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Intermediate Accounting 10th Edition Loren A Nikolai, D. Bazley and Jefferson P. Jones - Solutions

Listed here are certain accounts of the Jenkins Company at the end of 2007:Account Debit (Credit)Land .............$12,000Prepaid insurance ........ 1,530Cash on hand ......... 1,120Notes receivable (due 2010) .... 4,300Cash in bank .......... 5,400Allowance for doubtful accounts ...
Your analysis of the fixed asset accounts at the end of 2007 for the Moen Corporation reveals the following information:1. The company owns two tracts of land. The first, which cost $18,000, is being held as a future building site. It has a current market value of $20,000. The second, which cost
The following are several accounts of the Graf Corporation at the end of 2007:Account Credit BalanceCommon stock, $10 par ............ $ 47,100Bonds payable (due 2014) ........... 126,000Premium on preferred stock ......... 39,600Retained earnings .............
Classifications on Balance Sheet A balance sheet may contain the following major sections:A. Current assets B. Long-term investments C. Property, plant, and equipmentD. Intangible assetsE. Other assets F. Current liabilities G. Long-term liabilities H. Other liabilitiesI. Contributed capitalJ.
The balance sheet contains the following major sectionsA. Current assetsB. Long-term investmentsC. Property, plant, and equipmentD. Intangible assetsE. Other assetsF. Current liabilitiesG. Long-term liabilitiesH. Other liabilitiesI. Contributed capitalJ. Retained earningsK. Accumulated other
The balance sheet accounts and amounts of the Baggett Company as of December 31, 2007 are shown in random order as follows:Required1. Prepare a December 31, 2007 balance sheet for the Baggett Company.2. Compute the debtratio.
The December 31, 2007 balance sheet accounts of the Hitt Company are shown here in alphabetical order:Required1. Prepare the December 31, 2007 balance sheet of the Hitt Company.2. Compute the working capital and the currentratio.
The balance sheet information at the end of 2007 and 2008 for the Dawson Company is as follows:Additional information: The company did not issue any common stock during 2008.RequiredFill in the blanks labeled (a) through (l). All the necessary information is provided.
The balance sheet information of the Fermer Company at the end of 2007 and 2008 is as follows:Additional information: At the end of 2007, additional paid-in capital is twice the amount of capital stock. In 2008, the company issued (sold) 100 shares of common stock.RequiredFill in the blanks
On December 31, 2007, the Stevens Company bookkeeper prepared the following erroneously classified balance sheet:RequiredYou determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properly classified balance sheet for the
On January 1, 2007 the Powder Company listed the following stockholders’ equity section of its balance sheet:Contributed CapitalPreferred stock, $100 par .............. $ 92,800Common stock, $5 par ............... 37,400Additional paid-in capital on preferred stock ....... 21,500Additional
On January 1, 2007 the Osborne Company reported the following alphabetical list of stockholders’ equity items:Additional paid-in capital on common stock ......... $170,000Additional paid-in capital on preferred stock ........ 12,000Common stock, $2 par ................ 80,000Preferred
The current balance sheet of Day Company contains the following major sections:A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Other assets F. Current liabilitiesG. Long-term liabilitiesH. Other liabilitiesI. Contributed capitalJ. Retained
The following is an alphabetical list of the accounts of the Oliver Manufacturing Company as of December 31, 2007:Accounts payable .............Interest payableAccounts receivable ............Interest receivableAccrued pension cost ..........Interest revenueAccumulated depreciation: buildings
The following is an alphabetical list of the December 31, 2007 balance sheet accounts and amounts for the Green Manufacturing Company:RequiredPrepare a properly classified balance sheet for the Green Manufacturing Company on December 31, 2007. List the additional parenthetical or note disclosures
The following is a list (in random order) of the December 31, 2007 balance sheet accounts of the Midwest Company:RequiredPrepare a properly classified balance sheet for the Midwest Company on December 31,2007.
The following is the alphabetical adjusted trial balance of the Meadows Company on December 31, 2007:RequiredPrepare the December 31, 2007 balance sheet of the Meadows Company. Compute the debtratio.
Listed here in random order are the balance sheet accounts and related ending balances of the Eubanks Company as of December 31, 2007:Additional information:1. The company uses control accounts for inventories and property, plant, and equipment and lists the latter at its book value.2. The
The following is an alphabetical listing of the balance sheet accounts and account balances of the Blazer Company on December 31, 2007:Additional information:1. The company uses a control account for property and equipment, accumulated depreciation, and for long-term liabilities.The latter account
The Cable Company prepared the following balance sheet:Your analysis of these accounts reveals the following information:RequiredBased on your analysis, prepare a properly classified December 31, 2007 balance sheet for the CableCompany.
