has experienced working capital problems
The Coca-Cola Company and PepsiCo, Inc.Instructions Go to the KWW website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) What
The March 5, 2002, edition of the Wall Street Journal included an article by Mark Maremont entitled“How Is Tyco Accounting for Its Cash Flow?—Its Touted Measure of Strength Leaves Room for
As noted in the chapter, there is international diversity in the preparation of the statement of cash flows._ For example, under International Accounting Standards companies may choose how to
The following information was described in a note of Cebar Packing Co. "During August, A. Belew Products Corporation pur- chased 311,003 shares of the Company's common stock which constitutes
Identify the segment information that is required to be disclosed by FASB Statement No. 131.
The controller for Chang Lee Inc. recently commented, "If I have to disclose our segments individually, the only people who will gain are our competitors and the only people that will lose are our
Mysteries Inc., a closely held corporation, has decided to go public. The controller, C. Keene, is concerned with presenting interim data when a LIFO inventory valua- tion is used. What problems are
Mary Beidler and Lee Pannebecker are discussing the recent fraud that occurred at LowRental Leasing, Inc. The fraud involved the improper reporting of revenue to en- sure that the company would have
What is the reconciliation required by the SEC for inter- national reports? Why is the reconciliation required?
An annual report of D. Robillard Industries states, "The company and its subsidiaries have long- term leases expiring on various dates after December 31, 2007. Amounts payable under such commit-
Linden Corporation is preparing its December 31, 2006, financial statements. Two events that oc- curred between December 31, 2006, and March 10, 2007, when the statements were issued, are described
Bess Marvin, a student of intermediate accounting, was heard to remark after a class discussion on diversified reporting, "All this is very confusing to me. First we are told that there is merit in
Roder Corporation has seven industry segments with total revenues as follows.Based only on the revenues test, which industry segments are reportable? Genso $600 Sergei $225 Konami 650 Takuhi 200 RPG
Operating profits and losses for the seven industry segments of Roder Corporation are:Based only on the operating profit (loss) test, which industry segments are reportable? Genso Konami $ 90 Sergei
Identifiable assets for the seven industry segments of Roder Corporation are:Based only on the identifiable assets test, which industry segments are reportable? Genso $500 Sergei $200 Konami 550
Aston Martin Company’s budgeted sales and budgeted cost of goods sold for the coming year are $144,000,000 and $90,000,000 respectively. Short-term interest rates are expected to average 10%. If
(Post-Balance-Sheet Events) Madrasah Corporation issued its financial statements for the year ended December 31, 2008, on March 10, 2009. The following events took place early in 2009.(a) On January
(Post-Balance-Sheet Events) For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the
(Segmented Reporting) Carlton Company is involved in four separate industries. The followsores ing information is available for each of the four industries.Instructions Determine which of the
(Ratio Computation and Analysis; Liquidity) As loan analyst for Utrillo Bank, you have been presented the following information.Each of these companies has requested a loan of $50,000 for 6 months
(Analysis of Given Ratios) Picasso Company is a wholesale distributor of professional equipment and supplies. The company’s sales have averaged about $900,000 annually for the 3-year period
(Ratio Analysis) Edna Millay Inc. is a manufacturer of electronic components and accessories with total assets of $20,000,000. Selected financial ratios for Millay and the industry averages for firms
(Subsequent Events) Your firm has been engaged to examine the financial statements of Sabrina Corporation for the year 2008. The bookkeeper who maintains the financial records has prepared all the
(Segmented Reporting) Friendly 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 for
(Ratio Computations and Additional Analysis) Sandburg Corporation was formed 5 years ago 12) through a public subscription of common stock. Robert Frost, who owns 15% of the common stock, was one of
(Horizontal and Vertical Analysis) Presented on page 1338 are comparative balance sheets for the Yevette Company.Instructions (Round to two decimal places.) (a) Prepare a comparative balance sheet of
(Dividend Policy Analysis) Remmers 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, growth has been
(General Disclosures, Inventories, Property, Plant, and Equipment) Dan D. Lion Corporation is in the process of preparing its annual financial statements for the fiscal year ended April 30,
(Disclosures Required in Various Situations) Rem Inc. produces electronic components for sale to manufacturers of radios, television sets, and digital sound systems. In connection with her
(Disclosures, Conditional and Contingent Liabilities) Presented below are three independent situations.Situation 1 A company offers a one-year warranty for the product that it manufactures. A history
(Post-Balance Sheet Events) At December 31, 2007, Angie Brandt Corp. has assets of$10,000,000, liabilities of $6,000,000, common stock of $2,000,000 (representing 2,000,000 shares of $1 par common
(Segment Reporting) You are compiling the consolidated financial statements for Vender Corporation International. The corporation’s accountant, Vincent Price, has provided you with the following
(Segment Reporting—Theory) Presented below is an excerpt from the financial statements of H. J. Heinz Company.Instructions (a) Why does H. J. Heinz not prepare segment information on its products
(Interim Reporting) J.J. Kersee Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its stockholders and the Securities and Exchange Commission(SEC)
(Treatment of Various Interim Reporting Situations) The following statement is an excerpt from Paragraphs 9 and 10 of Accounting Principles Board (APB) Opinion No. 28, "Interim Financial Reporting."
