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business
intermediate accounting

Questions and Answers of Intermediate Accounting

The Kroger Co. reported cash income taxes paid of $600 million for the year ended February 2, 2019 (fiscal year 2018). In addition, it reported the following:a. What is the LIFO reserve for Kroger as
Emmy Company uses a periodic inventory system. On December 31, 2022, Emmy counts its inventory and determines that it has $72,000 of inventory on hand. On December 31, 2021, inventory was $106,000.
On September 30, 2022, Laurino Landscaping Company issued a 6-year, 3%, $800,000 note payable. The note was issued on a date when the market rate was 5%. Interest at 3% is due annually every
On January 1, 2022, Priolo Builders Company borrowed $650,000 by issuing 4%, 5-year notes. The full amount of the cash was received immediately. Under the terms of the loan agreement, Priolo must
Broad Street Company borrows $975,050 by issuing an 8%, 7-year note on January 1, 2022. Broad Street must make payments of principal and interest every 6 months beginning June 30, 2022. The note will
On January 1, 2021, Antonia Lee Stores, Inc., borrowed $700,000 and immediately received the full amount. The note carried a 7% interest rate and requires annual payments of $146,857 beginning on
EA&Y, Inc. borrowed $350,000 on January 1, 2022, with a 6% interest rate. It will make a payment of $101,007 annually (beginning December 31, 2022) until the note is paid off on December 31,
Supergreen Grocers, Inc. offered its customers a free baking pan in exchange for 100 green stickers. Customers earn 1 green sticker for each $10 of groceries purchased at Supergreen during 2022.
You have been asked to account for a plant asset exchange on the books of the Ecara Video Game Company. On January 1, 2017, Ecara acquired a plastic extruding machine at a cost of $260,000. This
In August 2022, a customer at TU Bank slipped on a wet floor and broke an arm. The customer sued the bank in September 2022. As of TU Bank’s December 31 year-end, the company’s attorneys believe
Perlu Products reported a write-down loss of $65,000 for one of its plant assets on December 31, 2022. The asset is currently held for disposal. At December 31, 2023, the fair value of the asset
In January 2022, a customer filed a lawsuit against Fireen’s Boutique. The customer fell on an icy patch in the store’s parking lot and broke an ankle in December. Fireen’s fiscal yearend is
Generics, Inc. is a U.S. GAAP reporter that manufactures and sells generic drugs and has a December 31 year-end. On March 1, 2022, it began selling a drug, Anocyn, which is a generic of Dicital.
What is acquired in-process research and development, and how is it recorded?
Sallie Corporation borrowed $700,000 on November 1, 2020. The note agreement specifies that it will pay interest quarterly at 6% and the principal will be due on October 31, 2021. The company’s
Freiberg Associates issued $700,000 par value, 4-year, zero-coupon bonds on January 1, 2022. The market rate of interest on the date of the bond issue was 4%. Bond issue costs are $3,600. The
On March 31, 2022, Vine Company issued a $487,000, 2%, 3-year note payable when the market rate was 8%. Interest is due on each March 31, beginning March 31, 2023. The company’s fiscal year ends on
On January 1, 2022, Tara Clothing Corporation issued $900,000 par value, 5%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of
On January 1, 2022, Mill Road Corporation issued $300,000 par value, 5%, 5-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the
On January 1, 2022, Organic Products issued $1,200,000 par value, 7%, 5-year bonds. Interest is payable semiannually at the end of the period. The market rate of interest on the date of the bond
On January 1, 2022, the Landon Capital Partners issued $600,000 par value, 6%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end
Ironbound, Inc. borrows $150,000 by issuing a 12%, 4-year note on January 1, 2016. Ironbound must make payments of principal and interest every 3 months, beginning March 31, 2020. The note will be
Using the information provided in P14-9, complete the following requirements assuming that Super View Video is an IFRS reporter.Required a. Prepare the journal entry to record the bond issue.b.
