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intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

(Earnings Per Share) The stockholders’ equity section of Tkachuk Corporation appears below as of December 31, 2004.Net income for 2004 reflects a total effective tax rate of 34%. Included in the
(Condensed Income Statement—Periodic Inventory Method) Presented below are selected ledger accounts of Spock Corporation at December 31, 2004.Spock’s effective tax rate on all items is 34%. A
(Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2001. During its first 3 years of operations, Zambrano reported net income and declared dividends as
(Earnings per Share) At December 31, 2003, Shiga Naoya Corporation had the following stock outstanding.10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par,
(Change in Accounting Principle) Tom Kothe Company placed an asset in service on January 2, 2002. Its cost was $450,000 with an estimated service life of 6 years. Salvage value was estimated to
(Comprehensive Income) Roxanne Carter Corporation reported the following for 2004: net sales$1,200,000; cost of goods sold $750,000; selling and administrative expenses $320,000; and an unrealized
(Comprehensive Income) C. Reither Co. reports the following information for 2004: sales revenue$700,000; cost of goods sold $500,000; operating expenses $80,000; and an unrealized holding loss on
(Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2004. Income tax applicable to income from continuing operations $187,000;income
(Multi-step Income, Retained Earnings) Presented below is information related to American Horse Company for 2004.Instructions Prepare a multi-step income statement and a retained earnings statement.
(Single-step Income, Retained Earnings, Periodic Inventory) Presented below is the trial balance of Mary J. Blige Corporation at December 31, 2004.A physical count of inventory on December 31
(Multiple- and Single-step Income, Retained Earnings) The following account balances were included in the trial balance of J.R. Reid Corporation at June 30, 2004.The Retained Earnings account had a
(Irregular Items) Presented below is a combined single-step income and retained earnings statement for Sandy Freewalt Company for 2004Additional facts are as follows.1. “Selling, general, and
(Retained Earnings Statement, Prior Period Adjustment) Below is the retained earnings account for the year 2004 for LeClair Corp.Instructions (a) Prepare a corrected retained earnings statement.
(Identification of Income Statement Deficiencies) John Amos Corporation was incorporated and began business on January 1, 2004. It has been successful and now requires a bank loan for additional
(Income Reporting Deficiencies) The following represents a recent income statement for Boeing Company.It includes only five separate numbers (two of which are in billions of dollars), two subtotals,
(All-inclusive vs. Current Operating) Information concerning the operations of a corporation is presented in an income statement. Some believe that income statements should be prepared on a
(Extraordinary Items) Jeff Foxworthy, vice-president of finance for Red Neck Company, has recently been asked to discuss with the company’s division controllers the proper accounting for
(Earnings Management) Grace Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2001, $25,000 in 2002, and $30,000 in 2003. A number of market analysts
(Earnings Management) Arthur Miller, controller for the Salem Corporation, is preparing the company’s income statement at year-end. He notes that the company lost a considerable sum on the sale of
(Identification of Income Statement Weaknesses) The following financial statement was prepared by employees of Cynthia Taylor Corporation.Note 1: New styles and rapidly changing consumer preferences
(Classification of Income Statement Items) As audit partner for Noriyuki and Morita, you are in charge of reviewing the classification of unusual items that have occurred during the current year.The
(Comprehensive Income) Ferguson Arthur, Jr., controller for Jenkins Corporation, is preparing the company’s financial statements at year-end. Currently, he is focusing on the income statement and
3M Company The financial statements of 3M are presented in Appendix 5B or can be accessed on the Take Action! CD.Instructions Refer to 3M’s financial statements and the accompanying notes to answer
Bankruptcy Prediction The Z-score bankruptcy prediction model uses balance sheet and income information to arrive at a Z-Score, which can be used to predict financial distress:EBIT is earnings before
Dresser Industries Dresser Industries provides products and services to oil and natural gas exploration, production, transmission and processing companies. A recent income statement is reproduced
The Coca-Cola Company and PepsiCo, Inc.Instructions Go to the Take Action! CD and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a)
Most libraries maintain the annual reports of large companies on file or on microfiche.Instructions Obtain the 2001 annual reports for UAL Corp. and The Boeing Company, and answer the following
The April 1996 issue of the Journal of Accountancy includes an article by Dennis R. Beresford, L. Todd Johnson, and Cheri L. Reither, entitled “Is a Second Income Statement Needed?”Instructions
In this simulation, you will be asked to compute various income amounts. Assume a tax rate of 30%and 100,000 shares of common stock outstanding during the year. Prepare responses to all parts.Ritter
At the beginning of 2004, Beausoleil Inc. entered into an 8-year nonrenewable lease agreement. Provisions in the lease require the client to make substantial reconditioning and restoration
The following information was described in a note of Cebar Packing Co.“During August, A. Belew Products Corporation purchased 311,003 shares of the Company’s common stock which constitutes
Review the full disclosure principle and describe problems of implementation.
Explain the use of notes in financial statement preparation.
Describe the disclosure requirements for major segments of a business.
Describe the accounting problems associated with interim reporting.
Identify the major disclosures found in the auditor’s report.
Understand management’s responsibilities for financials.
Identify issues related to financial forecasts and projections.
Describe the profession’s response to fraudulent financial reporting.
Understand the approach to financial statement analysis.
Identify major analytic ratios and describe their calculation.
Describe techniques of comparative analysis.
