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intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

(Loan Impairment Entries) On January 1, 2007, Botosan Company issued a $1,200,000, 5-year, zero-interest-bearing note to National Organization Bank. The note was issued to yield 8% annual
(Debtor/Creditor Entries for Continuation of Troubled Debt) Jeremy Hillary is the sole shareholder of Hillary Inc., which is currently under protection of the U.S. bankruptcy court. As a “debtor in
(Restructure of Note under Different Circumstances) Sandro Corporation is having financial difficulty and therefore has asked Botticelli National Bank to restructure its $3 million note
(Debtor/Creditor Entries for Continuation of Troubled Debt with New Effective Interest)Mildred Corp. owes D. Taylor Corp. a 10-year, 10% note in the amount of $110,000 plus $11,000 of accrued
(Bond Theory: Balance Sheet Presentations, Interest Rate, Premium) On January 1, 2008, Branagh Company issued for $1,075,230 its 20-year, 13% bonds that have a maturity value of $1,000,000 and pay
(Various Long-Term Liability Conceptual Issues) Emma Thompson Company has completed a number of transactions during 2007. In January the company purchased under contract a machine at a total price of
(Bond Theory: Price, Presentation, and Retirement) On March 1, 2008, Jackie Chan Company sold its 5-year, $1,000 face value, 9% bonds dated March 1, 2008, at an effective annual interest rate
(Bond Theory: Amortization and Gain or Loss Recognition)Part I. The appropriate method of amortizing a premium or discount on issuance of bonds is the effective interest method.Instructions(a) What
(Off-Balance-Sheet Financing) Brad Pitt Corporation is interested in building its own soda can manufacturing plant adjacent to its existing plant in Partyville, Kansas. The objective would be to
(Bond Issue) Roland Carlson is the president, founder, and majority owner of Thebeau Medical Corporation, an emerging medical technology products company. Thebeau is in dire need of additional
The Procter & Gamble Company (P&G)The financial statements of P&G are presented in Appendix 5B or can be accessed on KWW website.Instructions Refer to P&G’s financial statements and the
Case 1 Commonwealth Edison Co.The following article appeared in the Wall Street Journal.Bond Markets Giant Commonwealth Edison Issue Hits Resale Market With $70 Million Left Over NEW
The Coca-Cola Company and PepsiCo, Inc.Instructions Go to the KWW website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a)
Instructions Use an appropriate source (such as those identified in Chapter 2 Research Case 1) to identify a firm that recently had its bond rating changed. Answer the following questions.(a) Which
The February 2, 2002, edition of the Wall Street Journal includes an article by Mark Maremount entitled“Tyco May Alter Plan to Buy Back $11 Billion in Bonds with Tenders.” (You can access the
Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers.To date, the company has been able to finance its successful operations with investments from its
Honoré de Balzac Inc. has been producing quality children’s apparel for more than 25 years. The company’s fiscal year runs from April 1 to March 31. The following information relates to the
(Settlement of Debt) Larisa Nieland Company owes $200,000 plus $18,000 of accrued interest to First State Bank. The debt is a 10-year, 10% note. During 2007, Larisa Nieland’s business
Explain the accounting procedures for issuing shares of stock.
Explain the accounting for and reporting of preferred stock.
Describe the policies used in distributing dividends.
