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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

When the records of Aoki Corporation were reviewed at the close of 2015, the errors listed were discovered. For each item, indicate by a check mark in the appropriate column whether the error
Below are the comparative statements of financial position for Lowenstein Corporation.Dividends in the amount of $10,000 were declared and paid in 2015.Instructions From this information, prepare a
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, 2015.1.
Ashley Company is a young and growing producer of electronic measuring instruments and technical equipment. You have been retained by Ashley to advise it in the preparation of a statement of cash
below are comparative statements of financial position for the Ozturk Company.Instructions (Round to two decimal places.)(a) Prepare a comparative statement of financial position of Ozturk Company
P rofessional Simulation In this simulation, you are asked to evaluate a company’s solvency and going concern potential by analyzing a set of ratios. You also are asked to indicate possible
Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. The total cruise package price to Carmel Company employees is R$70,000. Travel Inc. receives a
On May 1, 2015, Mount Company enters into a contract to transfer a product to Eric Company on September 30, 2015. It is agreed that Eric will pay the full price of $25,000 in advance on June 15,
Nate Beggs signs a 1-year contract with BlueBox Video. The terms of the contract are that Nate is required to pay a non-refundable initiation fee of $100 and an annual membership fee of $5 per
Turner, Inc. began work on a £7,000,000 contract in 2015 to construct an office building. During 2015, Turner, Inc. incurred costs of £1,700,000, billed its customers for £1,200,000, and collected
Archer Construction Company began work on a $420,000 construction contract in 2015. During 2015, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At
Cramer Corp. sells idle machinery to Enyart Company on July 1, 2015, for $40,000. Cramer agrees to repurchase this equipment from Enyart on June 30, 2016, for a price of $42,400 (an imputed interest
On May 3, 2015, Eisler Company consigned 80 freezers, costing €500 each, to Remmers Company. The cost of shipping the freezers amounted to €840 and was paid by Eisler Company.On December 30,
On December 31, 2015, Grando Company sells production equipment to Feliz Inc. for R$50,000. Grando includes a 1-year assurance warranty service with the sale of all its equipment.The customer
Celic Inc. manufactures and sells computers that include an assurance-type warranty for the first 90 days. Celic offers an optional extended coverage plan under which it will repair or replace any
On January 1, 2015, Gordon Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base in exchange for $3,000. The contract requires delivery of the base first
On May 1, 2015, Richardson Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $900 in advance
During 2015, Nilsen Company started a construction job with a contract price of €1,600,000. The job was completed in 2017. The following information is available.Instructions (a) Compute the amount
In 2015, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was €1,000,000. Steinrotter uses the percentage-of-completion method for financial
On April 1, 2015, Dougherty Inc. entered into a cost plus fixed fee contract to construct an electric generator for Altom Corporation. At the contract date, Dougherty estimated that it would take 2
Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2015, Hamilton began work under contract#E2-D2, which provided for a contract price of £2,200,000. Other
Yanmei Construction Company began operations on January 1, 2015. During the year, Yanmei Construction entered into a contract with Lundquist Corp. to construct a manufacturing facility. At that time,
Pacific Crossburgers Inc. charges an initial franchise fee of $70,000. Upon the signing of the agreement (which covers 3 years), a payment of $28,000 is due. Thereafter, three annual payments of
On January 1, 2015, Lesley Benjamin signed an agreement (covering 5 years) to operate as a franchisee of Campbell Inc. for an initial franchise fee of €50,000. The amount of €10,000 was paid when
Kraft Enterprises owns the following assets at December 31, 2015.Cash in bank—savings account €68,000 Checking account balance €17,000 Cash on hand 9,300 Postdated checks 750 Tax refund due
Pique Company shows a balance of €241,140 in the Accounts Receivable account on December 31, 2015. The balance consists of the following.Installment accounts due in 2016 €23,000 Installment
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
PetroChina Company Limited PetroChina Company Limited (CHN) reported the following information in a recent annual report.Instructions(a) What items other than coin and currency may be included in
Englehart Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming pools. The following inventory data is available for the
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2015. Expenses for 2015 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses
Finley Corporation had income from continuing operations of £10,600,000 in 2015. During 2015, it disposed of its restaurant division at an after-tax loss of £189,000. Prior to disposal, the
Using the information from BE4-11, prepare a retained earnings statement for the year ended December 31, 2015. Assume an error was discovered: Land costing NT$80,000 (net of tax) was charged to
Presented below are changes in all account balances of Jackson Furniture Co. during the current year, except for retained earnings.Instructions Compute the net income for the current year, assuming
