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intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

Stacy Persoff is the newly hired assistant controller of Kemp Industries, a regional supplier of hardwood derivative products. The company sponsors a defined benefit pension plan that covers its 420
Refer to the situation described in P 17–10. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10%
The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan
Clark Industries has a defined benefit pension plan that specifies annual, year-end retirement benefits equal to 1.2% × Service years × Final year’s salary Stanley Mills was hired by Clark at the
Lewis Industries adopted a defined benefit pension plan on January 1, 2024.• By making the provisions of the plan retroactive to prior years, Lewis incurred a prior service cost of $2 million.•
Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below:Required:1. For each independent case, calculate
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in
The funded status of Patel Paneling Inc.’s defined benefit pension plan and the balances in prior service cost and the net gain—pensions, are given below ($ in thousands):Retirees were paid
Luciana Fashions calculated pension expense for its underfunded pension plan as follows:Required:Which elements of Luciana’s balance sheet are affected by the components of pension expense? What
On January 1, 2024, Medical Transport Company’s accumulated postretirement benefit obligation was $25 million. At the end of 2024, retiree benefits paid were $3 million. Service cost for 2024 is $7
The following pension-related data pertain to Metro Recreation’s noncontributory, defined benefit pension plan for 2024 ($ in thousands):Required:Prepare a pension spreadsheet that shows the
A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary’s discount
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024:Required:1. Determine Lakeside’s pension expense for 2024, and prepare the
Century-Fox Corporation’s employees are eligible for postretirement health care benefits after both being employed at the end of the year in which age 60 is attained and having worked 20 years.
Patel Industries has a noncontributory, defined benefit pension plan. Since the inception of the plan, the actuary] has used as the discount rate the rate on high-quality corporate bonds, which
Stockton Labeling Company has a retiree health care plan. Employees become fully eligible for benefits after working for the company eight years. Stockton hired Misty Newburn on January 1, 2024. As
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale’s fiscal year), the following pension-related data were available:Required:1. Prepare
The information below pertains to the retiree health care plan of Thompson Technologies: Thompson began funding the plan in 2024 with a contribution of $127,000 to the benefit fund at the end of the
Refer to the data provided in E 17–19.Data from in E 17-19Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale’s fiscal year), the
The following is an excerpt from a disclosure note in The Clorox Company’s annual report for the fiscal year ended June 30, 2020:Required:1. What amount did Clorox report in its balance sheet
Refer to the situation described in E 17–21.Data from in E 17-21Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2024, Lacy received the following
The following data are available pertaining to Household Appliance Company’s retiree health care plan for 2024:Required:1. What is the accumulated postretirement benefit obligation at the beginning
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2024, the following data were available concerning changes in the plan’s accumulated postretirement benefit
Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2024:Required:1. Determine the postretirement benefit expense for 2024.2. Prepare the
Tsai-Ming Company has a postretirement health care benefit plan. On January 1, 2024, the following plan related data were available:The rate of return on plan assets during 2024 was 10%, although it
Gorky-Park Corporation provides postretirement health care benefits to employees who provide at least 12 years of service and reach age 62 while in service. On January 1, 2024, the following
Southeast Technology provides postretirement health care benefits to employees. On January 1, 2024, the following plan-related data were available:On January 1, 2024, Southeast amends the plan in
A new CEO was hired to revive the floundering Champion Chemical Corporation. The company had endured operating losses for several years, but confidence was emerging that better times were ahead. The
Microsoft provides compensation to executives in the form of a variety of incentive compensation plans, including restricted stock award grants. The following is an excerpt from a disclosure note
Frazier Refrigeration amended its defined benefit pension plan on December 31, 2024, to increase retirement benefits earned with each service year. The consulting actuary estimated the prior service
When companies offer new equity security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the equity offerings reported in December
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This
Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. On January 1, 2024, the company granted 16 million of its $1 par common shares, subject to forfeiture if
On October 15, 2023, the board of directors of Martinez Materials Corporation approved a stock option plan for key executives. On January 1, 2024, 20 million stock options were granted, exercisable
