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business
intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Using the information provided in BE3.2, prepare a condensed multiple-step income statement for Brisky Corporation.Data from BE3.2:Brisky Corporation had net sales of $2,400,000 and interest revenue
The following account balances were included in the trial balance of Twain Corporation at June 30, 2025.The Retained Earnings account had a balance of $337,000 at July 1, 2024. There are 80,000
Finley Corporation had income from continuing operations of $10,600,000 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division
Presented below are selected accounts for Alvarez Company as reported in the worksheet at the end of May 2025.InstructionsComplete the worksheet by extending amounts reported in the adjusted trial
Counting Crows Inc. provided the following information for the year 2025.AccountingPrepare (a) A single-step income statement for 2025, (b) A retained earnings statement for 2025 and (c) A
Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2025.Instructionsa. Compute net income for 2025.b. Prepare a partial income statement beginning with income from
The following balances were taken from the books of Alonzo Corp. on December 31, 2025.Assume the total effective tax rate on all items is 20%.InstructionsPrepare a multiple-step income statement;
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following
Santo Design was founded by Thomas Grant in January 2016. Presented below is the adjusted trial balance as of December 31, 2025.Instructionsa. Prepare an income statement and a retained earnings
The adjusted trial balance of Oliver Co. as of December 31, 2025, contains the following.Instructionsa. Prepare an income statement.b. Prepare a retained earnings statement.c. Prepare a classified
The accountant of Latifa 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, 2025.There were 20,000 shares
Stacy Corporation had income from operations of $7,200,000. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption, interest revenue of $17,000, and a
In 2025, Hollis Corporation reported net income of $1,000,000. It declared and paid preferred stock dividends of $250,000. During 2025, Hollis had a weighted average of 190,000 common shares
Vedula Advertising was founded by Murali Vedula in January 2020. The following are both the adjusted and unadjusted trial balances as of December 31, 2025.Instructionsa. Journalize the annual
Wade Corp. has 150,000 shares of common stock outstanding. In 2025, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in
Portman Corporation has retained earnings of $675,000 at January 1, 2025. Net income during 2025 was $1,400,000, and cash dividends declared and paid during 2025 totaled $75,000. Prepare a retained
On January 1, 2025, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or stockholders’ equity balances. On January 2, 2025, it purchased
Andy Roddick is the new owner of Ace Computer Services. At the end of August 2025, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information
Presented below is information related to Gonzales Corporation for the month of January 2025.InstructionsPrepare the necessary closing entries. Cost of goods sold Delivery expense Insurance
Presented below are selected account balances for Homer Winslow Co. as of December 31, 2025.InstructionsPrepare closing entries for Homer Winslow Co. on December 31, 2025. (Omit explanations.)
Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2025, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2025,
On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the
The adjusted trial balance for Ed Bradley Co. is presented in the following worksheet for the month ended April 30, 2025.InstructionsComplete the worksheet and prepare a classified balance sheet.
Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent
Midwest Enterprises made the following entry on December 31, 2025.What entry would Anaheim National Bank make regarding its outstanding loan to Midwest Enterprises? Explain why this must be the case.
