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INTERMEDIATE ACCOUNTING I & II [3213 & 3223] COMPREHENSIVE PROJECT / CASE STUDY ORDER OF PRESENTATION Title Page Must identify the compaany, including Financial Statement Dates Your name and Scenario assigned Financial Statements, In Order: Balance Sheet Statement of Shareholder Equity Income Statement Statement of Cash Flows Disclosures and Shedules Supplemental Schedules Note Disclosures Additional Information Trial Balance General Journal Entries. INDIVIDUAL ASSIGNMENTS Income B/S & C/F Cash Inventories PP&E CH 4 CH 5 CH 7 Ch 8-9 Ch 10-11 1 Adams, Michaela M. Option 2 Option 1 Option 1 Option 1 2 Brown, Tonara J. Option 3 Option 1 Option 1 Option 1 5 Flanagen, Isiah R. Option 3 Option 1 Option 1 Option 1 6 Hartaway, Keith B. Option 1 Option 1 Option 1 Option 1 7 Howard, Kamarcus D. Option 2 Option 1 Option 2 Option 1 8 Rausaw, Erin D. Option 3 Option 1 Option 2 Option 1 9 Ross, Rashida J. Option 2 Option 1 Option 2 Option 1 10 Woods, Deshaun D. Option 3 Option 1 Option 2 Option 1 11 Wright, Quinn T. Option 1 Option 1 Option 2 Option 1 Number Student Name Intermediate Accounting II - ACCT 3213 P01 Income B/S & C/F Cash Inventories PP&E CH 04 CH 05 CH 07 Ch 08 Ch 10 1 Blakes, Jeremy J. Option 2 Option 1 Option 1 Option 1 2 Bruno, Tia C. Option 3 Option 1 Option 1 Option 1 3 Campbell, Keon C. Option 1 Option 1 Option 1 Option 1 4 Eddington, Brian A. Option 2 Option 1 Option 1 Option 1 5 Felder, Deshun O. Option 3 Option 1 Option 1 Option 1 6 Forrest, Clifford L. Option 1 Option 1 Option 1 Option 1 7 Gamble, Devan C. Option 2 Option 1 Option 2 Option 1 8 Harris, Jaquita S. Option 3 Option 1 Option 2 Option 1 9 James, Malena G. Option 2 Option 1 Option 2 Option 1 10 Jenkins, Jordan M. Option 3 Option 1 Option 2 Option 1 11 Khan, Maaz U. Option 1 Option 1 Option 2 Option 1 12 Martinez, Eric A. Option 2 Option 1 Option 1 Option 1 13 Mckinney-Levell, Matthew M. Option 3 Option 1 Option 1 Option 1 14 Nguyen, Tho M. Option 1 Option 1 Option 1 Option 1 15 Omezi, Mark Option 2 Option 1 Option 1 Option 1 16 Pierce, Karleesha Option 3 Option 1 Option 1 Option 1 17 Powell, Jordan D. Option 1 Option 1 Option 1 Option 1 18 Reed, Alexis M. Option 2 Option 1 Option 2 Option 1 19 Thompson, Jaslyn B. Option 3 Option 1 Option 2 Option 1 20 Tucker, Jayven Option 2 Option 1 Option 2 Option 1 21 Walton, Lanesha L. Option 3 Option 1 Option 2 Option 1 22 Wells, Shalun D. Option 1 Option 1 Option 2 Option 1 23 Wilson, Jasmine N. Option 2 Option 1 Option 1 Option 1 Number Student Name Assignments INTERMEDIATE ACCOUNTING I COMPREHENSIVE PROJECT CHAPTER 4 ASSIGNMENT Irregular Items Using the information below for the Thompson Corporation, along with the trial balance presented, begin preparing the financial statements for the Thompson Corporation using proper formats. This includes setting up suplemental scheules to report General and Administrative expenses and Selling Expenses. OPTION #1 1. The corporation experienced an uninsured flood loss (extraordinary) in the amount of $90,000 during the year. The expense for this loss is inlcuded in Repairs and Maintenance Costs 2. At the beginning of 2010, the corporation purchased a machine for $54,000 (salvage value of $9,000) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2010, 2011, and 2012 but failed to deduct the salvage value in computing the depreciation base. 3. Sale of securities held as a part of its portfolio resulted in a loss of $57,000 (pretax). OPTION #2 4. When its president died, the corporation realized $150,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,000 (the gain is nontaxable). The gain is included in the Capital Gains and Losses on the Income Statement 5. The corporation disposed of its recreational division at a loss of $115,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss is included in the Capital Gains and Losses on the Income Statement 6. The corporation decided to change its method of inventory pricing from average cost to the FIFO method. The effect of this change on prior years is to increase 2010 income by $60,000 and decrease 2011 income by $20,000 before taxes. The FIFO method has been used for 2012. OPTION #3 7. In 2012, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered ordinary. This transaction has not been recorded yet. 8. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $90,000 before taxes; the loss from disposal of the subsidiary was $100,000 before taxes. 9. An internal audit discovered that amortization of intangible assets was understated by $35,000 (net of tax) in a prior period. The amount was charged against retained earnings. Instructions (a) (d) (d) (a) (c) (b) Prepare any needed journal entries for the compay based on the general information given. Recalculate Income Taxes and do the Intra period tax allocation as needed. Use a tax rate of 30%. Post the Journal Entries to the Adjusting Trial Balance and update the financial Statements Prepare a Multi-step Income Statement along with any necessary supplemental Schedules. Compute Earnings Per Share and present EPS on the Income Statement. Prepare the Statement of Shareholder Equity INTERMEDIATE ACCOUNTING I COMPREHENSIVE PROJECT CHAPTER 5 ASSIGNMENT Irregular Items Using the information below for the Thompson Corporation, along with the trial balance presented, continue preparing the Thompson Corporation's financial statements using proper formats. For this assignment, you need to prepare the Balance sheet and any necessary supporing statements and disclosures Additional Information 1. The LIFO method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of stocks and bonds is the same. 4. Of the discount on bonds payable, $2,000 will be amortized in 2013. 