(Disclosure of Estimates-Ethics) Patty Gamble, the financial vice-president, and Victoria Maher, the controller, of Castle Manufacturing Company are reviewing the financial ratios of the com- pany
(Reporting of Subsequent Event-Ethics) In June 2007, the board of directors for Holtzman Enterprises Inc. authorized the sale of $10,000,000 of corporate bonds. Michelle Collins, treasurer for Holtz-
(Effect of Transactions on Financial Statements and Ratios) The transactions listed below relate to Botticelli Inc. You are to assume that on the date on which each of the transactions occurred the
Twin Ricky Inc. (TRI) manufactures a variety of consumer products. The company’s founders have run the company for 30 years and are now interested in retiring. Consequently, they are seeking a
The Coca-Cola Company versus PepsiCo, Inc Instructions Go to the KWW website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a)
Read the article titled “FASB Is Criticized for Inaction on Off-Balance-Sheet Debt Issue,” by Steve Liesman, Jonathan Weil, and Scott Paltrow in the January 18, 2002, Wall Street
Companies registered with the Securities and Exchange Commission are required to file a quarterly report on Form 10-Q within 40 days of the end of the first three fiscal quarters.Instructions Use
Bonnie Raitt Company reported net income of $3.5 mil- lion in 2008. Depreciation for the year was $520,000; accounts receivable increased $500,000; and accounts payable increased $350,000. Compute
Sophie B. Hawkins Co. reported sales on an accrual ba- sis of $100,000. If accounts receivable increased $30,000, and the allowance for doubtful accounts increased $9,000 after a writeoff of $4,000,
The board of directors of Kenny G Corp. declared cash dividends of $260,000 during the current year. If divi- dends payable was $85,000 at the beginning of the year and $70,000 at the end of the
The net income for Silverchair Company for 2008 was $320,000. During 2008, depreciation on plant assets was $114,000, amortization of patent was $40,000, and the company incurred a loss on sale of
Each of the following items must be considered in preparing a statement of cash flows for Frogstomp Inc. for the year ended December 31, 2008. State where each item is to be shown in the statement,
Classify the following items as (1) operating, (2) invest- ing, (3) financing, or (4) significant noncash investing and financing activities, using the direct method. (a) Purchase of equipment. (b)
Clay Walker and David Ball were discussing the pres- entation format of the statement of cash flows of McBride Co. At the bottom of McBride's statement of cash flows was a separate section entitled
During 2008, Adams Company redeemed $2,000,000 of bonds payable for $1,780,000 cash. Indicate how this transaction would be reported on a statement of cash flows, if at all.
American Gladhanders Corporation had the following activities in 2008.1. Sale of land $130,000 4. Purchase of equipment $415,000 2. Purchase of inventory $845,000 5. Issuance of common stock $320,000
. Chrono Trigger Corporation had the following activities in 2008.1. Payment of accounts payable $770,000 4. Collection of note receivable $100,000 2. Issuance of common stock $250,000 5. Issuance of
Ryker Corporation is preparing its 2008 statement of cash flows, using the indirect method. Presented below is a list of items that may affect the statement. Using the code below, indicate how each
Azure Corporation had the following 2008 income statement.The following accounts increased during 2008: accounts receivable $17,000; inventory $11,000; accounts payable $13,000. Prepare the cash
Use the information from BE23-4 for Azure Corporation. Prepare the cash flows from operating activities section of Azure’s 2008 statement of cash flows using the indirect method.
