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business
intermediate accounting

Questions and Answers of Intermediate Accounting

In certain countries, the tax rate applied in a company’s tax return depends on whether the profits for the period are distributed or undistributed. Amounts are initially taxed at a higher rate,
Barisi Equipment Company leases nonspecialized cutting machinery to Bastone, Inc. over a 4-year term. The lease commencement date is January 1, 2022. The first payment is due on January 1, 2022. The
Using the information in the Surfing the Standards Case 1, now assume that Multinational Corporation (Multinational) is an IFRS reporter.Requireda. Obtain and review the measurement guidance related
Fontana Company enters into a lease agreement on January 1, 2020, for nonspecialized equipment leased by Mindbender Insurance Company. The following data are relevant to the lease agreement:• The
Using the information provided in E17-23, prepare the current year journal entry for the tax provision using the expected value approach.Data from Exercises 23Samuel Fishman Furs, an IFRS reporter,
On January 1, 2021, JLOU Company leases a fleet of stock delivery vehicles from Dolt Motors, Inc. Under the terms of the lease, JLOU must pay $65,000 on January 1 of each year, beginning on January
Mr. Kay Food Mart Inc., as lessee, enters into a lease agreement on July 1, 2021, to lease nonspecialized mobile refrigeration equipment from Pollet Products. The cost of the equipment to Pollet is
On January 1, 2021, Lima Leasing Company (LLC) acquired an airplane to be leased to LA Sky Company. LLC paid $950,000 to acquire the plane, which is also its fair value. The lease terms follow.•
Vanity Jewelers Incorporated signed a lease agreement on July 1, 2023, to lease diamond-polishing equipment from Whitehead Industries. The following information is relevant to the lease agreement.•
Using the same information as found in P18-4, assume that the lease contains a guaranteed residual value of $15,000. The lessee guarantees the residual value.Requireda. Compute the annual rent
On January 1, 2021, Temple Leasing Company (TLC) acquired a fleet of stock vehicles to be leased to Delaware River Company. TLC paid $275,000 to acquire the vehicles, which is also the fair value of
Use the same information as in BE17-17, but now assume that Finer Shoes Company is an IFRS reporter. What deferred tax amount should the company record for this temporary difference under IFRS?Data
Errol Toys, Inc. recorded book income of $240,000 in 2020. It does not have any permanent differences, and the only temporary difference relates to a $12,000 warranty expense that it recorded for
Lori-Ann Fashions, Inc. entered into a 5-year lease with Krishnan Rentals to use equipment. The economic life of the equipment is 30 years. The equipment had a fair value of $8,500,000. Lori-Ann has
On January 1, 2022, Holt National Bank (HNB) acquired a fleet of trucks to be leased to J Rivers Company. HNB paid $105,000 to acquire the vehicles, which is also the fair value of the fleet. The
Assume that Bergamini Builders leases medical equipment from Saint Martin’s Machine Company. The lease term is for 7 years, and Bergamini must pay seven annual rentals of $40,000 beginning on
Use the information from P18-9 to complete the following requirements.Requireda. Compute the implicit rate.b. Classify this lease for Lori-Ann Fashions.c. Prepare the journal entry necessary for
On January 1, 2022, Kane Kite Company leased a nonspecialized fabric-cutting machine from Stewart Standard, Inc. Under the terms of the lease, Kane Kite must pay $200,000 on January 1 of each year,
Consider each of the following scenarios and determine whether a lease contract exists for each scenario. Support your conclusions with Topic 842 in the Codification and provide appropriate citations
On January 1, 2022 (lease inception date), Tofootles Company leases a piece of equipment from ABC Leasing Company. The lease term is for 4 years with the first payment of $1,000 due on January 1,
Using the information provided in E18-15, assume now that Stewart Standard and Kane Kite are IFRS reporters.Requireda. Determine the lessor’s classification of the lease.b. Measure the right-of-use
Jones Automotives granted employee stock options on January 2, 2022, to acquire 100,000 shares of common stock. The exercise price was $25 per share and the vesting period is 4 years. The estimated
The following information is from the books of OZP Farms, Inc. regarding its employee stock options. The firm granted options on January 2, 2022, that permit employees to acquire 100,000 shares of
What is the lessee’s short-term lease policy election?
