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intermediate accounting ifrs 4th edition
Intermediate Accounting IFRS 4th Edition Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield - Solutions
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 financial statements, are available online.InstructionsUse the companies’ financial information to answer the following questions.a.
The following trial balance of Geronimo AG 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
Mason Advertising Agency was founded in January 2018. The following are adjusted and unadjusted trial balances as of December 31, 2022.Instructionsa. Journalize the annual adjusting entries that were made.b. Prepare an income statement and a retained earnings statement for the year ending December
On July 1, 2022, Crowe NV pays €15,000 to Zubin Insurance for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe NV journalize the entry on July 1 and the adjusting entry on December 31.
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 as
A review of the ledger of Baylor Company at December 31, 2022, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries and Wages Payable $0. There are 8 employees. Salaries and wages are paid every Friday for the current week. Five employees receive
The following trial balance of Oakley NV 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 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
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, 2022. 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 were performed but not yet billed to the
Dresser SE’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.
A partial adjusted trial balance of Safin plc at January 31, 2022, 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 were purchased in January, what was the
Sorenstam Advertising AG was founded in January 2018. The following are the adjusted and unadjusted trial balances as of December 31, 2022.Instructionsa. Journalize the annual adjusting entries that were made. (Omit explanations.)b. Prepare an income statement and a retained earnings statement for
Included in Gonzalez NV’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
William Bryant is the new owner of Ace Computer Services. At the end of August 2022, his first month of ownership, Bryant is trying to prepare monthly financial statements. Below is information related to unrecorded expenses that the business incurred during August.1. At August 31, Bryant owed his
Presented below is the trial balance of the Ko Golf Club, as of December 31. The books are closed annually on December 31.Instructionsa. Enter the balances in ledger accounts. Allow five lines for each account.b. From the trial balance and the information given below, prepare annual adjusting
Prepare the following adjusting entries at August 31 for Nokia (FIN). a. Interest on notes payable of €300 is accrued.b. Unbilled fees for services performed total €1,400.c. Salaries and wages earned by employees of €700 have not been recorded.d. Bad debt expense for the year is
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, 2022. Prepare explanations for each journal entry. Supplies Accounts
The following is the December 31 trial balance of New York Boutique.Instructionsa. 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 closed
At the end of its first year of operations, the trial balance of Alonzo NV 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
Uhura Resort opened for business on June 1 with eight airconditioned units. Its trial balance on August 31 is as follows (in thousands).Other data:1. The balance in prepaid insurance is a 1-year premium paid on June 1, 2022.2. An inventory count on August 31 shows ¥650 of supplies on hand.3.
On January 1, 2022, Norma Smith and Grant Wood formed a computer sales and service company in Manchester, U.K., by investing £90,000 cash. The new company, Lakeland Sales and Service, has the following transactions during January.1. Pays £6,000 in advance for 3 months’ rent of office, showroom,
Side Kicks has year-end account balances of Sales Revenue €808,900, Interest Revenue €13,500, Cost of Goods Sold €556,200, Operating Expenses €189,000, Income Tax Expense €35,100, and Dividends €18,900. Prepare the year-end closing entries.
The adjusted trial balance of Cavamanlis Co. as of December 31, 2022, contains the following.Instructionsa. Prepare an income statement.b. Prepare a retained earnings statement.c. Prepare a classified statement of financial position. Cavamanlis Co. Adjusted Trial Balance December 31, 2022 Dr. Cr.
Cooke NV has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.Instructionsa. Prepare a complete worksheet.b. Prepare a classified statement of financial position. €10,000 of the mortgage payable is due for payment in the next fiscal year.c.
Kelly SpA had cash receipts from customers in 2022 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
Flynn Design was founded by Kevin Flynn in January 2017. Presented below is the adjusted trial balance as of December 31, 2022.Instructionsa. Prepare an income statement and a retained earnings statement for the year ending December 31, 2022, and an unclassified statement of financial position at
The adjusted trial balance of Faulk Ltd. shows the following data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue £800,000; Delivery Expense £12,000; Sales Returns and Allowances £24,000; and Sales Discounts £12,000.Instructionsa. Prepare the revenues section
Chen Enterprises made the following entry on December 31, 2022.What entry would Hibernia Bank make regarding its outstanding loan to Chen Enterprises? Explain why this must be the case. Interest Expense 10,000 Interest Payable 10,000 (To record interest expense due on loan from Hibernia Bank)
Presented below is information related to Russell AG for the month of January 2022.InstructionsPrepare the necessary closing entries. Cost of goods sold €202,000 Salaries and wages expense € 61,000 Delivery expense 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and
Distinguish between cash-basis accounting and accrual-basis accounting. Why is accrual basis accounting acceptable for most business enterprises and the cash-basis unacceptable in the preparation of an income statement and a statement of financial position?
