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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

Silverman Company purchased machinery for $162,000 on January 1, 2015. It is estimated that the machinery will have a useful life of 20 years, residual value of $15,000, production of 84,000 units,
A building that was purchased December 31, 1991, for£2,500,000 was originally estimated to have a life of 50 years with no residual value at the end of that time. Depreciation has been recorded
Andrea Shen purchased a computer for €8,000 on July 1, 2015. She intends to depreciate it over 4 years using the double-declining-balance method. Residual value is €1,000.Compute depreciation for
Tanaka Company has land that cost ¥15,000,000. Its fair value on December 31, 2015, is ¥20,000,000. Tanaka chooses the revaluation model to report its land. Explain how the land and its related
In 2015, Ghostbusters Corp. spent €420,000 for “goodwill” visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and
McNabb Company spent $190,000 developing a new process prior to achieving economic viability, $45,000 in legal fees to obtain a patent, and $91,000 to market the process that was patented, all in the
Under what circumstances is it appropriate to record goodwill in the accounts? How should goodwill, properly recorded on the books, be written off in order to conform with IFRS?
In 2014, Jackie Chan Corporation developed a new product that will be marketed in 2016. In connection with the development of this product, the following costs were incurred in 2015: research and
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2005, for $540,000. On January 1, 2015, a review was made of intangible assets and their expected service
Sophia Co., a cellular phone company based in Italy, prepares its financial statements in accordance with IFRS. In 2015, it reported average assets of €12,500 and net income €1,125. Included in
How are current liabilities related to a company’s operating cycle?
What do the terms vested rights, accumulated rights, and non-accumulated rights mean in relation to compensated absences? Explain their accounting significance.
Define a restructuring. What costs should not be accrued in a restructuring?
When should liabilities for each of the following items be recorded on the books of an ordinary business corporation?(a) Acquisition of goods by purchase on credit.(b) Onerous contract.(c) Special
Diaz Company issued $100,000 face value, 9% coupon bonds on January 1, 2014, for $92,608 to yield 11%.The bonds mature in 5 years and pay interest annually on December
Prepare the entries under U.S. GAAP for Diaz for(a) date of issue,(b) first interest payment date, and(c) January 1, 2016, when Diaz calls and extinguishes the bonds at 101.
Where in the financial statements are preference shares normally reported?
List five elements included in equity.
Distinguish among cash dividends, property dividends, liquidating dividends, and share dividends.
Briefly describe some of the similarities and differences between U.S. GAAP and IFRS with respect to the accounting for equity.
Wang Corp. had $100,000 of 7%, $20 par value preference shares and 12,000 shares of $25 par value ordinary shares outstanding throughout 2015.(a) Assuming that total dividends declared in 2015 were
Four years after issue, debentures with a face value of £1,000,000 and book value of £960,000 are tendered for conversion into 80,000 ordinary shares immediately after an interest payment date. At
On July 1, 2015, Roberts Corporation issued €3,000,000 of 9% bonds payable in 20 years. The bonds include warrants giving the bondholder the right to purchase for €30 one ordinary share of €1
At December 31, 2015, Ruiz Company had 600,000 ordinary shares issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 200,000 of which were issued on October
On July 1, 2015, Wheeler Company purchased €4,000,000 of Duggen Company’s 8% bonds, due on July 1, 2022. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for
Briefly discuss how a transfer of investments from the trading category to the held-for-collection category affects the financial statements.
Identify the five steps in the revenue recognition process.
On October 10, 2015, Executor Co. entered into a contract with Belisle Inc. to transfer Executor’s specialty products (sales value of €10,000, cost of €6,500) on December 15, 2015. Belisle
Allee Corp. is evaluating a revenue arrangement to determine proper revenue recognition. The contract is for construction of 10 speedboats for a contract price of £400,000.The customer needs the
Kwon Cellular provides cell phones and 1 year of cell service to students for an upfront, non-refundable fee of HK$300 and a usage fee of HK$5 per month. Students may renew the service for each year
The financial records of Dunbar Inc. were destroyed by fire at the end of 2015. Fortunately, the controller had kept the following statistical data related to the income statement.1. The beginning
Maher Inc. reported income before income tax during 2015 of €790,000.Additional transactions occurring in 2015 but not considered in the €790,000 are as follows.1. The corporation experienced an
Presented below is the trial balance of Thompson Corporation at December 31, 2015.Instructions Prepare an income statement and a retained earnings statement. Assume that the only changes in retained
O’Malley Corporation was incorporated and began business on January 1, 2015. It has been successful and now requires a bank loan for additional working capital to finance expansion. The bank has
Presented below is information related to Viel Company at December 31, 2015, the end of its first year of operations.(a) income from operations,(b) net income,(c) net income attributable to Viel
Financial Reporting Problem Marks and Spencer plc (M&S) The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the
Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.Instructions(a) Prepare a complete worksheet.(b) Prepare a classified
Explain the difference between artistic-related intangible assets and contract-related intangible assets.