Using the information provided in E4-14:Data from Exercises 14MPS, Inc. has the following unadjusted account balances as of December 31, 2022, the company’s year-end:• Cash: $430,000• Accounts
Diane’s Dairy Sales & Delivery finished its first year of operations on December 31, 2022. After adjusting journal entries, the company presented the following adjusted trial balance.Using this
Using the information provided in E4-12, prepare an adjusted trial balance for Fanatical Fashions as of December 31, 2022.Data from Exercises 12Fanatical Fashions, a department store, has the
Fanatical Fashions, a department store, has the following unadjusted account balances as of December 31, 2022, the company’s year-end:• Cash: $3,230,000• Accounts Receivable: $1,240,000•
Use Nike, Inc.’s balance sheet and other information provided below to answer the following questions.a. Compute Nike’s working capital in 2019 and 2018.b. Compute Nike’s current ratio in 2019
Complete the following vertical analyses of Dragonfly Corporation’s income statement. What line item is the largest percent of sales in 2023? How has it changed from 2022 to 2023? (in
Clockers, Inc. committed to sell a division on March 22, 2022. It sold the division on June 14, 2024. Income from operating this division was $3,240,000, $1,005,000, and $332,000 in 2022, 2023 and
Using the information provided in E4-14:Data from Exercises 14MPS, Inc. has the following unadjusted account balances as of December 31, 2022, the company’s year-end:• Cash: $430,000• Accounts
Elegant Homes Corporation provided the following statement of net income on December 31, 2022, before the disposal of a business segment. The income statement includes the results of operations of
Jojo, Inc. held a discontinued operation as of December 31, 2022. The operating loss from the discontinued operation was $500,000 for the period. As of December 31, 2022, the net assets of the
Use the following excerpt of Dragonfly Corporation’s asset balances to compute Dragonfly’s working capital and current ratio for 2023 and 2022. Comment on Dragonfly’s liquidity and changes in
What is a subsequent event under U.S. GAAP?
Hiteck Electronics sells a diagnostic machine to a hospital with a four-year payment plan. The company would like to estimate the bad debt allowance needed to cover the notes outstanding over the
Dave the Lying King Inc., a mattress manufacturer, decides to participate in a pension plan commencing on January 1, 2022. The plan requires a pension payment each year following retirement. An
Make-It-Big Corporation is planning to build a new factory costing $2,000,000. On January 1, 2023, Make-It-Big plans to issue bonds in the amount of $1,800,000 that will be paid in five years.
The stockholders’ equity section of Siri Stores, Inc.’s balance sheet at December 31, 2021, follows:During 2022, Siri completed the following transactions:• November 9: Purchased 3,000 shares
Determine the bond issue proceeds for each of the following bonds payable. All bonds are issued on January 1, 2023.a. Solmark Corporation issued bonds in the amount of $150,000 that will be paid in
Toofles Company, a publicly traded entity, issued nonredeemable preferred stock on January 1, 2022, Toofles issued 1,000 shares of $100 par value shares for $82,425. On January 1, 2022, the market
Determine the bond issue proceeds for each of the following bonds payable. All bonds are issued on January 1, 2023.a. Belmark Corporation issued bonds in the amount of $1,250,000 that will be paid in
On September 1, 2023, Conboy Construction signed a contract with Venuti Enterprises to construct a new corporate headquarters and parking garage on land that Venuti owns. Conboy determines that
Using the information provided in E14-13, complete the following requirements assuming that the effective rate of interest for convertible bonds is 4% on the date of issue.Requireda. Determine the
On January 1, 2022, Stark Incorporated issued $1,500,000 par value, 5%, 7-year bonds (i.e., there were 1,500 of $1,000 par value bonds in the issue). Interest is payable semiannually each January 1
ABC Toy Company earned $357 million of net income in 2023 and paid $45 million in dividends. It issued no new stock. Complete the stockholders’ equity section for ABC Toy Company: (in
On January 2, 2022, Temptations Corporation paid $31,500 in cash and exchanged a chocolate mixing machine, which had a fair value of $437,500 and a book value of $500,000 ($1,135,000 historical cost
The stockholders’ equity section of Five Voices Music, Inc.’s balance sheet at December 31, 2021, follows:During 2022, Five Voices Music completed the following transactions:• May 24: Issued
Use the information in Judgment Case 1 and assume that Generics, Inc. reports under IFRS.1. Do you think Generics should accrue the contingency, only disclose the contingency, or not report the
The following information is from the 2019 financial statements of Revlon, the beauty products company.RequiredUse Revlon’s financial information to answer the following questions:a. What is
Nat’s Toy Stores Limited adopted the dollar-value LIFO inventory method using 2021 as the base year. The cumulative price index for 2022 through 2025 was 1.01, 1.03, 1.04 and 1.06, respectively.
