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business
intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company can offer competitive prices due to volume buying. On September 30, 2024, the company leased a
At the beginning of its fiscal year, Lakeside Inc. leased office space to LTT Corporation under a seven-year operating lease agreement. The contract calls for quarterly rent payments of $25,000 each.
Universal Leasing leases electronic equipment to a variety of businesses. The company’s primary service is providing alternate financing by acquiring equipment and leasing it to customers under
Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $200,000. The chronometers have a fair value of
On January 1, 2024, Ghosh Industries leased a high performance conveyer to Karrier Company for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert
At January 1, 2024, Café Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement.∙ The lease agreement specifies annual payments of $25,000 beginning January 1,
At January 1, 2024, Café Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement.∙ The lease agreement specifies annual payments of $25,000 beginning January 1,
Amaya Leasing acquires equipment and leases it to customers under long-term sales-type leases. Amaya earns interest under these arrangements at a 6% annual rate. Amaya leased a machine it purchased
On January 1, 2024, Lesco Leasing leased equipment to Quality Services under a finance/sales-type lease designed to earn Lesco a 12% rate of return for providing long-term financing. The lease
At January 1, 2024, Café Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement.∙ The lease agreement specifies annual payments of $25,000 beginning January 1,
Branif Leasing leases mechanical equipment to industrial consumers under sales-type leases that earn Branif a 10% rate of return for providing long-term financing. A lease agreement with Branson
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $250,000, its fair
On December 31, 2024, Yard Art Landscaping leased a delivery truck from Branch Motors.∙ Branch paid $40,000 for the truck. Its retail value is $45,114.∙ The lease agreement specified annual
On January 1, 2024, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely
On January 1, 2024, Wetick Optometrists leased diagnostic equipment from Southern Corp., which had purchased the equipment at a cost of $1,437,237.∙ The lease agreement specifies six annual
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for
On January 1, 2024, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of $5,000 in 2024, $6,000 in 2025, and $7,000 in 2026. Payments are due on
On January 1, 2024, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to
Abbott Equipment leased a protein analyzer to Werner Chemical, Inc., on September 30, 2024.∙ Abbott purchased the machine from NutraLabs, Inc., at a cost of $6 million.∙ The five-year lease
Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers’ boats. Lucky Fisher Fleet contracted
Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers’ boats. Lucky Fisher Fleet contracted
To raise operating funds, National Distribution Center sold its office building to an insurance company on January 1, 2024, for $800,000 and immediately leased the building back.∙ The operating
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
Dixon Development began operations in December 2024. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots,
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
The income tax disclosure note accompanying the January 31, 2020, financial statements of Walmart is reproduced below:Required:1. Focusing on only the first part of Note 9, relating current,
Access the financial statements and related disclosure notes of Buckle for the fiscal year ended February 1, 2020, from its website at corporate.buckle.com. Buckle is a fashion retailer operating
A company reports 2024 pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. No temporary differences existed at the beginning of
On January 1, 2021, Ameen Company purchased major pieces of manufacturing equipment for a total of $36 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for
Francesca’s Holdings Corporation is a specialty retailer that operates boutiques throughout the United States under Francesca’s trademark. Access the financial statements and related disclosure
On January 1, 2021, Ameen Company purchased major pieces of manufacturing equipment for a total of $36 million. Ameen uses straight-line depreciation for financial statement reporting and deducted
Sherrod, Inc., reported pretax accounting income of $76 million for 2024. The following information relates to differences between pretax accounting income and taxable income:a. Income from
CVS Health Corporation showed 2019 net income from continuing operations of $6,631 million. The following is an excerpt from a disclosure note to CVS Health’s 2019 financial statements:Required:1.
