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business
intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2024, year-end trial balance contained the following income statement
The following is a partial trial balance for the Green Star Corporation as of December 31, 2024:Required:1. Prepare a single-step income statement by inserting the amounts above into the appropriate
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2024 and 2023:On October 15, 2024, Jackson entered into a tentative
Each of the following situations occurred during 2024 for one of your audit clients:1. An inventory write-down due to obsolescence.2. Discovery that depreciation expenses were omitted by accident
On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics business segment qualifies as a component of the
Esquire Comic Book Company had income before tax of $1,000,000 in 2024 before considering the following material items:1. Esquire sold one of its operating divisions, which qualified as a separate
On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The semiconductor business segment qualifies as a
Kandon Enterprises, Inc., has two operating divisions; one manufactures machinery and the other breeds and sells horses. Both divisions are considered separate components as defined by generally
Ralph Lauren Corporation is a global leader in the design, marketing, and distribution of premium lifestyle products, including men’s, women’s and children’s apparel. Below are selected
Duke Company’s records show the following account balances at December 31, 2024:Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are
On September 17, 2024, Ziltech, Inc., entered into an agreement to sell one of its divisions that qualifies as a component of the entity according to generally accepted accounting principles. By
The Esposito Import Company had 1 million shares of common stock outstanding during 2024. Its income statement reported the following items: income from continuing operations, $5 million; loss from
You are a new staff accountant with a large regional CPA firm, participating in your first audit. You recall from your auditing class that CPAs often use ratios to test the reasonableness of
The chief accountant for Grandview Corporation provides you with the company’s 2024 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in
Atlantic Beverage Company reported net income of $650,000 for 2024. In addition, the company deferred a $60,000 pretax loss on derivatives and had pretax net unrealized gains on debt securities of
Presented below are the 2024 income statement and comparative balance sheets for Santana Industries.Additional information for the 2024 fiscal year ($ in thousands):1. Cash dividends of $1,000 were
For the year ending December 31, 2024, Olivo Corporation had income from continuing operations before taxes of $1,200,000 before considering the following transactions and events. All of the items
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024, included the following accounts:The gain on debt securities is unrealized and classified as
Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted
The following are partial income statement account balances taken from the December 31, 2024, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000;
The following is a partial year-end adjusted trial balance.Income tax expense has not yet been recorded. The income tax rate is 25%. Determine the following: (a) Operating income
Norse Manufacturing Inc. prepares an annual single, continuous statement of income and comprehensive income.The following situations occurred during the company’s 2024 fiscal year:1. Restructuring
The preliminary 2024 income statement of Alexian Systems, Inc., is presented below:Additional Information:1. Selling and administrative expense includes $26 million in restructuring costs.2. Included
The following events occurred during 2024 for various audit clients of your firm. Consider each event to be independent and the effect of each event to be material.1. A manufacturing company
Presented below is the balance sheet for HHD, Inc., at December 31, 2024.The captions shown in the summarized statement above include the following:a. Current assets: cash, $150,000; accounts
The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior year).Transactions during 2024 (current year) were as follows:1. Sales to customers on account $800,0002. Cash
Define the terms paid-in capital and retained earnings.
The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation.Additional Information:1. The receivables from employees are due on June 30, 2025.2.
For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) environmental, (B) social, or (C) governance disclosures: (1) Ratio of pay of chief
Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2024.Additional Information:1. The notes receivable, along with any interest receivable, are
Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the proper classification of the following items: a. $50,000 in cash restricted to
Obtain the quarterly financial report (10-Q) of Delta Airlines for the period ended June 30, 2020. You can access this report through the SEC’s EDGAR, the Electronic Data Gathering, Analysis, and
The following is the ending balances of accounts at June 30, 2024, for Excell Company.Additional Information:1. The short-term investments account includes $18,000 in U.S. treasury bills purchased in
The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation.Additional Information:1. The $120,000 balance in the land account consists of $100,000 for the
The fiscal year-end for the Northwest Distribution Corporation is December 31. The company’s 2024 financial statements were issued on March 15, 2025. The following events occurred between December
The balance sheet and disclosure of significant accounting policies taken from the January 31, 2020, annual report of Walmart Inc. appear below. Use this information to answer the following 1.
