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Intermediate Accounting 14th Edition Kieso, weygandt and warfield. - Solutions

Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $8,000 cash payment on Friday, January 2.
Included in Gonzalez Company’s December 31 trial balance is a note receivable of $12,000. The note is a 4-month, 10% note dated October 1. Prepare Gonzalez’s December 31 adjusting entry to record $300 of accrued interest, and the February 1 journal entry to record receipt of $12,400 from the
Prepare the following adjusting entries at August 31 for Walgreens.(a) Interest on notes payable of $300 is accrued.(b) Services earned but unbilled total $1,400.(c) Salaries and wages earned by employees of $700 have not been recorded.(d) Bad debt expense for year is $900.Use the following account
At the end of its first year of operations, the trial balance of Alonzo Company shows Equipment $30,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,000. Prepare the adjusting entry for depreciation at December
Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entries.
Kelly Company had cash receipts from customers in 2012 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, accounts receivable was $13,000, and prepaid expenses were $17,500. At December 31, accounts receivable was $18,600, and prepaid expenses
Assume that Best Buy made a December 31 adjusting entry to debit Salaries and Wages Expense and credit Salaries and Wages Payable for $4,200 for one of its departments. On January 2, Best Buy paid the weekly payroll of $7,000. Prepare Best Buy’s (a) January 1 reversing entry; (b) January 2 entry
Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $30,000 cash and equipment valued at $14,000 in the business.2 Hired a secretary-receptionist at a salary of $290 per
The trial balance of Geronimo Company, shown on the next page, does not balance. Your review of the ledger reveals the following:(a) Each account had a normal balance.(b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $1,000.(c) A
The following trial balance of Scarlatti Corporation does not balance. An examination of the ledger shows these errors.1. Cash received from a customer on account was recorded (both debit and credit) as $1,580 instead of $1,850.2. The purchase on account of a computer costing $1,900 was recorded
The following trial balance of Oakley Co. does not balance. Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.1. Cash received from a customer on account was debited for $370, and Accounts
The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the following.1. The equipment depreciates $250 per month.2. One-third of the unearned rent was earned during
Stephen King, D.D.S., opened a dental practice on January 1, 2012. During the first month of operations, the following transactions occurred.1. Performed services for patients who had dental plan insurance. At January 31, $750 of such services was earned but not yet billed to the insurance
A partial adjusted trial balance of Safin Company at January 31, 2012, shows the following. InstructionsAnswer the following questions, assuming the year begins January 1.(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what
William Bryant is the new owner of Ace Computer Services. At the end of August 2012, his first month of ownership, Bryant is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August.1. At August 31, Bryant owed
Selected accounts of Leno Company are shown below. InstructionsFrom an analysis of the T-accounts, reconstruct (a) The October transaction entries, (b) The adjusting journal entries that were made on October 31, 2012. Prepare explanations for each journalentry.
Uhura Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data:1. The balance in prepaid insurance is a one-year premium paid on June 1, 2012.2. An inventory count on August 31 shows $650 of supplies on hand.3. Annual
The adjusted trial balance of Cavamanlis Co. as of December 31, 2012, contains the following. Instructions(a) Prepare an income statement.(b) Prepare a statement of retained earnings.(c) Prepare a classified balancesheet.
Flynn Design Agency was founded by Kevin Flynn in January 2006. Presented below is the adjusted trial balance as of December 31, 2012. Instructions(a) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2012, and an unclassified balance sheet at
The adjusted trial balance of Faulk Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2012: Sales Revenue $800,000, Freight-out $12,000, Sales Returns and Allowances $24,000, and Sales Discounts $12,000.Instructions(a) Prepare the sales revenue section
Presented below is information related to Russell Corporation for the month of January 2012. InstructionsPrepare the necessary closingentries.
Presented below is financial information for two different companies. InstructionsCompute the missingamounts.
Presented below are selected account balances for Alistair Co. as of December 31, 2012. InstructionsPrepare closing entries for Alistair Co. on December 31, 2012. (Omitexplanations.)
