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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Using the information from BE4-9, prepare a retained earnings statement for the year ended December 31, 2014. Assume an error was discovered: land costing $80,000 (net of tax) was charged to
Portman Corporation has retained earnings of $675,000 at January 1, 2014. Net income during 2014 was $1,400,000, and cash dividends declared and paid during 2014 totaled $75,000. Prepare a retained
Vandross Company has recorded bad debt expense in the past at a rate of 1½% of net sales. In 2014, Vandross decides to increase its estimate to 2%. If the new rate had been used in prior years,
Finley Corporation had income from continuing operations of $10,600,000 in 2014. During 2014, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses
Cooper Investments reported an unusual gain from the sale of certain assets in its 2014 income statement. How does intraperiod tax allocation affect the reporting of this unusual gain?
Indicate where the following items would ordinarily appear on the financial statements of Boleyn, Inc. for the year 2014. (a) The service life of certain equipment was changed from 8 to 5
Becker Ltd. is planning to adopt IFRS and prepare its first IFRS financial statements at December 31, 2015. What is the date of Becker’s opening balance sheet, assuming one year of comparative
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at
Recording transactions in the accounting system requires knowledge of the important characteristics of the elements of financial statements, such as assets and liabilities. In addition, accountants
The Amato Theater is nearing the end of the year and is preparing for a meeting with its bankers to discuss the renewal of a loan. The accounts listed below appeared in the December 31, 2014, trial
Go to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc. (a) Which company had the greater
The financial statements of P&G are presented in Appendix 5B. The company’s complete annual report, including the notes to the financial statements, can be accessed at the book’s companion
Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
A review of the ledger of Baylor Company at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages Payable $0. There are
A review of the ledger of Baylor Company at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages Payable $0. There are
Jurassic Park Co. prepares monthly financial statements from a worksheet. Selected portions of the January worksheet showed the following data.During February, no events occurred that affected these
The adjusted trial balance for Ed Bradley Co. is presented in the following worksheet for the month ended April 30, 2014.
Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014.
Presented below is information related to Gonzales Corporation for the month of January 2014.
The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $800,000, Delivery Expense $12,000, Sales
Santo Design Agency was founded by Thomas Grant in January 2008. Presented below is the adjusted trial balance as of December 31, 2014.
The adjusted trial balance of Anderson Cooper Co. as of December 31, 2014, contains the following.
Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.
Selected accounts of Urdu Company are shown below. InstructionsFrom an analysis of the
Andy Roddick is the new owner of Ace Computer Services. At the end of August 2014, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information
A partial adjusted trial balance of Piper Company at January 31, 2014, shows the following.InstructionsAnswer the following questions, assuming the year begins January 1. (a) If the amount in
Karen Weller, D.D.S., opened a dental practice on January 1, 2014. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental
The trial balance of Watteau Co. does not balance. Each of the listed
The trial balance of Blues Traveler Corporation does not balance.
The trial balance of Wanda Landowska Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance,
Midwest Enterprises made the following entry on December 31, 2014 What entry would Anaheim
Jay Hawk, maintenance supervisor for Boston Insurance Co., has purchased a riding lawnmower and accessories to be used in maintaining the grounds around corporate headquarters. He has sent the
Indicate whether each of the following items is a real or nominal account and whether it appears in the balance sheet or the income statement. (a) Prepaid Rent. (b) Salaries and Wages
William Murray achieved one of his life-long dreams by opening his own business, The Caddie Shack Driving Range, on May 1, 2014. He invested $20,000 of his own savings in the business. He paid $6,000
Wal-Mart Stores, Inc. provided the following disclosure in a recent annual report.New accounting pronouncement (partial) . . . the Securities and Exchange Commission issued Staff Accounting
Presented below are a number of business transactions that occurred during the current year for Gonzales, Inc.InstructionsIn each of the situations, discuss the appropriateness of the journal entries
Presented below are the assumptions, principles, and constraint used in this chapter.
The qualitative characteristics that make accounting information useful for decision-making purposes are as follows.