Martinez Company incurred the following costs during 2015 in connection with its research and development activities.Instructions Compute the amount to be reported as research and development expense
Define amortized cost.
What is the role of “risks and rewards” when accounting for a transfer of receivables?
What are the general rules for measuring and recognizing an impairment of a receivable?
Jack Sparrow Corporation has elected to use the fair value option for one of its notes receivable. The note, accepted from a customer in exchange for trade accounts receivable, has a carrying value
On December 31, 2015, Regent Inc. rendered services to Begin Corporation at an agreed price of £102,049, accepting £40,000 down and agreeing to accept the balance in four equal installments of
Professional Research As the new staff person in your company’s treasury department, you have been asked to conduct research related to a proposed transfer of receivables. Your supervisor wants the
Professional Simulation The professional simulation for this chapter asks you to address questions related to the accounting for receivables. Prepare responses for all parts. KWW Professional
Chippewas Company sells one product. Presented below is information for January for Chippewas Company.Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account.Instructions
Financial Statement Analysis Cases Case 1 Lumber Supply International Lumber Supply International is a manufacturer of specialty building products. The company, through its partnership in the Trus
Professional Research In conducting year-end inventory counts, your audit team is debating the impact of the client’s right of return policy both on inventory valuation and revenue recognition. The
Floyd Corporation has the following four items in its ending inventory.Determine (a) the LCNRV for each item, and (b) the amount of write-down, if any, using (1) an item-byitem LCNRV evaluation and
In its 2013 annual report, Inditex (ESP) reported inventory of €1,581.297 on January 31, 2013, and €1,297.009 on January 31, 2012. For 2013, cost of sales was €6,486.825 and net sales were
Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.Instructions (a) Compute the estimated inventory
Professional Research Your client is in the planning phase for a major plant expansion, which will involve the construction of a new warehouse. The assistant controller does not believe that interest
Describe cost depletion.
Tan Chin Company purchases a building for HK$11,300,000 on January 2, 2015. An engineer’s report shows that of the total purchase price, HK$11,000,000 should be allocated to the building (with a
Goldman Corporation bought a machine on June 1, 2013, for €31,800, f.o.b. the place of manufacture. Freight to the point where it was set up was €200, and €500 was expended to install it. The
Darby Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The last two Olympic Games greatly increased the popularity of basketball around the
On January 1, 2014, Luis Company, a small machine-tool manufacturer, acquired for R$1,260,000 a piece of new industrial equipment. The new equipment had a useful life of 5 years, and the residual
Financial Statement Analysis Case Carrefour Group Carrefour Group (FRA), the top retailer in Europe (second worldwide), recently had €108.629 billion in sales. It has more than 495,000 employees
Accounting, Analysis, and Principles Electroboy Enterprises, Inc. operates several stores throughout northern Belgium and the southern part of the Netherlands. As part of an operational and financial
Under what conditions should an item be recognized in the financial statements?
