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Intermediate Accounting principles and analysis 2nd Edition Terry d. Warfield, jerry j. weygandt, Donald e. kieso - Solutions

Presented below is financial information for two different companies.InstructionsCompute the missingamounts.
Financial information is presented below for four different companies.InstructionsDetermine the missing amounts (a - i). Show all computations.
The trial balance of the Neville Mariner Company at the end of its fiscal year, August 31, 2008, includes the following accounts: Merchandise Inventory $17,500; Purchases $149,400; Sales $200,000; Freight-in $4,000; Sales Returns and Allowances $4,000; Freight-out $1,000; and Purchase Returns and
Presented below are selected account balances for Homer Winslow Co. as of December 31, 2008.InstructionsPrepare closing entries for Homer Winslow Co. on December 31, 2008. (Omitexplanations.)
Scratch Miniature Golf and Driving Range Inc. was opened on March 1 by Scott Verplank. The following selected events and transactions occurred during March.Mar. 1 Invested $50,000 cash in the business in exchange for common stock.3 Purchased Michelle Wie’s Golf Land for $38,000 cash. The price
When the accounts of Daniel Barenboim Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period.1. The prepaid insurance account shows a debit of $5,280, representing the cost of a 2-year fire insurance policy dated August 1 of the current
Presented on the next page are selected accounts for Alvarez Company as reported in the worksheet at the end of May 2008.InstructionsComplete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the worksheet. Do not total individualcolumns.
The adjusted trial balance for Ed Bradley Co. is presented in the following worksheet for the month ended April 30, 2008.InstructionsComplete the worksheet and prepare a classified balancesheet.
Jurassic Park Co. prepares monthly financial statements from a worksheet. Selected portions of the January worksheet showed the following data.During February no events occurred that affected these accounts, but at the end of February the following information was available.(a) Supplies on hand
Listed below are the transactions of Shigeki Muruyama, D.D.S., for the month of September.Sept. 1 Muruyama begins practice as a dentist and invests $20,000 cash.2 Purchases furniture and dental equipment on account from Green Jacket Co. for $17,280.4 Pays rent for office space, $680 for the month.4
Yount Advertising Agency was founded in January 2004. Presented below are adjusted and unadjusted trial balances as of December 31, 2008.Instructions(a) Journalize the annual adjusting entries that were made. (Omit explanations.)(b) Prepare an income statement and a statement of retained earnings
The trial balance of Daphne Main Fashion Center contained the following accounts at November 30, the end of the company€™s fiscal year.Adjustment data:1. Store supplies on hand totaled $3,500.2. Depreciation is $9,000 on the store equipment and $7,000 on the delivery equipment.3. Interest
The accounts listed on the next page appeared in the December 31 trial balance of the Jane Alexander Theater.Instructions(a) From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. (Omit explanations.)(1) The equipment
Presented below are the trial balance and the other information related to Carlos Beltran, a consulting engineer.1. Fees received in advance from clients $6,900.2. Services performed for clients that were not recorded by December 31, $4,900.3. Bad debt expense for the year is $1,430.4. Insurance
Ana Alicia Advertising Corp. was founded in January 2004. Presented below are the adjusted and unadjusted trial balances as of December 31, 2008.Instructions(a) Journalize the annual adjusting entries that were made. (Omit explanations.)(b) Prepare an income statement and a statement of retained
Following is the trial balance of the Platteville Golf Club, Inc. as of December 31. The books are closed annually on December 31.Instructions(a) Enter the balances in ledger accounts. Allow five lines for each account.(b) From the trial balance and the information given, prepare annual adjusting
Presented below is the December 31 trial balance of Nancy Drew Boutique.Instructions(a) Construct T-accounts and enter the balances shown.(b) Prepare adjusting journal entries for the following and post to the T-accounts. (Omit explanations.) Open additional T-accounts as necessary. (The books are
Noah's Ark has a fiscal year ending on September 30. Selected data from the September 30 work sheet are presented on the shown below.Instructions(a) Prepare a complete worksheet.(b) Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal
Kellogg Company has its headquarters in Battle Creek, Michigan. The company manufactures and sells ready-to-eat breakfast cereals and convenience foods including cookies, toaster pastries, and cereal bars. Selected data from Kellogg Company€™s 2005 annual report follows (dollar amounts in
A recent financial magazine indicated that a drug company had good financial flexibility. What is meant by financial flexibility, and why is it important?