If the going concern assumption is not made in accounting, discuss the differences in the amounts shown in the financial statements for the following items. (a) Land. (b) Unamortized bond
In January 2015, Janeway Inc. doubled the amount of its outstanding stock by selling on the market an additional 10,000 shares to finance an expansion of the business. You propose that this
Mogilny Company paid $135,000 for a machine. The Accumulated Depreciation—Equipment account has a balance of $46,500 at the present time. The company could sell the machine today for $150,000. The
One of the major groups that has been involved in the standard-setting process is the American Institute of Certified Public Accountants. Initially, it was the primary organization that established
Snider Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its shareholders at the end of the first quarter of the 2012–2013 fiscal year.
Keystone Corporation’s financial statements for the year ended December 31, 2012, were authorized for issue on March 10, 2013. The following events took place early in 2013. (a) On January
What are the major types of subsequent events? Indicate how each of the following “subsequent events” would be reported. (a) Collection of a note written off in a prior period. (b)
The transactions listed below relate to Wainwright Inc. You are to assume that on the date on which each of the transactions occurred, the corporation’s accounts showed only common stock ($100 par)
In June 2012, the board of directors for McElroy Enterprises Inc. authorized the sale of $10,000,000 of corporate bonds. Jennifer Grayson, treasurer for McElroy Enterprises Inc., is concerned about
Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the years 2012 and 2013. The
The following statement is an excerpt from the FASB pronouncement related to interim reporting.Interim financial information is essential to provide investors and others with timely information as to
Snider Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) at the end of the first
You are compiling the consolidated financial statements for Winsor Corporation International. The corporation’s accountant, Anthony Reese, has provided you with the segment information shown
At December 31, 2012, Coburn Corp. has assets of $10,000,000, liabilities of $6,000,000, common stock of $2,000,000 (representing 2,000,000 shares of $1 par common stock), and retained earnings of
At December 31, 2012, Coburn Corp. has assets of $10,000,000, liabilities of $6,000,000, common stock of $2,000,000 (representing 2,000,000 shares of $1 par common stock), and retained earnings of
Ace Inc. produces electronic components for sale to manufacturers of radios, television sets, and digital sound systems. In connection with her examination of Ace’s financial statements for the
Koch Corporation is in the process of preparing its annual financial statements for the fiscal year ended April 30, 2013. Because all of Koch’s shares are traded intrastate, the company does not
Matheny Inc. went public 3 years ago. The board of directors will be meeting shortly after the end of the year to decide on a dividend policy. In the past, growth has been financed primarily through
Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2013.
Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2012. The bookkeeper who maintains the financial records has prepared all the unaudited financial
Howser Inc. is a manufacturer of electronic components and accessories with total assets of $20,000,000. Selected financial ratios for Howser and the industry averages for firms of similar size are
Robbins Company is a wholesale distributor of professional equipment and supplies. The company’s sales have averaged about $900,000 annually for the 3-year period 2011 2013. The firm’s total
Keystone Corporation issued its financial statements for the year ended December 31, 2012, on March 10, 2013. The following events took place early in 2013. (a) On January 10, 10,000 shares of
Morlan Corporation is preparing its December 31, 2012, financial statements. Two events that occurred between December 31, 2012, and March 10, 2013, when the statements were issued, are described
An annual report of Crestwood Industries states, “The company and its subsidiaries have long-term leases expiring on various dates after December 31, 2012. Amounts payable under such commitments,
Each of the following items must be considered in preparing a statement of cash flows for Cruz Fashions Inc. for the year ended December 31, 2012. 1. Fixed assets that had cost $20,000 61⁄2
Ashley Company is a young and growing producer of electronic measuring instruments and technical equipment. You have been retained by Ashley to advise it in the preparation of a statement of cash
Teresa Ramirez and Lenny Traylor are examining the following statement of cash flows for Pacific Clothing Store’s first year of operations.
The following statement was prepared by Maloney Corporation’s accountant.
Dingel Corporation has contracted with you to prepare a statement of cash flows. The controller has provided the following information.
