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business
intermediate accounting reporting
Questions and Answers of
Intermediate Accounting Reporting
The Transtech Publishing Company follows the procedure of debiting Bad Debt Expense for 2% of all new sales. Sales for 4 consecutive years and year-end allowance account balances were as follows:1.
In 2001 Hampton Office Supply began selling a new computer that carried a 2-year warranty against defects. Based on the manufacturer's recommendations. Hampton projects estimated warranty costs (as a
Modem Appliance Company's accountant has been reviewing the firms past television sales. For the past 2 years, Modern has been offering a special service warranty on all televisions sold. With the
Trend Industries Company reported the following amounts on its 2001 and 2002 financial statements.1. Compute the accounts receivable turnover for 2002.2. What is the average collection period during
Warfield Company had the following cash balances at December 31, 2002:Undeposited coin and currency \($35,000 \) .In exchange for a guaranteed line of credit. Warfield has agreed to maintain a
High Country', Inc., purchased inventory costing \($50,000\). Terms of the purchase were 5/10, n/30. In order to take advantage of the cash discount. High Country' borrowed \($40,000\) from Downtown
An examination on the morning of January 2 by the auditor for the Santiago Appliance Company discloses the following items in the petty cash drawer.The ledger account discloses a \($1,125\) balance
The following transactions affecting the accounts receivable of Wonderland Corporation took place during the year ended January 31, 2002.The following two balances were taken from the January 31.
Beebe Company sold goods on account with a sales price of \($50,000\) on August 17.The terms of the sale were 2/10, n/30.Instructions:1. Record the sale using the gross method of accounting for cash
During 2002, Lacee Enterprises had gross sales of \($247,000.\) At the end of 2002, Lacee had accounts receivable of \($83,000\) and a credit balance of \($5,600\) in Allowance for Bad Debts. Lacee
Rainy Day Company, a wholesaler, uses the aging method to estimate bad debt losses.The following schedule of aged accounts receivable was prepared at December 31 , 2002.The following schedule shows
High Fidelity Corporation sells stereos under a 2-year warranty contract that requires High Fidelity to replace defective parts and provide free labor on all repairs. During 2001, 1,050 units were
Monroe Corporation, a client, requests that you compute the appropriate balance of its estimated liability for product warranty account for a statement as of June 30. 2002.Monroe Corporation
The balance sheet for the Itex Corporation on December 31, 2001, includes the following cash and receivables balances.Current liabilities reported in the December 31 , 2001, balance sheet
On July 1. 2002. Balmforth Company used receivables totaling \($200,000\) as collateral on a \($150,000,\) 16% note from Rocky Mountain Bank. The transaction is not structured such that receivables
During its second year of operations. Shank Corporation found itself in financial difficulties. Shank decided to use its accounts receivable as a means of obtaining cash to continue operations. On
Freemont Factors provides financing to other companies by purchasing their accounts receivable on a nonrecourse basis. Freemont charges a commission to its clients of 15% of all receivables factored.
On January 1, 2002, Lost Valley Realty sold a tract of land to three doctors as an investment. The land, purchased 10 years ago, was carried on Lost Valley's books at a value of \($125,000.\) Lost
On January 1, 2002, the Denver Company sold land that originally cost \($400,000\) to the Boise Company. As payment. Boise gave Denver a \($600,000\) note. The note bears an interest rate of 4% and
On December 1. 2002, LGA Corporation established an imprest petty cash fund. The operations of the fund for the last month of 2002 and the first month of 2003 are summarized as follows:Dec.1 The
In accounting for uncollectible accounts receivable, why is the allowance method, rather than the direct write-off method, required by GAAP?
(a) What are the major advantages in using imprest petty cash funds?(b) What dangers must be guarded against when petty cash funds are used?