Total Color, Inc. manufactures and distributes house paints. Total Color uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table.The cumulative
Silvio’s Taverns, Inc. adopted the dollar-value LIFO method in 2019. Information related to Silvio’s inventory follows:Requireda. Compute Silvio’s ending inventory under the dollar-value LIFO
CWB Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. CWB uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is
Joe the Grocer Markets, Inc. (JTGM) adopted the dollar-value LIFO inventory method using 2022 as the base year. JTGM uses FIFO for its internal books. Information related to its inventory is
Nicky Bisco Products adopted the dollar-value LIFO method using 2022 as the base year for financial reporting purposes. It uses FIFO for its internal books. Information related to Bisco’s inventory
In 2022, Sawyer Company experienced a major casualty loss. The roof of its warehouse collapsed in an ice storm and destroyed its entire inventory. The company began the year with inventory of $598.
On January 1, 2021, Goodbye Electronics Outlets adopted the conventional retail method of accounting for its merchandise inventory.Determine the company’s ending inventory under the conventional
On January 1, 2022, Union Power and Light commenced construction of a new generating plant to serve the northeast corridor of the state. The total cost of the project is $4,100,000, and it will be
On December 31, 2022, the Clearwater Corporation acquired a custom-made plant asset by issuing a promissory note with a face value of $750,000, a due date of December 31, 2027, and a stated (coupon)
Information related to the long-term operating assets of Rivera Retail Distributors, Inc. at December 31, 2022, is as follows:The fiscal year-end of the company is December 31. The following events
On January 2, 2023, Bubba and Company paid $5,000,000 in cash to acquire 100% of the Cire Company’s voting common stock. Cire’s balance sheet on that date showed the following balances in its
Eli Lilly and Company, a global pharmaceutical company, offers defined-benefit plans to its employees. The following table presents select data about Eli Lilly’s defined-benefit pension plan. Eli
eGear Company started a share appreciation plan on January 1, 2022, when it granted 200,000 rights to its executives. The vesting period is 2 years. The plan expires on January 1, 2024. The fair
Hwang Company issued 50,000 shares of $1 par value, restricted stock to each of its five key executives on January 1, 2022. Each executive receives 10,000 shares. Hwang’s shares have a market value
Fiar Company started a share appreciation plan on January 1, 2022, when it granted 100,000 rights to its executives. The vesting period is 3 years. The rights are settled for cash. The plan expires
The following information relates to the defined benefit pension plan of Murry Corp. for the year ended December 31, 2023:There were no benefit payments for the year.Required: a. Compute the total
Using the information from BE19-9, now assume that the stock appreciation rights are settled for stock. Prepare the journal entries to record the SAR plan. The par value of common stock is $1 per
Welsa Manufacturing, Inc. offers a noncontributory, defined-benefit pension plan to its employees. The average remaining service life of employees is 10 years. The company provides you with the
On January 1, 2022, Western Wear, Inc. granted 100,000 stock options to its employees. Of these options, 30% will vest on December 31, 2022, 30% will vest on December 31, 2023, and the remaining 40%
Togo Incorporation started a share appreciation plan on January 1, 2022, when it granted 50,000 rights to its executives. The vesting period is 2 years. The stock appreciation rights are settled for
NR Enterprises, Inc. granted stock appreciation rights to its key employees on January 2, 2022. These SARs allow the employees to receive cash at the end of the vesting period for the difference
Kogo Incorporation started a share appreciation plan on January 1, 2021, when it granted 100,000 rights to its executives. The vesting period is 2 years. The stock appreciation rights are settled for
On January 1, 2022, Western Wear, Inc. granted 100,000 stock options to its employees. Of these options, 30% will vest on December 31, 2022, 30% will vest on December 31, 2023, and the remaining 40%
Samsong Company issued 100,000 shares of $1 par value, restricted stock to its top five key employees on January 1, 2021. The market value of Samsong’s shares is $45 per share on the date of issue.