Presented below is financial information for two different companies.InstructionsCompute the missing amounts. Shabbona Company Jenkins Company Sales revenue $90,000 (d) Sales returns and allowances (a) $ 5,000 Net sales 85,000 90,000 Cost of goods sold 56,000 (e) Gross profit (b) 38,000 Operating
Presented below are selected account balances for Alistair Co. as of December 31, 2022.InstructionsPrepare closing entries for Alistair Co. on December 31, 2022. Omit explanations. $ 60,000 Cost of Goods Sold Inventory 12/31/22 Share Capital-Ordinary $235.700 75,000 Selling Expenses 16,000 Retained
Corinne Dunbar, M.D., maintains the accounting records of Dunbar Clinic on a cash basis. During 2022, Dr. Dunbar collected €142,600 from her patients and paid €60,470 in expenses. At January 1, 2022, and December 31, 2022, she had accounts receivable, unearned service revenue, accrued expenses,
Butler Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Butler Corp. requests you to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering
Presented below are selected accounts for Acevedo Company as reported in the worksheet at the end of May 2022.InstructionsComplete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the worksheet. Do not total individual columns. Acevedo Company
The adjusted trial balance for Madrasah SE (in euros) is presented in the following worksheet for the month ended April 30, 2022.InstructionsComplete the worksheet and prepare a classified statement of financial position. Madrasah SE Page Layout Formulas Review Home Insert Data View P18 fx A B E F
Letterman AG 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
Starr Ltd. had sales revenue of £540,000 in 2022. Other items recorded during the year were:Cost of goods sold ......................... £330,000Selling expenses .............................. 120,000Income tax ......................................... 25,000Increase in value of employees .......
Presented below is information related to Viel AG at December 31, 2022, the end of its first year of operations.Sales revenue .................................................................. €310,000Cost of goods sold ............................................................ 140,000Selling
O’Malley plc requires a bank loan for additional working capital to finance expansion. The bank has requested an audited income statement for the year 2022. The accountant for O’Malley plc provides you with the following income statement, which O’Malley plans to submit to 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.Instructionsa. What type of income statement format does M&S use? Indicate why this format might be used to present
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 financial statements, are available online.InstructionsUse the companies’ financial information to answer the following questions.a.
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2022. Expenses for 2022 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 company had 100,000 shares
The following are changes in all account balances of Jackson Furniture 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 declaration
Presented below is information related to Dickinson AG for 2022.Retained earnings balance, January 1, 2022 ............................ € 980,000Sales revenue ............................................................................. 25,000,000Cost of goods sold
Bobek Industries has recently reported steadily increasing income. The company reported income of €20,000 in 2019, €25,000 in 2020, and €30,000 in 2021. A number of market analysts have recommended that investors buy Bobek shares because the analysts expect the steady growth in income to
Presented below is the trial balance of Thompson Ltd. at December 31, 2022.A physical count of inventory on December 31 resulted in an inventory amount of £64,000; thus, cost of goods sold for 2022 is £645,000.InstructionsPrepare an income statement and a retained earnings statement. Assume that
The financial records of Dunbar Inc. were destroyed by fire at the end of 2022. Fortunately, the controller had kept the following statistical data related to the income statement.1. The beginning merchandise inventory was $92,000, and it decreased 20% during the current year.2. Sales discounts
Maher AG reported income before income tax during 2022 of €790,000. Additional transactions occurring in 2022 but not considered in the €790,000 are as follows.1. The company experienced an uninsured flood loss in the amount of €90,000 during the year.2. At the beginning of 2020, the company
The following account balances were included in the trial balance of Twain Corporation at June 30, 2022.The Retained Earnings account had a balance of $337,000 at July 1, 2021. There are 80,000 ordinary shares outstanding.InstructionsPrepare an income statement and a retained earnings statement for
The following financial statement was prepared by employees of Walters plc.InstructionsIdentify and discuss the weaknesses in classification and disclosure in the income statement above. You should explain why these treatments are weaknesses and what the proper presentation of the items would be in
What is earnings management?
Indicate in which section (gross profit, income from operations, or income before income tax) the following items are reported: (a) Interest revenue, (b) Interest expense, (c) Loss on impairment of goodwill, (d) Sales revenue, (e) Administrative expenses.
The following balances were taken from the books of Parnevik ASA on December 31, 2022.Assume the total effective tax rate on all items is 34%.InstructionsPrepare an income statement; 100,000 ordinary shares were outstanding during the year. Interest revenue Accumulated depreciation- € 86,000
Presented below is a combined income and retained earnings statement for Sapporo Ltd. for 2022 (amounts in thousands).Additional facts are as follows.1. “Selling, general, and administrative expenses” for 2022 included a charge of ¥8,500,000 for impairment of intangibles.2. “Other, net”
Finley plc had income from continuing operations of £10,600,000 in 2022. During 2022, 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 2022. Finley had 10,000,000 shares outstanding during
The accountant for Weatherspoon Shoe has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2022.Rent revenue .............................................................................................................