Snyder Miniature Golf and Driving Range Inc. was opened on March 1 by Mickey Snyder. The following selected events and transactions occurred during March.Mar. 1 Invested $60,000 cash in the business in exchange for common stock.3 Purchased Michelle Wie’s Golf Land for $38,000 cash. The price
Corinne Dunbar, M.D., maintains the accounting records of Dunbar Clinic on a cash basis. During 2012, Dr. Dunbar collected $142,600 from her patients and paid $60,470 in expenses. At January 1, 2012, and December 31, 2012, she had accounts receivable, unearned service revenue, accrued expenses, and
Latta Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Latta Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following
When the accounts of Constantine 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 $6,000, representing the cost of a 2-year fire insurance policy dated August 1 of the current
Presented below are selected accounts for Acevedo Company as reported in the worksheet at the end of May 2012. 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 Madrasah Co. is presented in the following worksheet for the month ended April 30, 2012. InstructionsComplete the worksheet and prepare a classified balancesheet.
Letterman 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
Mason Advertising Agency was founded in January 2008. Presented below are adjusted and unadjusted trial balances as of December 31, 2012. Instructions(a) Journalize the annual adjusting entries that were made. (Omit explanations.)(b) Prepare an income statement and a statement of retained
A review of the ledger of Baylor Company at December 31, 2012, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages Payable $0. There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company??s fiscal year. Adjustment data:1. Supplies on hand totaled $1,500.2. Depreciation is $15,000 on the equipment.3. Interest of $11,000 is accrued on notes payable at November 30.Other
The accounts listed below appeared in the December 31 trial balance of the Savard 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 has an estimated
Presented below are the trial balance and the other information related to Yorkis Perez, a consulting engineer. 1. Fees received in advance from clients $6,000.2. 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
Rolling Hills Golf Inc. was organized on July 1, 2012. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here. Instructions(a) Journalize the adjusting entries that were made.(b) Prepare an income statement and a retained earnings
Vedula Advertising Agency was founded by Murali Vedula in January 2007. Presented on the next page are both the adjusted and unadjusted trial balances as of December 31, 2012. Instructions(a) Journalize the annual adjusting entries that were made.(b) Prepare an income statement and a retained
Presented below is the trial balance of the Crestwood 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 below, prepare annual
Presented below is the December 31 trial balance of New York 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
On January 1, 2012, Norma Smith and Grant Wood formed a computer sales and service enterprise in Soapsville, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the following transactions during January.1. Pays $6,000 in advance for 3 months’ rent of office,
The Amato Theater is nearing the end of the year and is preparing for a meeting with its bankers to discuss the renewal of a loan. The accounts listed below appeared in the December 31, 2012, trial balance. Additional information is available as follows.1. The equipment has an estimated useful
Recording transactions in the accounting system requires knowledge of the important characteristics of the elements of financial statements, such as assets and liabilities. In addition, accountants must understand the inherent uncertainty in accounting measures and distinctions between related
Go to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) Which company had the greater percentage increase in total assets from 2008 to 2009?(b) Using the Selected Financial Data section of these two
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to these financial statements and the accompanying notes to answer the following questions.(a) What were P&G’s total assets at June
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 2009 annual report follows (dollar amounts in
What are the characteristics of high-quality information in a company’s first IFRS financial statements?
What are the steps to be completed in preparing the opening IFRS statement of financial position?
Recording transactions in the accounting system requires knowledge of the important characteristics of the elements of financial statements, such as assets and liabilities. In addition, accountants must understand the inherent uncertainty in accounting measures and distinctions between related
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at corporate.marksandspencer.com/documents/publications/2010/Annual_Report_2010.InstructionsRefer to M&S’s financial statements and the accompanying notes to answer the
A Wall Street Journal article noted that Apple reported higher income than its competitors by using a more aggressive policy for recognizing revenue on future upgrades to its products. Some contend that Apple’s quality of earnings is low. What does the term “quality of earnings” mean?
Distinguish between the modified all-inclusive income statement and the current operating performance income statement. According to present generally accepted accounting principles, which is recommended? Explain.
Indicate the section of a multiple-step income statement in which each of the following is shown.(a) Loss on inventory write-down.(b) Loss from strike.(c) Bad debt expense.(d) Loss on disposal of a component of the business.(e) Gain on sale of machinery.(f) Interest revenue.(g) Depreciation
Perlman Land Development, Inc. purchased land for $70,000 and spent $30,000 developing it. It then sold the land for $160,000. Sheehan Manufacturing purchased land for a future plant site for $100,000. Due to a change in plans, Sheehan later sold the land for $160,000. Should these two companies
You run into Greg Norman at a party and begin discussing financial statements. Greg says, “I prefer the single-step income statement because the multiple-step format generally overstates income.” How should you respond to Greg?
