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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

On January 1, 2015, Roosevelt Company purchased 12% bonds having a maturity value of \($500\),000 for \($537\),907.40. The bonds provide the bondholders with a 10% yield. They are dated January 1,
On January 1, 2015, Morgan Company acquires $300,000 of Nicklaus, Inc., 9%bonds at a price of $278,384. The interest is payable each December 31, and the bonds mature December 31, 2017. The
Assume the same information as in E17-3 except that Roosevelt has an active trading strategy for these bonds. The fair value of the bonds at December 31 of each year-end is as follows.Instructions(a)
Refer to the information in E17-3 and assume that Roosevelt elected the fair value option for this held-for-collection investment.Instructions(a) Prepare any entries necessary at December 31, 2015,
Presented on page 865 is selected information related to the financial instruments of Dawson Company at December 31, 2015 (amounts in thousands). This is Dawson Company’s first year of
The following information is available for Kinney Company at December 31, 2015, regarding its investments.Instructions (a) Prepare the adjusting entry (if any) for 2015, assuming the investments are
On December 21, 2015, Zurich Company provided you with the following information regarding its trading investments.During 2016, Carolina Co. shares were sold for €9,500. The fair value of the
At December 31, 2015, the equity investment portfolio for Wenger, Inc. is as follows.On January 20, 2016, Wenger, Inc. sold investment A for $15,300. The sale proceeds are net of brokerage
Capriati Corporation made the following cash investments during 2015, which is the first year in which Capriati invested in securities.1. On January 15, purchased 9,000 ordinary shares of Gonzalez
Presented below are two independent situations.Situation 1: Hatcher Cosmetics acquired 10% of the 200,000 ordinary shares of Ramirez Fashion at a total cost of \($14\) per share on March 18, 2015. On
Swanson Company has the following trading investment portfolio on December 31, 2015.All of the investments were purchased in 2015. In 2016, Swanson completed the following investment
Chen Inc. acquired 20% of the outstanding ordinary shares of Cho Corp. on December 31, 2015. The purchase price was ¥125,000,000 for 50,000 shares.Cho Corp. declared and paid an ¥80 per share cash
On January 1, 2015, Meredith Corporation purchased 25% of the ordinary shares of Pirates Company for £200,000. During the year, Pirates earned net income of £80,000 and paid dividends of
Cairo Corporation has government bonds classified as held-for-collection at December 31, 2015. These bonds have a par value of \($800\),000, an amortized cost of \($800\),000, and a fair value of
Komissarov Company has a debt investment in the bonds issued by Keune Inc. The bonds were purchased at par for €400,000 and, at the end of 2015, have a remaining life of 3 years with annual
On January 2, 2015, Jones Company purchases a call option for \($300\) on Merchant ordinary shares. The call option gives Jones the option to buy 1,000 shares of Merchant at a strike price of \($50\)
On January 2, 2015, MacCloud Co. issued a 4-year, €100,000 note at 6% fixed interest, interest payable semiannually. MacCloud now wants to change the note to a variable-rate note.As a result, on
On January 2, 2015, Parton Company issues a 5-year, $10,000,000 note at LIBOR, with interest paid annually. The variable rate is reset at the end of each year. The LIBOR rate for the first year is
Sarazan Company issues a 4-year, 7.5% fixed-rate interest only, nonprepayable£1,000,000 note payable on December 31, 2015. It decides to change the interest rate from a fixed rate to variable rate
On August 15, 2015, Outkast Co. invested idle cash by purchasing a call option on Counting Crows Inc. ordinary shares for \($360\). The notional value of the call option is 400 shares, and the option
Choi Golf Co. uses titanium in the production of its specialty drivers. Choi anticipates that it will need to purchase 200 ounces of titanium in October 2015, for clubs that will be shipped in the
Presented below is an amortization schedule related to Spangler Company’s 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2012, for $108,660.The following
On January 1, 2015, Novotna Company purchased €400,000, 8% bonds of Aguirre Co. for €369,114. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and
Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are managed to profit from changes in market interest
Parnevik Company has the following investments in its investment portfolio on December 31, 2015 (all investments were purchased in 2015): (1) 3,000 ordinary shares of Anderson Co. which cost
Kennedy Company has the following portfolio of trading investments at December 31, 2015.On December 31, 2016, Kennedy’s portfolio of trading investments consisted of the following investments.At
Castleman Holdings, Inc. had the following investment portfolio at January 1, 2015.During 2015, the following transactions took place.1. On March 1, Rogers Company paid a £2 per share dividend.2. On
Fernandez Corp. invested its excess cash in equity investments during 2015. The business model for these investments is to profit from trading on price changes.Instructions (a) As of December 31,
The treasurer of Miller Co. has read on the Internet that the price of Wade Inc. ordinary shares is about to take off. In order to profit from this potential development, Miller Co. purchased a call
Johnstone Co. purchased a put option on Ewing ordinary shares on July 7, 2015, for €240. The put option is for 200 shares, and the strike price is €70. (The market price of an ordinary share of
Warren Co. purchased a put option on Echo ordinary shares on January 7, 2015, for \($360\). The put option is for 400 shares, and the strike price is \($85\) (which equals the price of an Echo share