On January 1, 2022, Mobile Technology, Incorporated issued $850,000 of $1,000 par value, 6%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment
Summa Manufacturing Company issued $900,000 par value, 5%, 5-year bonds dated January 1, 2022. The bonds pay interest semiannually each June 30 and December 31. Summa issued the bonds on April 30,
On January 1, 2022, Mesa Machinery Corporation issued 75 of 12-year, 12% convertible bonds at par. Each bond had a par value of $1,000 and pays interest annually on December 31. Because the bonds
On January 1, 2022, Super View Video, Incorporated issued $1,550,000 of $1,000 par value, 8%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment
Tyka Manufacturing Company, an IFRS reporter, issued $900,000 par value, 5%, 5-year bonds dated January 1, 2022. The bonds pay interest semiannually each June 30 and December 31. Tyka received cash
Teter Company issued $700,000 par value, 5-year, 3% bonds on November 30, 2022. The bonds are dated July 1, 2022, and pay interest semiannually on June 30 and December 31. The bonds are sold at
On January 1, 2022, Faxico, Inc. issued $4,500,000 par value 8%, 5-year bonds. Interest is payable semiannually on January 1 and July 1 with the first interest payment on July 1, 2022. The market
On January 1, 2022, Faxico, Inc. issued $4,500,000 par value, 8%, 5-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period
On January 1, 2022, McMillan Corporation issued $100,000 par value, 5-year, zero-coupon bonds. The market rate of interest on the date of the bond issue was 6%. The company’s fiscal year ends on
Briscoe Company issued $700,000 par value, 5-year, 4% bonds on April 30, 2022. The bonds are dated January 1, 2022, and pay interest semiannually on June 30 and December 31. The bonds are sold at
Takedo Company issued $600,000 par value, 10-year, 5% bonds on February 1, 2022. The bonds are dated January 1, 2022, and pay interest quarterly each March 31, June 30, September 30, and December 31.
Using the information provided in E14-13, complete the following requirements assuming that Mobile Technology reports under IFRS.Requireda. Determine the present value of bond cash flows.b. Prepare
On January 1, 2022, McMillan Corporation issued $86,000 par value, 6-year bonds with a 0% stated interest rate. The discount on the bonds is amortized annually each December 31. The market rate of
On January 1, 2022, Sohape Corporation issued $100,000 par value, 5-year bonds with a 3% stated interest rate. Interest is paid annually each December 31. The market rate of interest on the date of
Using the information provided in BE14-14, prepare the amortization table for the first 2 years assuming that Stark uses the straight-line method.Data from Brief Exercises 14On January 1, 2022, Stark
Using the information provided in BE14-14, determine the issue price of the bonds assuming that the market rate of interest is 4%, and prepare the amortization table for the first 2 years assuming
Using the information provided in BE14-14, prepare the amortization table for the first 2 years assuming that Stark uses the straight-line method.Data from Brief Exercises 14On January 1, 2022, Stark
Balsam Associates issued $600,000 par value, 10-year bonds on January 1, 2022, with a 2% stated interest rate. It will make interest payments semiannually each June 30 and December 31 with the first
U.S. GAAP. Saxon Woods, Inc. has a fiscal year-end of December 31, 2021. The company reported $124,500 in short-term notes payable due on April 1, 2022, on its year-end balance sheet. Saxon Woods
Using the information provided in BE14-29, prepare the journal entry required on December 31, 2021, to reflect the refinancing agreement under IFRS.Data from Exercises 29U.S. GAAP. Saxon Woods, Inc.
Saratoga Company issued bonds with a face value of $300,000 on January 1, 2022, for $306,000. Saratoga uses the fair value option to measure the bonds. At the end of 2022, the carrying value of the
Saratoga Company issued bonds with a face value of $200,000 on January 1, 2022, for $202,716. Saratoga uses the fair value option to measure the bonds. At the end of 2022, the carrying value of the
Dott Manufacturing retired its $6,000,000 par value, 7%, 10-year bonds early on February 28, 2022, for $6,720,408, including accrued interest of $70,000. The carrying value of the bonds at retirement
Use the following excerpt from the financial statements of Fixet Company’s debt footnote (from Fixet Company’s 2022 annual report) to answer these questions:a. At December 31, 2022, what is the
During 2014, you were hired as the chief financial officer for MC Travel Inc., a fairly young travel company that is growing quickly. A key accounting staff member has prepared the financial
In late 2008, the U.S. Securities Exchange Commission (SEC) published its roadmap to IFRS that would look at adopting IFRS in the United States.Read the article entitled “IFRS: Dead in the USA?”
