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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Southeast Steel, Inc., changed from the FIFO inventory costing method to the LIFO method during 2020. How would this change likely be reported in the 2021 comparative financial statements?
Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for Hill-McGraw Publishing, Inc., for which Feenix receives royalties equal to 12% of net sales.
Refer to the situation described in BE 20–4. Suppose Irwin has been using the straight-line method and switches to the sum-of-the-years’-digits method. Ignoring income taxes, what journal
Sugarbaker Designs Inc. changed from the FIFO inventory costing method to the average cost method during 2021. Which items from the 2020 financial statements should be restated on the basis of the
The Crump Companies, Inc. has ownership interests in several public companies. At the beginning of 2021, the company’s ownership interest in the common stock of Silken Properties increased to the
Irwin, Inc. constructed a machine at a total cost of $35 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being
In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2021 to discontinue accounting for reacquired shares as treasury stock. Instead, shares repurchased
In 2021, J J Dishes changed its method of valuing inventory from the FIFO method to the LIFO method. At December 31, 2020, J J’s inventories were $96 million (FIFO). J J’s records were
Mayfair Department Stores operates over 30 retail stores in the Pacific Northwest. Prior to 2021, the company used the FIFO method to value its inventory. In 2021, Mayfair decided to switch to the
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning of 2021. The inventory as reported at the end of 2020 using LIFO would
In 2021, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2020, Adonis’s inventories were $47.6 million (average cost).
There are three basic accounting approaches to reporting accounting changes. What are they?
During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Fieri decided to
In 2021, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2020, B & B’s inventories were $32 million
As part of its stock-based compensation package, on January 1, 2021, International Electronics granted restricted stock units (RSUs) representing 50 million $1 par common shares. At exercise, holders
(Note: This is a variation of E 19–29, modified to allow settlement in cash.)As part of its stock-based compensation package, International Electronics granted 24 million stock appreciation rights
As part of its stock-based compensation package, International Electronics (IE) granted 24 million stock appreciation rights (SARs) to top officers on January 1, 2021. At exercise, holders of the
Anderson Steel Company began 2021 with 600,000 shares of common stock outstanding. On March 31, 2021, 100,000 new shares were sold at a price of $45 per share. The market price has risen steadily
During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common
PHN Foods granted 18 million of its no-par common shares to executives, subject to forfeiture if employment is terminated within three years. The common shares have a market price of $5 per share on
As part of its executive compensation plan, Vertovec Inc. granted 54,000 of its no-par common shares to executives, subject to forfeiture if employment is terminated within three years. Vertovec’s
Information from the financial statements of Ames Fabricators, Inc., included the following: Ames?s net income for the year ended December 31, 2021, is $500,000. The income tax rate is 25%. Ames
Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2021.Additional Information:Common shares outstanding at Jan. 1, 2021
Witter House is a calendar-year firm with 300 million common shares outstanding throughout 2021 and 2022. As part of its executive compensation plan, at January 1, 2020, the company had issued 30
(Note: This is a variation of E 19–17 modified to include convertible bonds).On December 31, 2020, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value
(Note: This is a variation of E 19–16, modified to include the exercise of stock options.)On December 31, 2020, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%,
On January 1, 2021, Tonge Industries had outstanding 440,000 common shares ($l par) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock ($100 par), convertible
(Note: This is a variation of E 19–16, modified to include stock options.) On December 31, 2020, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value
On December 31, 2020, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair
At December 31, 2020, Albrecht Corporation had outstanding 373,000 shares of common stock and 8,000 shares of 9.5%, $100 par value cumulative, nonconvertible preferred stock. On May 31, 2021,
Hardaway Fixtures’ balance sheet at December 31, 2020, included the following:Shares issued and outstanding:Common stock, $1 par $ 800,000Nonconvertible preferred stock, $50 par 20,000On July 21,
The Alford Group had 202,000 shares of common stock outstanding at January 1, 2021. The following activities affected common shares during the year. There are no potential common shares
For the year ended December 31, 2021, Norstar Industries reported net income of $655,000. At January 1, 2021, the company had 900,000 common shares outstanding. The following changes in the number of
Tesla Motors’s disclosure notes for the year ending December 31, 2017, included the following regarding its $0.001 par common stock:EMPLOYEE STOCK PURCHASE PLAN—Our employees are eligible to
Refer to the situation described in BE 19–3. Suppose that the options expire without being exercised. What journal entry will National record?BE 19–3Under its executive stock option plan,
