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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

Gomez Inc. will deposit $30,000 in a 12% fund at the end of each year for 8 years beginning December 31, 2015. What amount will be in the fund immediately after the last deposit?
Professional Research At a recent meeting of the accounting staff in your company, the controller raised the issue of using present value techniques to conduct impairment tests for some of the
Explain the meaning of the following terms: (a) Common-size analysis, (b) Vertical analysis, (c) horizontal analysis, (d) percentage analysis.
What is the relationship of the asset turnover to the return on assets?
Smitz Spa is preparing its opening IFRS statement of financial position on January 1, 2022. Under its previous GAAP, Smitz did not record a provision for litigation in the amount of €85,000 that
Latta Inc. is preparing its opening IFRS statement of financial position on January 1, 2022. Under its previous GAAP, Latta had deferred certain advertising costs amounting to $37,000. Prepare the
Stengel plc is preparing its opening IFRS statement of financial position on January 1, 2022. Under its previous GAAP, Stengel used the LIFO inventory method. Under LIFO, its inventory is reported at
What are interim reports? Why is a complete set of financial statements often not provided with interim data?
Bohmann Company is preparing its opening IFRS statement of financial position on January 1, 2022. Under its previous GAAP, Bohmann had capitalized all development costs of $50,000. Under IFRS, only
In June 2022, the board of directors for McElroy Enterprises authorizes the sale of £10,000,000 of company bonds. Jennifer Grayson, treasurer for McElroy Enterprises, is concerned about the date
Becker Ltd. is planning to adopt IFRS and prepare its first IFRS financial statements at December 31, 2023. What is the date of Becker’s opening statement of financial position, assuming one year
Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the years 2022 and 2023. Tercek
Lombardo Group is preparing to adopt IFRS. It is preparing its opening statement of financial position on January 1, 2022. Lombardo identified the following accounting policy differences between IFRS
Goodman AG is preparing to adopt IFRS. In preparing its opening statement of financial position on January 1, 2022, Goodman identified the following accounting policy differences between IFRS and its
What are the major types of subsequent events? Indicate how each of the following “subsequent events” would be reported.a. Collection of a note written off in a prior period.b. Issuance of a
Sino Group, a publicly traded company, is preparing the interim financial data which it will issue to its shareholders at the end of the first quarter of the 2021–2022 fiscal year. Sino’s
Howser Ltd. is a manufacturer of electronic components and accessories with total assets of £20,000,000. Selected financial ratios for Howser and the industry averages for firms of similar size are
You are compiling the consolidated financial statements for Winsor Corporation International (WCI). The corporation’s accountant, Anthony Reese, has provided you with the following segment
Matheny AG went public 3 years ago. The board of directors will be meeting shortly after the end of the year to decide on a dividend policy. In the past, growth has been financed primarily through
Robbins Company is a wholesale distributor of professional equipment and supplies. The company’s sales have averaged about $900,000 annually for the 3-year period 2020–2022. The firm’s total
Presented below are comparative statements of financial position for Ozturk Ltd.Instructions(Round to two decimal places.)a. Prepare a comparative statement of financial position of Ozturk Ltd.
At December 31, 2021, Coburn plc has assets of £10,000,000, liabilities of £6,000,000, share capital of £2,000,000 (representing 2,000,000 ordinary shares at £1 par), and retained earnings of
As loan analyst for Murray Bank, you have been given the following information.Each of these companies has requested a loan of £50,000 for 6 months with no collateral offered. Since your bank has
Tina Bailey, an intermediate accounting student, was heard to remark after a class discussion on segment reporting, “All this is very confusing to me. First we are told that there is merit in
Bradburn plc was formed 5 years ago through a public subscription of ordinary shares. Daniel Brown, who owns 15% of the ordinary shares, was one of the organizers of Bradburn and is its current
Morlan SA is preparing its December 31, 2022, financial statements. Two events that occurred between December 31, 2022, and March 10, 2023, when the statements were authorized for issue, are
Ace SA produces electronic components for sale to manufacturers of radios, television sets, and digital sound systems. In connection with her examination of Ace’s financial statements for the year
Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2022.Sales of segments
What are the major advantages of notes to the financial statements? What types of items are usually reported in notes?
Koch Corporation is in the process of preparing its annual financial statements for the fiscal year ended April 30, 2022. The company manufactures plastic, glass, and paper containers for food and
Your firm has been engaged to examine the financial statements of Almaden AG for the year 2022. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements
Keystone Corporation issued its financial statements for the year ended December 31, 2022, on March 10, 2023. The following events took place before the statements were authorized for issue early in
An annual report of Crestwood Industries states, “The company and its subsidiaries have long-term leases expiring on various dates after December 31, 2022. Amounts payable under such commitments,
The transactions below took place during the year 2022.1. Convertible bonds payable with a par value of $300,000 were exchanged for unissued ordinary shares with a par value of $300,000. The market
Below are the comparative statements of financial position for Lowenstein Corporation.Dividends in the amount of $10,000 were declared and paid in 2022.InstructionsFrom this information, prepare a
During 2022, Simms Group redeemed ¥2,000,000 of bonds payable for ¥1,880,000 cash. Indicate how this transaction would be reported on a statement of cash flows, if at all.