Santo Corporation has eight expense accounts in its general ledger which could be classified as selling expenses. Should Santo report these eight expenses separately in its income statement or simply report one total amount for selling expenses?
Cooper Investments reported an unusual gain from the sale of certain assets in its 2012 income statement. How does intraperiod tax allocation affect the reporting of this unusual gain?
What effect does intraperiod tax allocation have on reported net income?
Neumann Company computed earnings per share as follows Neumann has a simple capital structure. What possible errors might the company have made in the computation?Explain.
Qualls Corporation reported 2012 earnings per share of $7.21. In 2013, Qualls 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 to $8.28 a favorable trend?
During 2012, Liselotte Company earned income of $1,500,000 before income taxes and realized a gain of $450,000 on a government-forced condemnation sale of a division plant facility. The income is subject to income taxation at the rate of 34%. The gain on the sale of the plant is taxed at 30%.
On January 30, 2011, a suit was filed against Frazier Corporation under the Environmental Protection Act. On August 6, 2012, Frazier Corporation agreed to settle the action and pay $920,000 in damages to certain current and former employees. How should this settlement be reported in the 2012
Linus Paper Company decided to close two small pulp mills in Conway, New Hampshire, and Corvallis, Oregon. Would these closings be reported in a separate section entitled “Discontinued operations after income from continuing operations”? Discuss.
Starr Co. had sales revenue of $540,000 in 2012. Other items recorded during the year were:Cost of goods sold $330,000Salaries and wages expense 120,000Income tax expense 25,000Increase in value of company reputation 15,000Other operating expenses 10,000Unrealized
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2012. Expenses for 2012 were: cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000
Using the information provided in BE4-2, prepare a condensed multiple-step income statement for Brisky Corporation.
Finley Corporation had income from continuing operations of $10,600,000 in 2012. During 2012, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2012. Finley had 10,000,000 shares of common stock
Stacy Corporation had income before income taxes for 2012 of $6,300,000. 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 Stacy beginning with income before income taxes.
During 2012, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2011 and 2010 (Williamson’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
In 2012, Hollis Corporation reported net income of $1,000,000. It declared and paid preferred stock dividends of $250,000. During 2012, Hollis had a weighted average of 190,000 common shares outstanding. Compute Hollis’s 2012 earnings per share.
Portman Corporation has retained earnings of $675,000 at January 1, 2012. Net income during 2012 was $1,400,000, and cash dividends declared and paid during
On January 1, 2012, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2012, it purchased for cash $20,000 of equity securities that it classified as available-for-sale. It received cash dividends of $3,000
Presented below are changes in all the account balances of Jackson 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 dividend
Presented below are certain account balances of Wade Products Co InstructionsFrom the foregoing, compute the following: (a) total net revenue, (b) net income, (c) dividends declared during the currentyear.
The financial records of Dunbar Inc. were destroyed by fire at the end of 2012. Fortunately, the controller had kept certain statistical data related to the income statement as presented below.1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year.2. Sales
Two accountants for the firm of Allen and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2012 information related to Webster Company ($000 omitted).Administrative expenseOfficers’ salaries
The following balances were taken from the books of Parnevik Corp. on December 31, 2012. Assume the total effective tax rate on all items is 34%.InstructionsPrepare a multiple-step income statement; 100,000 shares of common stock were outstanding during theyear.
The accountant of Weatherspoon 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, 2012.Rent revenue $ 29,000Interest expense 18,000Market appreciation on land above cost 31,000Salaries and wages expense
Presented below are selected amounts from the records of McGraw Corporation as of December 31, 2012.Presented below are selected amounts from the records of McGraw Corporation as of December 31, 2012.Cash $ 50,000Administrative expenses 100,000Selling expenses 80,000Net
Presented below is information related to Brokaw Corp. for the year 2012. Instructions(a) Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are outstanding.(b) Prepare a retained earnings statement for2012.
The stockholders?? equity section of Sosa Corporation appears below as of December 31, 2012. Net income for 2012 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $12,000,000 (before tax) as a result of a major casualty, which should be classified as an
Presented below are selected ledger accounts of Woods Corporation at December 31, 2012. Woods??s effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $686,000.InstructionsPrepare a condensed 2012 income statement for WoodsCorporation.