You have been asked to review the December 31, 2024, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior:1. An
The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company.Additional Information:1. Prepaid expenses include $120,000 paid on December 31, 2024, for
The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation.Required:Prepare a classified balance sheet for Jackson Corporation at December 31, 2024, by properly
You recently joined the auditing staff of Best, Best, and Krug, CPAs. You have been assigned to the audit of Clearview, Inc., and have been asked by the audit senior to examine the balance sheet
The following is a December 31, 2024, post-closing trial balance for Almway Corporation.Additional Information:1. The investment in equity securities account includes an investment in common stock of
You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountant.In the course
The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2024. Some amounts, indicated by question marks, have been intentionally omitted.Required:1. Determine the
The following are the typical classifications used in a balance sheet:a. Current assetsb. Investmentsc. Property, plant, and equipmentd. Intangible assetse. Current liabilitiesf. Long-term
Refer to P 2–3 and complete the following steps:Data in P 2-3Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s reporting year-end is December
The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below.Required:1. Prepare an income statement for the year ended December 31, 2024, and a classified
Refer to E 2–9 and respond to the following requirements. Data in E 2-9Prepare the necessary adjusting entries on December 31, 2024, for the Microchip Company for each of the following
The following account balances were taken from the 2024 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000;
If the adjusting journal entries prepared in BE 2–13 were not recorded, would assets, liabilities, and shareholders’ equity on the December 31, 2024, balance sheet be higher or lower and by how
The following transactions occurred during the month of June 2024 for the Stridewell Corporation. The company owns and operates a retail shoe store.1. Issued 100,000 shares of common stock in
Halogen Laminated Products Company began business on January 1, 2024. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $100,000 cash.2 Purchased
A company borrowed $100,000 from a local bank. The loan requires 10 equal annual payments beginning one year from today. Assuming an interest rate of 8%, what is the amount of each annual payment?
On December 31, 2024, a company issued 6% stated rate bonds with a face amount of $100 million. The bonds mature on December 31, 2054. Interest is payable annually on each December 31, beginning in
On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $1,200. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for six
On September 30, 2024, the Techno Corporation issued 8% stated rate bonds with a face amount of $300 million. The bonds mature on September 30, 2044 (20 years). The market rate of interest for
On September 30, 2024, a company leased a warehouse. Terms of the lease require 10 annual lease payments of $55,000 with the first payment due immediately. Accounting standards require the company to
On June 30, 2024, Single Computers issued 6% stated rate bonds with a face amount of $200 million. The bonds mature on June 30, 2039 (15 years). The market rate of interest for similar bond issues
Juan purchased a new automobile for $20,000. Juan made a cash down payment of $5,000 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase.
On June 30, 2024, Fly-By-Night Airlines leased a jumbo jet from Boeing Corporation. The terms of the lease require Fly-By-Night to make 20 annual payments of $400,000 on each June 30. Generally
On March 31, 2024, Southwest Gas leased equipment from a supplier and agreed to pay $200,000 annually for 20 years beginning March 31, 2025. Generally accepted accounting principles require that a
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
On July 1, 2024, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The book value of the land on Apache’s books was $1,200,000. Terms of the
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
Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $85. Adult customers also can purchase a season pass that entitles the pass
On May 1, 2024,Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the
Consider the following excerpts from revenue recognition disclosure notes:1. Verizon: “We offer wireless services through a variety of plans on a postpaid or prepaid basis. For wireless service, we
Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2024, it started a loyalty program through which
Mars Marine produces outboard motors for a variety of recreational and commercial boating configurations. Martin Quint, the owner of Mars Marine, is planning to provide to any person purchasing a
On January 1, Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month period. Revis will receive $20,000 from Green at the end of each
On March 1, 2024, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2024, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10
On May 1, 2024, Meta Computer, Inc., enters into a contract to sell 5,000 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $95,000, to be settled by a cash
In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is
The birth of the Internet in the 1990s led to the creation of a new industry of online retailers such as Amazon, Overstock.com, and Insight Enterprises, Inc. Many of these companies often act as
Tran Technologies licenses its functional intellectual property to Lyon Industries. Terms of the arrangement require Lyon to pay Tran $500,000 on April 1, 2024, when Lyon first obtains access to
The following is an excerpt from Note 2 of Deere & Company’s annual report: “Under the terms of sales agreements with dealers, interest-free periods are determined based on the type of
Consider the following excerpts from revenue recognition disclosure notes:1. eBay: “The transaction price is allocated to each performance obligation based on its stand-alone selling price (SSP).
