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intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

Darby’s Drillers erects and places into service an off-shore oil platform on January 1, 2005, at a cost of $10,000,000. Darby is legally required to dismantle and remove the platform at the end of
Herzog Zwei Corporation sells VCRs. The corporation also offers its customers a 2-year warranty contract. During 2004, Herzog Zwei sold 15,000 warranty contracts at $99 each. The corporation spent
Klax Company offers a set of building blocks to customers who send in 3 UPC codes from Klax cereal, along with 50¢. The blocks sets cost Klax $1.10 each to purchase and 60¢ each to mail to
Locke Company provides its president, Cyan Garamonde, with a bonus equal to 10% of income after deducting income tax and bonus. Income before deducting income tax and bonus is $265,000, and the tax
(Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balance sheet?(a) Accrued vacation pay. (j) Premium offers outstanding.(b) Estimated
(Accounts and Notes Payable) The following are selected 2004 transactions of Sean Astin Corporation.Sept. 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases
(Refinancing of Short-Term Debt) On December 31, 2004, Hattie McDaniel Company had$1,200,000 of short-term debt in the form of notes payable due February 2, 2005. On January 21, 2005, the company
(Refinancing of Short-Term Debt) On December 31, 2004, Chris Atkins Company has $7,000,000 of short-term debt in the form of notes payable to Blue Lagoon State Bank due periodically in 2005. On
(Compensated Absences) Zero Mostel Company began operations on January 2, 2003. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid
(Compensated Absences) Assume the facts in the preceding exercise, except that Zero Mostel Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at
(Adjusting Entry for Sales Tax) During the month of June, R. Attenborough Boutique had cash sales of $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be
(Payroll Tax Entries) The payroll of Rene Auber Company for September 2003 is as follows.Total payroll was $480,000, of which $110,000 is exempt from Social Security tax because it represented
(Payroll Tax Entries) Green Day Hardware Company’s payroll for November 2004 is summarized below.At this point in the year some employees have already received wages in excess of those to which
(Warranties) Soundgarden Company sold 200 copymaking machines in 2004 for $4,000 apiece, together with a one-year warranty. Maintenance on each machine during the warranty period averages
(Warranties) Sheryl Crow Equipment Company sold 500 Rollomatics during 2004 at $6,000 each.During 2004, Crow spent $20,000 servicing the 2-year warranties that accompany the Rollomatic. All
(Premium Entries) Yanni Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2004, Yanni Company purchased 8,800
(Contingencies) Presented below are three independent situations. Answer the question at the end of each situation.1. During 2004, Salt-n-Pepa Inc. became involved in a tax dispute with the IRS.
(Asset Retirement Obligation) Oil Products Company purchases an oil tanker depot on January 1, 2004, at a cost of $600,000. Oil Products expects to operate the depot for 10 years, at which time it is
(Premiums) Presented below are three independent situations.1. Fred McGriff Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to
(Financial Statement Impact of Liability Transactions) Presented below is a list of possible transactions.1. Purchased inventory for $80,000 on account (assume perpetual system is used).2. Issued an
(Ratio Computations and Discussion) Sprague Company has been operating for several years, and on December 31, 2004, presented the following balance sheet.The net income for 2004 was $25,000. Assume
(Ratio Computations and Analysis) Hood Company’s condensed financial statements provide the following information.Instructions (a) Determine the following for 2004.(1) Current ratio at December
(Ratio Computations and Effect of Transactions) Presented below is information related to Carver Inc.Instructions (a) Compute the following ratios or relationships of Carver Inc. Assume that the
(Bonus Computation) Jud Buechler, president of the Supporting Cast Company, has a bonus arrangement with the company under which he receives 15% of the net income (after deducting taxes and bonuses)