At December 31, 2023, the following information was provided by the Oscar Group:Determine the pension asset or liability that will be reported on Oscar’s balance sheet on December 31, 2023. Fair
Under IFRS, what are the three elements of effective communication in the financial statements?
Jester Entertainment Company began operations on January 1, 2022. The company had the following transactions in its first year of business:• January 4: Owners invested $120,000 (the par value of
Branton Stores began operations on January 1, 2022. Branton had the following transactions in its first year of business:• January 4: Owners invested $400,000 (the par value of the stock) in
Explain the objective of the financial statements under IFRS.
Master Mind Games, Inc. is a new corporation started on January 1, 2022. The following transactions occurred during the first year of operations.a. On January 1, the owners invested a total of
Tides Tea Company began operations on January 1, 2022. During the first year of business, the company had the following transactions:• January 18: The owners invested $200,000 (the par value of the
Using the information provided in P4-6, perform the following steps for Tides Tea Company:Requireda. Journalize and post adjusting journal entries based on the following additional information• At
The Dover Direct Insurance Agency began operations on June 1, 2022. In the month of June, the following transactions occurred:June 2: Dover Direct’s owner invested $80,000 (the par value of the
Using the information provided in E4-5, post Dover Direct Insurance Agency’s journal entries to the general ledger for all relevant accounts for the month ended June 30, 2022. You do not need to
On April 7, 2024, McCool Systems signed a contract to develop and install a virtual private network (VPN) for Billy Majors Stores. The transaction price, including installation, is $580,000. The VPN
On January 2, 2022, JCR Jets, a calendar-year company, accepts a contract with a major airline to build four jets. JCR accepts a fixed fee of $300 million and must complete the project within three
The Happenings Company adopted the dollar-value LIFO inventory method on December 31, 2021, when the price index was 1.00. Ending inventory on the date that it adopted dollar-value LIFO
Wayne Computer Consultants, Incorporated develops and installs integrated computer systems and networks for large utilities. On January 2, 2022, the company signed a contract to deliver an
The Outsider Company, Inc. provided the following information regarding its inventory for the year ended December 31, 2023. It made all of the purchases before it had any sales transactions for the
Complete the following lettered items representing the disclosures of trade accounts receivables from Cheris Corp.’s notes to the financial statements. Note 7. Trade Receivables Year Trade
KR Automotives is a calendar-year car dealer that sells cars made by Hoyta. KR uses LIFO and calculates the lower of cost or market using an individual-item basis. The CFO of KR believes that KR will
Complete the following inventory disclosure: At the end of 2023 and 2022, inventories were composed of: Raw materials and supplies Goods in process Finished goods Total
Gary Construction Associates accepted a contract to build an office building on January 2, 2022. The company will complete the contract within two years. Gary provided the following information
Cosmo Computer Consultants (CCC) signed a contract in 2022 to develop a computer network system for Platinum Entertainment. Cosmo uses the percentage-of completion method and determines its measure
Using the information provided in BE9-19, prepare the journal entries to record the sale, the accrued interest revenue, and the full collection at maturity assuming that the sale date was September
Welk Associates sold a piece of equipment to Convey Company on June 1, 2020, for $800,000. Welk agreed to accept a 7-month, 7% note with interest due on its maturity date, December 31, 2020. Welk
Allowance for Uncollectible Accounts, Aging of Accounts Receivable, Write-Off. The partial balance sheets of Williams Iron Works, Inc. follow:Additional Information:• Net credit sales for 2023
On May 1, 2022, Lubin’s Heavy Equipment sold a piece of equipment to Perry Products, Inc., at a selling price of $4,850,000. Lubin’s agreed to accept a 10-month, 8% note with interest due on its

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