At January 1, 2008, Cyberslider Inc. had accounts receivable of $72,000. At December 31, 2008, accounts receivable is $59,000. Sales for 2008 is $420,000. Compute Cyberslider’s 2008 cash receipts
Cage Corporation had January 1 and December 31 balances as follows.For 2008, cost of goods sold was $500,000. Compute Cage’s 2008 cash payments to suppliers. 1/1/08 12/31/08 Inventory Accounts
In 2008, Fieval Corporation had net cash provided by operating activities of $531,000; net cash used by investing activities of $963,000; and net cash provided by financing activities of $585,000. At
Tool Time Corporation had the following 2008 income statement.In 2008, Tool Time had the following activity in selected accounts.Prepare Tool Time’s cash flows from operating activities section of
Red October Corporation reported net income of $50,000 in 2008. Depreciation expense was$17,000. The following working capital accounts changed.Compute net cash provided by operating activities.
_ In 2008, Izzy Corporation reported a net loss of $70,000. Izzy’s only net income adjustments were depreciation expense $84,000, and increase in accounts receivable $8,100. Compute Izzy’s net
In 2008, Mufosta Inc. issued 1,000 shares of $10 par value common stock for land worth $50,000.(a) Prepare Mufosta’s journal entry to record the transaction.(b) Indicate the effect the transaction
(Classification of Transactions) Red Hot Chili Peppers Co. had the following activity in its most recent year of operations.Instructions Classify the items as (1) operating—add to net income; (2)
(Statement Presentation of Transactions—Indirect Method) Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Turbulent Indigo Inc. for the
(Preparation of Operating Activities Section—Indirect Method, Periodic Inventory) The income statement of Vince Gill Company is shown below.Additional information:1. Accounts receivable decreased
(Preparation of Operating Activities Section—Direct Method) Data for the Vince Gill Company are presented in E23-3.
(Preparation of Operating Activities Section—Direct Method) Krauss Company’s income statement for the year ended December 31, 2007, contained the following condensed information.Krauss’s
(Preparation of Operating Activities Section—Indirect Method) Data for Krauss Company are presented in E23-5.Instructions Prepare the operating activities section of the statement of cash flows
(Computation of Operating Activities—Direct Method) Presented below are two independent situations.Situation A:Annie Lennox Co. reports revenues of $200,000 and operating expenses of $110,000 in
(Schedule of Net Cash Flow from Operating Activities—Indirect Method) Ballard Co. reported$145,000 of net income for 2008. The accountant, in preparing the statement of cash flows, noted several
(SCF—Direct Method) Los Lobos Corp. uses the direct method to prepare its statement of cash flows. Los Lobos’s trial balances at December 31, 2007 and 2006, are as follows.Additional
(Classification of Transactions) Following are selected balance sheet accounts of Allman Bros.Corp. at December 31, 2008 and 2007, and the increases or decreases in each account from 2007 to
(SCF-Indirect Method) Condensed financial data of Pat Metheny Company for 2008 and 2007 are presented below.Additional information:During the year, $70 of common stock was issued in exchange for
(SCF—Direct Method) Data for Pat Metheny Company are presented in E23-11.Instructions Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)
(SCF—Direct Method) Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2008.Additional information:1. Dividends in the amount of $6,000 were declared
(SCF—Indirect Method) Data for Brecker Inc. are presented in E23-13.Instructions Prepare a statement of cash flows using the indirect method.
(SCF—Indirect Method) Presented below are data taken from the records of Antonio Brasileiro Company.Additional information: 1. Held-to-maturity securities carried at a cost of $43,000 on December
(Cash Provided by Operating, Investing, and Financing Activities)Brown Company at the end of 2007 and 2006 follow.Land was acquired for $30,000 in exchange for common stock, par $30,000, during the
(SCF—Indirect Method and Balance Sheet) Jobim Inc., had the following condensed balance sheet at the end of operations for 2007.During 2008 the following occurred. 1. A tract of land was purchased
(Partial SCF—Indirect Method) The accounts below appear in the ledger of Anita Baker Company.Instructions From the postings in the accounts above, indicate how the information is reported on a
(Worksheet Analysis of Selected Accounts) Data for Anita Baker Company are presented in E23-18.Instructions Prepare entries in journal form for all adjustments that should be made on a worksheet for
(Worksheet Analysis of Selected Transactions) The transactions below took place during the year 2008.Instructions Show by journal entries the adjustments that would be made on a worksheet for a
(Worksheet Preparation) Below is the comparative balance sheet for Stevie Wonder Corporation.Dividends in the amount of $15,000 were declared and paid in 2008.Instructions From this information,
(Lessee-Lessor Entries; Sales-Type Lease) Stine Leasing Company agrees to lease machinery to Potter Corporation on January 1, 2007. The following information relates to the lease agreement. 1. The
(Lessee-Lessor Entries; Operating Lease) Synergetics Inc. leased a new crane to M. K. Gumowski Construction under a 5-year noncancelable contract starting January 1, 2008. Terms of the lease require

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