Jones Company reported an increase in inventories in the past year. Discuss the effect of this change on the current ratio (current assets ÷ current liabilities). What does this tell a statement user about Jones Company’s liquidity?
The New York Knicks, Inc. sold 10,000 season tickets at $1,000 each. By December 31, 2008, 18 of the 40 home games had been played. What amount should be reported as a current liability at December 31, 2008?
State the generally accepted accounting principle (standard) applicable to the balance sheet valuation of each of the following assets.(a) Trade accounts receivable.(b) Land.(c) Inventories.(d) Trading securities (common stock of other companies).(e) Prepaid expenses.
Refer to the definition of assets on page 148. Discuss how a leased building might qualify as an asset of the lessee under this definition.
Christine Agazzi says, “Retained earnings should be reported as an asset, since it is earnings which are reinvested in the business.” How would you respond to Agazzi?
The creditors of Nick Anderson Company agree to accept promissory notes for the amount of its indebtedness with a proviso that two-thirds of the annual profits must be applied to their liquidation. How should these notes be reported on the balance sheet of the issuing company? Give a reason for
What is the Altman Z-score? What balance sheet information is used in computing a Z-score?
Jodi Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2008: Cash $7,000; Land $40,000; Patents $12,500; Accounts Receivable $90,000; Prepaid Insurance $5,200; Inventory $34,000; Allowance for Doubtful Accounts $4,000; Trading Securities $11,000. Prepare
La Bouche Corporation has the following accounts included in its December 31, 2008, trial balance: Accounts Receivable $110,000; Inventories $290,000; Allowance for Doubtful Accounts $8,000; Patents $72,000; Prepaid Insurance $9,500; Accounts Payable $77,000; Cash $27,000. Prepare the current
Included in Goo Goo Dolls Company’s December 31, 2008, trial balance are the following accounts: Prepaid Rent $5,200; Held-to-Maturity Securities $61,000; Unearned Fees $17,000; Land Held for Investment $39,000; Long-term Receivables $42,000. Prepare the long-term investments section of the
Adam Ant Company’s December 31, 2008, trial balance includes the following accounts: Inventories $120,000; Buildings $207,000; Accumulated Depreciation–Equipment $19,000; Equipment $190,000; Land Held for Investment $46,000; Accumulated Depreciation–Buildings $45,000; Land $61,000; Timberland
Mason Corporation has the following accounts included in its December 31, 2008, trial balance: Trading Securities $21,000; Goodwill $150,000; Prepaid Insurance $12,000; Patents $220,000; Franchises $110,000. Prepare the intangible assets section of the balance sheet.
Mickey Snyder Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2008: Prepaid Rent $12,000; Goodwill $40,000; Franchise Fees Receivable $2,000; Franchises $47,000; Patents $33,000; Trademarks $10,000. Prepare the intangible assets section of the balance
John Hawk Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2008: Bonds Payable (due in 3 years) $100,000; Accounts Payable $72,000; Notes Payable (due in 90 days) $12,500; Accrued Salaries $4,000; Income Taxes Payable $7,000. Prepare the current
Included in Ewing Company’s December 31, 2008, trial balance are the following accounts: Accounts Payable $240,000; Pension Liability $375,000; Discount on Bonds Payable $24,000; Advances from Customers $41,000; Bonds Payable $400,000; Wages Payable $27,000; Interest Payable $12,000; Income
Use the information presented in BE4-8 for Ewing Company to prepare the long-term liabilities section of the balance sheet.
