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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

You have been assigned to examine the financial statements of Zarle Company for the year ended December 31, 2015. You discover the following situations.1. Depreciation of $3,200 for 2015 on delivery
On March 5, 2016, you were hired by Hemingway Inc., a closely held company, as a staff member of its newly created internal auditing department. While reviewing the company’s records for 2014 and
Lowell Corporation has used the accrual basis of accounting for several years. A review of the records, however, indicates that some expenses and revenues have been handled on a cash basis because of
You have been asked by a client to review the records of Roberts Company, a small manufacturer of precision tools and machines. Your client is interested in buying the business, and arrangements have
Joblonsky Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants “to get everything straightened out.” Consequently, she has proposed the following accounting changes
Katherine Irving, controller of Lotan Corp., is aware that a pronouncement on accounting changes has been issued. After reading the pronouncement, she is confused about what action should be taken on
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
Accounting, Analysis, and Principles In preparation for significant international operations, ABC Co. has adopted a plan to gradually shift to the same accounting policies as used by its
The net income for Letterman Company for 2015 was €320,000. During 2015, depreciation on plant assets was €124,000, amortization of patent was €40,000, and the company incurred a loss on sale
Each of the following items must be considered in preparing a statement of cash flows for Blackwell Inc. for the year ended December 31, 2015. Indicate how each item is to be shown in the statement,
During 2015, Simms Company 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.
Wainwright Corporation had the following activities in 2015.1. Sale of land $180,000. 4. Purchase of equipment $415,000.2. Purchase of inventory $845,000. 5. Issuance of ordinary shares $320,000.3.
Stansfield Corporation had the following activities in 2015.1. Payment of accounts payable €770,000. 4. Collection of note receivable €100,000.2. Issuance of ordinary shares €250,000. 5.
Novak Corporation is preparing its 2015 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
Bloom Corporation had the following 2015 income statement.The following accounts increased during 2015: accounts receivable €12,000, inventory €11,000, and accounts payable €13,000. Prepare the
At January 1, 2015, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2015, accounts receivable is $54,000. Sales for 2015 total $420,000. Compute Eikenberry’s 2015 cash receipts
Moxley Corporation had January 1 and December 31 balances as follows.For 2015, cost of goods sold was €500,000. Compute Moxley’s 2015 cash payments to suppliers. 1/1/15 12/31/15 Inventory 95,000
In 2015, Elbert Corporation 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.
Loveless Corporation had the following 2015 income statement.In 2015, Loveless had the following activity in selected accounts.Prepare Loveless’s cash flows from operating activities section of the
Hendrickson Corporation reported net income of $50,000 in 2015. Depreciation expense was$17,000. The following working capital accounts changed.Compute net cash provided by operating activities.
In 2015, Shaw Corporation 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
In 2015, 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
Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Granderson Inc. for the year ended December 31, 2015.(a) Plant assets that had cost
The income statement of Rodriquez Company 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.
Norman Company’s income statement for the year ended December 31, 2015, contained the following condensed information.Norman’s statement of financial position contained the following comparative
Presented below are two independent situations.Situation A: Chenowith Co. reports revenues of €200,000 and operating expenses of €110,000 in its first year of operations, 2015. Accounts
Messner Co. reported €145,000 of net income for 2015. The accountant, in preparing the statement of cash flows, noted several items occurring during 2015 that might affect cash flows from operating
Following are selected statement of financial position accounts of Sander Bros. Corp. at December 31, 2015 and 2014, and the increases or decreases in each account from 2014 to 2015. Also presented
Condensed financial data of Fairchild Company for 2015 and 2014 are presented below.Additional information:During the year, €70 of ordinary shares were issued in exchange for plant assets. No plant
Andrews Inc., a greeting card company, had the following statements prepared as of December 31, 2015.Additional information:1. Dividends in the amount of €6,000 were declared and paid during
The following are data taken from the records of Durand Company.Additional information:1. Held-for-collection investments carried at a cost of €43,000 on December 31, 2014, were sold in 2015 for
The statement of financial position data of Yang Company at the end of 2015 and 2014 follow (amounts in thousands).Land was acquired for ¥30,000 in exchange for ordinary shares, par ¥30,000, during
Ochoa Inc., had the following condensed statement of financial position at the end of operations for 2014 (¥ in thousands).During 2015, the following occurred.1. A tract of land was purchased for
The accounts below appear in the ledger of Popovich Company.Instructions From the postings in the accounts above, indicate how the information is reported on a statement of cash flows by preparing a
The transactions below took place during the year 2015.1. 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
The following is Sullivan Corp.’s comparative statement of financial position accounts at December 31, 2015 and 2014, with a column showing the increase (decrease) from 2014 to 2015.Additional
The comparative statements of financial position for Hinckley Corporation include the information shown.Additional data related to 2015 are as follows.1. Equipment that had cost €11,000 and was 40%
Mortonson Company has not yet prepared a formal statement of cash flows for the 2015 fiscal year. Comparative statements of financial position as of December 31, 2014 and 2015, and a statement of
Michaels Company had available at the end of 2015 the following information.Instructions Prepare a statement of cash flows for Michaels Company using the direct method. Assume the short-term
Comparative statement of financial position accounts of Marcus Inc. are presented below.Additional data (ignoring taxes):1. Net income for the year was €42,500.2. Cash dividends declared and paid
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 income statement for
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 2015.2. Cash dividends were
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 2015 are as follows.1.