(Bonus Computation and Income Statement Preparation) The incomplete income statement of Scottie Pippen Company follows.The employee profit-sharing plan requires that 20% of all profits remaining
(Bonus Compensation) Alan Iverson Company has a profit-sharing agreement with its employees that provides for deposit in a pension trust for the benefit of the employees of 25% of the net income
(Current Liability Entries and Adjustments) Described below are certain transactions of James Edwards Corporation.1. On February 2, the corporation purchased goods from Jack Haley Company for $50,000
(Current Liability Entries and Adjustments) Listed below are selected transactions of Kobe Bryant Department Store for the current year ending December 31.1. On December 5, the store received $500
(Payroll Tax Entries) Star Wars Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period,
(Payroll Tax Entries) Below is a payroll sheet for Empire Import Company for the month of September 2004. The company is allowed a 1% unemployment compensation rate by the state; the federal
(Warranties, Accrual, and Cash Basis) Jerry Royster Corporation sells portable computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the
(Extended Warranties) Brett Perriman Company sells televisions at an average price of $750 and also offers to each customer a separate 3-year warranty contract for $75 that requires the company to
(Warranties, Accrual, and Cash Basis) Albert Pujols Company sells a machine for $7,400 under a 12-month warranty agreement that requires the company to replace all defective parts and to provide the
(Premium Entries) To stimulate the sales of its Alladin breakfast cereal, Khamsah Company places 1 coupon in each box. Five coupons are redeemable for a premium consisting of a children’s hand
(Premium Entries and Financial Statement Presentation) Roberto Hernandez Candy Company offers a CD single as a premium for every five candy bar wrappers presented by customers together with$2.00. The
(Loss Contingencies: Entries and Essay) On November 24, 2004, 26 passengers on Tom Paris Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits
(Loss Contingencies: Entries and Essays) Shoyo Corporation, in preparation of its December 31, 2004, financial statements, is attempting to determine the proper accounting treatment for each of the
(Warranties and Premiums) Gloria Estefan’s Music Emporium carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. Estefan’s uses two sales
(Liability Errors) You are the independent auditor engaged to audit Christine Agazzi Corporation’s December 31, 2004, financial statements. Christine Agazzi manufactures household appliances.During
(Bonus Computation) Henryk Inc. has a contract with its president, Nathalie Sarraute, to pay her a bonus during each of the years 2003, 2004, 2005, and 2006. The federal income tax rate is 40% during
(Warranty, Bonus, and Coupon Computation) Victor Hugo Company must make computations and adjusting entries for the following independent situations at December 31, 2004.1. Its line of amplifiers
(Nature of Liabilities) Presented below is the current liabilities section of Nizami CorporationInstructions Answer the following questions.(a) What are the essential characteristics that make an
(Current versus Noncurrent Classification) D’Annunzio Corporation includes the following items in its liabilities at December 31, 2004.1. Notes payable, $25,000,000, due June 30, 2005.2. Deposits
(Refinancing of Short-Term Debt) Levi Eshkol Corporation reports in the current liability section of its balance sheet at December 31, 2004 (its year-end), short-term obligations of $15,000,000,
(Refinancing of Short-Term Debt) Medvedev Inc. issued $10,000,000 of short-term commercial paper during the year 2003 to finance construction of a plant. At December 31, 2003, the corporation’s
(Loss Contingencies) On February 1, 2004, one of the huge storage tanks of Paunee Manufacturing Company exploded. Windows in houses and other buildings within a one-mile radius of the explosion were
(Warranties and Loss Contingencies) The following two independent situations involve loss contingencies.Part 1 Clarke Company sells two products, John and Henrick. Each carries a one-year warranty.1.