Three independent situations follow.Situation 1A company offers a one-year warranty for the product that it manufactures. A history of warranty claims has been compiled and the probable amount of
What is the difference between an auditor’s unqualified or “clean” opinion and a qualified opinion?
How would the transaction in BE23-12 be recorded if the individual shareholder only owned 40% of the shares of each company? Assume that there is independent evidence to support the value of the
How would the transaction in BE23-12 be recorded if it were arm’s length?Data From BE23-12:Textile manufacturer Fibreright Corp. exchanges computer software having a carrying amount of $11,000 with
Durocher Guitar Corp. is in the business of manufacturing top-quality, steel-string folk guitars. Durocher is a private enterprise and follows ASPE. In recent years, the company has experienced
Earthcom Inc. is in the telecommunications industry. The company builds and maintains telecommunication lines that are buried in the ground. The company is a public company and has been having some
Data for Ellis Corp. are presented in E22-12.InstructionsPrepare the operating activities section of the statement of cash flows using the indirect method.Data From E22-12:Ellis Corp.’s income
The IASB is working to update a major portion of the standards and has a put a project plan in place that outlines the timelines for these various updates. The following are examples of topics where
Ali Reiners, a new controller of Luftsa Corp., is preparing the financial statements for the year ended December 31, 2014. Luftsa is a publicly traded entity and therefore follows IFRS. As a result
Various types of accounting changes can affect the financial statements of a private business enterprise differently. Assume that each item on the following list would have a material effect on the
It is December 2014 and Cranmore Inc. recently hired a new accountant, Jodie Larson. Although Cranmore is a private company, it follows IFRS. As part of her preparation of the 2014 financial
Sunlight Equipment Manufacturers (SEM) makes barbecue equipment. The company has historically been very profitable; however, in the last year and a half, things have taken a turn for the worse due to
Write a brief essay highlighting the differences between IFRS and ASPE and the contract-based approach noted in this chapter, discussing the conceptual justification for each.
Zhou Ltd. is a private corporation, which uses ASPE, and whose operations rely considerably on a group of technology companies that experienced operating difficulties from 2011 to 2013. As a result,
The head office of North Central Ltd. has operated in the western provinces for almost 50 years. North Central uses IFRS. In 1998, new offices were constructed on the same site at a cost of $9.5
Sanderson Inc., a pharmaceutical distribution firm, is providing a BMW car for its chief executive officer as part of a remuneration package. Sanderson has a calendar year end, issues financial
Your employer, Wagner Inc., is a large Canadian public company that uses IFRS. You are working on a project to determine the effect of the proposed contract-based approach on the corporate accounting
Mulholland Corp., a lessee, entered into a non-cancellable lease agreement with Galt Manufacturing Ltd., a lessor, to lease special purpose equipment for a period of seven years. Both Mulholland and
Fram Fibreglass Corp. (FFC) is a private New Brunswick company, using ASPE, that manufactures a variety of fibreglass products for the fishing and food services industry. With the traditional fishery
Lanier Dairy Ltd. leases its milk cooling equipment from Green Finance Corporation. Both companies use IFRS. The lease has the following terms.1. The lease is dated May 30, 2014, with a lease term of
CHL Corporation manufactures specialty equipment with an estimated economic life of 12 years and leases it to Provincial Airlines Corp. for a period of 10 years. Both CHL and Provincial Airlines
Lee Industries and Lor Inc. enter into an agreement that requires Lor Inc. to build three diesel-electric engines to Lee’s specifications. Both Lee and Lor follow ASPE. Upon completion of the
In 2011, Yin Trucking Corporation, which follows ASPE, negotiated and closed a long-term lease contract for newly constructed truck terminals and freight storage facilities. The buildings were
Synergetics Inc. leased a new crane to Gumowski Construction under a six-year, non-cancellable contract starting February 1, 2014. The lease terms require payments of $21,500 each February 1,
LePage Manufacturing Ltd. agrees to lease equipment to Labonté Corporation on July 15, 2014. Both LePage and Labonté use ASPE. The following information relates to the lease agreement.1. The lease