Kevin Flynn Corporation’s adjusted trial balance contained the following accounts at December 31, 2008: Retained Earnings $120,000; Common Stock $700,000; Bonds Payable $100,000; Additional Paid-in Capital $200,000; Goodwill $55,000; Treasury Stock $150,000. Prepare the stockholders’ equity
Young Company’s December 31, 2008, trial balance includes the following accounts: Investment in Common Stock $70,000; Retained Earnings $114,000; Trademarks $31,000; Preferred Stock $172,000; Common Stock $55,000; Deferred Income Taxes $88,000; Additional Paid-in Capital $174,000. Prepare the
Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2008.Additional information:1. Net loss for the year was $2,500.2. No dividends were declared during 2008.InstructionsPrepare a classified balance sheet as of December 31,2008.
Presented below are a number of balance sheet accounts of Deep Blue Something, Inc.(a) Investment in Preferred Stock.(b) Treasury Stock.(c) Common Stock.(d) Cash Dividends Payable.(e) Accumulated Depreciation.(f) Warehouse in Process of Construction.(g) Petty Cash.(h) Accrued Interest on Notes
Presented below are the captions of Faulk Company’s balance sheet.(a) Current assets(b) Investments(c) Property, plant, and equipment(d) Intangible assets(e) Other assets(f) Current liabilities(g) Long-term liabilities(h) Capital stock(i) Additional paid-in capital(j) Retained
Assume that Fielder Enterprises uses the following headings on its balance sheet.(a) Current assets(b) Investments(c) Property, plant, and equipment(d) Intangible assets(e) Other assets(f) Current liabilities(g) Long-term liabilities(h) Capital stock(i) Paid-in Capital in excess of par(j) Retained
Assume that Denis Savard Inc. has the following accounts at the end of the current year.1. Common Stock.2. Discount on Bonds Payable.3. Treasury Stock (at cost).4. Notes Payable, short-term.5. Raw Materials.6. Preferred Stock Investments—Long-term.7. Unearned Rent Revenue.8. Work in Process.9.
Uhura Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.Uhura CompanyBalance SheetFor the Year Ended 2008Current assetsCash ...................... $230,000Accounts receivable (net)
The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2008.The following additional information is provided.1. Cash includes $1,200 in a petty cash fund and $15,000 in a bond sinking fund.2. The net accounts receivable balance is comprised of the following
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2008.The following additional information is available.1. Inventories are valued at lower of cost or market using LIFO.2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is
Frederic Chopin Corporation is preparing its December 31, 2008, balance sheet. The following items may be reported as either a current or long-term liability.1. On December 15, 2008, Chopin declared a cash dividend of $2.50 per share to stockholders of record on December 31. The dividend is payable
The current assets and liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows.The following errors in the corporation€™s accounting have been discovered:1. January 2009 cash disbursements entered as of December 2008 included payments of accounts
Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year.(a) On December 20, 2008, an employee filed a legal action against Baylor for $100,000 for wrongful dismissal.
Presented below is the trial balance of John Nalezny Corporation at December 31, 2008.InstructionsPrepare a balance sheet at December 31, 2008, for John Nalezny Corporation. Ignore incometaxes.
Madrasah Corporation issued its financial statements for the year ended December 31, 2008, on March 10, 2009. The following events took place early in 2009.(a) On January 10, 10,000 shares of $5 par value common stock were issued at $66 per share.(b) On March 1, Madrasah determined after
Presented below are a number of balance sheet items for Letterman, Inc., for the current year, 2008.InstructionsPrepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes
The adjusted trial balance of Side Kicks Company and other related information for the year 2008 is presented below.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.3. The amount
Presented below is the balance sheet of Russell Crowe Corporation as of December 31, 2008.InstructionsPrepare a corrected classified balance sheet in good form. The notes above are for informationonly.
Presented below is the balance sheet of Stephen King Corporation for the current year, 2008.The following information is presented.1. The current assets section includes: cash $114,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and
In an examination of Juan Acevedo Corporation as of December 31, 2008, you have learned that the following situations exist. No entries have been made in the accounting records for these items.1. The corporation erected its present factory building in 1993. Depreciation was calculated by the
Presented below is the balance sheet of Bellemy Brothers Corporation (000s omitted).InstructionsEvaluate the balance sheet presented. State briefly the proper treatment of any itemcriticized.