Early in the year 2003, John Roberts, a recent graduate of Southeast State College, delivers the financial statements shown on page 277 to Laura Dennis of Dennis, Inc. After a quick review, Dennis
State how each of the following items would be reflected on a statement of cash flows.(a) Securities classified as available:foi:sa.le were purchased for \($5,000.\) (b) Buildings were acquired for
The accountant for Alpine Hobby Stores prepared the following selected information for the vear ended December 31. 2002.Equipment with a book value of \($20,000\) was sold for \($17,000\) cash. The
Anakin, Inc. provides the following account balances for 2002 and 2001Using the format presented in the chapter, prepare the operating activities section of the statement of cash flows and present
Naboo Enterprises provides the following income statement for 2002.In addition, the following balance sheet information is available:Using the format presented in the chapter, prepare the operating
From the following information for the Carter Corporation, prepare a statement of cash flows for the year ended December 31, 2002, using the indirect method. Amortization of patent. Depreciation
The following information was taken from the books of Tapwater Company. Compute the amount of net cash provided by (used in) operating activities during 2002 using the indirect method. Accounts
A summary of revenues and expenses for Stanton Company for 2002 follows:Net changes in working capital accounts for 2002 were as follows:Depreciation on plant and equipment for the year totaled
The following information was taken from the comparative financial statements of Buttercup Corporation.Using the indirect method, compute the net amount of cash provided by (used in)operating
Based on the information given in Exercise 5-18 and using the direct method, compute the net amount of cash provided by (used in) operating activities for the year.Exercise 5-18:The following
A comparative balance sheet, income statement, and additional information for the Xavier Metals Company are presented below.Additional information for Xavier:(a) All accounts receivable and accounts
Below is information for Boswell Manufacturing Company:(a) Long-term debt of \($450,000\) was retired at face value.(b) New machinery was purchased for \($48,000\).(c) Common stock with a par value
The Sunny-vale Corporation prepared for 2002 and 2001 the following balance sheet data.Cash needed to purchase new equipment and to improve the company's working capital position was raised by
The following are financial statements for LaForge Company.The following information is also available for 2002:(a) Plant assets were sold for their book value of \($200\) during the year. The assets
Using the information given in Exercise 5-23, prepare a statement of cash flows for 2002 for LaForge Company using the direct method.Exercise 5-23:The following are financial statements for LaForge
Following are data from the financial statements for Choi Hung Company.Compute the following for both 2001 and 2002:1. Cash flow-to-net income ratio 2. Cash flow adequacy ratio 3. Cash times
Podracer Productions provides the following income statement for the year ended December 31, 2002.In addition, Podracer provides the following balance sheet information.Instructions: Using the
Comparative balance sheet data for the Amber Company are presented below and on the following page. In addition, new equipment was purchased for \($50,000,\) payment consisting of \($25,000\) cash
The following information was taken from the records ofAlderman Produce Company for the year ended June 30, 2002.Instructions:1. From the information given, prepare a statement of cash flows using
The following information was obtained from analysis of selected accounts of Orlando Company for the year ended December 31, 2002.Instructions: From the information given, prepare a statement of cash
Based on an analysis of the cash account and other accounts, the following information was provided by the controller of Lumbercamp, Inc., a manufacturer of wood-burning stoves, for the year 2002.(a)
Comparative balance sheet data for the partnership ofYoung and Jones are presented below.Net income for the year was \($43,000,\) and this was transferred in equal amounts to the partners' capital
The table on the next page shows the account balances of Novations, Inc., at the beginning and end of the company's accounting period.The following additional information is available.(a) All
Refer to the data for Novations, Inc., in Problem 5-35.Instructions:1. Prepare an income statement for Novations, Inc. , for the year ended December 31 , 2002.2. Prepare a statement of cash flows for
The following summany data are for Queue Company.All current assets and current liabilities relate to operations.Instructions:1. Compute net cash provided by (used in) operating activities for 2001
The following summary information is for Data Company.Instructions:1. Compute net cash provided by (used in) operating activities for Data Company for the years 1999 through 2002.2. One definition of
The following combined income and retained earnings statement, along with selected balance sheet data, are provided for the Timberdale Company.Instructions:1. Using the direct method, compute the
Below are data from the financial statements for Ping Shek Company.Instructions:1. Compute the following for 2001 and 2002.a. Return on salesb. Return on assetsc. Return on equit}'d. Cash flow-to-net
Lorien Company wishes to prepare a forecasted income statement, a forecasted balance sheet, and a forecasted statement of cash flows for 2003. Lorien's balance sheet and income statement for 2002 are
The post-closing trial balances are provided for the Dallas Department Store. Credit balances are denoted with parentheses.The following additional information was obtained from Dallas Department
Refer to the information for Dallas Department Store in Problem 5-44.Instructions: Using a work sheet, prepare a statement of cash flows (indirect method) for the vear ended December 31,
Prior to 1988. a "funds" statement was required instead of a cash flow statement. What was that "funds" statement called? How did it differ from a statement of cash flows?