Teresa Ramirez and Lenny Traylor are examining the following statement of cash flows for Panaka Clothing Store’s first year of operations.Teresa claims that Panaka’s statement of cash flows is an
Each of the following items must be considered in preparing a statement of cash flows for Boer Fashions Inc. for the year ended December 31, 2015.1. Fixed assets that had cost R20,000 6½ years
Financial Statement Analysis Case The consolidated statement of cash flows for Telefónica, S.A. (ESP) for the year ended December 31, 2011 and 2012, is presented on page 1246.Instructions (a) What
Accounting, Analysis, and Principles The income statement for the year ended December 31, 2015, for Laskowski Manufacturing Company contains the following condensed information.Included in operating
Professional Simulation The professional simulation for this chapter asks you to address questions related to the accounting for the statement of cash flows. KWW Professional Simulation Statement of
An annual report of Crestwood Industries states, “The company and its subsidiaries have longterm leases expiring on various dates after December 31, 2015. Amounts payable under such commitments,
Morlan Corporation is preparing its December 31, 2015, financial statements. Two events that occurred between December 31, 2015, and March 10, 2016, when the statements were authorized for issue, are
Becker Ltd. is planning to adopt IFRS and prepare its first IFRS financial statements at December 31, 2016. What is the date of Becker’s opening statement of financial position, assuming one year
Bohmann Company is preparing its opening IFRS statement of financial position on January 1, 2015. Under its previous GAAP, Bohmann had capitalized all development costs of $50,000. Under IFRS, only
Stengel plc is preparing its opening IFRS statement of financial position on January 1, 2015. Under its previous GAAP, Stengel used the LIFO inventory method. Under LIFO, its inventory is reported at
Latta Inc. is preparing its opening IFRS statement of financial position on January 1, 2015. Under its previous GAAP, Latta had deferred certain advertising costs amounting to $37,000. Prepare the
Smitz Company is preparing its opening IFRS statement of financial position on January 1, 2015.Under its previous GAAP, Smitz did not record a provision for litigation in the amount of €85,000 that
Keystone Corporation issued its financial statements for the year ended December 31, 2015, on March 10, 2016. The following events took place before the statements were authorized for issue early in
LaGreca Company is involved in four separate industries. The following information is available for each of the four segments.Instructions Determine which of the operating segments are reportable
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 2013–2015.The firm’s total
Howser Inc. 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
Goodman Company is preparing to adopt IFRS. In preparing its opening statement of financial position on January 1, 2015, Goodman identified the following accounting policy differences between IFRS
Lombardo Group is preparing to adopt IFRS. It is preparing its opening statement of financial position on January 1, 2015. Lombardo identified the following accounting policy differences between IFRS
Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2015. The bookkeeper who maintains the financial records has prepared all the unaudited financial
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 2015.Sales of segments
Bradburn Corporation 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
Matheny Inc. 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
Koch Corporation is in the process of preparing its annual financial statements for the fiscal year ended April 30, 2015. The company manufactures plastic, glass, and paper containers for sale to
Ace Inc. 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
At December 31, 2014, Coburn Corp. 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
You are compiling the consolidated financial statements for Winsor Corporation International (WCI). The corporation’s accountant, Anthony Reese, has provided you with the segment information shown
Sino Corporation, 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 2014–2015 fiscal year.Sino’s
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 2015 and 2016. The
In June 2015, the board of directors for McElroy Enterprises Inc.authorized the sale of £10,000,000 of corporate bonds. Jennifer Grayson, treasurer for McElroy Enterprises Inc., is concerned about
Financial Statement Analysis Case RNA Inc. manufactures a variety of consumer products. The company’s founders have run the company for 30 years and are now interested in retiring. Consequently,