The Brandt Company presents the following December 31, 2007 balance sheet:The following information is also available:1. Current assets include cash $3,800, accounts receivable $18,500, notes receivable (maturity date July 1, 2009) $10,000, and land $12,000.2. Long-term investments include a
The balance sheet information of the John Company at the end of 2007 and 2008 is as follows:Additional information: At the end of 2007, (a) The amount of long-term liabilities is twice the amount of current liabilities, and (b) There are 2,900 shares of common stock outstanding. During 2008, the
The Cutler Corporation prepared the following balance sheet:Required1. Identify the errors made in the Cutler balance sheet.2. Prepare a corrected, properly classified balancesheet.
Presented below is the unaudited balance sheet as of December 31, 2007, prepared by the bookkeeper of Zues Manufacturing Corporation.Your firm has been engaged to perform an audit, during which the following data are found:1. Checks totaling $14,000 in payment of accounts payable were mailed on
On January 1, 2007 the Knox Company showed the following alphabetical list of stockholders’ equity balances:Additional paid-in capital on common stock ......$130,000Additional paid-in capital on preferred stock ...... 6,000Common stock, $10 par .............. 100,000Preferred stock, $100 par
Review the financial statements and related notes of the Coca-Cola Company in Appendix A.RequiredAnswer the following questions. Indicate on what page of the annual report you located the answer.1. What was the amount of the current assets on December 31, 2004?2. What was the amount in the
A friend of yours who had a bookkeeping course in high school and who is currently a business major says, “I thought that assets were always reported at their historical cost on a company’s balance sheet. Recently, however, I heard several accounting majors discussing ‘alternative valuation
The bookkeeper of a company you are auditing states, “Our balance sheet is dated December 31, the end of our accounting period. I don’t understand loss contingencies and subsequent events. Also, I see no reason for disclosing these items on the company’s balance sheet because they deal with
The Securities and Exchange Commission (SEC) has encouraged managements of public companies to disclose more information in the shareholders’ annual report. As a consequence, a significant amount of the information required in the SEC’s Form 10-K now appears in published annual reports. At the
It is the end of 2007 and you are an accountant for the Stone Company. During 2007, sales of the company’s products slumped and the company’s earnings are expected to be much less than those of 2006. The president comes to you with an idea. He says, “Our Company’s property, plant, and
A friend has come to you for advice. He states that he owns several shares of stock in a corporation. He has examined the most recent balance sheet of the corporation and has found that the common stock issued and outstanding totals 40,000 shares, and the market price per share is $25 on the
Valuation of assets is an important topic in accounting theory. Suggested valuation methods include the following:Historical cost (past purchase price)Historical cost adjusted to reflect general price-level changesDiscounted cash flow (future exchange price)Market price (current selling
A company must include a summary of its accounting policies in the notes to its financial statements. The Coca-Cola Company includes this summary as the first of its notes to the consolidated financial statements shown in Appendix A.Required1. Explain what is required to be disclosed about the
It is February 16, 2008 and you are auditing the Davenport Corporation’s financial statements for 2007 (which will be issued in March, 2008). You read in the newspaper that Travis Corporation, a major customer of Davenport, is in financial difficulty. Included in Davenport’s accounts
You are the accountant for Spaedy Company and are preparing the financial statements for 2007. Near the end of 2007, Spaedy Company loaned its president $100,000 (a material amount) because she was having financial difficulties. The note was properly recorded as a note receivable by Spaedy
SituationYou are the assistant accountant for Tyler Corporation. It is mid-January, 2008 and you are helping to prepare the Tyler Corporation’s balance sheet for December 31, 2007. Tyler will publish this balance sheet on March 1, 2008, after the auditors have completed their work. Tyler has a
Define income under the “capital maintenance” concept. Identify the alternative ways of measuring capital under this concept.
Briefly discuss the transactional approach to income measurement. Explain its relationship (if any) to the capital maintenance concept of income.
Define comprehensive income. What was the intent of the FASB in developing this conceptual definition?
Discuss (a) Return on investment, (b) Risk,(c) Financial flexibility, and (d) Operating capability.
What are the purposes of the income statement?
List the specific conceptual guidelines suggested by the FASB for reporting (presenting) revenues, expenses, gains, and losses.
Define revenues. What operating activities are likely to result in revenues?
What two criteria must ordinarily be met for revenues to be recognized? When does a company usually recognize revenue?
Why might revenue be recognized at a time other than the sale? What are the alternative revenue recognition methods and for what might they be used?
Define expenses. Of what are expenses a measurement?
What are three principles for recognizing the expenses to be matched against revenues? Give examples of expenses that would be recognized under each principle.
Define gains and losses. Give examples of three different types of gains and losses.