Indicate where the following items would ordinarily appear on the financial statements of Allepo, Inc. for the year 2008.(a) The service life of certain equipment was changed from 8 to 5 years. If a 5-year life had been used previously, additional depreciation of $425,000 would have been
Barry Zito Land Development, Inc. purchased land for $70,000 and spent $30,000 developing it. It then sold the land for $160,000. Tom Glavine Manufacturing purchased land for a future plant site for $100,000. Due to a change in plans, Glavine later sold the land for $160,000. Should these two
Federer Corporation has eight expense accounts in its general ledger which could be classified as selling expenses. Should Federer report these eight expenses separately in its income statement or simply report one total amount for selling expenses?
El Duque Investments reported an unusual gain from the sale of certain assets in its 2008 income statement. How does intraperiod tax allocation affect the reporting of this unusual gain?
Governator Corporation reported 2008 earnings per share of $7.21. In 2009, Governator reported earnings per share as follows.On income before extraordinary item ...... $6.40On extraordinary item ............ 1.88On net income ............... $8.28Is the increase in earnings per share from $7.21
Jana Kingston Company has recorded bad debt expense in the past at a rate of 11/2% of net sales. In 2008, Kingston decides to increase its estimate to 2%. If the new rate had been used in prior years, cumulative bad debt expense would have been $380,000 instead of $285,000. In 2008, bad debt
In 2008, Stills Corporation reported net income of $1,200,000. It declared and paid preferred stock dividends of $250,000. During 2008, Stills had a weighted average of 190,000 common shares outstanding. Compute Stllls’s 2008 earnings per share.
Using the information provided in BE5-2, prepare a condensed multiple-step income statement for Turner Corporation.
J. Depp Corporation had income before income taxes for 2008 of $7,300,000. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption. The corporation’s tax rate is 30%. Prepare a partial income statement for J. Depp beginning with income before income
During 2008 Lebron James Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2007 and 2006 (James’s first year of operations) under FIFO was $160,000 and $180,000, respectively. Pretax income using weighted-average pricing in the prior years would have been $145,000
Presented below are changes in all the account balances of Fritz Reiner Furniture Co. during the current year, except for retained earnings.InstructionsCompute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a
The accountant of Kooks Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2008.Rental revenue ..................... $ 29,000Interest on notes payable ................. 18,000Market appreciation on land
Jeff Foxworthy, vice-president of finance for Gorillaz Company, has recently been asked to discuss with the company’s division controllers the proper accounting for extraordinary items. Jeff Foxworthy prepared the factual situations presented below as a basis for discussion.1. An earthquake
As audit partner for Noriyuki and Morita, you are in charge of reviewing the classification of unusual items that have occurred during the current year. The following material items have come to your attention.1. A merchandising company incorrectly overstated its ending inventory 2 years ago by a
Presented below are selected ledger accounts of Spock Corporation at December 31, 2008.Spock's effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $686,000.InstructionsPrepare a condensed 2008 income statement for SpockCorporation.
Carlos Zambrano Corporation began operations on January 1, 2005. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows..:.The following information relates to 2008.Income before income tax $240,000Prior period adjustment: understatement of 2006
Tim Mattke Company began operations in 2006 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2008, in accordance with other companies in its industry, Mattke changed its inventory pricing to FIFO. The pretax income data is reported below.Instructions(a) What is
Presented below is the income statement for a British company Avon Rubber PLC.Instructions(a) Review the Avon Rubber income statement and identify at least three differences between the British income statement and an income statement of a U.S. company as presented in the chapter.(b) Identify any
John Amos Corporation was incorporated and began business on January 1, 2008. It has been successful and now requires a bank loan for additional working capital to finance expansion. The bank has requested an audited income statement for the year 2008. The accountant for John Amos Corporation
Grace Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2005, $25,000 in 2006, and $30,000 in 2007. A number of market analysts have recommended that investors buy the stock because they expect the steady growth in income to continue. Grace is
Woody Allen Corp. is an entertainment firm that derives approximately 30% of its income from the Casino Royale Division, which manages gambling facilities. As auditor for Woody Allen Corp., you have recently overheard the following discussion between the controller and financial vice-president.