(Recording the Issuances of Common Stock) During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 80,000 shares for
(Recording the Issuance of Common and Preferred Stock) Kathleen Battle Corporation was organized on January 1, 2007. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and
(Entries for Stock Dividends and Stock Splits) The stockholders’ equity accounts of G.K.Chesterton Company have the following balances on December 31, 2007.Chesterton Company have the following
(Dividend Entries) The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2006.Current assets $540,000 Investments 624,000 Common stock (par value $10)
(Computation of Retained Earnings) The following information has been taken from the ledger accounts of Isaac Stern Corporation.Total income since incorporation $317,000 Total cash dividends paid
(Dividends and Stockholders’ Equity Section) Anne Cleves Company reported the following amounts in the stockholders’ equity section of its December 31, 2006, balance sheet.During 2007, Cleves
(Preferred Dividends) Matt Schmidt Company’s ledger shows the following balances on December 31, 2007.7% Preferred stock—$10 par value, outstanding 20,000 shares $ 200,000 Common stock—$100 par
(Treasury Stock—Cost Method—Equity Section Preparation) Constantine Company has the following stockholders’ equity accounts at December 31, 2006.Common Stock—$100 par value, authorized 8,000
(Cash Dividend Entries) The books of John Dos Passos Corporation carried the following account balances as of December 31, 2006.Cash $ 195,000 Preferred stock, 6% cumulative, nonparticipating, $50
(Stock and Cash Dividends) Gul Ducat Corporation has outstanding 2,000,000 shares of common stock of a par value of $10 each. The balance in its retained earnings account at January 1, 2007,
(Analysis and Classification of Equity Transactions) Ohio Company was formed on July 1, 2003. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of 8%$25 par
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 these financial statements and the
Kellogg Corporation is the world’s leading producer of ready-to-eat cereal products. In recent years the company has taken numerous steps aimed at improving its profitability and earnings per
Recall from Chapter 13 that Hincapie Co. (a specialty bike-accessory manufacturer) is expecting growth in sales of some products targeted to the low-price market. Hincapie is contemplating a
Presented below are the stockholders' equity sections for AMR Corporation for 2004 and 2003.All amounts are in millions, except number of shares and par value.(a) Explain why common stock is
Marcy Co. acquired a trademark that is helpful in distinguishing one of its new products. The trademark is renewable every 10 years at minimal cost. All evidence indicates that this trademark product
Alonzo Mourning Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and$91,000 to market the process that was patented, all in the year 2003. How should these
Yellow 3 purchased a patent for $450,000 which has an estimated useful life of 10 years. Its pattern of use or consumption cannot be reliably determined. Prepare the entry to record the amortization
Logan Company determines that its goodwill is impaired.It finds that its implied goodwill is $380,000 and its recorded goodwill is $400,000. The fair value of its identifiable assets is $1,450,000.
In 2002, Cassie Logan Corporation developed a new product that will be marketed in 2003. In connection with the development of this product, the following costs were incurred in 2002: research and
Matt Antonio, Inc. has incurred $6 million in developing a computer software product for sale to third parties. Of the $6 million costs incurred, $4 million is capitalized. The product produced from
Describe the characteristics of intangible assets.
Identify the costs included in the initial valuation of intangible assets.
Explain the procedure for amortizing intangible assets.
Identify the types of intangible assets.
Explain the conceptual issues related to goodwill.
Describe the accounting procedures for recording goodwill.
Explain the accounting issues related to intangible asset impairments.
Identify the conceptual issues related to research and development costs.
Describe the accounting procedures for research and development costs and for other similar costs.
Use the information provided in BE12-1. Assume that at January 1, 2006, the carrying amount of the patent on Doom Troopers’ books is $51,200. In January, Doom Troopers spends $24,000 successfully
Incredible Hulk Corporation commenced operations in early 2004. The corporation incurred$70,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its
On September 1, 2004, Dungeon Corporation acquired Dragon Enterprises for a cash payment of $750,000. At the time of purchase, Dragon’s balance sheet showed assets of $620,000, liabilities
Dorsett Corporation incurred the following costs in 2004.Prepare the necessary 2004 journal entry or entries for Dorsett. Cost of laboratory research aimed at discovery of new knowledge Cost of
Wiggens Industries acquired two copyrights during 2004. One copyright related to a textbook that was developed internally at a cost of $9,900. This textbook is estimated to have a useful life of 3
Earthworm Jim Corporation has capitalized software costs of $700,000, and sales of this product the first year totaled $420,000. Earthworm Jim anticipates earning $980,000 in additional future
(Classification Issues—Intangibles) Presented below is a list of items that could be included in the intangible assets section of the balance sheet.1. Investment in a subsidiary company.2.