The accounts below appear in the ledger of Popovich SA.InstructionsFrom the postings in the accounts above, indicate how the information is reported on a statement of cash flows by preparing a
Ochoa Group, had the following condensed statement of financial position at the end of operations for 2021 (¥ in thousands).During 2022, the following occurred.1. A tract of land was purchased for
The statement of financial position data of Yang Ltd. at the end of 2022 and 2021 follow (amounts in thousands).Land was acquired for ¥30,000 in exchange for ordinary shares, par ¥30,000, during
Each of the following items must be considered in preparing a statement of cash flows for Blackwell Inc. for the year ended December 31, 2022. Indicate how each item is to be shown in the statement,
The following are data taken from the records of Durand SpA.Additional information:1. Held-for-collection investments carried at a cost of €43,000 on December 31, 2021, were sold in 2022 for
The net income for Letterman AG for 2022 was €320,000. During 2022, depreciation on plant assets was €124,000, amortization of patent was €40,000, and the company incurred a loss on sale of
Andrews AG, a greeting card company, had the following statements prepared as of December 31, 2022.Additional information:1. Dividends in the amount of €6,000 were declared and paid during 2022.2.
Indicate in general journal form how the items below would be entered in a worksheet for the preparation of the statement of cash flows.a. Net income is ¥317,000,000.b. Cash dividends declared and
In 2022, Leppard Inc. issued 1,000 ordinary shares of $10 par value for land worth $40,000.a. Prepare Leppard’s journal entry to record the transaction.b. Indicate the effect the transaction has on
Condensed financial data of Fairchild SA for 2022 and 2021 are presented below.
In 2022, Shaw AG reported a net loss of €70,000. Shaw’s only net income adjustments were depreciation expense €81,000, and increase in accounts receivable €8,100. Compute Shaw’s net cash
Following are selected statement of financial position accounts of Sander Bros. Corp. at December 31, 2022 and 2021, and the increases or decreases in each account from 2021 to 2022. Also presented
Hendrickson Corporation reported net income of $50,000 in 2022. Depreciation expense was $17,000. The following working capital accounts changed.Accounts receivable
Broussard Company reported net income of $3.5 million in 2022. Depreciation for the year was $520,000, accounts receivable increased $500,000, and accounts payable increased $300,000. Compute net
Costa SA uses the direct method to prepare its statement of cash flows. Costa’s trial balances at December 31, 2022 and 2021, are as follows.Additional information:1. Costa purchased R$5,000 in
Loveless Corporation had the following 2022 income statement.Revenues ............. $100,000Expenses .................. 60,000 ............................... $ 40,000In 2022, Loveless had the
Greco Corporation has contracted with you to prepare a statement of cash flows. The controller has provided the following trial balance information.Additional data related to 2022 are as follows.1.
Messner AG reported €145,000 of net income for 2022. The accountant, in preparing the statement of cash flows, noted several items occurring during 2022 that might affect cash flows from operating
In 2022, Elbert plc had net cash provided by operating activities of £531,000, net cash used by investing activities of £963,000, and net cash provided by financing activities of £585,000. At
Comparative statement of financial position accounts of Shi Group are presented below.Additional data:1. Equipment that cost HK$10,000 and was 60% depreciated was sold in 2022.2. Cash dividends were
Presented below are two independent situations.Situation A: Chenowith AG reports revenues of €200,000 and operating expenses of €110,000 in its first year of operations, 2022. Accounts receivable
Moxley AG had January 1 and December 31 balances as follows.For 2022, cost of goods sold was €500,000. Compute Moxley’s 2022 cash payments to suppliers. 1/1/22 12/31/22 Inventory €95,000
Chapman Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative statement of financial position and the income statement for
At January 1, 2022, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2022, accounts receivable is $54,000. Sales for 2022 total $420,000. Compute Eikenberry’s 2022 cash receipts
Comparative statement of financial position accounts of Marcus AG are presented below.Additional data (ignoring taxes):1. Net income for the year was €42,500.2. Cash dividends declared and paid
Norman NV’s income statement for the year ended December 31, 2022, contained the following condensed information.Norman’s statement of financial position contained the following comparative data
The income statement of Rodriquez SA is shown below.Additional information:1. Accounts receivable decreased R$310,000 during the year.2. Prepaid expenses increased R$170,000 during the year.3.