Kroger Co. is one of the largest retail food companies in the United States as measured by total annual sales. The Kroger Co. operates supermarkets, convenience stores, and manufactures and processes
Access the 2019 financial statements and related disclosure notes of Ford Motor Company from its website at corporate.ford.com.Required:1. In Note 7, find Ford’s net deferred tax asset or
In 2024, Ryan Management collected rent revenue for 2025 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants
Arndt, Inc., reported the following for 2024 and 2025 ($ in millions):a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost
You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company’s income tax position based on the following:1. Pretax accounting
Differences between pretax accounting income and taxable income were as follows during 2024:The cumulative temporary difference as of the end of 2024 is $40 million (also the future taxable amount).
Refer to the situation described in BE 16–5. Suppose the deferred portion of the rent collected was $40 million at the end of 2025. Taxable income is $200 million. Prepare the appropriate journal
Corning-Howell reported taxable income in 2024 of $120 million. At December 31, 2024, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as
Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2024. Contributing to the loss were (a) a penalty of $5 million assessed by the Environmental
The following is a portion of the balance sheets of Macy’s, Inc., for the years ended February 1, 2020, and February 2, 2019:Required:1. What is Macy’s debt to equity ratio for the year ended
Williams-Santana Inc. is a manufacturer of high-tech industrial parts that was started in 2010 by two talented engineers with little business training. In 2024, the company was acquired by one of its
Uber Technologies, Inc., is a ridesharing provider. In its 2019 annual report, the company reported deferred tax assets totaling about $11,230 million. The company also reported valuation allowances
Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2024. Contributing to the loss were (a) a penalty of $5 million assessed by the Environmental
As a senior auditor with Klein and Co, you are interacting with David Perkins, CFO of a prominent public company and an important client. Perkins has a reputation for pushing for favorable accounting
Microsoft Corporation’s disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock:Required:Prepare the journal entry that summarizes
On December 31, 2023, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding.∙ Dow issued a 4%
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
The Li Group had 202,000 shares of common stock outstanding at January 1, 2024. The following activities affected common shares during the year. There are no potential common shares
Information from the financial statements of Park-Rao Industries included the following at December 31, 2024:Park-Rao’s net income for the year ended December 31, 2024, is $520 million. The income
On December 31, 2023, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding.∙ Dow issued a 4%
At December 31, 2023 and 2024, Funk & Noble Corporation had outstanding 820 million shares of common stock and 2 million shares of 8%, $100 par value cumulative preferred stock. No dividends were
Ahnberg Corporation had 800,000 shares of common stock issued and outstanding at January 1. No common shares were issued during the year, but on January 1, Ahnberg issued 100,000 shares of
Alciatore Company reported a net income of $150,000 in 2024. The weighted-average number of common shares outstanding for 2024 was 40,000. The average stock price for 2024 was $33. Assume an income
Garcia Company granted 9 million of its no par common shares to executives, subject to forfeiture if employment is terminated within three years. The common shares have a market price of $5 per share
On December 31, 2023, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.∙ On March 1, 2024, Berclair
At December 31, 2024, the financial statements of Hollingsworth Industries included the following:Required:Compute basic and diluted EPS for the year ended December 31, 2024. Net income for
At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities:The following additional information is available:∙ On September 1, 2024, M. E. Gainor sold 72 million
On January 1, 2024, Jaewoo Industries had outstanding 440,000 common shares ($l par) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock ($100 par), convertible
On December 31, 2023, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.∙ On March 1, 2024, Berclair
On December 31, 2023, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.∙ On March 1, 2024, Berclair
Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2024. Additional Information:Required:Compute Stanley’s basic and diluted earnings per share for the year
Witter House is a calendar-year firm with 300 million common shares outstanding throughout 2024 and 2025. As part of its executive compensation plan, at January 1, 2023, the company had issued 30
Information from the financial statements of Ames Fabricators, Inc., included the following:Ames’s net income for the year ended December 31, 2024, is $500,000. The income tax rate is 25%. Ames
As part of its executive compensation plan, Vertovec Inc. granted 54,000 of its no-par common shares to executives, subject to forfeiture if employment is terminated within three years. Vertovec’s