The 2021 annual report of Best Buy Co., Inc. reported profitable operations. However, the company has not always been profitable. The company suffered a net loss for the 12 months ended March 3,
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the
On January 1, 2024, Tru Fashions Corporation awarded restricted stock units (RSUs) representing 12 million of its $1 par common shares to key personnel, subject to forfeiture if employment is
Pastner Brands is a calendar-year firm with operations in several countries. As part of its executive compensation plan, at January 1, 2024, the company issued 400,000 executive stock options
The shareholders’ equity of Proactive Solutions, Inc., included the following at December 31, 2024:Additional Information:• Proactive had 7 million shares of preferred stock authorized, of which
FedEx Corporation included the following disclosure note in an annual report:Required:1. Assuming a four-year vesting period, how much compensation expense did FedEx report in the year ended\ May 31,
Under its executive stock option plan, National Corporation granted 12 million options on January 1, 2024, that permit executives to purchase 12 million of the company’s $1 par common shares within
Refer to the situation described in P 19–2. Assume Pastner measures the fair value of all options on January 1, 2024, to be $4.50 per option using a single weighted-average expected life of the
“I guess I’ll win that bet!” you announced to no one in particular. “What bet?” Renee asked. Renee Patey was close enough to overhear you. “When I bought my REC stock last year, Randall
Refer to the situation described in BE 19–3. Suppose that unexpected turnover during 2025 caused the forfeiture of 5% of the stock options. What is the effect on earnings in 2025? In 2026?Data from
Refer to the situation described in P 19–2. Assume Pastner prepares its financial statements using International Financial Reporting Standards (IFRS).Data From in P 19-2Pastner Brands is a
Del Conte Construction Company has experienced generally steady growth since its inception in 1976. Management is proud of its record of having maintained or increased its earnings per share in each
Magnetic-Optical Corporation offers a variety of share based compensation plans to employees. Under its restricted stock unit plan, the company on January 1, 2024, granted restricted stock units
On January 1, 2024, Vijay Communications granted restricted stock units (RSUs) representing 30 million of its] $1 par common shares to executives, subject to forfeiture if employment is terminated
IGF Foods Company is a large, primarily domestic, consumer foods company involved in the manufacture, distribution, and sale of a variety of food products. Industry averages are derived from Troy’s
Walters Audio Visual, Inc., offers a stock option plan to its regional managers.∙ On January 1, 2024, 40 million options were granted for 40 million $1 par common shares.∙ The exercise price is
Heidi Software Corporation provides a variety of share-based compensation plans to its employees. Under its executive stock option plan, the company granted options on January 1, 2024, that permit
Refer to the situation described in BE 19–3. Suppose that the options are exercised on April 3, 2027, when the market price is $19 per share. What journal entry will National record?Data From in BE
JBL Aircraft manufactures and distributes aircraft parts and supplies. Employees are offered a variety of share-based compensation plans. Under its nonqualified stock option plan, JBL granted options
While eating his Kellogg’s Frosted Flakes one February morning, Tony noticed the following notification on his iPhone:BATTLE CREEK, Mich., February 11, 2021 /PRNewswire/—Kellogg Company (NYSE: K)
On January 1, 2024, Adams-Meneke Corporation granted 25 million incentive stock options to division managers, each permitting holders to purchase one share of the company’s $1 par common shares
Refer to the situation described in BE 19–3. Suppose that the options expire without being exercised. What journal entry will National record?Data From in BE 19-3Under its executive stock option
LCI Cable Company grants 1 million performance stock options to key executives at January 1, 2024.∙ The options entitle executives to receive 1 million of LCI $1 par common shares, subject to the
Refer to the situation described in BE 19–8. Suppose that after one year, Farmer estimates that it is not probable that divisional revenue will increase by 5% in three years. What journal entry
SSG Cycles manufactures and distributes motorcycle parts and supplies. Employees are offered a variety of share based compensation plans. Under its nonqualified stock option plan, SSG granted options
On January 1, 2024, Farmer Fabrication issued stock options for 100,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for
Martinez Audio Visual Inc. offers an incentive stock option plan to its regional managers. On January 1, 2024, options were granted for 40 million $1 par common shares.∙ The exercise price is the
Comparative Statements of Retained Earnings for Renn Dever Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024.No preferred stock or potential common
At December 31, 2023, Albrecht Corporation had outstanding 373,000 shares of common stock and 8,000 shares of 9.5%, $100 par value cumulative, nonconvertible preferred stock.∙ On May 31, 2024,