Use the information for Lai Corporation from BE20-13. Assume that the direct financing lease was recorded at a present value of $175,000. Prepare Lai’s December 31, 2014 entry to record
Use the information for Lalonde and Costner from BE20-4. Explain, using numbers, how Costner determined the amount of the lease payment of $25,173.Data From BE20-4:Lalonde Ltd., a public company
At the time of writing this book, two approaches were available for private enterprises: the immediate recognition approach and the deferral and amortization approach.InstructionsDescribe the
Shikkiah Corp. (which is a private enterprise) tries to attract the most knowledgeable and creative employees it can find. To help accomplish this, the company offers a special group of technology
Refer to the information in E19-17.Instructions(a) Complete a post-retirement work sheet for 2013.(b) Prepare all required journal entries related to the plan made by Opsco in 2013.Data From
The following facts apply to the pension plan of Yorke Inc. for the year 2013:Plan assets, Jan. 1, 2013
Queensland Importers provides the following pension plan information:Fair value of pension plan assets, Jan. 1, 2014
Complete the following tables by indicating whether the following events increase (I), decrease (D), or have no effect (NE) on the employer’s defined benefit obligation, the pension plan assets,
Ad Venture Ltd. provides a defined contribution pension plan for its employees. Currently, the company has 40 full-time and 55 part-time employees. The pension plan requires the company to make an
Refer to the information for Cotter Corp. in BE19-4, and provide a continuity schedule for the plan assets for the year. Is the plan overfunded or underfunded?Data From BE19-4:Cotter Corp. reports
Tyshynski Corp. has recently decided to implement a pension plan for its employees; however, it is unsure if it would like to structure the pension as a defined contribution plan or a defined benefit
Henrietta Aguirre, the ethical accountant, is the newly hired Director of Corporate Taxation for Mesa Incorporated, which is a publicly traded corporation. Aguirre’s first job with Mesa was to
Ayesha Corporation had the following tax information: In 2014, Ayesha suffered a
At December 31, 2013, Palden Corporation had a deferred tax asset of $675,000, resulting from future deductible amounts of $2.7 million and an enacted tax rate of 25%. In May 2014, new income tax
Using the information from BE18-4, and assuming that the $40,000 difference is the only difference between Anugraham’s accounting income and taxable income, prepare the journal entry(ies) to record
Using the information from BE18-3, calculate the effective rate of income tax for Nilson Inc. for 2014. Also make a reconciliation from the statutory rate to the effective rate, using
In 2014, Shafali Corporation had accounting income of $248,000 and taxable income of $198,000. The difference is due to the use of different depreciation methods for tax and accounting purposes. The
Homeland Corporation is a public company listed on the TSX with a December 31 year end. At the beginning of the current year, there were unlimited common shares authorized with 100,000 issued and
Hedley Corporation had 2014 net income of $1.4 million. During 2014, Hedley paid a dividend of $5 per share on 100,000 preferred shares. Hedley also had 220,000 common shares outstanding during the
The common shares of Hoover Inc. are currently selling at $143 per share. The directors want to reduce the share price and increase the share volume before making a new issue. The per share carrying
The following information is obtained from the 2014 records of Chef’s Spoon Incorporated, a company that produces high-quality kitchenware. The company has a June 30 year end and follows ASPE.1.
Write a brief essay highlighting the differences between IFRS and ASPE noted in this chapter, discussing the conceptual justification for each. As part of this essay, include a discussion of the
This spreadsheet assignment is an extension of the spreadsheet assignment given in Chapter 20, part (1). Refer back to the instructions given in Chapter 20. If you completed the spreadsheet
This spreadsheet assignment is an extension of the spreadsheet assignment given in Chapter 13, part (1). Refer back to the instructions given in Chapter 13. That spreadsheet can form the foundation
This assignment is an exercise in simple derivative valuation. Skywalker is considering using derivative contracts in 2012 to hedge interest rate risk. However, before entering into any derivative
To help you become familiar with the accounting standards, this case is designed to take you to the FASB’s Web site and have you access various publications. Access the FASB’s Web site at

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