5. The notes payable represent bank loans that is secured by equity investments carried at $120,000. These bank loans are due in 2013. 6. The bonds payable bear interest at 8% payable every December 31, and are due January 1, 2023. Instructions (a) (b) (c) (d) (e) (f) (g) Prepare any needed journal entries for the compay based on the information given. Recalculate Income Taxes and do the Intra period tax allocation as needed. Use a tax rate of 30%. Post the Journal Entries to the Adjusting Trial Balance and update the financial Statements Update and reissue the Multi-step Income Statement (along with any supplemental Schedules.) Compute Earnings Per Share and present EPS on the Income Statement. Prepare the Balance Sheet. Prepare any necessary disclosures INTERMEDIATE ACCOUNTING I COMPREHENSIVE PROJECT CHAPTER 8 & 9 ASSIGNMENT INVENTORY Using the information below for the Thompson Corporation, along with the trial balance presented, continue preparing the Thompson Corporation's financial statements using proper formats. For this assignment, you need to prepare the Balance sheet and any necessary supporing statements and disclosures OPTION #1 1. Some of the transactions of Thompson Corporation during December are listed below. 10-Dec Purchased merchandise on account, $12,000, terms 2/10, n/30. 13 Returned part of the purchase of December 10, $1,200, and received credit on account. 15 Purchased merchandise on account, $16,000, terms 1/10, n/60. 25 Purchased merchandise on account, $20,000, terms 2/10, n/30. 28 Paid invoice of December 15 in full. 2. Torres uses the periodic inventory method and The LIFO method of inventory value is used. 3. Thompson records purchases at gross amounts and that discounts are to be recorded when taken: Instructions (a) (b) (c) Prepare general journal entries to record the transactions. Post the Journal Entries to the Adjusting Trial Balance and update the financial Statements Please prepare the journal entries as if the Net Method were used. OPTION #2 Some of the information found on a detail inventory card for Thompson Corporation for the December as follows. Purchased Sold Balance FIFO FIFO Date (Units) Unit Cost (Units) (Units) Change Balance Beg Bal 6,250.00 $14.24 6,250 89,000 1-Dec 14.24 3,275 2,975 3-Dec 1,050 14.50 4,025 10-Dec 14.24 2,675 1,350 13-Dec 2,075 14.60 3,425 15-Dec Var. 2,250 1,175 20-Dec 1,175 14.65 2,350 22-Dec 14.60 900 1,450 23-Dec 2,675 14.25 4,125 29-Dec 2,811 14.53 6,936 30-Dec Var. 2,500 4,436 TOTAL 9,786 11,600 (a) Further review of the company's data reveals that the company keeps its books on the FIFO mehtod, but makes a LIFO adjustment at the end of every year. Please Calculate the 1. First-in, first-out (FIFO). 2. Last-in, first-out (LIFO). 3. Average cost. (b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? Explain and compute. (Round average unit costs to four decimal places.) Instructions (a) (b) (c) (d) (e) (f) (g) Prepare any needed journal entries for the compay based on the information given. Recalculate Income Taxes and do the Intra period tax allocation as needed. Use a tax rate of 30%. Post the Journal Entries to the Adjusting Trial Balance and update the financial Statements Update and reissue the Multi-step Income Statement (along with any supplemental Schedules.) Compute Earnings Per Share and present EPS on the Income Statement. Prepare the Balance Sheet. Prepare any necessary disclosures INTERMEDIATE ACCOUNTING I COMPREHENSIVE PROJECT CHAPTER 10/11 ASSIGNMENT DEPRECIATION Using the information below for the Thompson Corporation, along with the trial balance presented, continue preparing the Thompson Corporation's financial statements using proper formats. For this assignment, you need to prepare the Balance sheet and any necessary supporing statements and disclosures OPTION #1 1. The company purchased new computers on August 1, 2012. The computers have an original cost of $500,000, a service life of 5 years. The company paid 25% in cash and the remainder in Notes Payable. with a term of 5 years bearing interest at 10%. Payments are made 2 times a year inlcuding principle. Each Payment consists of $50,000 plus all accrued Interest. 2. The company purchased new Machinery on April 1, 2012. The machinery has an original cost of $2,500,000, a service life of 7 years. The company paid 5% down and the remainder in a note payable. with a term of 7 years bearing interest at 8%. Payments are due two times a year, inlcuding equal principal payments of $169,643. 3. Neither purchase has been booked on the financials. 4. Don't forget the accrue interest on the Note Payable Instructions (a) (b) (c) (d) (e) (f) (g) Prepare any needed journal entries for the compay based on the information given. Recalculate Income Taxes and do the Intra period tax allocation as needed. Use a tax rate of 30%. Post the Journal Entries to the Adjusting Trial Balance and update the financial Statements Update and reissue the Multi-step Income Statement (along with any supplemental Schedules.) Compute Earnings Per Share and present EPS on the Income Statement. Prepare the Balance Sheet. Prepare any necessary disclosures
