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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
Using the information in BE20-2, prepare a pension worksheet inserting January 1, 2015, balances, showing December 31, 2015, balances, and the journal entry recording pension expense.Data From
Using the information in E20-12 about Erickson Company’s defined benefit pension plan, prepare a 2015 pension worksheet with supplementary schedules of computations. Prepare the journal entries at
Using the information in E20-16, prepare a worksheet inserting January 1, 2015, balances, and showing December 31, 2015, balances. Prepare the journal entry recording postretirement benefit
Using the information in E20-19, prepare a worksheet inserting January 1, 2015, balances, showing December 31, 2015, balances, and the journal entry recording postretirement benefit expense.Data From
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
A lease agreement between Lennox Leasing Company and Gill Company is described in E21-8.Instructions Refer to the data in E21-8 and do the following for the lessor. (Round all numbers to the nearest
(a) Assuming the lessor’s accounting period ends on September 30, answer the following questions with respect to this lease agreement.(1) What items and amounts will appear on the lessor’s income
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
Financial Statement Analysis Case Delhaize Group Presented in Illustration 21-30 are the financial statement disclosures from the 2012 annual report of Delhaize Group (BEL).Instructions Answer the
Wertz Construction Company decided at the beginning of 2015 to change from the cost-recovery method to the percentage-of-completion method for financial reporting purposes. The company will continue
Robillard Inc. acquired the following assets in January 2012.The equipment has been depreciated using the sum-of-the-years’-digits method for the first 3 years for financial reporting purposes. In
The financial statements of M&S (GBR) are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available online.Instructions Refer to
Data for Popovich Company are presented in E23-18.Instructions Prepare entries in journal form for all adjustments that should be made on a worksheet for a statement of cash flows.Data From
The financial statements of M&S (GBR) are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available online.Instructions Refer to
Powerglide Company, organized in 2014, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2015.Instructions
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
Comparative Analysis Case adidas and Puma The financial statements of adidas (DEU) and Puma (DEU) are presented in Appendices B and C, respectively.The complete annual reports, including the notes to
The equity accounts of Lawrence Company have the following balances on December 31, 2015.Shares of Lawrence Company are currently selling at €37.Instructions Prepare the appropriate journal entries
The following is a summary of all relevant transactions of Vicario Corporation since it was organized in 2015. In 2015, 15,000 shares were authorized and 7,000 ordinary shares (\($50\) par value)
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
Assume that Sarazan Company has a share-option plan for top management.Each share option represents the right to purchase a R$1 par value ordinary share in the future at a price equal to the fair
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.Instructions (Round
McElroy Company has the following portfolio of investments at September 30, 2015, its last reporting date.On October 10, 2015, the Horton shares were sold at a price of £54 per share. In addition,
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
Use the information for Lockard Company given in BE11-2.(a) Compute 2015 depreciation expense using the double-declining-balance method.(b) Compute 2015 depreciation expense using the
Assume the same information as E11-18, except that Pujols intends to dispose of the equipment in the coming year.Instructions(a) Prepare the journal entry (if any) to record the impairment of the
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.Instructions Refer
Tablet Tailors sells tablet PCs combined with Internet service (Tablet Bundle A) that permits the tablet to connect to the Internet anywhere (set up a Wi-Fi hot spot). The price for the tablet and a
Refer to the revenue arrangement in P18-1.Instructions Consider the following information and respond to the requirements indicated.(a) In response to competitive pressures for the Internet access
Grill Master Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations.Instructions Respond to the
Economy Appliance Co. manufactures lowprice, no-frills appliances that are in great demand for rental units. Pricing and cost information on Economy’s main products are as shown on page
Ritt Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products
Hui Hardware takes pride as the “shop around the corner”that can compete with the big-box home improvement stores by providing good service from knowledgeable sales associates (many of whom are
Martz Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every €10 of purchases. Each point is redeemable for a €3 discount on any future purchases. On