Precision Equipment, Inc., specializes in designing and installing customized manufacturing equipment. On February 1, 2024, it signs a contract to design a fully automated wristwatch assembly line
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2024, to construct a four-story office building. At that time, Curtiss estimated that it
On January 1, 2024, Lego Construction Company signed a contract to build a custom garage for a customer and received $10,000 in advance for the job. The new garage will be built on the customer’s
Citation Builders, Inc., builds office buildings and single-family homes. The office buildings are constructed under contract with reputable buyers. The homes are constructed in developments ranging
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2024, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $40,000
Aria Perfume, Inc., sold 3,210 boxes of white musk soap during January of 2024 at the price of $90 per box. The company offers a full refund to unsatisfied customers for any product returned within
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $40,000. Seneca paid for the snowmobiles on January 1, 2024, with delivery to occur subsequently. Unless
Furtastic manufactures imitation fur garments. On June 1, 2024, Furtastic made a sale to Willett’s Department Store under terms that require Willett to pay $150,000 to Furtastic on June 30, 2024.
In January 2024, Continental Fund Services, Inc., enters into a one-year contract with a client to provide investment advisory services. The company will receive a management fee, prepaid at the
Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor receives $600,000 in exchange for satisfying the following separate
Assume Avaya contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized
Horizon Corporation manufactures personal computers. The company began operations in 2019 and reported profits for the years 2019 through 2022. Due primarily to increased competition and price
On January 1, 2024, Hodge Beanery received $8,000 from the Kennedy Company in exchange for a coffee roaster that it will deliver to Kennedy on December 31, 2024. Assuming that Hodge views the time
On June 15, 2024, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $220 million. The expected completion date is April 1,
Lewis Co. sold merchandise to AdCo for $60,000 and received $60,000 for that sale one month later. One week prior to receiving payment from AdCo, Lewis made a $10,000 payment to AdCo for advertising
In 2024, Long Construction Corporation began construction work under a three-year contract. The contract price is $1,600,000. Long recognizes revenue over time according to percentage of completion
On February 1, 2024, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2024, costs of $2,000,000 were incurred with
On February 1, 2024, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2024, costs of $2,000,000 were incurred, with
O’Hara Associates sells golf clubs, and with each sale of a full set of clubs provides complimentary club-fitting services. A full set of clubs with the fitting services sells for $1,500. O’Hara
Saar Associates sells two licenses to Kim & Company on September 1, 2024. First, in exchange for $100,000, Saar provides Kim with a copy of its proprietary investment management software, which
TopChop sells hairstyling franchises. TopChop receives $50,000 from a new franchisee for providing initial training, equipment, and furnishings that have a stand-alone selling price of $50,000.
Dowell Fishing Supply, Inc., sold $50,000 of Dowell Rods on December 15, 2024, to Bassadrome. Because of a shipping backlog, Dowell held the inventory in Dowell’s warehouse until January 12, 2025
Kerianne paints landscapes, and in late 2024 placed four paintings with a retail price of $250 each in the Holmstrom Gallery. Kerianne’s arrangement with Holmstrom is that Holmstrom will earn a 20%

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