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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

Mogilny Company paid $135,000 for a machine. The Accumulated Depreciation account has a balance of $46,500 at the present time. The company could sell the machine today for $150,000. The company
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
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
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
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
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
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)
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
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
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.
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
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
The following are the trial balance and other information related to Yorkis Perez, a consulting engineer.1. Fees received in advance from clients R$6,000.2. Services performed for clients that were
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 €
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
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
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
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,
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
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
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
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
Starr Ltd. had sales revenue of £540,000 in 2022. Other items recorded during the year were:Cost of goods sold ......................... £330,000Selling expenses ..............................
Presented below is information related to Viel AG at December 31, 2022, the end of its first year of operations.Sales revenue ..................................................................
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
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
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
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
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
Presented below is information related to Dickinson AG for 2022.Retained earnings balance, January 1, 2022 ............................ € 980,000Sales revenue
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
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
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
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
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
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
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
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
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
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
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
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,
Presented below are selected ledger accounts of McGraw SA as of December 31, 2022.Cash ......................................................................................... €
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
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
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,
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.
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
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
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
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
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
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
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
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
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.
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
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
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
The equity section of Hasbro Inc. at January 1, 2022, was as follows.Share capital—ordinary ................................................................. $300,000Accumulated other comprehensive
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
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

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