Use the information from BE23.4 for Bloom SA. Prepare the cash flows from operating activities section of Bloom’s 2022 statement of cash flows using the indirect method.BE23.4Bloom SA had the
Each of the following items must be considered in preparing a statement of cash flows for Boer Fashions for the year ended December 31, 2022.1. Fixed assets that had cost R20,000 6½ years before and
Michaels Ltd. had available at the end of 2022 the following information.InstructionsPrepare a statement of cash flows for Michaels Ltd. using the direct method. Assume the short-term investments are
Bloom SA had the following 2022 income statement.Sales revenue ......................................................................................... €200,000Cost of goods sold
Ashley Company is a young and growing manufacturer of electronic measuring instruments and technical equipment. The company has retained you to advise it in the preparation of a statement of cash
Mortonson plc has not yet prepared a formal statement of cash flows for the 2022 fiscal year. Comparative statements of financial position as of December 31, 2021 and 2022, and a statement of income
Novak SpA is preparing its 2022 statement of cash flows, using the indirect method. The following is a list of items that may affect the statement. Using the code letters provided, indicate how each
Teresa Ramirez and Lenny Traylor are examining the following statement of cash flows for Panaka Clothing Store’s first year of operations.
The comparative statements of financial position for Hinckley SA include the following information.Additional data related to 2022 are as follows.1. Equipment that had cost €11,000 and was 40%
Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Granderson SA for the year ended December 31, 2022.a. Plant assets that had cost €25,000
Stansfield AG had the following activities in 2022. 1. Payment of accounts payable €770,000.2. Issuance of ordinary shares €250,000.3. Payment of dividends €350,000.4. Collection of note
Of what use is the statement of cash flows?
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.InstructionsRefer to
The following statement was prepared by Maloney Corporation’s accountant.The following additional information relating to Maloney Corporation is available for the year ended September 30, 2022.1.
The following is Sullivan Corp.’s comparative statement of financial position accounts at December 31, 2022 and 2021, with a column showing the increase (decrease) from 2021 to 2022.Additional
When the records of Aoki Ltd. were reviewed at the close of 2022, the errors listed as follows were discovered. For each item, indicate by a check mark in the appropriate column whether the error
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.InstructionsRefer
What is a pension plan? How does a contributory pension plan differ from a non contributory plan?
Assume that Cathay Pacific Airlines (HKG) reported the following in a recent annual report (in millions).Service cost ........................................................... HK$316Interest on
The following information is available for the pension plan of Radcliffe Company for the year 2022.Interest revenue on plan assets .................... $ 15,000Benefits paid to retirees
On January 1, 2022, Harrington SA has the following defined benefit pension plan balances.Defined benefit obligation ..................... €4,500,000Fair value of plan assets
For Becker AG, year-end plan assets were €2,000,000. At the beginning of the year, plan assets were €1,680,000. During the year, contributions to the pension fund were €120,000, and benefits
Veldre SpA provides the following information about its defined benefit pension plan for the year 2022.Service cost ................................................................. €
Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2021, with the following beginning balances: plan assets $200,000 and defined benefit obligation
At January 1, 2022, Uddin Company had plan assets of $250,000 and a defined benefit obligation of the same amount. During 2022, service cost was $27,500, the discount rate was 10%, actual return on
Using the information in E20.2, prepare a pension worksheet inserting the January 1, 2022 and December 31, 2022, balances, and the journal entry recording pension expense.E20.2Veldre SpA provides the
Gottschalk plc sponsors a defined benefit plan for its 100 employees. On January 1, 2022, the company’s actuary provided the following information.Pension plan assets (fair value) ...............
Lyons plc is a medium-sized manufacturer of paperboard containers and boxes. The company sponsors a non-contributory, defined benefit pension plan that covers its 250 employees. Tim Shea has recently
For 2022, 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
The following facts apply to the pension plan of Boudreau plc for the year 2022.Plan assets, January 1, 2022 ......................................... £490,000Defined benefit obligation, January 1,
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2022 and 2023 no benefits were paid in either year.Instructionsa.
Duesbury Corporation amended its pension plan on January 1, 2022, and granted $120,000 of past service costs to its employees. The employees have an average time to vesting of 4 years. Current
Gingrich Importers provides the following pension plan information.Fair value of pension plan assets, January 1, 2022 ...................... 2,400,000Fair value of pension plan assets, December 31,
Hiatt Toothpaste SA initiates a defined benefit pension plan for its 50 employees on January 1, 2022. The insurance company which administers the pension plan provided the following selected
Villa SpA 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 employees
The following defined pension data of Yang Ltd. apply to the year 2022 (amounts in thousands).Defined benefit obligation, 1/1/22 (before amendment) .................. ¥560,000Plan assets, 1/1/22
Aykroyd Inc. has sponsored a non-contributory, defined benefit pension plan for its employees since 1992. Relevant information about the pension plan on January 1, 2022, is as follows.1. The company

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