Describe techniques of percentage analysis.
Linden Corporation is preparing its December 31, 2003, financial statements. Two events that occurred between December 31, 2003, and March 10, 2004, when the statements were issued, are described
Ferrari Company’s net accounts receivable were $1,000,000 at December 31, 2003, and $1,200,000 at December 31, 2004. Net cash sales for 2004 were $400,000. The accounts receivable turnover for 2004
(Post-Balance-Sheet Events) Madrasah Corporation issued its financial statements for the year ended December 31, 2005, on March 10, 2006. The following events took place early in 2006.(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
(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) You have completed your audit of Keesha Inc.and its consolidated subsidiaries for the year ended December 31, 2004, and were satisfied with the results of
(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
3M Company In response to the investing public’s demand for greater disclosure of corporate expectations for the future, safe-harbor rules and legislation have been passed to encourage and protect
The Coca-Cola Company versus PepsiCo, Inc.Instructions Go to the Take Action! CD and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo,
Read the article entitled “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 Journal.
Identify the three categories of debt securities and describe the accounting and reporting treatment for each category.
Understand the procedures for discount and premium amortization on bond investments.
Identify the categories of equity securities and describe the accounting and reporting treatment for each category.
Explain the equity method of accounting and compare it to the fair value method for equity securities.
Describe the disclosure requirements for investments in debt and equity securities.
Discuss the accounting for impairments of debt and equity investments.
Describe the accounting for transfer of investment securities between categories
Explain who uses derivatives and why
Understand the basic guidelines for accounting for derivatives
Describe the accounting for derivative financial instruments
Explain how to account for a fair value hedge
Explain how to account for a cash flow hedge.
Identify special reporting issues related to derivative financial instruments that cause unique accounting problems
Describe the disclosure requirements for traditional and derivative financial instruments.
Describe the accounting for variable-interest entities.
(Available-for-Sale Investments) Octavio Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits (see page 894).Feb. 1,
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
Your client, Cascade Company, is planning to invest some of its excess cash in 5-year revenue bonds issued by the county and in the stock of one of its suppliers, Teton Co. Teton’s shares trade on
Describe the accounting for the issuance, conversion, and retirement of convertible securities.
Explain the accounting for convertible preferred stock.
Contrast the accounting for stock warrants and for stock warrants issued with other securities.
Describe the accounting for stock compensation plans under generally accepted accounting principles.
Discuss the controversy involving stock compensation plans.
Compute earnings per share in a simple capital structure.
Compute earnings per share in a complex capital structure.
Explain the accounting for various share-based compensation plans
How to Compute earnings per share in a complex situation
(EPS: Simple Capital Structure) On January 1, 2008, Wilke Corp. had 480,000 shares of common stock outstanding. During 2008, it had the following transactions that affected the common stock
(Entries for Various Dilutive Securities) The stockholders’ equity section of McLean Inc. at the beginning of the current year appears below.Common stock, $10 par value, authorized 1,000,000
(Computation of Basic and Diluted EPS) The information below pertains to Prancer Company for 2007.Net income for the year $1,200,000 8% convertible bonds issued at par ($1,000 per bond). Each bond is
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
Richardson Company is contemplating the establishment of a share-based compensation plan to provide long-run incentives for its top management. However, members of the compensation committee of the
Zucker-Abrahams Airlines Inc. awards members of its Flightline program a second ticket at half price, valid for 2 years anywhere on its flight system, when a full-price ticket is purchased. How would
Northeast Airlines Co. awards members of its Frequent Fliers Club one free round-trip ticket, anywhere on its flight system, for every 50,000 miles flown on its planes.How would you account for the
Describe the nature, type, and valuation of current liabilities.
Explain the classification issues of short-term debt expected to be refinanced.
Identify types of employee-related liabilities.
Identify the criteria used to account for and disclose gain and loss contingencies.
Explain the accounting for different types of loss contingencies.
Indicate how current liabilities and contingencies are presented and analyzed.
Desert Storm Company borrowed $50,000 on November 1, 2004, by signing a $50,000, 9%, 3-month note. Prepare Desert Storm’s November 1, 2004, entry; the December 31, 2004, annual adjusting entry; and
Kawasaki Corporation borrowed $50,000 on November 1, 2004, by signing a $51,125, 3-month, zero-interest-bearing note. Prepare Kawasaki’s November 1, 2004, entry; the December 31, 2004, annual
At December 31, 2004, Fifa Corporation owes $500,000 on a note payable due February 15, 2005.(a) If Fifa refinances the obligation by issuing a long-term note on February 14 and using the proceeds to
Game Pro Magazine sold 10,000 annual subscriptions on August 1, 2004, for $18 each. Prepare Game Pro’s August 1, 2004, journal entry and the December 31, 2004, annual adjusting entry.
Flintstones Corporation made credit sales of $30,000 which are subject to 6% sales tax. The corporation also made cash sales which totaled $19,610 including the 6% sales tax. (a) Prepare the entry to
Tale Spin Inc. provides paid vacations to its employees. At December 31, 2004, 30 employees have each earned 2 weeks of vacation time. The employees’ average salary is $600 per week. Prepare Tale
Gargoyle Corporation provides its officers with bonuses based on income. For 2004, the bonuses total $450,000 and are paid on February 15, 2005. Prepare Gargoyle’s December 31, 2004, adjusting

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