During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million
Justin Short Foods granted 18 million of its no-par common shares to executives, subject to forfeiture if employment is terminated within three years. The common shares have a market price of $5 per
As part of its stock-based compensation package, International Electronics (IE) granted 24 million stock appreciation rights (SARs) to top officers on January 1, 2024.∙ At exercise, holders of the
As part of its stock-based compensation package, International Electronics granted 24 million stock appreciation rights (SARs) to top officers on January 1, 2024.∙ At exercise, holders of the SARs
Webster Products, Inc., adopted the dollar-value LIFO method of determining inventory costs for financial and income tax reporting on January 1, 2024. Webster continues to use the FIFO method for
As part of its stock-based compensation package, on January 1, 2024, International Electronics granted restricted stock units (RSUs) representing 50 million $1 par common shares.∙ At exercise,
During 2022 (its first year of operations) and 2023, Fieri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2024, Fieri decided to
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
In 2024, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2023, B & B’s inventories were $32 million
The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost method at the beginning of 2024. At December 31, 2023, inventories were $120,000
Mayfair Department Stores operates over 30 retail stores in the Pacific Northwest. Prior to 2024, the company used the FIFO method to value its inventory. In 2024, Mayfair decided to switch to the
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning of 2024. The inventory as reported at the end of 2023 using LIFO would
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
The Coclin Company has used the LIFO method of accounting for inventory during its first two years of operation, 2022 and 2023. At the beginning of 2024, Coclin decided to change to the average cost
In 2024, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2023, Adonis’s inventories were $47.6 million (average cost).
Early one Wednesday afternoon, Ken and Larry studied in the dormitory room they shared at Fogelman College. Ken, an accounting major, was advising Larry, a management major, regarding a project for
In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2024 to discontinue accounting for reacquired shares as treasury stock. Instead, shares repurchased
Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods ($ in thousands).Required:1. Assume that Roberti used FIFO
In 2024, J J Dishes changed its method of valuing inventory from the FIFO method to the LIFO method. At December 31, 2023, J J’s inventories were $96 million (FIFO). J J’s records were
DRS Corporation changed the way it depreciates its computers from the sum-of-the-year’s-digits method to the straight-line method beginning January 1, 2024. DRS also changed its estimated residual
The Hoyle Companies, Inc. has ownership interests in several public companies. At the beginning of 2024, the company’s ownership interest in the common stock of Paik Properties increased to the
The Strawser-Morris Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1985. In 2024, the company decided to change to the average cost
Lynch Corporation changes from the sum-of-the-years’-digits method of depreciation for existing assets to the straight-line method. How should the change be reported? Explain.
Sometimes a business entity will change its method of accounting for certain items. The change may be classified as a change in accounting principle, a change in accounting estimate, or a change in
Sugarbaker Designs Inc. changed from the FIFO inventory costing method to the average cost method during 2024. Which items from the 2023 financial statements should be restated on the basis of the
Refer to the situation described in BE 20–4. Suppose Irwin has been using the straight-line method and switches to the sum-of-the-years’-digits method. Ignoring income taxes, what journal
Fantasy Fashions had used the LIFO method of costing inventories, but at the beginning of 2024 decided to change to the FIFO method. The inventory as reported at the end of 2023 using LIFO would have
Some inventory errors are said to be “self-correcting” in that the error has the opposite financial statement effect in the period following the error, thereby “correcting,” the original
During 2022 and 2023, Faulkner Manufacturing used the sum-of-the-years’-digits (SYD) method of depreciation for its depreciable assets, for both financial reporting and tax purposes. At the
Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for Hill-McGrawPublishing, Inc., for which Feenix receives royalties equal to 12% of net sales. Royalties
Millington Materials is a leading supplier of building equipment, building products, materials, and timber for sale, with over 200 branches across the Mid-South. On January 1, 2024, management
Ray Solutions decided to make the following changes in its accounting policies on January 1, 2024:a. Changed from the cash to the accrual basis of accounting for recognizing revenue on its service
Southeast Steel, Inc., changed from the FIFO inventory costing method to the LIFO method during 2024. How would this change likely be reported in the 2024 comparative financial statements?

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