Van Hatten Consolidated has three operating divisions: DeMent Publishing Division, Ankiel Securities Division, and Depp Advisory Division. Each division maintains its own accounting system.DeMent
Presented below and on page 946 are three independent revenue arrangements for Colbert Company.Instructions Respond to the requirements related to each revenue arrangement.(a) Colbert sells 3-D
Shanahan Construction Company has entered into a contract beginning January 1, 2015, to build a parking complex. It has been estimated that the complex will cost \($600\),000 and will take 3 years to
On March 1, 2015, Pechstein Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of €8,400,000. The building was completed by
On July 1, 2015, Torvill Construction Company Inc.contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000. On July 1, Torvill estimated that it would take
Amigos Burrito Inc. sells franchises to independent operators throughout the northwestern part of Brazil. The contract with the franchisee includes the following provisions.1. The franchisee is
Revenue is recognized for accounting purposes when a performance obligation is satisfied. In some situations, revenue is recognized over time as the fair values of assets and liabilities change. In
Comparative Analysis Case adidas and Puma The financial statements of adidas (DEU) and Puma (DEU) are presented in Appendices B and C, respectively.The complete annual reports, including the notes to
Financial Statement Analysis Case British Airways The following note appears in the “Summary of Significant Accounting Policies” section of the annual report of British Airways (GBR).Instructions
Accounting, Analysis, and Principles Diversified Industries manufactures sump-pumps. Its most popular product is called the Super Soaker, which has a retail price of \($1\),200 and costs \($540\) to
Professional Research Employees at your company disagree about the accounting for sales returns. The sales manager believes that granting more generous return provisions and allowing customers to
Professional Simulation In this simulation, you are asked to address questions related to revenue recognition issues. Prepare responses to all parts. KWW Professional Simulation Revenue Recognition
Using the information from BE19-2, assume this is the only difference between Oxford’s pretax financial income and taxable income. Prepare the journal entry to record the income tax expense,
At December 31, 2015, Hillyard Corporation has a deferred tax asset of £200,000. After a careful review of all available evidence, it is determined that it is probable that £60,000 of this deferred
Mitchell Corporation had income before income taxes of \($195\),000 in 2015. Mitchell’s current income tax expense is \($48\),000, and deferred income tax expense is \($30\),000. Prepare
Shetland Inc. had pretax financial income of \($154\),000 in 2015 in its first year of operations. Included in the computation of that amount is insurance expense of \($4\),000, which is not
At December 31, 2015, Takeshi Corporation had a deferred tax liability of ¥680,000,000 resulting from future taxable amounts of ¥2,000,000,000 and an enacted tax rate of 34%. In May 2016, a new
Rode Inc. incurred a net operating loss of €500,000 in 2015. Combined income for 2013 and 2014 was €350,000. The tax rate for all years is 40%. Rode elects the carryback option. Prepare the
Youngman Corporation has temporary differences at December 31, 2015, that result in the following deferred taxes.Indicate how these balances would be presented in Youngman’s December 31, 2015,
Listed below and on page 996 are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes.Instructions For each item below, indicate whether
Jeonbuk Company has two temporary differences between its income tax expense and income taxes payable. The information is shown below.The income tax rate for all years is 40%.Instructions (a) Prepare
The pretax financial income (or loss) figures for Synergetics Company are as follows.Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax
Lanier Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2007 through 2015 as follows.Pretax financial income (loss) and taxable income (loss) were the same for
The following facts relate to McKane Corporation.1. Deferred tax liability, January 1, 2015, \($60\),000.2. Deferred tax asset, January 1, 2015, \($20\),000.3. Taxable income for 2015,
At the end of 2015, Wasicsko Company has €180,000 of cumulative temporary differences that will result in reporting future taxable amounts as follows.Tax rates enacted as of the beginning of 2014
Assume the same information as in E19-14 for Callaway Corp.Instructions(a) Record income tax expense, deferred income taxes, and income taxes payable for 2015, assuming that it is probable that
Sharrer Inc.’s only temporary difference at the beginning and end of 2015 is caused by a \($2\) million deferred gain for tax purposes for an installment sale of a plant asset, and the related
Taxable income and pretax financial income would be identical for Jiang Group except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income
During 2015, Graham Co.’s first year of operations, the company reports pretax financial income of £250,000. Graham’s enacted tax rate is 40% for 2015 and 35% for all later years. Graham expects
Luo Co. establishes a ¥90 million liability at the end of 2015 for the estimated litigation settlement for manufacturing defects. All related costs will be paid and deducted on the tax return in