In January 2015, Janeway Inc. doubled the amount of its outstanding shares by selling an additional 10,000 shares to finance an expansion of the business. You propose that this information be shown
Vande Velde Company made three investments during 2015. (1) It purchased 1,000 shares of Sastre Company, a start-up company. Vande Velde made the investment based on valuation estimates from an
Accounting, Analysis, and Principles William Murray achieved one of his life-long dreams by opening his own business, The Caddie Shack Driving Range, on May 1, 2015. He invested $20,000 of his own
Carlo Avardo, maintenance supervisor for Lisbon Insurance Co., has purchased a riding lawnmower and accessories to be used in maintaining the grounds around corporate headquarters. He has sent the
On July 1, 2015, Crowe Co. pays €15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and
Kelly Company had cash receipts from customers in 2015 of €142,000. Cash payments for operating expenses were €97,000. Kelly has determined that at January 1, accounts receivable was €13,000,
Stephen King, D.D.S., opened a dental practice on January 1, 2015. During the first month of operations, the following transactions occurred.1. Performed services for patients who had dental plan
A partial adjusted trial balance of Safin Company at January 31, 2015, shows the following.Instructions Answer the following questions, assuming the year begins January 1.(a) If the amount in
William Bryant is the new owner of Ace Computer Services. At the end of August 2015, his first month of ownership, Bryant is trying to prepare monthly financial statements. Below is some information
Uhura Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows (in thousands).Other data:1. The balance in prepaid insurance is a one-year
Flynn Design Agency was founded by Kevin Flynn in January 2011.Presented below is the adjusted trial balance as of December 31, 2015.Instructions (a) Prepare an income statement and a retained
The adjusted trial balance of Faulk Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2015: Sales Revenue £800,000; Delivery Expense £12,000;Sales
Presented below is information related to Russell Corporation for the month of January 2015.Cost of goods sold €202,000 Salaries and wages expense € 61,000 Delivery expense 7,000 Sales discounts
Presented below are selected account balances for Alistair Co.as of December 31, 2015.Inventory 12/31/15 $ 60,000 Cost of Goods Sold $235,700 Share Capital—Ordinary 75,000 Selling Expenses 16,000
Corinne Dunbar, M.D., maintains the accounting records of Dunbar Clinic on a cash basis. During 2015, Dr. Dunbar collected €142,600 from her patients and paid €60,470 in expenses.At January 1,
Nalezny Corp. maintains its financial records on the cash basis of accounting.Interested in securing a long-term loan from its regular bank, Nalezny Corp. requests you to convert its cash-basis
The adjusted trial balance for Madrasah Co. (in euros) is presented in the following worksheet for the month ended April 30, 2015.Instructions Complete the worksheet and prepare a classified
Mason Advertising Agency was founded in January 2011. Presented below are adjusted and unadjusted trial balances as of December 31, 2015.Instructions(a) Journalize the annual adjusting entries that
review of the ledger of Baylor Company at December 31, 2015, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages Payable $0. There are eight
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.
Sorenstam Advertising Corp. was founded in January 2011. Presented below are the adjusted and unadjusted trial balances as of December 31, 2015.Instructions (a) Journalize the annual adjusting
On January 1, 2015, Norma Smith and Grant Wood formed a computer sales and service enterprise in Manchester, U.K., by investing £90,000 cash. The new company, Lakeland Sales and Service, has the
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 Vodafone Group plc Vodafone is based in the United Kingdom. Selected data from Vodafone’s 2012 annual report follows(pounds in millions).In its 2012 annual report,
Accounting, Analysis, and Principles 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 on page 132
Professional Simulation The professional simulation for this chapter asks you to address questions related to the accounting information system. KWW Professional Simulation Accounting Information
The following information is provided about Caltex Company: income from operations $430,000, loss on inventory write-downs $12,000, selling expenses $62,000, and interest expense $20,000. The tax
The following balances were taken from the books of Parnevik Corp. on December 31, 2015.Interest revenue € 86,000 Accumulated depreciation—buildings € 28,000 Cash 51,000 Notes receivable
Presented below are selected ledger accounts of Woods Corporation at December 31, 2015.Cash $ 185,000 Salaries and wages expense (sales) $284,000 Inventory (beginning) 535,000 Salaries and wages
The following account balances were included in the trial balance of Twain Corporation at June 30, 2015.Sales revenue $1,578,500 Depreciation expense (offi ce furniture Sales discounts 31,150 and
The following is the retained earnings account for the year 2015 for Acadian Corp.Retained earnings, January 1, 2015 $257,600 Add:Gain on sale of investments $41,200 Net income 84,500 Refund on
Financial Reporting Problem Marks and Spencer plc (M&S)The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial
Financial Statement Analysis Cases Case 1: Bankruptcy Prediction The Z-score bankruptcy prediction model uses statement of financial position and income information to arrive at a Z-Score, which can
Rainmaker Company prepares its financial statements in accordance with U.S. GAAP. Briefly discuss the differences in order of presentation in its statement of financial position compared to IFRS.
Assume that Masters Enterprises uses the following headings on its statement of financial position.(a) Investments. (g) Current liabilities.(b) Property, plant, and equipment. (h) Share capital.(c)
Presented below are selected accounts of Aramis Company at December 31, 2015.Inventory (fi nished goods) € 52,000 Cost of Goods Sold €2,100,000 Unearned Service Revenue 90,000 Notes Receivable
The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as:1. Operating activity—add
Financial Statement Analysis Cases Case 1 Cathay Pacifi c Airlines Cathay Pacific Airways (HKG) is an international airline offering scheduled passenger and cargo services to 116 destinations in 35
Professional Simulation In this simulation, you are asked to address questions related to the statement of financial position. Prepare responses to all parts. KWW Professional Simulation Statement of

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