(Warranties) The Ray Company, owner of Bleacher Mall, charges Creighton Clothing Store a rental fee of $600 per month plus 5% of yearly profits over $500,000. Harry Creighton, the owner of the store,
3M Company The financial statements of 3M are presented in Appendix 5B or can be accessed on the Take Action! CD.Instructions Refer to these financial statements and the accompanying notes to answer
Case 1 Northland Cranberries Despite being a publicly traded company only since 1987, Northland Cranberries of Wisconsin Rapids, Wisconsin, is one of the world’s largest cranberry growers. Despite
Case Mohican Company Presented below is the current liabilities section and related note of Mohican Company.Instructions Answer the following questions.(a) What is the difference between the cash
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)
Instructions Obtain the most recent edition of Accounting Trends and Techniques. Examine the disclosures included under the section regarding gain contingencies, and answer the following
The January 25, 2002, edition of the Wall Street Journal contained an article by Schad Terhune entitled“Georgia Pacific Says Asbestos Charge Will Result in Fourth Quarter Net Loss.” (Subscribers
An important difference between U.S. and international accounting standards is the accounting for liabilities related to provisions. Due in part to differences in tax laws, accounting standards in
Alex Rodriguez Inc., a publishing company, is preparing its December 31, 2003, financial statements and must determine the proper accounting treatment for the following situations(a) Rodriguez sells
Toy Story Corporation issued $500,000 of 6% bonds on May 1, 2008. The bonds were dated January 1, 2008, and mature January 1, 2013, with interest payable July 1 and January 1. The bonds were issued
Izzy Corporation issued $400,000 of 7% bonds on November 1, 2008, for $429,757. The bonds were dated November 1, 2008, and mature in 10 years, with interest payable each May 1 and November 1. Izzy
At December 31, 2008, Treasure Land Corporation has the following account balancesShow how the above accounts should be presented on the December 31, 2008, balance sheet, including the proper
McNabb Corporation issued a 4-year, $50,000, zero-interest-bearing note to Reid Company on January 1, 2008, and received cash of $31,776. The implicit interest rate is 12%. Prepare McNabb’s journal
Larry Byrd Corporation issued a 4-year, $50,000, 5% note to Magic Johnson Company on January 1, 2008, and received a computer that normally sells for $39,369. The note requires annual interest
King Corporation issued a 4-year, $50,000, zero-interest-bearing note to Salmon Company on January 1, 2008, and received cash of $50,000. In addition, King agreed to sell merchandise to Salmon at an
Assume that Toni Braxton Company has recently fallen into financial difficulties. By reviewing all available evidence on December 31, 2006, one creditor of Toni Braxton, the National American Bank,
(Classification of Liabilities) Presented below are various account balances of K.D. Lang Inc.(a) Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year.(b) Bank
(Classification) The following items are found in the financial statements.(a) Discount on bonds payable(b) Interest expense (credit balance)(c) Unamortized bond issue costs(d) Gain on repurchase of
(Entries for Bond Transactions) Presented below are two independent situations.1. On January 1, 2007, Simon Company issued $200,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April
(Entries for Bond Transactions—Straight-Line) Celine Dion Company issued $600,000 of 10%, 20-year bonds on January 1, 2008, at 102. Interest is payable semiannually on July 1 and January 1. Dion
(Entries for Bond Transactions—Effective Interest) Assume the same information as in E14-4, except that Celine Dion Company uses the effective interest method of amortization for bond premium or
(Amortization Schedules—Straight-line) Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds are dated January 1, 2007, and mature January 1, 2012.
(Amortization Schedule—Effective Interest) Assume the same information as E14-6.Instructions Set up a schedule of interest expense and discount amortization under the effective interest method.