Anderson Steel Company began 2024 with 600,000 shares of common stock outstanding.∙ On March 31, 2024, 100,000 new shares were sold at a price of $45 per share.∙ The market price has risen
Irwin, Inc. constructed a machine at a total cost of $35 million. Construction was completed at the end of 2020 and the machine was placed in service at the beginning of 2021. The machine was being
“Why can’t we pay our shareholders a dividend?” shouted your new boss. “This income statement you prepared for me says we earned $5 million in our first half-year!” You were hired last
Refer to the situation described in BE 19–8. Suppose that Farmer initially estimates that it is not probable the goal will be achieved, but then after one year, Farmer estimates that it is probable
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024:Required:1. Determine the company’s pension expense for 2024, and prepare the
Reproduced below are the journal entries related to Illustration 17–12 in this chapter that Global Communications used to record its pension expense and funding in 2024 and the new gain and loss
Listed below are several terms and phrases associated with pensions. Pair each item from List A with the item from List B (by letter) that is most appropriately associated with it. List A 1. Future
Interstate Automobiles Corporation leased 40 vans to VIP Transport under a four-year noncancelable lease on January 1, 2024. Information concerning the lease and the vans follows:a. Equal annual
At the beginning of 2024, VHF Industries acquired a machine with a fair value of $6,074,700 by signing a fouryear lease. The lease is payable in four annual payments of $2 million at the end of each
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This
CircuitTown commenced a gift card program in January 2024 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March 2024 before discontinuing further gift card sales.
Coulson Company is in the process of refinancing some long-term debt. Its fiscal year ends on December 31, 2024, and its financial statements will be issued on March 15, 2025. Under current U.S.
Kevin Brantly is a new hire in the controller’s office of Fleming Home Products. Two events occurred in late 2024 that the company had not previously encountered. The events appear to affect two of
Sound Audio manufactures and sells audio equipment for automobiles. Engineers notified management in December 2024 of a circuit flaw in an amplifier that poses a potential fire hazard. An intense
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2024. Your accounting group provided
Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $112,080.Required:Prepare a
General Tools is seeking ways to maintain and improve cash balances. As company controller, you have proposed the sale and leaseback of much of the company’s equipment. As seller-lessee, General
On January 1, 2024, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase
Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians’ Leasing purchased a lithotripter from Rand for $2,000,000 and leased
American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2024. The lease agreement for the $4
Walmart Inc. is the world’s largest retailer. A large portion of the premises that the company occupies are leased. Its financial statements revealed the following information:Required:1. The net
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the
On June 30, 2024, Georgia-Atlantic, Inc., leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a
A finance lease agreement calls for quarterly lease payments of $5,376 over a 10-year lease term, with the first payment on July 1, the beginning of the lease. The annual interest rate is 8%. Both
On January 1, 2024, National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there
“You know, we heard in our accounting class today that a few years ago, there were advantages to structuring lease arrangements as operating leases,” your study partner said unexpectedly. “Now
Anthony’s Ristorante has been has served award-winning, traditional Italian dishes, including pasta, steak, veal, ossobuco, saltimbocca, and seafood, using recipes that were handed down by
On June 30, 2024, Georgia-Atlantic, Inc., leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a
On January 1, 2024, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $80,000 each, beginning December 31,
Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $112,080.Required:Prepare
On June 30, 2024, Georgia-Atlantic, Inc., leased warehouse equipment from Builders, Inc. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year
Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. International Machines manufactured the equipment at a cost of $85,000. Manufacturers
“Why does FedEx show operating cash flows for both types of leases, but only financing cash flows for finance leases,” your colleague wonders aloud. “We need to draft our lease disclosure by
On January 1, 2024, Rick’s Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years.∙ Rick’s had no significant economic incentive as
Each of the three independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor’s implicit rate
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight Machines manufactured the equipment at a cost of $200,000 and lists a cash selling price of
High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2024. High Time has the option to renew the lease at the end of two years for an additional three years for $8,000

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