What items are included in a company’s “income from continuing operations”? How are these categorized if the company uses (a) A single-step format, or (b) A multiple-step format?
Discuss the difference between the “current operating performance” and the “all-inclusive” concepts of net income. Which concept is currently used?
What elements are listed as Other Items on a company’s income statement?
What items are included in a company’s results from discontinued operations? For this purpose, how is a “component” defined?
What items are included in a company’s results from discontinued operations? For this purpose, how is a “component” defined? Discuss.
How is an extraordinary item defined? Explain the two criteria that must be met to classify an event as extraordinary. Give two examples of gains or losses from extraordinary items.
How are gains or losses that are either unusual or infrequent reported on a company’s income statement?
Why do changes in accounting estimates arise? Give examples of a change in accounting estimate and indicate how such a change should be accounted for.
Where is earnings per share disclosed in a company’s financial statements? What components of earnings per share should be disclosed?
Briefly list several differences between international and U.S. accounting standards in regard to a company’s income statement.
What items are included in a company’s statement of retained earnings?
What is a change in accounting principle and how is it reported on a company’s statement of retained earnings?
What are the possible causes of an error in a company’s financial statements? How is the correction of a material error accounted for and how is the correction reported on the financial statements?
What is included in a company’s comprehensive income? Currently, what are the four items of a company’s other comprehensive income?
Where does a company report its comprehensive income?
What is a statement of cash flows? What are the three major sections of the statement?
When used with a company’s other financial statements, what does the statement of cash flows help external users assess?
What are the three types of activities that a statement of cash flows reports on for a company? Provide examples of transactions for each type of activity.
Under the indirect method, how is the net cash provided by operating activities determined in a company’s statement of cash flows?
Under the direct method, what are the most common cash inflows from and the most common cash outflows for operating activities in a company’s statement of cash flows?
Multiple Choice Questions 1. The following information is available for Cooke Company for the current year:Net sales ........ $1,800,000Freight-in ......... 45,000Purchases discounts ..... 25,000Ending inventory ...... 120,000The gross margin is 40% of net sales. What is the cost
The following are selected accounts taken from the adjusted trial balance of the Dibb Company on December 31, 2007:Loss on sale of land ....... $ 5,000Cost of goods sold .........130,000Sales (net) ........... $198,000Operating expenses ........ 45,000Extraordinary gain (pretax) ..... 6,000Twelve
The following are selected account balances of the Albertson Company as of December 31, 2007:Purchases (net) ..............$63,000Merchandise inventory, January 1, 2007 .... 20,000Gain on sale of equipment ......... 5,000Sales (net) ................ $100,000Operating expenses ...........
Where would each of the following items most likely be reported in a company’s financial statements?Assume the monetary amount of each item is material.1. Bad debts expense 2. Sales discounts taken 3. Depreciation expense on sales equipment 4. Loss from operations of discontinued Division B 5.
Where would each of the following items most likely be reported in a company’s financial statements? Assume the monetary amount of each item is material and the company uses a periodic inventory system.1. Loss on sale of equipment 2. Office supplies used 3. Correction of miscount of last year’s
Included in the December 31, 2007 adjusted trial balance of the Gold Company are the following accounts:Cost of goods sold ............$101,000Sales .................. 200,000General and administrative expenses .... 20,000Loss from strike (pretax) ........... 9,000Sales returns and allowances
On December 31, 2007 the Adandt Company listed the following items in its adjusted trial balance:Extraordinary loss (pretax) ................$ 8,000Interest revenue ..................... 2,500Sales returns and allowances ................ 3,000Selling expenses .................... 14,000Cost of
The Fanta Company presents you with the following account balances taken from its December 31, 2007 adjusted trial balance:Inventory, January 1, 2007 ............. $ 43,000Selling expenses ................. 35,000Extraordinary gain (pretax) ............ 23,000Purchases ...................
The Engle Company lists the following accounts on its adjusted trial balance as of December 31, 2007.The following additional information is also available. The December 31, 2007, ending inventory is $14,700. During 2007, 4,200 shares of common stock were outstanding the entire year. The income tax
The Senger Company presents the following partial list of account balances taken from its December 31, 2007 adjusted trial balance:Sales (net) ..........$124,000Interest expense ....... 3,700Cost of goods sold ...... 66,200Operating expenses ....... $30,400Common stock, $5 par ..... 22,000Retained
The Cobler Company uses a periodic inventory system and presents the following partial list of account balances taken from its December 31, 2007 adjusted trial balance:Operating expenses ................$ 35,800Dividend revenue ................ 1,000Retained earnings, January 1, 2007 .........
The income statement information for 2007 and 2008 of the Caleb Company (a sole proprietorship) is as follows:RequiredFill in the blanks labeled (a) through (f). All the necessary information is listed.