Compare how interest paid is classified in a statement of cash flows under the provisions of FASB Statement No. 95 and IAS 7.
What is the difference between "cash from operating activities ' as reported in the United States and in the United Kingdom?
What techniques can be used to simplify the preparation of a statement of cash flows when there are many accounts and transactions?
Management for Marlowe Manufacturing Company decided in 2001 to discontinue one of its unsuccessful product lines. (The product line does not meet the definition of a business segment.) The planned
The Flexisoft Company has had excellent success in developing business software for microcomputers. Management has followed the accounting practice of deferring the development costs for the software
The Walesco Corporation has decided to discontinue an entire segment of its business effective November 1, 2002. It hopes to sell the assets involved and convert the physical plant to other uses
The stock market crash of October 1987 caused many businesses to rethink the manner in which they operate. The crash caused at least one business to consider the way it recosnized revenues and
Changes in the balance sheet account balances for the Smite Sales Co. during 2002 are shown below. Dividends declared during 2002 were \($25.000.\) Calculate the net income for the year assuming
Indicate which of the following transactions or events gives rise to the recognition of revenue in 2002 under the accrual basis of accounting. If revenue is not recognized, what is the account, if
The selling expenses of Caribou Inc. for 2002 are 13% of sales. General expenses, excluding doubtful accounts, are 25% of cost of goods sold, but only 15% of sales.Doubtful accounts are 2% of sales.
The Brigham Corporation reported the following income items before tax for the year 2002:The income tax rate is 35% on all items. Prepare the portion of the income statement beginning with "Income
On June 30, 2002. top management of Garrison Manufacturing Co. decided to dispose of an unprofitable business segment. A loss of \($110,000\) associated with the segment was incurred during the first
For the following independent cases, compute (1) the gain (loss) from operations of a discontinued segment, and (2) the gain (loss) from disposal of a discontinued segment.Ignore income taxes.
In 1988. SEARS. ROEBUCKAND CO. changed its method of accounting for income taxes. The FASB required the new principle to be applied retroactively, but prior years' financial statements were not
The Pensacola Awning Co. reports the following for 2002:Prepare a single-step income statement (including earnings-per-share data) and a statement of retained earnings for Pensacola. Retained
M. Taylor has been employed as a bookkeeper at the Losser Corporation for a number of years. With the assistance of a clerk, Taylor handles all accounting duties, including the preparation of
Svedin Incorporated provides the following information relating to 2002.The foreign currency adjustment resulted from a weakening in the currencies of Svedin's foreign subsidiaries relative to the
Han Company wishes to forecast its net income for the year 2003. Han has assembled balance sheet and income statement data for 2002 and has also done a forecast of the balance sheet for 2003. In
Ryan Company wishes to prepare a forecasted income statement and a forecasted balance sheet for 2003 Ryans balance sheet and income statement for 2002 are given below.In addition, Ryan has assembled
The Payette Co. on June 30, 2002, reported a retained earnings balance of \($1,535,000\).The books of the company showed the following account balances on June 30, 2002.Instructions:Prepare a
The Richmond Company manufactures and sells robot-tvpe toys for children. Under one type of agreement with the dealers, Richmond is to receive payment upon shipment to the dealers. Under another type
On December 31, 2002, the Hadley Company provides the following pre-audit income statement for your review.The following information is also available:(a) Many of Hadley's customers pay for their
The following information relates to Delaney Manufacturing Inc. for the fiscal year ended July 31. 2002. Assume there are no tax rate changes, a 30% tax rate applies to all items reported in the