McEntire Corporation began operations on January 1, 2009. During its first 3 years of operations, McEntire reported net income and declared dividends as follows. The following information relates to 2012.Income before income tax $220,000Prior period adjustment: understatement of 2010 depreciation
At December 31, 2011, Schroeder Corporation had the following stock outstanding. 8% cumulative preferred stock, $100 par, 107,500 shares $10,750,000Common stock, $5 par, 4,000,000 shares 20,000,000During 2012, Schroeder did not issue any additional common stock. The following also occurred
Zehms Company began operations in 2010 and adopted weighted-average pricing for inventory. In 2012, in accordance with other companies in its industry, Zehms changed its inventory pricing to FIFO. The pretax income data is reported below. Instructions(a) What is Zehms's net income in 2012? Assume
Armstrong Corporation reported the following for 2012: net sales $1,200,000; cost of goods sold $720,000; selling and administrative expenses $320,000; and an unrealized holding gain on available-for-sale securities $15,000.InstructionsPrepare a statement of comprehensive income, using the
Bryant Co. reports the following information for 2012: sales revenue $750,000; cost of goods sold $500,000; operating expenses $80,000; and an unrealized holding loss on available-for-sale securities for 2012 of $50,000. It declared and paid a cash dividend of $10,000 in 2012. Bryant Co. has
The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $119,000; income tax applicable to loss on discontinued operations $25,500; income tax applicable to extraordinary gain $32,300; income tax applicable to
Presented below is information related to Dickinson Company for 2012.Retained earnings balance, January 1, 2012 $ 980,000Sales revenue 25,000,000Cost of goods sold 16,000,000Interest revenue 70,000Selling and administrative expenses 4,700,000Write-off of
Presented below is the trial balance of Thompson Corporation at December 31, 2012. A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold for 2012 is $645,000.InstructionsPrepare a single-step income statement and a retained earnings
Maher Inc. reported income from continuing operations before taxes during 2012 of $790,000. Additional transactions occurring in 2012 but not considered in the $790,000 are as follows.1. The corporation experienced an uninsured flood loss (extraordinary) in the amount of $90,000 during the year.
The following account balances were included in the trial balance of Twain Corporation at June 30, 2012. The Retained Earnings account had a balance of $337,000 at July 1, 2011. There are 80,000 shares of common stock outstanding.Instructions(a) Using the multiple-step form, prepare an income
Presented below is a combined single-step income and retained earnings statement for Nerwin Company for 2012. Additional facts are as follows.1. ??Selling, general, and administrative expenses?? for 2012 included a charge of $8,500,000 that was usual but infrequently occurring.2. ??Other, net??
Below is the Retained Earnings account for the year 2012 for Acadian Corp. Instructions(a) Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2012 to compute net income.(b) State where the items that do
Wade Corp. has 150,000 shares of common stock outstanding. In 2012, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as follows.1. In 2012, Wade Corp. sold equipment for $40,000. The machine had
O??Malley Corporation was incorporated and began business on January 1, 2012. 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 2012. The accountant for O??Malley Corporation
The following represents a recent income statement for Boeing Company. It includes only five separate numbers (two of which are in billions of dollars), two subtotals, and the net earnings figure.Instructions(a) Indicate the deficiencies in the income statement.(b) What recommendations would you
Derek Lee, vice president of finance for Atlanta Company, has recently been asked to discuss with the company’s division controllers the proper accounting for extraordinary items. Derek Lee prepared the factual situations presented below as a basis for discussion.1. An earthquake destroys one of
Bobek Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2009, $25,000 in 2010, and $30,000 in 2011. A number of market analysts have recommended that investors buy the stock because they expect the steady growth in income to continue. Bobek is
Charlie Brown, controller for the Kelly Corporation, is preparing the company’s income statement at year-end. He notes that the company lost a considerable sum on the sale of some equipment it had decided to replace. Since the company has sold equipment routinely in the past, Brown knows the
Simpson Corp. is an entertainment firm that derives approximately 30% of its income from the Casino Knights Division, which manages gambling facilities. As auditor for Simpson Corp., you have recently overheard the following discussion between the controller and financial vice president.Vice

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