(Classification Issues—Intangibles) Presented below is selected account information related to Martin Burke Inc. as of December 21, 2003. All these accounts have debit balances.Instructions
(Classification Issues—Intangible Asset) Joni Hyde Inc. has the following amounts included in its general ledger at December 31, 2003.Instructions (a) On the basis of the information above, compute
(Intangible Amortization) Presented below is selected information for Alatorre Company.1. Alatorre purchased a patent from Vania Co. for $1,000,000 on January 1, 2002. The patent is being amortized
(Correct Intangible Asset Account) As the recently appointed auditor for William J. Bryan Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June
(Recording and Amortization of Intangibles) Rolanda Marshall Company, organized in 2003, has set up a single account for all intangible assets. The following summary discloses the debit entries that
(Accounting for Trade Name) In early January 2003, Gayle Crystal Corporation applied for a trade name, incurring legal costs of $16,000. In January of 2004, Gayle Crystal incurred $7,800 of legal
(Accounting for Organization Costs) Horace Greeley Corporation was organized in 2002 and began operations at the beginning of 2003. The company is involved in interior design consulting services.The
(Accounting for Patents, Franchises, and R & D) Jimmy Carter Company has provided information on intangible assets as follows.A patent was purchased from Gerald Ford Company for $2,000,000 on
(Accounting for Patents) During 2000, George Winston Corporation spent $170,000 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was
(Accounting for Patents) Tones Industries has the following patents on its December 31, 2005, balance sheet.The following events occurred during the year ended December 31, 2006.1. Research and
(Accounting for Goodwill) Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Galleries. The balance sheet of Zweifel is given in an abbreviated form below.Moss and Zweifel
(Accounting for Goodwill) On July 1, 2003, Brigham Corporation purchased Young Company by paying $250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2003, the balance sheet
(Copyright Impairment) Presented below is information related to copyrights owned by Walter de la Mare Company at December 31, 2004.Assume that Walter de la Mare Company will continue to use this
(Goodwill Impairment) Presented below is net asset information related to the Carlos Division of Santana, Inc.The purpose of the Carlos division is to develop a nuclear-powered aircraft. If
(Accounting for R & D Costs) Leontyne Price Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2003 the company expends $325,000 on a
(Accounting for R & D Costs) Thomas More Company incurred the following costs during 2003 in connection with its research and development activities.Instructions Compute the amount to be reported
(Accounting for Computer Software Costs) New Jersey Inc. has capitalized computer software costs of $3,600,000 on its new “Trenton” software package. Revenues from 2003 (first year) sales
(Accounting for Computer Software Costs) During 2003, Delaware Enterprises Inc. spent$5,000,000 developing its new “Dover” software package. Of this amount, $2,200,000 was spent before
(Correct Intangible Asset Account) Esplanade Co., organized in 2002, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded
(Accounting for Patents) Ankara Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Ankara does not manufacture or sell the products
(Accounting for Franchise, Patents, and Trade Name) Information concerning Haerhpin Corporation’s intangible assets is as follows.1. On January 1, 2004, Haerhpin signed an agreement to operate as a
(Accounting for R & D Costs) During 2001, Florence Nightingale Tool Company purchased a building site for its proposed research and development laboratory at a cost of $60,000. Construction of
(Goodwill, Impairment) On July 31, 2003, Postera Company paid $3,000,000 to acquire all of the common stock of Mendota Incorporated, which became a division of Postera. Mendota reported the following
(Accounting for Pollution Expenditure) Phil Mickelson Company operates several plants at which limestone is processed into quicklime and hydrated lime. The Eagle Ridge plant, where most of the
(Accounting for Pre-Opening Costs) After securing lease commitments from several major stores, Lobo Shopping Center, Inc. was organized and built a shopping center in a growing suburb.The shopping
(Accounting for Research and Development Costs) Indiana Jones Co. is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and
(Accounting for Research and Development Costs) Waveland Corporation’s research and development department has an idea for a project it believes will culminate in a new product that would be very
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
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)
The online edition of the March 5, 2002, Wall Street Journal includes an article by John Carreyrou entitled“Vivendi May Reveal Write-Down of Up to $13 Billion for Goodwill.”Instructions Read the
Bayer, Smithkline Beecham, and Merck Presented below are data and accounting policy notes for the goodwill of three international drug companies.Bayer, a German company, prepares its statements in
Argot Co., organized in 2003, provided you with the following information.1. Purchased a franchise for $42,000 on July 1, 2003. The rights to the franchise will expire on July 1, 2011.2. Incurred a
Of what value is a common set of standards in financial accounting and reporting?
What are some of the developments or events that occurred between 1900 and 1930 that helped bring about changes in accounting theory or practice?
In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards?
In what ways was it felt that the statements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Accounting Principles Board?
The chairman of the FASB at one time noted that “the flow of standards can only be slowed if (1) producers focus less on quarterly earnings per share and tax benefits and more on quality products,
What is the purpose of FASB Technical Bulletins? How do FASB Technical Bulletins differ from FASB Interpretations?
What is AcSEC and what is its relationship to the FASB?
What are the sources of pressure that change and influence the development of accounting principles and standards?
Some individuals have indicated that the FASB must be cognizant of the economic consequences of its pronouncements.What is meant by “economic consequences”?What dangers exist if politics play too
If you were given complete authority in the matter, how would you propose that accounting principles or standards should be developed and enforced?

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