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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Assume that you are following IFRS 13 and measuring the fair value of a building. The building is currently being rented out. Under IFRS 13, the entity must determine the following: (a) How the
Medici Patriarchs purchased the following investments during 2020:a. 1,000 shares of Private Limited, a start-up company. The value of this investment was based on an internally developed model.b.
If Kerry Dahl invests $3,152 now, she will receive $10,000 at the end of 15 years. What annual rate of interest will Kerry earn on her investment? Round your answer to the nearest whole number. Show
Kilarny Company is considering investing in an annuity contract that will return $25,000 at the end of each year for 15 years. What amount should Kilarny Company pay for this investment if it earns a
Assume the same information as BE3.18, except that the market interest rate is 6% instead of 5%. In this case, how much can Cross Country expect to receive from the sale of these bonds? Show
HQ Ltd. purchased a used truck from Trans Auto Sales Inc. HQ paid a $4,000 down payment and signed a note that calls for 36 payments of $1,033.34 at the end of each month. The stated rate of interest
Hung-Chao Yu Company issues a six-year, 8% mortgage note on January 1, 2020, to obtain financing for new equipment. The terms provide for semi-annual instalment payments of $112,825. What were the
Assume the same information as in BE3.22 except that the note calls for quarterly instalment payments of $1,000. Before repeating the calculation, try to predict the outcome of the calculation and
Assume the same information as in BE3.24 except that the payments are made monthly, at the end of each month, instead of annually. What would be the monthly payments? Show calculations using (a)
Assume the same information as in BE3.24, except that you can afford to make annual payments of only $6,000. If you decide to trade in your current car to help reduce the amount of financing
If the market rate of interest in BE3.27 were 10%, would you choose the same option? To calculate each option, use (a) A financial calculator(b) Excel function PV.Data from BE3.27As CFO of a
Assume the same information as in BE3.27. (a) Describe how the vendor arrived at the amounts of the two options. (b) What would have been the equivalent cash selling price? (c) Is the
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are
William Murray achieved one of his life-long dreams by opening his own business, The Caddie Shack Driving Range, on May 1, 2020. He invested $20,000 of his own savings in the business. He paid $6,000
The financial statements of M&S are presented in Appendix E. The company’s complete annual report, including the notes to the fi nancial statements, is available online.InstructionsRefer to
Presented below is information related to Cramer, Inc. Instructions Comment on the appropriateness of the accounting procedures followed by Cramer, Inc. a. Depreciation expense on the building for
Vande Velde Company made three investments during 2020.(1) It purchased 1,000 shares of Sastre Company, a start-up company. Vande Velde made the investment based on valuation estimates from an
In January 2021, 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
The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
The following 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
Mason Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020. Instructions a. Journalize the annual adjusting entries that were
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are
On July 1, 2020, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and
The following trial balance of Blues Traveler Corporation does not balance. An examination of the ledger shows these errors. 1. Cash received from a customer on account was recorded (both debit and
A review of the ledger of Baylor Company at December 31, 2020, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries and Wages Payable $0. There are eight
Kellogg Company has its headquarters in Battle Creek, Michigan. The company manufactures and sells ready-to-eat breakfast cereals and convenience foods including cookies, toaster pastries, and cereal
Using the data in BE3.3, journalize the entry on July 1 and the adjusting entry on December 31 for Zubin Insurance Co. Zubin uses the accounts Unearned Service Revenue and Service Revenue.In BE3.3On
The following trial balance of Watteau Co. does not balance. Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company?s fiscal year. Adjustment data: 1. Supplies on hand totaled $1,500. 2.
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, 2020, trial
Becker Ltd. is planning to adopt IFRS and prepare its first IFRS financial statements at December 31, 2021. What is the date of Becker’s opening balance sheet, assuming one year of comparative
The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the
Karen Weller, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred.1. Performed services for patients who had dental plan
The following are the trial balance and the other information related to Perez Consulting Engineers. 1. Fees received in advance from clients $6,000, which were recorded as revenue. 2. Services
The financial statements of (M&S) are presented in Appendix E. The company’s complete annual report, including the notes to the fi nancial statements, is available online.InstructionsRefer to
A partial adjusted trial balance of Piper Company at January 31, 2020, shows the following. Instructions Answer the following questions, assuming the year begins January 1. a. If the amount in
Rolling Hills Golf Inc. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are shown
Andy Roddick is the new owner of Ace Computer Services. At the end of August 2020, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information
Vedula Advertising was founded by Murali Vedula in January 2015. The following are both the adjusted and unadjusted trial balances as of December 31, 2020. Instructions a. Journalize the annual
Selected accounts of Urdu Company are shown below. Instructions From an analysis of the T-accounts, reconstruct (a) The October transaction entries, (b) The adjusting journal entries that were made
Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data: 1. The balance in prepaid insurance is a one-year premium paid
The adjusted trial balance of Anderson Cooper Co. as of December 31, 2020, contains the following. Instructions a. Prepare an income statement. b. Prepare a retained earnings statement. c. Prepare
On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the
Kelly Company had cash receipts from customers in 2020 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, accounts receivable was $13,000, and
Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020. Instructions a. Prepare an income statement and a retained earnings
Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below. Instructions a. Prepare a complete worksheet. b. Prepare a classified
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
The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2020: Sales Revenue $800,000, Delivery Expense $12,000, Sales
Midwest Enterprises made the following entry on December 31, 2020.Interest Expense................................10,000Interest Payable.................................10,000(To record interest
Presented below is information related to Gonzales Corporation for the month of January 2020. Instructions Prepare the necessary closing entries. Cost of goods sold Delivery expense Insurance
Presented below are selected account balances for Homer Winslow Co. as of December 31, 2020. Instructions Prepare closing entries for Homer Winslow Co. on December 31, 2020. (Omit explanations.)
