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business
intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

(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
(Subsequent Events) Your firm has been engaged to examine the financial statements of Sabrina Corporation for the year 2005. The bookkeeper who maintains the financial records has prepared all the
(Ratio Computations and Additional Analysis) Carl Sandburg Corporation was formed 5 years ago through a public subscription of common stock. Robert Frost, who owns 15% of the common stock, was one of
(Horizontal and Vertical Analysis) Presented below are comparative balance sheets for the Eola Yevette Company.Instructions (a) Prepare a comparative balance sheet of Yevette Company showing the
(Dividend Policy Analysis) Dawna 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
(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
As the CPA for Packard Clipper, Inc., you have been requested to develop some key ratios from the comparative financial statements. This information is to be used to convince creditors that Packard
What do the numbers mean?General Electric’s 2001 annual report is 93 pages and has 30 percent more financial information than the year before. Primarily GE provided more specific data about 26
(EPS: Simple Capital Structure) A portion of the combined statement of income and retained earnings of Seminole Inc. for the current year follows.At the end of the current year, Seminole Inc. has
(EPS: Simple Capital Structure) On January 1, 2008, Lennon Industries had stock outstanding as follows.6% Cumulative preferred stock, $100 par value, issued and outstanding 10,000 shares $1,000,000
(EPS: Simple Capital Structure) At January 1, 2008, Langley Company’s outstanding shares included the following.Net income for 2008 was $2,530,000. No cash dividends were declared or paid during
Kellogg Company Kellogg Company in its 2004 Annual Report in Note 1—Accounting Policies made the following comment about its accounting for employee stock options and other stock-based
As auditor for Banquo & Associates, you have been assigned to check Duncan Corporation’s computation of earnings per share for the current year. The controller, Mac Beth, has supplied you with
(Equity Investments—Trading) Kenseth Company has the following securities in its trading portfolio of securities on December 31, 2006All of the securities were purchased in 2006.In 2007, Kenseth
(Debt Securities) Presented below is an amortization schedule related to Kathy Baker Company’s 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2004,
(Available-for-Sale Securities—Statement Presentation) Alvarez Corp. invested its excess cash in available-for-sale securities during 2006. As of December 31, 2006, the portfolio of
Powerpuff Corp. carries an account in its general ledger called Investments, which contained the following debits for investment purchases and no credits(a) Assuming that all the securities are
Distinguish between accounting for the employer’s pension plan and accounting for the pension fund.
Identify types of pension plans and their characteristics.
Explain alternative measures for valuing the pension obligation.
List the components of pension expense.
Use a worksheet for employer’s pension plan entries.
Describe the amortization of prior service costs.
Explain the accounting for unexpected gains and losses.
Explain the corridor approach to amortizing gains and losses.
Describe the requirements for reporting pension plans in financial statements.
Identify the differences between pensions and postretirement healthcare benefits.
Contrast accounting for pensions to accounting for other postretirement benefits.
AMR Corporation (parent company of American Airlines) reported the following for 2004 (in millions).Service cost $358 Interest on P.B.O. 567 Return on plan assets 569 Amortization of prior service
(Pension Expense, Journal Entries) The following information is available for the pension plan of Kiley Company for the year 2010.Actual and expected return on plan assets $ 12,000 Benefits paid to
(Computation of Pension Expense) Rebekah Company provides the following information about its defined benefit pension plan for the year 2011.Service cost $ 90,000 Contribution to the plan 105,000
(Basic Pension Worksheet) The following facts apply to the pension plan of Trudy Borke Inc.for the year 2011.Plan assets, January 1, 2011 $490,000 Projected benefit obligation, January 1, 2011
(Computation of Actual Return) James Paul Importers provides the following pension plan information.Fair value of pension plan assets, January 1, 2011 $2,300,000 Fair value of pension plan assets,
(Basic Pension Worksheet) The following defined pension data of Doreen Corp. apply to the year 2011.Projected benefit obligation, 1/1/11 (before amendment) $560,000 Plan assets, 1/1/11 546,200
(Pension Worksheet) Buhl Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2011, the following balances relate to this plan.Plan assets $480,000 Projected benefit
(Postretirement Benefit Expense Computation) Marvelous Marvin Co. provides the following information about its postretirement benefit plan for the year 2011.Service cost $ 90,000 Prior service cost
(Postretirement Benefit Worksheet) Using the information in *E20-19 prepare a worksheet inserting January 1, 2011, balances, showing December 31, 2011, balances, and the journal entry recording
(2-Year Worksheet) On January 1, 2011, Diana Peter Company has the following defined benefit pension plan balances.Projected benefit obligation $4,200,000 Fair value of plan assets 4,200,000 The
(Comprehensive 2-Year Worksheet) Mount Co. has the following defined benefit pension plan balances on January 1, 2009.Projected benefit obligation $4,500,000 Fair value of plan assets 4,500,000 The
(Postretirement Benefit Worksheet, Reporting) Dusty Hass Foods Inc. sponsors a postretirement medical and dental benefit plan for its employees. The company adopts the provisions of Statement No. 106
The Procter & Gamble Company (P&G)The financial statements of P&G are presented in Appendix 5B or can be accessed on the KWW website.Instructions Refer to P&G‘s financial statements and the
General Electric AWall Street Journal article discussed a $1.8 billion charge to income made by General Electric for postretirement benefit costs. It was attributed to previously unrecognized
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)
Kyowa Hakko Kogyo Co., Ltd., is an R&D–based company with special strengths in biotechnology. The company is dedicated to the creation of new value in the life sciences, especially in its two
Instructions Examine the pension footnotes of three companies of your choice and answer the following questions.(a) For each company, identify the following three assumptions: (1) the
The June 15, 1999, Wall Street Journal included an article by Ellen E. Schultz entitled “Companies Reap a Gain off Fat Pension Plans.”Instructions Read the article and answer the following
Jack Kelly Company has grown rapidly since its founding in 2002. To instill loyalty in its employees, Kelly is contemplating establishment of a defined-benefit plan. Kelly knows that lenders and
Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2010, the following balances relate to this plan.As a result of the operation of the plan during 2010, the
Describe the formal procedures associated with issuing long-term debt.