The following is the retained earnings account for the year 2022 for Acadian Corp.Instructionsa. Prepare a corrected retained earnings statement. (Ignore income tax effects.) FIFO inventory was used in 2022 to compute net income.b. State where the items that do not appear in the corrected retained
During 2022, Williamson Company changed from FIFO to weightedaverage inventory pricing. Pretax income in 2021 and 2020 (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
Presented below are selected ledger accounts of McGraw SA as of December 31, 2022.Cash ......................................................................................... € 50,000Administrative expenses ....................................................... 100,000Selling expenses
Wade NV has 150,000 ordinary shares outstanding. In 2022, the company reports income before income tax of €1,210,000.Additional transactions not considered in the €1,210,000 are as follows. 1. In 2022, Wade NV sold equipment for €40,000. The machine had originally cost €80,000 and had
An article in the financial press noted that MicroStrategy (USA) reported higher income than its competitors by using a more aggressive policy for recognizing revenue on future upgrades to its products. Some contend that MicroStrategy’s quality of earnings is low. What does the term “quality of
Vandross NV has recorded bad debt expense in the past at a rate of 1½% of receivables. In 2022, Vandross 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 2022, bad debt expense
Presented below is information related to Tao Ltd. for the year 2022 (amounts in thousands).Instructionsa. Prepare an income statement for 2022. Assume that 60,000 ordinary shares are outstanding.b. Prepare a retained earnings statement for 2022. Net sales Write-off of inventory due to HK$1,200,000
In 2022, Hollis Corporation reported net income of $1,000,000. It declared and paid preference dividends of $250,000. During 2022, Hollis had a weighted average of 190,000 ordinary shares outstanding. Compute Hollis’s 2022 earnings per share.
The equity section of Sosa SA appears below as of December 31, 2022.Net income for 2022 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of R$12,000,000 (before tax) as a result of discontinued operations. Preference dividends of R$270,000 were declared and
Tsui Ltd. has retained earnings of NT$675,000 at January 1, 2022. Net income during 2022 was NT$1,400,000, and cash dividends declared and paid during 2022 totaled NT$75,000. Prepare a retained earnings statement for the year ended December 31, 2022.
Presented below are selected ledger accounts of Woods Corporation at December 31, 2022.Woods’s effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000.InstructionsPrepare a 2022 income statement for Woods Corporation. Cash Salaries and wages
Using the information from BE4.11, prepare a retained earnings statement for the year ended December 31, 2022. Assume an error was discovered: Land costing NT$80,000 (net of tax) was charged to repairs expense in 2021.BE4.11Tsui Ltd. has retained earnings of NT$675,000 at January 1, 2022. Net
McEntire Corporation began operations on January 1, 2019. During its first 3 years of operations, McEntire reported net income and declared dividends as follows.The following information relates to 2022.Income before income tax
On January 1, 2022, Otano Ltd. had cash and share capital of ¥60,000,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2022, it purchased for cash ¥20,000,000 of non-trading equity securities. It received cash dividends of ¥3,000,000 during the year
December 31, 2021, Schroeder SE had the following shares outstanding.8% cumulative preference shares, €100 par, 107,500 shares .................... €10,750,000Ordinary shares, €5 par, 4,000,000 shares ..................................................... 20,000,000During 2022, Schroeder did
Zehms Company began operations in 2020 and adopted weighted-average pricing for inventory. In 2022, in accordance with other companies in its industry, Zehms changed its inventory pricing to FIFO. The pretax income data is reported below.Instructionsa. What is Zehms’s net income in 2022? Assume a
Gaertner AG reported the following for 2022: net sales €1,200,000, cost of goods sold €720,000, selling and administrative expenses €320,000, and an unrealized holding gain on non-trading equity securities.InstructionsPrepare a statement of comprehensive income, using the two statement
Bryant plc reports the following information for 2022: sales revenue £750,000, cost of goods sold £500,000, operating expenses £80,000, and an unrealized holding loss on non-trading equity securities for 2022 of £50,000. It declared and paid a cash dividend of £10,000 in 2022.Bryant plc has
The following information was taken from the records of Vega SA for the year 2022: income tax applicable to income from continuing operations R$119,000, income tax savings applicable to loss on discontinued operations R$25,500, and unrealized holding gain on non-trading equity securities R$15,000,
The equity section of Hasbro Inc. at January 1, 2022, was as follows.Share capital—ordinary ................................................................. $300,000Accumulated other comprehensive incomeUnrealized holding gain on non-trading equity securities ............ 50,000Retained earnings
Qualls SE reported 2021 earnings per share of €7.21. In 2022, Qualls reported earnings per share as follows.On income from continuing operations ........ €8.00On loss on discontinued operations .................. 88On net income
Gribble AG reported the following amounts in 2022: Net income, €150,000; Unrealized gain related to revaluation of buildings, €10,000, net of tax; Unrealized loss related to nontrading equity securities, €(35,000), net of tax. Determine Gribble’s total comprehensive income for 2022.
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