Refer to the situation described in BE 19–3. Suppose that the options are exercised on April 3, 2024, when the market price is $19 per share. What journal entry will National record?BE 19–3Under
Walters Audio Visual, Inc., offers a stock option plan to its regional managers. On January 1, 2021, 40 million options were granted for 40 million $1 par common shares. The exercise price is the
On October 15, 2020, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives. On January 1, 2021, 20 million stock options were granted, exercisable for
When companies offer new equity security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the equity offerings reported in December
At December 31, 2021, the financial statements of Hollingsworth Industries included the following: Additional data:The bonds payable were issued at par in 2019. The tax rate for 2021 was
Alciatore Company reported a net income of $150,000 in 2021. The weighted-average number of common shares outstanding for 2021 was 40,000. The average stock price for 2021 was $33. Assume an income
Information from the financial statements of Henderson-Niles Industries included the following atDecember 31, 2021:Common shares outstanding throughout the year
Niles Company granted 9 million of its no par common shares to executives, subject to forfeiture if employment is terminated within three years. The common shares have a market price of $5 per share
At December 31, 2020 and 2021, Funk & Noble Corporation had outstanding 820 million shares of common stock and 2 million shares of 8%, $100 par value cumulative preferred stock. No dividends
On December 31, 2020, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common
(Note: This is a variation of P 19?11, modified to include stock options.)On December 31, 2020, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative,
On December 31, 2020, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common
Comparative Statements of Shareholders? Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021. Required:Infer from the
On January 1, 2021, Farmer Fabrication issued stock options for 100,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for
On January 1, 2021, Farmer Fabrication issued stock options for 100,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for
LCI Cable Company grants 1 million performance stock options to key executives at January 1, 2021. The options entitle executives to receive 1 million of LCI $1 par common shares, subject to the
Refer to the situation described in BE 19–3. Suppose that unexpected turnover during 2022 caused the forfeiture of 5% of the stock options. What is the effect on earnings in 2022? In 2023?BE
On January 1, 2021, Adams-Meneke Corporation granted 25 million incentive stock options to division managers, each permitting holders to purchase one share of the company’s $1 par common shares
JBL Aircraft manufactures and distributes aircraft parts and supplies. Employees are offered a variety of sharebased compensation plans. Under its nonqualified stock option plan, JBL granted options
The shareholders’ equity of Proactive Solutions, Inc., included the following at December 31, 2021:Common stock, $1 parPaid-in capital—excess of par on common stock7% cumulative convertible
Heidi Software Corporation provides a variety of share-based compensation plans to its employees. Under its executive stock option plan, the company granted options on January 1, 2021, that permit
On January 1, 2021, David Mest Communications granted restricted stock units (RSUs) representing 30 million of its $1 par common shares to executives, subject to forfeiture if employment is
On January 1, 2021, Hugh Morris Comedy Club (HMCC) granted 1 million stock options to key executives exercisable for 1 million shares of the company’s common stock at $20 per share. The stock
Refer to the situation described in P 19–2. Assume Pastner prepares its financial statements using International Financial Reporting Standards (IFRS).Required:Would your responses to requirement 1
Magnetic-Optical Corporation offers a variety of share-based compensation plans to employees. Under its restricted stock unit plan, the company on January 1, 2021, granted restricted stock units
Refer to the situation described in P 19–2. Assume Pastner measures the fair value of all options on January 1, 2021, to be $4.50 per option using a single weighted-average expected life of the
Facebook Inc. included the following disclosure note in an annual report: Share-Based Compensation (in part) . . . compensation expense related to these grants is based on the grant date fair value
Under its executive stock option plan, National Corporation granted 12 million options on January 1, 2021, that permit executives to purchase 12 million of the company’s $1 par common shares within
Pastner Brands is a calendar-year firm with operations in several countries. As part of its executive compensation plan, at January 1, 2021, the company issued 400,000 executive stock options
Microsoft provides compensation to executives in the form of a variety of incentive compensation plans, including restricted stock award grants. The following is an excerpt from a disclosure note
Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. On January 1, 2021, the company granted 16 million of its $1 par common shares, subject to forfeiture if
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020:Shareholders’ Equity
The shareholders’ equity of Core Technologies Company on June 30, 2020, included the following:Common stock, $1 par; authorized, 8 million shares;issued and outstanding, 3 million shares $