Accounting, Analysis, and Principles Savannah, Inc. is a manufacturing company that manufactures and sells a single product. Unit sales for each of the four quarters of 2015 are projected as
Wilton, Inc. had net sales in 2015 of €1,400,000. At December 31, 2015, before adjusting entries, the balances in selected accounts were Accounts Receivable €250,000 debit, and Allowance for
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2015, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting
On October 1, 2015, Chung, Inc. assigns ¥1,000,000 of its accounts receivable to Seneca National Bank as collateral for a ¥750,000 note. The bank assesses a finance charge of 2% of the receivables
Assume that Toni Braxton Company has recently fallen into financial difficulties. By reviewing all available evidence on December 31, 2015, one of Toni Braxton’s creditors, the National Bank,
The controller for Wallaby Co. is attempting to determine the amount of cash and cash equivalents to be reported on its December 31, 2015, statement of financial position. The following information
Sandel Company reports the following financial information before adjustments.Instructions Prepare the journal entry to record bad debt expense assuming Sandel Company estimates bad debts at (a) 1%
At the end of 2015, Sorter Company has accounts receivable of £900,000 and an allowance for doubtful accounts of £40,000. On January 16, 2016, Sorter Company determined that its receivable from
Kobiashi Company sells large store-rack systems and frequently accepts notes receivable from customers as payment. Kobiashi conducts a thorough credit check on its customers, and it charges a fairly
On April 1, 2015, Prince Company assigns $500,000 of its accounts receivable to the Hibernia Bank as collateral for a $300,000 loan due July 1, 2015. The assignment agreement calls for Prince Company
Bohannon Corporation factors €250,000 of accounts receivable with Winkler Financing, Inc. on a without guarantee (no recourse) basis. Winkler Financing will collect the receivables. The receivables
SEK Corp. factors ¥400,000 of accounts receivable with Mays Finance Corporation, without guaranteeing any payment for possible credit losses (without recourse) on July 1, 2015. The receivables
On July 1, 2015, Rentoul Inc. made two sales.1. It sold land having a fair value of £900,000 in exchange for a 4-year, zero-interest-bearing promissory note in the face amount of £1,416,163. The
On December 31, 2014, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a $300,000 zero-interest-bearing note due
Aragon Company has just received the August 31, 2015, bank statement, which is summarized below.Deposits in transit at August 31 are $3,800, and checks outstanding at August 31 total $1,550. Cash on
On December 31, 2015, Iva Majoli Company borrowed €62,092 from Paris Bank, signing a 5-year, €100,000 zero-interest-bearing note. The note was issued to yield 10% interest. Unfortunately, during
On December 31, 2015, Conchita Martinez Company signed a $1,000,000 note to Sauk City Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable
Francis Equipment Co. closes its books regularly on December 31, but at the end of 2015 it held its cash book open so that a more favorable statement of financial position could be prepared for
The following are a series of unrelated situations.1. Halen Company’s unadjusted trial balance at December 31, 2015, included the following accounts.Halen Company estimates its bad debt expense to
Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2015.1. An aging schedule of the accounts receivable as of December 31, 2015, is as
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2015, it assigned, under guarantee, specific accounts amounting to
On October 1, 2015, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $120,000, 8% note (a
Braddock Inc. had the following long-term receivable account balances at December 31, 2014.Note receivable from sale of division $1,500,000 Note receivable from offi cer 400,000 Transactions during
Sandburg Company requires additional cash for its business. Sandburg has decided to use its accounts receivable to raise the additional cash and has asked you to determine the income statement
Bill Jovi is reviewing the cash accounting for Nottleman, Inc., a local mailing service. Jovi’s review will focus on the petty cash account and the bank reconciliation for the month ended May 31,
The Cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2015. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash
On January 1, 2015, Botosan Company issued a €1,200,000, 5-year, zero-interest-bearing note to National Organization Bank. The note was issued to yield 8% annual interest. Unfortunately, during

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