Presented below is information related to Webster Company (amounts in thousands).Instructions Prepare an income statement for the year 2015. Ordinary shares outstanding for 2015 total 40,550 (in
The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2015.Instructions(a)
Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2015.Instructions(a) Compute net income for 2015.(b) Prepare a partial income statement beginning with income
Presented below is information related to Tao Corp. for the year 2015 (amounts in thousands).Instructions(a) Prepare an income statement for 2015. Assume that 60,000 ordinary shares are
The equity section of Sosa Corporation appears below as of December 31, 2015.Net income for 2015 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of
At December 31, 2014, Schroeder Corporation had the following shares outstanding.8% cumulative preference shares, €100 par, 107,500 shares €10,750,000 Ordinary shares, €5 par, 4,000,000 shares
Presented below is information related to Dickinson Company for 2015.Retained earnings balance, January 1, 2015 € 980,000Sales revenue 25,000,000Cost of goods sold 16,000,000Interest expense
Presented below is a combined income and retained earnings statement for Sapporo Company for 2015 (amounts in thousands).Instructions Determine from these additional facts whether the presentation of
Harding Corporation has the following accounts included in its December 31, 2015, trial balance:Accounts Receivable €110,000, Inventory €290,000, Allowance for Doubtful Accounts €8,000, Patents
Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2015: Cash €7,000, Land €40,000, Patents €12,500, Accounts Receivable €90,000, Prepaid
Lowell Company’s December 31, 2015, trial balance includes the following accounts: Inventory $120,000, Buildings $207,000, Accumulated Depreciation–Equipment $19,000, Equipment
Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2015: Retained Earnings €120,000, Share Capital—Ordinary €750,000, Bonds Payable €100,000,
From inception of operations to December 31, 2015, Fortner Corporation provided for uncollectible accounts receivable under the allowance method: provisions were made monthly at 2% of credit sales;
The statement of financial position of Stancia Company at December 31, 2015, includes the following.Transactions in 2015 include the following.1. Accounts receivable of R$138,000 were collected
Presented below is information related to radios for the Couples Company for the month of July.Instructions (a) Assuming that the periodic inventory method is used, compute the inventory cost at July
Mills Company was formed on December 1, 2014. The following information is available from Mills’ inventory records for Product Zone.A physical inventory on March 31, 2015, shows 1,500 units on
The following is a record of Cannondale Company’s transactions for Boston Teapots for the month of May 2015.Instructions (a) Assuming that perpetual inventories are not maintained and that a
You are the vice president of finance of Mickiewicz Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2015.These schedules
Tom Brady Shop began operations on January 2, 2015. The following stock record card for footballs was taken from the records at the end of the year.A physical inventory on December 31, 2015, reveals
Professional Simulation In this simulation, you are asked to address questions regarding inventory valuation and measurement.Prepare responses to all parts. KWW Professional Simulation Inventory
Keyser’s Fleece Inc. holds a drove of sheep. Keyser shears the sheep on a semiannual basis and then sells the harvested wool into the specialty knitting market. Keyser has the following information
Kemper Company signed a long-term, non-cancelable purchase commitment with a major supplier to purchase raw materials in 2016 at a cost of $1,000,000. At December 31, 2015, the raw materials to be
The inventory of Oheto Company on December 31, 2015, consists of the following items.Instructions (a) Determine the inventory as of December 31, 2015, by the LCNRV method, applying this method to
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2015, consists of products D, E, F, G, H, and I. Relevant perunit data
Dover Company began operations in 2015 and determined its ending inventory at cost and at LCNRV at December 31, 2015, and December 31, 2016. This information is presented below.Instructions (a)
Presented below is information related to Knight Enterprises.Instructions (a) From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March,
LaGreca Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2015, included product X. Relevant per-unit data for product X are as
Matsumura Dairy began operations on April 1, 2015, with the purchase of 200 milking cows for ¥6,700,000. It has completed the first month of operations and has the following information for its
Mt. Horeb Alpaca Co. has a herd of 150 alpaca. The alpaca are sheared once a quarter to harvest very valuable alpaca wool that is used in designer sweaters. Mt. Horeb has the following information
Larsen Realty Corporation purchased a tract of unimproved land for £55,000. This land was improved and subdivided into building lots at an additional cost of£30,000. These building lots were all of
During 2015, Crawford Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Crawford for a lump sum of £60,000 because it is discontinuing manufacturing
Remmers Company manufactures desks. Most of the company’s desks are standard models and are sold on the basis of catalog prices. At December 31, 2015, the following finished desks appear in the
Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual
Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2015, December 31, 2016, and December 31, 2017, as shown below.Instructions (a) Prepare the journal entries