A new CEO was hired to revive the floundering Champion Chemical Corporation. The company had endured operating losses for several years, but confidence was emerging that better times were ahead. The
At December 31, 2020, the balance sheet of Meca International included the following shareholders’ equity accounts:Shareholders’ Equity .......................................($ in
In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 140 million shares of its $1 par common stock at $17 per
In 2021, Borland Semiconductors entered into the transactions described below. In 2018, Borland had issued 170 million shares of its $1 par common stock at $34 per share.Required:Assuming that
The shareholders’ equity of MLS Enterprises includes $200 million of no par common stock and $400 million of 6% cumulative preferred stock. The board of directors of MLS declared cash dividends of
Borner Communications’ articles of incorporation authorized the issuance of 130 million common shares. The transactions described below effected changes in Borner’s outstanding shares. Prior to
The shareholders’ equity of Kramer Industries includes the data shown below. During 2022, cash dividends of $150 million were declared. Dividends were not declared in 2020 or
During its first year of operations, Cupola Fan Corporation issued 30,000 of $1 par Class B shares for $385,000 on June 30, 2021. Share issue costs were $1,500. One year from the issue date (July 1,
The following is a portion of the Statement of Shareholders? Equity from Cisco Systems? July 29, 2017 annual report. Required:1. How does Cisco account for its share buybacks? Treasury stock or
Comparative statements of shareholders? equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2021, 2022, and 2023. Required:1. Infer from
Listed below are the transactions that affected the shareholders’ equity of Branch-Rickie Corporation during the period 2021–2023. At December 31, 2020, the corporation’s accounts
Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows. At December 31, 2018, common shares consisted of the following: Common
National Supply’s shareholders’ equity included the following accounts at December 31, 2020:Shareholders’ Equity ............................................($ in millions)Common stock, 6
The following is from the 2021 annual report of Kaufman Chemicals, Inc.: Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders? equity as
Comparative balance sheets for Softech Canvas Goods for 2021 and 2020 are shown below. Softech pays no dividends and instead reinvests all earnings for future growth. Required: 1. Determine the
On January 1, 2021, Tru Fashions Corporation awarded restricted stock units (RSUs) representing 12 million of its $1 par common shares to key personnel, subject to forfeiture if employment is
Refer to the situation described in BE 19–8. Suppose that Farmer initially estimates that it is not probable the goal will be achieved, but then after one year, Farmer estimates that it is probable
Walters Audio Visual Inc. offers an incentive stock option plan to its regional managers. On January 1, 2021, options were granted for 40 million $1 par common shares. The exercise price is the
On December 31, 2020, Ainsworth, Inc., had 600 million shares of common stock outstanding. Twenty million shares of 8%, $100 par value cumulative, nonconvertible preferred stock were sold on
Refer to the situation described in BE 19–8. Suppose that after one year, Farmer estimates that it is not probable that divisional revenue will increase by 5% in three years. What journal entry
SSG Cycles manufactures and distributes motorcycle parts and supplies. Employees are offered a variety of sharebased compensation plans. Under its nonqualified stock option plan, SSG granted options
Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021. At December 31, 2018, paid-in capital
Frazier Refrigeration amended its defined benefit pension plan on December 31, 2021, to increase retirement benefits earned with each service year. The consulting actuary estimated the prior service
Southeast Technology provides postretirement health care benefits to employees. On January 1, 2021, the following plan-related data were available: On January 1, 2021, Southeast amends the plan in
Gorky-Park Corporation provides postretirement health care benefits to employees who provide at least 12 years of service and reach age 62 while in service. On January 1, 2021, the following
Cahal-Michael Company has a postretirement health care benefit plan. On January 1, 2021, the following planrelated data were
Data pertaining to the post-retirement health care benefit plan of Sterling Properties include the following for 2021: Required: 1. Determine the postretirement benefit expense for 2021. 2. Prepare
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2021, the following data were available concerning changes in the plan’s accumulated postretirement benefit
The following data are available pertaining to Household Appliance Company’s retiree health care plan for 2021:Number of employees covered ..........................................2Years employed
The EPBO for Branch Industries at the end of 2021 was determined by the actuary to be $20,000 as it relates to employee Will Lawson. Lawson was hired at the beginning of 2007. He will be fully
Classified Electronics has an unfunded retiree health care plan. Each of the company’s three employees has been with the firm since its inception at the beginning of 2020. As of the end of 2021,
Refer to the situation described in E 17–21.Required:How might your solution differ if Lacy Construction prepares its financial statements according to International Financial Reporting Standards

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