Macinski Inc., in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 2015.It is estimated that the warranty
Flynn Inc. has two temporary differences at the end of 2015. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Flynn’s accounting
The differences between the book basis and tax basis of the assets and liabilities of Morgan Corporation at the end of 2015 are presented below.It is estimated that the litigation liability will be
Sondgeroth Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. (Assume the carryback provision is used for a net operating loss.)The tax rates
Nielson Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.)The tax rates listed were all
Hayes Co. reported the following pretax financial income (loss) for the years 2013–2017.Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted
Presented below and on page 1004 are two independent situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31, 2014.1. Mooney Co. has
Crosley Corp. sold an investment on an installment basis. The total gain of £60,000 was reported for financial reporting purposes in the period of sale. The company qualifies to use the
The following information was disclosed during the audit of Zheng Inc.1.2. On January 1, 2014, equipment costing ¥600,000,000 is purchased. For financial reporting purposes, the company uses
Company began operations at the beginning of 2015. The following information pertains to this company.1. Pretax financial income for 2015 is €100,000.2. The tax rate enacted for 2015 and future
Stephanie Delaney, a public accountant, is the newly hired director of corporate taxation for Acme Incorporated, which is a publicly traded corporation. Ms. Delaney’s first job with Acme was the
CHN) reported the following in a recent annual report(in millions).Compute Cathay Pacific’s pension expense. Service cost Interest on DBO Interest revenue on plan assets HK$316 342 371
At January 1, 2015, Uddin Company had plan assets of \($250\),000 and a defined benefit obligation of the same amount. During 2015, service cost was \($27\),500, the discount rate was 10%, actual
For 2015, assume that Wm Morrison Supermarkets plc (GBR) had pension expense of £61 million and contributed £52 million to the pension fund. Prepare Morrison’s journal entry to record pension
Duesbury Corporation amended its pension plan on January 1, 2015, and granted \($120\),000 of past service costs to its employees. The employees have an average time to vesting of 4 years. Current
Villa Company has experienced tough competition, leading it to seek concessions from its employees in the company’s pension plan. In exchange for promises to avoid layoffs and wage cuts, the
Hemera Corporation had a defined benefit obligation of R\($3\),100,000 and plan assets of R\($2\),900,000 at January 1, 2015. Hemera’s discount rate is 6%. In 2015, actual return on plan assets is
Tevez Company experienced an actuarial loss of €750 in its defined benefit plan in 2015. For 2015, Tevez’s revenues are €125,000, and expenses (excluding pension expense of €14,000) are
At December 31, 2015, Conway Corporation had a defined benefit obligation of €510,000 and plan assets of €322,000. Prepare a pension reconciliation schedule for Conway.
Caleb Corporation has the following information available concerning its postretirement medical benefit plan for 2015. Service cost $40,000 Interest expense 52,400 Interest revenue 26,900
For 2015, Benjamin Inc. computed its annual postretirement expense as £240,900. Benjamin’s contribution to the plan during 2015 was £160,000. Prepare Benjamin’s 2015 entry to record
The following information is available for the pension plan of Radcliffe Company for the year 2015.Instructions (a) Compute pension expense for the year 2015.(b) Prepare the journal entry to record
Veldre Company provides the following information about its defined benefit pension plan for the year 2015.Instructions Compute the pension expense for the year 2015. Service cost 90,000
The following facts apply to the pension plan of Boudreau Inc. for the year 2015.Instructions Using the preceding data, compute pension expense for the year 2015. As part of your solution, prepare a
Gingrich Importers provides the following pension plan information.Instructions (a) From the data above, compute the actual return on the plan assets for 2015.(b) Compute asset gain or loss, and
The following defined pension data of Yang Corp. apply to the year 2015(amounts in thousands).Instructions For 2015, prepare a pension worksheet for Yang Corp. that shows the journal entry for
Kennedy Company had a defined benefit obligation of \($6\),300,000 and plan assets of \($4\),900,000 at January 1, 2015. Kennedy has the following data related to the plan during 2015.Defined benefit
Taveras Enterprises provides the following information related to its defined benefit pension plan.Instructions (a) Prepare the note disclosing the components of pension expense for the year 2015.(b)
Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2015, the following balances relate to this plan.As a result of the operation of the plan during 2015, the
Henning Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2015.1. The actuarial present value of future benefits
Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31,

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