On December 31, 2015, Mercantile Corp. had a $10,000,000, 8% fixed-rate note outstanding, payable in 2 years. It decides to enter into a 2-year swap with Chicago First Bank to convert the fixed-rate
Suzuki Jewelry Co. uses gold in the manufacture of its products. Suzuki anticipates that it will need to purchase 500 ounces of gold in October 2015, for jewelry that will be shipped for the holiday
On November 3, 2015, Sprinkle Co. invested €200,000 in 4,000 ordinary shares of Pratt Co. Sprinkle classified this investment as non-trading equity. Sprinkle Co. is considering making a more
Lexington Co. has the following equity investments on December 31, 2015 (its first year of operations).During 2016, Summerset Company shares were sold for \($9\),200, the difference between the
On July 1, 2016, Fontaine Company purchased for cash 40% of the outstanding ordinary shares of Knoblett Company. Both Fontaine Company and Knoblett Company have a December 31 year-end. Knoblett
On July 1, 2015, Selig Company purchased for cash 40% of the outstanding ordinary shares of Spoor Corporation. Both Selig and Spoor have a December 31 year-end. Spoor Corporation, whose shares are
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
Financial Statement Analysis Case Union Planters Union Planters is a bank holding company (that is, a corporation that owns banks). Union Planters manages \($32\) billion in assets, the largest of
Accounting, Analysis, and Principles Instar Company has several investments in other companies. The following information regarding these investments is available at December 31, 2015.1. Instar holds
Professional Research Your client, Cascade Company, is planning to invest some of its excess cash in 5-year revenue bonds issued by the county and in the shares of one of its suppliers, Teton Co.
Professional Simulation In this simulation, you are asked to address questions related to investments. Provide responses to all parts. KWW Professional Simulation Investments Time Remaining 3 hours
On May 10, 2015, Cosmo Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2015. Greig agrees to pay the full contract price of €2,000 on July 15, 2015. The cost of the goods
Mauer Company licenses customer-relationship software to Hedges Inc. for 3 years. In addition to providing the software, Mauer promises to perform consulting services over the life of the license to
Nair Corp. enters into a contract with a customer to build an apartment building for \($1\),000,000.The customer hopes to rent apartments at the beginning of the school year and provides a
Referring to the revenue arrangement in BE18-5, determine the transaction price for the contract, assuming(a) Nair is only able to estimate whether the building can be completed by August 1, 2015, or
On January 2, 2015, Adani Inc. sells goods (cost R\($6\),000) to Geo Company in exchange for a zero-interest-bearing note with face value of R\($11\),000, with payment due in 12 months. The fair
On March 1, 2015, Parnevik Company sold goods to Goosen Inc. for €660,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of €1,062,937. The goods have an inventory cost
Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines related to the
Manual Company sells goods to Nolan Company during 2015. It offers Nolan the following rebates based on total sales to Nolan. If total sales to Nolan are 10,000 units, it will grant a rebate of 2%.
Geraths Windows manufactures and sells custom storm windows for three-season porches.Geraths also provides installation service for the windows. The installation process does not involve changes in
On July 10, 2015, Amodt Music sold CDs to retailers on account and recorded sales revenue of €700,000 (cost €560,000). Amodt grants the right to return CDs that do not sell in 3 months following
On June 1, 2015, Mills Company sells \($200\),000 of shelving units to a local retailer, ShopBarb, which is planning to expand its stores in the area. Under the agreement, ShopBarb asks Mills to
Talarczyk Company sold 10,000 Super-Spreaders on July 1, 2015, at a total price of €1,000,000, with a warranty guarantee that the product was free of any defects. The cost of the spreaders sold
Guillen, Inc. began work on a \($7\),000,000 contract in 2015 to construct an office building. Guillen uses the cost-recovery method. At December 31, 2015, the balances in certain accounts were
Frozen Delight, Inc. charges an initial franchise fee of \($75\),000 for the right to operate as a franchisee of Frozen Delight. Of this amount, \($25\),000 is collected immediately. The remainder is
Jupiter Company sells goods to Danone Inc. on account on January 1, 2015. The goods have a sales price of €610,000 (cost €500,000). The terms of the sale are net 30. If Danone pays within 5 days,
Presented below are three revenue recognition situations.(a) Grupo sells goods to MTN for \($1\),000,000, payment due at delivery.(b) Grupo sells goods on account to Grifols for \($800\),000, payment
In September 2015, Gaertner Corp. commits to selling 150 of its iPhonecompatible docking stations to Better Buy Co. for R$15,000 (R$100 per product). The stations are delivered to Better Buy over the
Tyler Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area. On January 1, 2015, Tyler entered into a 3-year service contract with Walleye
Bai Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Bai will receive a payment of ¥10,000,000 if the drug receives regulatory approval. Based on
Aaron’s Agency sells an insurance policy offered by Capital Insurance Company for a commission of \($100\). In addition, Aaron will receive an additional commission of \($10\) each year for as long
On June 3, 2015, Hunt Company sold to Ann Mount merchandise having a sales price of £8,000 (cost £5,600) with terms of 2/10, n/60, f.o.b. shipping point. Hunt estimates that merchandise with a