Radiant Cosmetics Inc. shows a retained earnings balance on January' 1. 2002. of \($620,000.\) For 2002, the income from continuing operations was \($210,000\) before income tax. Following is a list
In 2002, Laetner Industries decided to discontinue its Laminating Division, an identifiable segment of Laetners business. The measurement date for the discontinuance is August 1. At December 31,
Selected account balances of Connell Company for 2002 along with additional information as of December 31 are as followsInstructions:Prepare a multiple-step income statement and statement of retained
The pre-audit income statement of Jericho Recreation Incorporated was prepared by a newly hired staff accountant for the year ending December 31. 2002.The following information was obtained by
On December 31, 2002, analysis of the Rollins Sporting Goods' operations for 2002 revealed the following.(a) Total cash collections from customers, \($107,770\).(b) December 31, 2001, inventor}-
Selected preadjustment account balances and adjusting information of Sunset Cosmetics Inc. for the year ended December 31, 2002, are as follows:Instructions:Prepare a corrected multiple-step income
The following information for the year ending December 31, 2002, has been provided for the Blacksburg Company.Instructions:Prepare a statement of comprehensive income for the Blacksburg Company.
Lorien Company wishes to prepare a forecasted income statement and a forecasted balance sheet for 2003. Lorien s balance sheet and income statement for 2002 are given below.In addition, Lorien has
What are some possible disadvantages of a multiplestep income statement and of a single-step statement?
Under International Accounting Standards, how is the cumulative effect of a change in accounting principle reported?
Fortune annually provides a list of the most valuable companies in America. The top 1 most valuable companies, from the 1999 Fortune 500, are listed below.As an analyst for a securities broker, you
Technology Unlimited, Inc., uses a fiscal year ending June 30. The auditors completed their review of the 2002 financial statements on September 8, 2002. They discovered the followins subsequent
The followins is an excerpt from an article dealing with accountins and banks in The Wall Street Journal:Congress deresuiated the left side of the balance sheet [liabilities] by permitting thrifts to
Using the definition of an asset from FASB Concepts Statement No. 6, indicate whether each of the following should be listed as an asset by DeBroglie Company.(a) DeBroglie has legal title to a silver
From the following data, compute the working capital for Benson Equipment Co. at December 31, 2002. Cash in general checking account.. Cash in fund to be used to retire bonds in 2006 Cash held to pay
The following balance sheet was prepared for Jared Corporation as of Dec. 31, 2002.The following additional information relates to the December 31, 2002, balance sheet.(a) Cash includes \($4,000\)
For each of the items (a) through (n) on the Faevero and Company Inc. balance sheet, indicate the amount that should appear on the balance sheet. Current assets: Cash.... Faevero and Company Inc.
Lwaxana Company has the following assets.Companies in Lwaxanas industry- topically have the following asset mix: cash, 7%;accounts receivable. 15%; inventory. 18%: property plant, and equipment.
For each of the items below, indicate whether the item should be reflected in the 2002 financial statements for Rutherford Company. If the item should be reflected, indicate whether it should be
Following is a list of account titles and balances for Zaldo Investment Corporation as of January 31,2002.Instructions:1. Prepare a properly classified balance sheet.2. Assume net income of
Adjusted account balances and supplemental information for Brockbank Research Corp. as of December 31, 2002, are as follows:Supplemental information:(a) Depreciation is provided by the straight-line
The accountant for Sierra Corp. prepared the following schedule of liabilities as of December 31, 2002.The following additional information pertains to these liabilities.(a) All trade notes payable
The following balance sheet was prepared by the accountant for Rowley Company.Instructions: Prepare a corrected classified balance sheet using appropriate account titles. Rowley Company Balance
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