(Determine Proper Amounts in Account Balances) Presented below are three independent situations.(a) CeCe Winans Corporation incurred the following costs in connection with the issuance of bonds:(1)
(Entries and Questions for Bond Transactions) On June 30, 2008, Mischa Auer Company issued$4,000,000 face value of 13%, 20-year bonds at $4,300,920, a yield of 12%. Auer uses the effective interest
(Entries for Bond Transactions) On January 1, 2007, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907.37, which provides the bondholders with a 10% yield. The bonds are
(Information Related to Various Bond Issues) Karen Austin Inc. has issued three types of debt on January 1, 2007, the start of the company’s fiscal year.(a) $10 million, 10-year, 15% unsecured
(Entry for Retirement of Bond; Bond Issue Costs) On January 2, 2002, Banno Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2011. Legal and other costs of $24,000 were incurred in
(Entries for Retirement and Issuance of Bonds) On June 30, 1999, County Crows Company issued 12% bonds with a par value of $800,000 due in 20 years. They were issued at 98 and were callable at 104 at
(Entries for Retirement and Issuance of Bonds) Linda Day George Company had bonds outstanding with a maturity value of $300,000. On April 30, 2008, when these bonds had an unamortized discount of
(Entries for Zero-Interest-Bearing Notes) On January 1, 2008, Ellen Greene Company makes the two following acquisitions.1. Purchases land having a fair market value of $200,000 by issuing a 5-year,
(Imputation of Interest) Presented below are two independent situations:(a) On January 1, 2008, Robin Wright Inc. purchased land that had an assessed value of $350,000 at the time of purchase. A
(Imputation of Interest with Right) On January 1, 2006, Margaret Avery Co. borrowed and received $400,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As
(Long-Term Debt Disclosure) At December 31, 2006, Helen Reddy Company has outstanding three long-term debt issues. The first is a $2,000,000 note payable which matures June 30, 2009. The second is a
(Term Modification without Gain—Debtor’s Entries) On December 31, 2007, the Firstar Bank enters into a debt restructuring agreement with Nicole Bradtke Company, which is now experiencing
(Term Modification without Gain—Creditor’s Entries) Using the same information as in E14-21 above, answer the following questions related to Firstar Bank (creditor).Instructions (a) What interest
(Term Modification with Gain—Debtor’s Entries) Use the same information as in E14-21 above except that Firstar Bank reduced the principal to $1,300,000 rather than $1,600,000. On January 1, 2011,
(Term Modification with Gain—Creditor’s Entries) Using the same information as in E14-21 and E14-23 above, answer the following questions related to Firstar Bank (creditor).Instructions (a)
(Debtor/Creditor Entries for Settlement of Troubled Debt) Petra Langrova Co. owes $199,800 to Mary Joe Fernandez Inc. The debt is a 10-year, 11% note. Because Petra Langrova Co. is in financial
(Debtor/Creditor Entries for Modification of Troubled Debt) Steffi Graf Corp. owes $225,000 to First Trust. The debt is a 10-year, 12% note due December 31, 2007. Because Graf Corp. is in financial
(Impairments) On December 31, 2006, Iva Majoli Company borrowed $62,092 from Paris Bank, signing a 5-year, $100,000 zero-interest-bearing note. The note was issued to yield 10% interest.
(Impairments) On December 31, 2006, Conchita Martinez Company signed a $1,000,000 note to Sauk City Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%,
(Analysis of Amortization Schedule and Interest Entries) The following amortization and interest schedule reflects the issuance of 10-year bonds by Terrel Brandon Corporation on January 1, 2000, and
(Issuance and Retirement of Bonds) Palmiero Co. is building a new hockey arena at a cost of$2,000,000. It received a downpayment of $500,000 from local businesses to support the project, and now
(Negative Amortization) Slippery Sales Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Slippery offered a low downpayment
(Issuance and Retirement of Bonds; Income Statement Presentation) Chris Mills Company issued its 9%, 25-year mortgage bonds in the principal amount of $5,000,000 on January 2, 1993, at a discount of
(Comprehensive Bond Problem) In each of the following independent cases the company closes its books on December 31.1. Danny Ferry Co. sells $250,000 of 10% bonds on March 1, 2007. The bonds pay
(Issuance of Bonds between Interest Dates, Straight-line, Retirement) Presented below are selected transactions on the books of Powerglide Corporation.May 1, 2007 Bonds payable with a par value of
(Entries for Life Cycle of Bonds) On April 1, 2007, Fontenot Company sold 12,000 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company
(Entries for Zero-Interest-Bearing Note) On December 31, 2007, Jose Luis Company acquired a computer from Cuevas Corporation by issuing a $400,000 zero-interest-bearing note, payable in full on
(Entries for Zero-Interest-Bearing Note; Payable in Installments) Sun Yat-sen Cosmetics Co.purchased machinery on December 31, 2006, paying $40,000 down and agreeing to pay the balance in four equal
(Comprehensive Problem; Issuance, Classification, Reporting) Presented below are four independent situations.(a) On March 1, 2008, Heide Co. issued at 103 plus accrued interest $3,000,000, 9% bonds.
(Effective Interest Method) Mathilda B. Reichenbacher, an intermediate accounting student, is having difficulty amortizing bond premiums and discounts using the effective interest method.

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