Taylor Marina has 300 available slips that rent for €800 per season. Payments must be made in full at the start of the boating season, April 1, 2015. The boating season ends October 31, and the
Sanchez Co. enters into a contract to sell Product A and Product B on January 2, 2015, for an upfront cash payment of R\($150\),000. Product A will be delivered in 2 years (January 2, 2017) and
Shaw Company sells goods that cost \($300\),000 to Ricard Company for \($410\),000 on January 2, 2015. The sales price includes an installation fee, which is valued at \($40\),000. The fair value of
Crankshaft Company manufactures equipment. Crankshaft’s products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from \($200\),000
Refer to the revenue arrangement in E18-11.Instructions Repeat requirements(a) and(b) assuming Crankshaft does not have market data with which to determine the standalone selling price of the
Organic Growth Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the
Uddin Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days
Zagat Inc. enters into an agreement on March 1, 2015, to sell Werner Metal Company aluminum ingots in 2 months. As part of the agreement, Zagat also agrees to repurchase the ingots in 60 days at the
Refer to the information in E18-24.Instructions(a) Does the accounting for capitalized costs change if the contract is for 1 year rather than 3 years? Explain.Data From E18-24Rex’s Reclaimers
The records of Mandy’s Boutique report the following data for the month of April.Instructions Compute the ending inventory by the conventional retail inventory method. Sales 95,000 Purchases (at
The financial statements of AB InBev’s (BEL) 2012 annual report disclosed the following information.Instructions Compute AB InBev’s (a) inventory turnover and (b) average days to sell inventory
Use the information for Zhang Company from BE10-2 and BE10-3. Compute avoidable interest for Zhang Company.Data From BE10-2Data From BE10-3 BE10-2 Zhang Company is constructing a building.
In 2015, Sato Corporation received a grant for ¥2 million to defray the cost of purchasing research equipment for its manufacturing facility. The total cost of the equipment is ¥10 million. Prepare
Ottawa Corporation owns machinery that cost \($20\),000 when purchased on July 1, 2012. Depreciation has been recorded at a rate of \($2\),400 per year, resulting in a balance in accumulated
Use the information presented for Ottawa Corporation in BE10-15, but assume the machinery is sold for \($5\),200 instead of \($10\),500. Prepare journal entries to(a) update depreciation for 2016
The expenditures and receipts below are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses.(a) Money borrowed to pay
Haddad Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2015. The terms of acquisition for each truck are
Dane Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year
Allegro Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Equipment.Instructions Determine the amounts that should be debited to
McPherson Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of €5,000,000 on January 1, 2015. McPherson expected to complete
On December 31, 2014, Tsang Inc. borrowed HK\($3\),000,000 at 12% payable annually to finance the construction of a new building. In 2015, the company made the following expenditures related to this
On July 31, 2015, Bismarck Company engaged Duval Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2015. To
The following three situations involve the capitalization of interest.Situation I: On January 1, 2015, Columbia, Inc. signed a fixed-price contract to have Builder Associates construct a major plant
Below are transactions related to Impala Company.(a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The fair value of this land is determined to be \($81\),000.(b) 14,000
Sterling Inc. has decided to purchase equipment from Central Industries on January 2, 2015, to expand its production capacity to meet customers’ demand for its product. Sterling issues a $900,000,
Windsor Corporation purchased a computer on December 31, 2014, for £130,000, paying £30,000 down and agreeing to pay the balance in five equal installments of £20,000 payable each December 31
Logan Industries purchased the following assets and constructed a building as well. All this was done during the current year.Assets 1 and 2: These assets were purchased as a lump sum for €104,000
Alatorre Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of
Montgomery Company purchased an electric wax melter on April 30, 2016, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase.Instructions Prepare
Santana Company exchanged equipment used in its manufacturing operations plus R$2,000 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to
Rialto Group received a grant from the government of £100,000 to acquire£500,000 of delivery equipment on January 2, 2015. The delivery equipment has a useful life of 5 years.Rialto uses the
Yilmaz Company is provided a grant by the local government to purchase land for a building site. The grant is a zero-interest-bearing note for 5 years. The note is issued on January 2, 2015, for €5
Accardo Resources Group has been in its plant facility for 15 years. Although the plant is quite functional, numerous repair costs are incurred to maintain it in sound working order. The company’s
The following transactions occurred during 2016. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straightline basis, with no estimated residual
Plant assets often require expenditures subsequent to acquisition. It is important that they be accounted for properly. Any errors will affect both the statements of financial position and income
On December 31, 2015, Mitsui Inc. has a machine with a book value of ¥940,000. The original cost and related accumulated depreciation at this date are as follows(all amounts in
On April 1, 2015, Pavlova Company received a condemnation award of \($410\),000 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new

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