What is a common technique used to determine the extent of progress in long-term construction projects?
How are losses on the total long-term contracts accounted for?
What is the deposit method, and when might companies use it?
Barnaby Inc. is exposed to continued risks of a high rate of return of its products sold. Under what conditions may Barnaby recognize sales transactions as current revenue?
F. Scott Fitzgerald Construction Co. has a $60 million contract to construct a highway overpass and cloverleaf. The total estimated cost for the project is $50 million. Costs incurred in the first year of the project are $9 million. F. Scott Fitzgerald Construction Co. appropriately uses the
Jack London sold his condominium for $500,000 on September 14, 2007; he had paid $310,000 for it in 1999. London collected the selling price as follows: 2007, $80,000; 2008, $320,000; and 2009, $100,000. London appropriately uses the installment-sales method. Prepare a schedule to determine the
Scooby Doo Music sold CDs to retailers and recorded sales revenue of $800,000. During 2008, retailers returned CDs to Scooby Doo and were granted credit of $78,000. Past experience indicates that the normal return rate is 15%. Prepare Scooby Doo’s entries to record (a) The $78,000 of returns and
Shock Wave, Inc. began work on a $7,000,000 contract in 2008 to construct an office building. During 2008, Shock Wave, Inc. incurred costs of $1,715,000. At December 31, 2008, the estimated future costs to complete the project total $3,185,000. Compute the estimated revenue and gross profit to be
Use the information from BE7-2, but assume Shock Wave uses the completed-contract method. Compute the estimated revenue and gross profit to be recognized in 2008.
Shaq Fu Construction Company began work on a $420,000 construction contract in 2008. During 2008, Shaq Fu incurred costs of $288,000, billed its customer for $215,000, and collected $175,000. At December 31, 2008, the estimated future costs to complete the project total $162,000. Determine Shaq
Thunder Paradise Corporation began selling goods on an installment basis on January 1, 2008. During 2008, Thunder Paradise had installment sales of $150,000; cash collections of $54,000; cost of installment sales of $105,000. Determine the gross profit recognized, using the installment-sales method.
Yogi Bear Corporation sold equipment to Magilla Company for $20,000. The equipment is on Yogi’s books at a net amount of $14,000. Yogi collected $10,000 in 2007, $5,000 in 2008, and $5,000 in 2009. If Yogi uses the installment-sales method, what amount of gross profit will be recognized in each
Use the information from BE7-6. If Yogi uses the cost-recovery method, what amount of gross profit will be recognized in each year?
Using the information from BE7-2, prepare Shock Wave’s 2008 journal entries using the percentage-of-completion method.
Using the information from BE7-2, prepare Shock Wave’s 2008 journal entries using the completed-contract method.
Using the information in BE7-5, prepare Thunder Paradise’s entries to record installment sales, cash collected, cost of installment sales, deferral of gross profit, and gross profit recognized.
During 2007 Pierson Company started a construction job with a contract price of $1,500,000. The job was completed in 2009. The following information is available.Instructions(a) Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used.(b)
On April 1, 2008, Brad Bridgewater Inc. entered into a cost-plus-fixed-fee contract to construct an electric generator for Tom Dolan Corporation. At the contract date, Bridgewater estimated that it would take 2 years to complete the project at a cost of $2,000,000. The fixed fee stipulated in the
In 2007 Jeff Rouse Construction Company agreed to construct an apartment building at a price of $1,000,000. The information relating to the costs and billings for this contract is as follows.InstructionsAssuming that the percentage-of-completion method is used, compute the amount of gross profit to
Amy Van Dyken Construction Company uses the percentage-of-completion method of accounting. In 2008, Van Dyken began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow:Instructions(a) What portion of the total contract price would be recognized as
Andre Agassi Construction Company began operations January 1, 2008. During the year, Andre Agassi Construction entered into a contract with Lindsey Davenport Corp. to construct a manufacturing facility. At that time, Agassi estimated that it would take 5 years to complete the facility at a total
Derrick Adkins Construction Company began operations in 2008. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31, 2008, is expected to be completed in 2009.InstructionsDerrick Adkins Construction Company uses

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