Identify various types of bond issues.
Describe the accounting valuation for bonds at date of issuance.
Apply the methods of bond discount and premium amortization.
Describe the accounting for the extinguishment of debt.
Explain the accounting for long-term notes payable.
Explain the reporting of off-balance-sheet financing arrangements.8 Indicate how to present and analyze long-term debt.
Describe the accounting for a loan impairment.
Describe the accounting for a debt restructuring
Distinguish between the following interest rates for bonds payable:(a) yield rate (d) market rate(b) nominal rate (e) effective rate(c) stated rate
Distinguish between the following values relative to bonds payable:(a) maturity value (c) market value(b) face value (d) par value
Where should treasury bonds be shown on the balance sheet?
What are take-or-pay contracts and through-put contracts?
(a) In a troubled debt situation, why might the creditor grant concessions to the debtor?(b) What type of concessions might a creditor grant the debtor in a troubled debt situation?(c) What is meant
What is meant by “accounting symmetry” between the entries recorded by the debtor and creditor in a troubled debt restructuring involving a modification of terms? In what ways is the accounting
The Goofy Company issued $200,000 of 10% bonds on January 1, 2008. The bonds are due January 1, 2013, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare
Assume the bonds in BE14-2 were issued at 98. Prepare the journal entries for (a) January 1, (b)July 1, and (c) December 31. Assume The Goofy Company records straight-line amortization annually on
Assume the bonds in BE14-2 were issued at 103. Prepare the journal entries for (a) January 1, (b)July 1, and (c) December 31. Assume The Goofy Company records straight-line amortization annually on
Austin Powers Corporation issued 10-year bonds on January 1, 2008. Costs associated with the bond issuance were $180,000. Powers uses the straight-line method to amortize bond issue costs. Prepare
Jennifer Capriati, Inc. issued a $100,000, 4-year, 11% note at face value to Forest Hills Bank on January 1, 2008, and received $100,000 cash. The note requires annual interest payments each December
(Entries for Retirement and Issuance of Bonds) Matt Perry, Inc. had outstanding $6,000,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,000,000 of
Discuss the characteristics of the corporate form of organization.
Identify the key components of stockholders’ equity.
Describe the accounting for treasury stock.
Identify the various forms of dividend distributions.
Explain the accounting for small and large stock dividends, and for stock splits.
Indicate how to present and analyze stockholders’ equity.
Explain the different types of preferred stock dividends and their effect on book value per share.
Aaron Burr Corp. had $100,000 of 10%, $20 par value preferred stock and 12,000 shares of $25 par value common stock outstanding throughout 2007.(a) Assuming that total dividends declared in 2007 were
(Equity Items on the Balance Sheet) The following are selected transactions that may affect stockholders’ equity.1. Recorded accrued interest earned on a note receivable.2. Declared a cash
(Computation of Book Value per Share) Morgan Sondgeroth Inc. began operations in JanuaryMorgan Sondgeroth Inc. has never paid a cash or stock dividend. There has been no change in the capital
(Equity Transactions and Statement Preparation) On January 5, 2007, Drabek Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and
(Treasury Stock Transactions and Presentation) Andruw Jones Company had the following stockholders’ equity as of January 1, 2007.During 2007, the following transactions occurred.Feb. 1 Jones
(Equity Transactions and Statement Preparation) Amado Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2007, the following accounts were
Letterman Company computed earnings per share as follows. Net income Common shares outstanding at year-end
Maria Shriver Corporation reported 2004 earnings per share of $7.21. In 2005, Maria Shriver reported earnings per share as followsIs the increase in earnings per share from $7.21 to $8.28 a favorable
Identify the uses and limitations of an income statement.
How to Prepare a single-step income statement.
How to Prepare a multiple-step income statement.
Explain how irregular items are reported.
Explain intraperiod tax allocation.
Explain where earnings per share information is reported.
Explain how other comprehensive income is reported.
Tim Allen Co. had sales revenue of $540,000 in 2004. Other items recorded during the year were:Prepare a single-step income statement for Allen for 2004. Allen has 100,000 shares of stock
Shawn Bradley Company changed from straight-line depreciation to double-declining balance depreciation at the beginning of 2004. The plant assets originally cost $1,500,000 in 2002. Using
(Computation of Net Income) Presented below are changes in all the account balances of Fritz Reiner Furniture Co. during the current year, except for retained earnings.Instructions Compute the net
(Income Statement Items) Presented below are certain account balances of Paczki Products Co.Instructions From the foregoing, compute the following: (a) total net revenue, (b) net income, (c)
(Multiple-step and Single-step) Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The
(Multiple-step and Extraordinary Items) The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2004.Assume the total effective tax rate on all items is
(Multiple-step and Single-step) The accountant of Whitney Houston Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended
(Income Statement, EPS) Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2004.Instructions (a) Compute net income for 2004.(b) Prepare a partial income statement
(Multiple-step Statement with Retained Earnings) Presented below is information related to Ivan Calderon Corp. for the year 2004.Instructions (a) Prepare a multiple-step income statement for 2004.

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