The income statement information for 2007 and 2008 of the Connor Company (a sole proprietorship) is as follows:RequiredFill in the blanks labeled (a) through (g). All the necessary information islisted.
During December 2007, Smythe Company decides to sell Division F (a component of the company). On December 31, 2007, the company classifies Division F as held for sale. On that date, the book values of Division F’s assets and liabilities are $950,000 and $600,000, respectively. Smythe expects to
On November 30, 2007, Feiner Company announced its plans to discontinue the operations of Division P (a component of the company) by selling the division. On December 31, 2007, Division P had not yet been sold and was classified as held for sale. On this date, Division P had assets with a book
David Company€™s Statements of Income for the year ended December 31, 2008, and December 31, 2007, are presented here:Additional facts are as follows:a. On January 1, 2007, David Company changed its inventory method from the average cost method to the first-in, first-out method, and
On December 31, 2007 TNT Company lists the following accounts in its adjusted trial balance:Sales (net) ...................... $85,000Unrealized increase in value of available-for-sale securities .... 4,000Operating expenses .................... 18,000Cost of goods sold ...................
The following are accounting items taken from the records of the Tyrone Company for 2007:a. Net income, $22,900 b. Payment for purchase of land, $4,000c. Payment for retirement of bonds, $6,000 d. Depreciation expense, $7,800 e. Receipt from issuance of common stock, $7,000 f. Patent amortization
The following are various cash flows and other information of the Lexie Company for 2007:a. Payments of interest, $8,200 b. Receipt from sale of land, $7,900 c. Interest collected, $10,000 d. Payment of dividends, $12,100 e. Depreciation expense, $24,700 f. Collections from customers, $101,600g.
The following are several items involving the cash flow activities of the Rocky Company for 2007:a. Net income, $41,000 b. Payment of dividends, $16,000 c. Ten-year, $28,000 bonds payable were issued at face value d. Depreciation expense, $11,000 e. Building was acquired at a cost of $40,000f.
The following are several items involving the cash flow activities of the Jones Company for 2007:a. Net income, $60,400 b. Receipt from issuance of common stock, $32,000 c. Payment for purchase of equipment, $41,500 d. Payment for purchase of land, $19,600 e. Depreciation expense, $20,500 f. Patent
The following is an alphabetical list of accounts for the Mack Company:Accounts payableAccounts receivableAccumulated depreciation,Buildings and office equipmentAccumulated depreciation,Store and delivery equipmentAdministrative salariesAdvertising expenseAllowance for doubtful accountsBad debts
Given the following code letters and components of financial statements indicate where each item would most likely be reported in the financial statements by inserting the corresponding code letters. Assume the monetary amount of each item is material.Code Letter
At the beginning of 2007, the retained earnings of the Cameron Company was $212,000. For 2007, the company has calculated its pretax income from continuing operations to be $120,000. During 2007, the following events also occurred:1. During July the company sold Division M (a component of the
Cunningham Company reports a retained earnings balance of $365,200 at the beginning of 2007. For the year ended December 31, 2007, the company reports pretax income from continuing operations of $150,500. The following information is also available pertaining to 2007:1. The company declared and
Comprehensive: Income Statement and Retained Earnings The Houston Manufacturing Company presents the following partial list of account balances, after adjustments, as of December 31, 2007:The following information is also available but is not reflected in the preceding accounts:1. The company sold
The following selected accounts are taken from the Crandle Corporation's December 31, 2007 adjusted trial balance:In addition to the preceding account balances, you have available the following information:1. In the middle of December 2007 the company incurred a material $5,500 pretax loss as a
The following is a partial list of the account balances, after adjustments, of the Silvoso Company on December 31, 2007:The following information is also available:1. The company declared and paid a $0.60 per share cash dividend on its common stock. The stock was outstanding the entire year.2. A
The Rox Corporation's multiple-step income statement and retained earnings statement for the year ended December 31, 2007, as developed by its bookkeeper, are shown here:You determine that the account balances listed in the statements are correct but are incorrectly classified in certain cases. No
The bookkeeper for the Olson Company prepared the following income statement and retained earnings statement for the year ended December 31, 2007:The preceding account balances are correct but have been incorrectly classified in certain instances.RequiredPrepare a corrected 2007 multiple-step
The following are a number of unusual and/or infrequent gains or losses that might be disclosed on the income statement or retained earnings statement. All items are considered to be material in amount.1. A loss from an earthquake that destroyed a chemical plant of a major chemical company. The
On November 1, 2007, Woods Company announced its plans to sell Division J (a component of the company). By December 31, 2007, Woods Company had not sold Division J and so it classifies the division as held for sale. During 2007, Woods Company recorded the following revenues and expenses for

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