The comparative balance sheets for Hinckley Corporation show the following information.Additional data related to 2012 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated
Below is the comparative balance sheet for Lowenstein Corporation. Dividends
The transactions below took place during the year 2012. 1. Convertible bonds payable with a par value of $300,000 were exchanged for unissued common stock with a par value of $300,000. The
Ochoa Inc., had the following condensed balance sheet at the end of operations for 2011. During 2012, the following occurred. 1. A
The balance sheet data of Wyeth Company at the end of 2012 and 2011 are shown on page 1488. Land was acquired for $30,000 in exchange for
Andrews Inc., a greeting card company, had the following statements prepared as of December 31, 2012.
Condensed financial data of Fairchild Company for 2012 and 2011 are presented below and on page 1486.
Waubansee Corp. uses the direct method to prepare its statement of cash flows. Relevant balances for Waubansee at December 31, 2012 and 2011, are as follows.
Messner Co. reported $145,000 of net income for 2012. The accountant, in preparing the statement of cash flows, noted several items occurring during 2012 that might affect cash flows from operating
Norman Company’s income statement for the year ended December 31, 2012, contained the following condensed information.Service revenue
The income statement of Rodriquez Company is shown below. Additional information: 1. Accounts receivable decreased
In 2012, Leppard Inc. issued 1,000 shares of $10 par value common stock for land worth $40,000.(a) Prepare Leppard’s journal entry to record the transaction.(b) Indicate the effect the transaction
In 2012, Wild Corporation reported a net loss of $70,000. Wild’s only net income adjustments were depreciation expense $81,000, and increase in accounts receivable $8,100. Compute Wild’s net cash
Hendrickson Corporation reported net income of $50,000 in 2012. Depreciation expense was $17,000. The following working capital accounts changed.Accounts receivable
Loveless Corporation had the following 2012 income statement.Revenues $100,000Expenses
In 2012, Elbert Corporation had net cash provided by operating activities of $531,000; net cash used by investing activities of $963,000; and net cash provided by financing activities of $585,000. At
Loveless Corporation had the following 2012 income statement.Revenues $100,000Expenses
In 2012, Elbert Corporation had net cash provided by operating activities of $531,000; net cash used by investing activities of $963,000; and net cash provided by financing activities of $585,000. At
Moxley Corporation had January 1 and December 31 balances as follows. For 2012, cost of goods sold was $500,000. Compute Moxley’s 2012
At January 1, 2012, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2012, accounts receivable is $54,000. Sales for 2012 total $420,000. Compute Eikenberry’s 2012 cash receipts
Use the information from BE23-4 for Bloom Corporation. Prepare the cash flows from operating activities section of Bloom’s 2012 statement of cash flows using the indirect method.
Bloom Corporation had the following 2012 income statementSales
Novak Corporation is preparing its 2012 statement of cash flows, using the indirect method. Presented below is a list of items that may affect the statement. Using the code below, indicate how each
Stansfield Corporation had the following activities in 2012.1. Payment of accounts payable $770,0002. Issuance of common stock $250,0003. Payment of dividends $350,0004. Collection of note receivable
Wainwright Corporation had the following activities in 2012. 1. Sale of land $180,000 2. Purchase of inventory $845,000 3. Purchase of treasury stock $72,000 4. Purchase of
During 2012, Simms Company redeemed $2,000,000 of bonds payable for $1,880,000 cash. Indicate how this transaction would be reported on a statement of cash flows, if at all.
Each of the following items must be considered in preparing a statement of cash flows for Blackwell Inc. for the year ended December 31, 2012. State where each item is to be shown in the statement,
The net income for Letterman Company for 2012 was $320,000. During 2012, depreciation on plant assets was $124,000, amortization of patent was $40,000, and the company incurred a loss on sale of
Broussard Company reported net income of $3.5 million in 2012. Depreciation for the year was $520,000; accounts receivable increased $500,000; and accounts payable increased $300,000. Compute net
As a certified public accountant, you have been contacted by Joe Davison, CEO of Sports-Pro Athletics, Inc., a manufacturer of a variety of athletic equipment. He has asked you how to account for the

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