Scratch Miniature Golf and Driving Range Inc. was opened on March 1 by Rick Fowler. The following selected events and transactions occurred during March.Mar. 1 Invested $50,000 cash in the business
Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2020, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2020,
Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent
Presented below are selected accounts for Alvarez Company as reported in the worksheet at the end of May 2020. Instructions Complete the worksheet by extending amounts reported in the adjusted
The adjusted trial balance for Ed Bradley Co. is presented in the following worksheet for the month ended April 30, 2020. Instructions Complete the worksheet and prepare a classified balance sheet.
Jurassic Park Co. prepares monthly financial statements from a worksheet. Selected portions of the January worksheet showed the following data. During February, no events occurred that affected
The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
The following information is related to Dickinson Company for 2020.Retained earnings balance, January 1, 2020............................................$ 980,000Sales
O?Malley Corporation was incorporated and began business on January 1, 2017. It has been successful and now requires a bank loan for additional working capital to finance expansion. The bank has
Starr Co. had sales revenue of $540,000 in 2020. Other items recorded during the year were:Cost of goods sold...................................................$330,000Salaries and wages
Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations.Sales
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are
Enyart Company has a noncontrolling interest in a subsidiary. Enyart’s controller is unsure how to report losses in the subsidiary that exceed the value of Enyart’s interest in the subsidiary.
The following is the trial balance of Thompson Corporation at December 31, 2020. A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold
Bobek Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2017, $25,000 in 2018, and $30,000 in 2019. A number of market analysts have recommended that
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2020. Expenses for 2020 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses
Maher Inc. reported income from continuing operations before taxes during 2020 of $790,000. Additional transactions occurring in 2020 but not considered in the $790,000 are as follows.1. The
The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows.1. The
One of the more closely watched ratios by investors is the price/earnings (P/E) ratio. By dividing price per share by earnings per share, analysts get insight into the value the market attaches to a
Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations.Sales
The following account balances were included in the trial balance of Twain Corporation at June 30, 2020. The Retained Earnings account had a balance of $337,000 at July 1, 2019. There are 80,000
Finley Corporation had income from continuing operations of $10,600,000 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following
The income statement for a British company, Avon Rubber plc, is presented as follows. Avon prepares its financial statements in accordance with IFRS. Instructions a. Review the Avon Rubber income
Presented below is a combined single-step income and retained earnings statement for Nerwin Company for 2020. Additional facts are as follows. 1. ?Selling, general, and administrative expenses? for
The following financial statement was prepared by employees of Walters Corporation. Note 1: New styles and rapidly changing consumer preferences resulted in a $71,500 loss on the disposal of
Stacy Corporation had income from operations of $7,200,000. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption, interest revenue of $17,000, and a
The following balances were taken from the books of Alonzo Corp. on December 31, 2020. Assume the total effective tax rate on all items is 20%. Instructions Prepare a multiple-step income
Below is the Retained Earnings account for the year 2020 for Acadian Corp. Instructions a. Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type
During 2020, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2019 and 2018 (Williamson’s first year of operations) under FIFO was $160,000 and $180,000,
The accountant of Latifa Shoe Co. has piled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2020.Rent
The financial statements of M&S are presented in Appendix E. The company’s complete annual report, including the notes to the fi nancial statements, is available online.InstructionsRefer to
Wade Corp. has 150,000 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in
Vandross Company has recorded bad debt expense in the past at a rate of 1½% of accounts receivable, based on an aging analysis. In 2020, Vandross decides to increase its estimate to 2%. If the new
Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2020.Cash...........................................................................................$
In 2020, Hollis Corporation reported net income of $1,000,000. It declared and paid preferred stock dividends of $250,000. During 2020, Hollis had a weighted average of 190,000 common shares
Presented below is information related to Ivan Calderon Corp. for the year 2020. Instructions a. Prepare a multiple-step income statement for 2020. Assume that 60,000 shares of common stock are
Using the information from BE4.9, prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $80,000 (net of tax) was charged to
The following are selected ledger accounts of Spock Corporation at December 31, 2020. Spock?s effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is
On January 1, 2020, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $20,000
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. The following information
At December 31, 2019, Shiga Naoya Corporation had the following stock outstanding.10% cumulative preferred stock, $100 par, 107,500 shares..................$10,750,000Common stock, $5 par, 4,000,000
Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2020, in accordance with other companies in its industry, Mattke changed its
Roxanne Carter Corporation reported the following for 2020: net sales $1,200,000, cost of goods sold $750,000, selling and administrative expenses $320,000, and an unrealized holding gain on
Indicate where the following items would ordinarily appear on the financial statements of Boleyn, Inc. for the year 2020.a. The service life of certain equipment was changed from 8 to 5 years. If a
The following information was taken from the records of Roland Carlson Inc. for the year 2020: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on
Cooper Investments reported an unusual gain from the sale of certain assets in its 2020 income statement. How does intraperiod tax allocation affect the reporting of this unusual gain?
Qualls Corporation reported 2020 earnings per share of $7.21. In 2021, Qualls reported earnings per share as follows.On income from continuing operations.............................$6.40On
During 2020, Liselotte Company reported income of $1,500,000 before income taxes and realized a gain of $450,000 on the disposal of assets related to a discontinued operation. The criteria for

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