Finn Berge realized his lifelong dream of becoming a vineyard owner when he was able to purchase the Hillside Vineyard at an estate auction in August 2015 for €750,000.Finn retained the Hillside
Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October
You have been asked by the financial vice president to develop a short presentation on the LCNRV method for inventory purposes. The financial VP needs to explain this method to the president because
Ogala Corporation purchased a significant amount of raw materials inventory for a new product that it is manufacturing.Ogala uses the LCNRV rule for these raw materials. The net realizable value of
Prophet Company signed a long-term purchase contract to buy timber from the government forest service at $300 per thousand board feet. Under these terms, Prophet must cut and pay $6,000,000 for this
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 Barrick Gold Corporation Barrick Gold Corporation (CAN) is the world’s most profitable and largest gold mining company outside South Africa. Part of the key to
Professional Simulation The professional simulation for this chapter asks you to address questions related to inventory valuation and measurement. Prepare responses to all parts. KWW_Professional
Goring Dairy leases its milking equipment from King Finance Company under the following lease terms.1. The lease term is 10 years, non-cancelable, and requires equal rental payments of €30,300 due
Shannon, Inc., changed from the average-cost to the FIFO cost flow assumption in 2015. The increase in the prior year’s income before taxes is €1,200,000. The tax rate is 40%. Prepare Shannon’s
Tedesco Company changed depreciation methods in 2015 from double-declining-balance to straight-line. Depreciation prior to 2015 under double-declining-balance was $90,000, whereas straightline
Sesame Company purchased a computer system for £74,000 on January 1, 2013. It was depreciated based on a 7-year life and an £18,000 residual value. On January 1, 2015, Sesame revised these
In 2015, Bailey Corporation discovered that equipment purchased on January 1, 2013, for €50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no residual
At January 1, 2015, Cheng Company reported retained earnings of ¥20,000,000. In 2015, Cheng discovered that 2014 depreciation expense was understated by ¥4,000,000. In 2015, net income
Cherokee Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for long-term construction contracts during 2015. For tax purposes, the company
Whitman Company began operations on January 1, 2012, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2015. The following
Ramirez Co. decides at the beginning of 2015 to adopt the FIFO method of inventory valuation. Ramirez had used the average-cost method for financial reporting since its inception on January 1, 2013,
Linden Company started operations on January 1, 2010, and has used the FIFO method of inventory valuation since its inception. In 2015, it decides to switch to the average-cost method. You are
Presented below are income statements prepared on an average-cost and FIFO basis for Carlton Company, which started operations on January 1, 2014. The company presently uses the average-cost method
Presented below are the comparative income statements for Pannebecker Inc. for the years 2014 and 2015.The following additional information is provided.1. In 2015, Pannebecker Inc. decided to switch
Bryant Construction Company changed from the costrecovery to the percentage-of-completion method of accounting for long-term construction contracts during 2015. For tax purposes, the company employs
Below is the net income of Benchley Instrument Co., a private corporation, computed under the two inventory methods using a periodic system.Instructions (Ignore tax considerations.)(a) Assume that in
The first audit of the books of Fenimore Company was made for the year ended December 31, 2015. In examining the books, the auditor found that certain items had been overlooked or incorrectly handled
The reported net incomes for the first 2 years of Sinclair Products, Inc., were as follows: 2014, $147,000; 2015, $185,000. Early in 2016, the following errors were discovered.1. Depreciation of
Emerson Tool Company’s December 31 year-end financial statements contained the following errors.An insurance premium of £60,000 was prepaid in 2014 covering the years 2014, 2015, and 2016. The
A partial trial balance of Dickinson Corporation is as follows on December 31, 2015.Additional adjusting data:1. A physical count of supplies on hand on December 31, 2015, totaled R1,100.2. Through
The before-tax income for Fitzgerald Co. for 2014 was $101,000, and for 2015 was $77,400. However, the accountant noted that the following errors had been made.1. Sales for 2014 included amounts of
Holtzman Company is in the process of preparing its financial statements for 2015. Assume that no entries for depreciation have been recorded in 2015. The following information related to
Botticelli Inc. was organized in late 2012 to manufacture and sell hosiery. At the end of its fourth year of operation, the company has been fairly successful, as indicated by the following reported
Chen Company is in the process of adjusting and correcting its books at the end of 2015. In reviewing its records, the following information is compiled.1. Chen has failed to accrue sales commissions
Aston Corporation performs year-end planning in November of each year before its calendar year ends in December. The preliminary estimated net income is £3 million. The CFO, Rita Warren, meets with
The management of Utrillo Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Utrillo changed its method
On December 31, 2015, before the books were closed, the management and accountants of Madrasa Inc. made the following determinations about three depreciable assets.1. Depreciable asset A was

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