You will enter the Topic, Subtopic, Section, Paragraph in a fill in the blank question for each Case (you do not need to enter "ASC") Example: Topic 100 Subtopic 10 Section 45 Paragraph 4 2

Case 1: Doyle Corporation is a privately held corporation with a December 31st fiscal year end. Doyle Corporation owns/operates 10 retail stores in Illinois. On February 4, 2022, the company's Chicago location had a fire and as a result incurred an uninsured loss of $300,000. This amount is material for the corporation. Doyle Corporation is finalizing the December 31st, 2021 financial statements which they are planning on releasing to their lenders on February 28, 2022. Doyle is unsure if they should include the loss in the December 31, 2021 Income Statement since it is a material event which occurred prior to the release of the financial statements but after the balance sheet date.

Case 2: Cooper Corporation is a publicly traded company. Cooper Corporation reached a settlement with its insurance carrier related to a claim from a tornado that destroyed one of the Company's warehouses. On December 10, 2021, the Company received of $3 million from its insurance carrier. On December 20, 2021, Cooper used the insurance proceeds to repurchase its stock (i.e., treasury stock) rather than to rebuild the destroyed warehouse. The Controller said he believes that because the $3 million was used to acquire treasury stock that this cash proceeds should be classified as a financing activity in the Statement of Cash Flows.

Case 3: Brady Corporation is a private company and is building a new company headquarters. Construction began in early January 2022 and will be completed by December 31, 2022. Brady Corporation borrowed $1.5 million on January 5, 2022, for the construction of the new headquarters. Brady is also using the proceeds from $2 million bonds issued in 2021 to assist in the remaining funding for the project. The CFO for Brady Corporation recalls that interest may be capitalized (i.e., the interest may be included in the total cost of the new building). The CFO is unsure of how to determine the correct amount of interest that should be capitalized for the new building. 3

Case 4: READ, Inc. is a privately held book manufacturing company. READ's has a December 31st fiscal year end. READ's accountants are in the process of preparing the year-end financial statements. READ's accounting procedures for manufactured inventory is to include direct material and direct labor costs and allocated indirect labor costs in the measurement for manufactured inventory. The company president is wondering if selling expenses may also be allocated to the cost of manufactured inventory as indirect costs.

Case 5: You have joined Smith, Inc. in its first year of operations as the staff accountant. The fiscal year end is May 31, 2022. This will be the private company's first set of financial statements and the following question has been raised by the CEO: Is the balance sheet required to have a subtotal for "Total Current Liabilities" or can the balance sheet just have "Total Liabilities"?

Case 6: Ginny's Bakery is a privately held company and has an April 30, 2022, fiscal year end. Ginny's Bakery has a strong reputation for quality products. The bakery has developed a mixer to make its products. As a result, the bakery has applied and received a patent for the mixers. Can Ginny's Bakery include the value of the patent as an asset in the balance sheet?

Case 7: Spring, Inc. is a publicly traded company that sells garden equipment. Spring Corporation has a March 31st fiscal year end. Spring's Board of Directors declared a dividend on the preferred stock on March 25, 2022 which will be paid on April 18, 2022. Should the impact of the preferred dividend be included in the calculation of EPS for the year ending March 31, 2022 since it will not be paid until April 18, 2022? 4

Case 8: Samad Corporation is a publicly traded corporation with a June 30th fiscal year end. Samad has acquired several businesses in the last 5 years and recognized goodwill. Samad Corporation is aware that it needs to test the goodwill for impairment each year but is unsure if the testing needs to be as of June 30th or can the company select an alternative date?

Case 9: Amazon (a publicly traded corporation) recently announced a 20:1 stock split (subject to shareholder approval. After the stock split has been completed what impact will the stock split have on Retained Earnings in Amazon's balance sheet?

Case 10: FASB recently issued an ASU with an effective date(s) as follows: Public: Fiscal years beginning after December 15, 2022 Nonpublic: Fiscal years beginning after December 15, 2024. a. Assume that Chicago Corporation has a July 31stfiscal year end and is a publicly traded corporation. What will be the first fiscal year that Chicago Corporation will use the new guidance? (Include the start and end date... for example January 1, 2010 - December 31, 2010.) b. Assume that Illinois Corporation has an August 31st fiscal year end and is a privately held company. What will be the first fiscal year that Illinois Corporation will use the new guidance? (Include the start and end date... for example January 1, 2010 - December 31, 2010.)