When the accounts of Daniel Barenboim Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period.1. The prepaid insurance account shows a
The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2025: Sales Revenue $800,000, Delivery Expense $12,000, Sales
The following information is related to Dickinson Company for 2025.Dickinson Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its
The following is the trial balance of Thompson Corporation at December 31, 2025.A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold for
Starr Co. had sales revenue of $540,000 in 2025. Other items recorded during the year were as follows.Prepare a single-step income statement for Starr for 2025. Starr has 100,000 shares of stock
O’Malley Corporation was incorporated and began business on January 1, 2022. It has been successful and now requires a bank loan for additional working capital to finance expansion. The bank has
Presented below is information related to Viel Company at December 31, 2025, the end of its first year of operations.Instructions Compute the following: (a) Income from operations, (b) Net
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2025. Expenses for 2025 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are
Bobek Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2022, $25,000 in 2023, and $30,000 in 2024. A number of market analysts have recommended that
Maher Inc. reported income from continuing operations before taxes during 2025 of $790,000. Additional transactions occurring in 2025 but not considered in the $790,000 are as follows.1. The
The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2025. Fortunately, the controller had kept certain statistical data related to the income statement as follows.1. The
Presented below is a combined single-step income and retained earnings statement for Nerwin Company for 2025.Additional facts are as follows.1. “Selling, general, and administrative expenses” for
The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
December 31, 2024, Shiga Naoya Corporation had the following stock outstanding.During 2025, Shiga Naoya did not issue any additional common stock. The following also occurred during
Eddie Zambrano Corporation began operations on January 1, 2022. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows.The following information
The following are selected ledger accounts of Spock Corporation at December 31, 2025.Spock’s effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is
The stockholders’ equity section of Hendly Corporation appears below as of December 31, 2025.Net income for 2025 reflects a total effective tax rate of 20%. Included in the net income figure is a
Presented below is information related to Ivan Calderon Corp. for the year 2025.Instructionsa. Prepare a multiple-step income statement for 2025. Assume that 60,000 shares of common stock are
Leno Computers manufactures tablet computers for sale to retailers such as Fallon Electronics. Recently, Leno sold and delivered 200 tablet computers to Fallon for $20,000 on January 5, 2025. Fallon
Mason Advertising was founded in January 2018. Presented below are adjusted and unadjusted trial balances as of December 31, 2025.Instructionsa. Journalize the annual adjusting entries that were
The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
William Murray achieved one of his life-long dreams by opening his own business, The Caddie Shack Driving Range, on May 1, 2025. He invested $20,000 of his own savings in the business. He paid $6,000
In January 2026, Janeway Inc. doubled the amount of its outstanding stock by selling on the market an additional 10,000 shares to finance an expansion of the business. You propose that this
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are
A review of the ledger of Baylor Company at December 31, 2025, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages Payable $0. There are eight
The Amato Theater is nearing the end of the year and is preparing for a meeting with its bankers to discuss the renewal of a loan. The accounts listed below appeared in the December 31, 2025, trial
Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are as
A partial adjusted trial balance of Piper Company at January 31, 2025, shows the following.InstructionsAnswer the following questions, assuming the year begins January 1.a. If the amount in Supplies
Karen Weller, D.D.S., opened a dental practice on January 1, 2025. During the first month of operations, the following transactions occurred.1. Performed services for patients who had dental plan
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 performance
On May 1, 2025, Mount Company enters into a contract to transfer a product to Eric Company on September 30, 2025. It is agreed that Eric will pay the full price of $25,000 in advance on June 15,
Roxanne Carter Corporation reported the following for 2025: net sales $1,200,000, cost of goods sold $750,000, selling and administrative expenses $320,000, and an unrealized holding gain on
During 2025, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2024 and 2023 (Williamson’s first year of operations) under FIFO was $160,000 and $180,000,
C. Reither Co. reports the following information for 2025: sales revenue $700,000, cost of goods sold $500,000, operating expenses $80,000, and an unrealized holding loss on available-for-sale debt
Cooper Investments reported an unusual gain from the sale of certain assets in its 2025 income statement. How does intraperiod tax allocation affect the reporting of this unusual gain?
Vandross Company has recorded bad debt expense in the past at a rate of 1½% of accounts receivable, based on an aging analysis. In 2025, Vandross decides to increase its estimate to 2%. If the new
The following information was taken from the records of Roland Carlson Inc. for the year 2025: income tax applicable to income from continuing operations $187,000, income tax applicable to loss on
Using the information from BE3.7, prepare a retained earnings statement for the year ended December 31, 2025. Assume an error was discovered: land costing $80,000 (net of tax) was charged to
Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $40,000. The
Qualls Corporation reported 2025 earnings per share of $7.21. In 2026, Qualls reported earnings per share as follows.Is the increase in earnings per share from $7.21 to $8.28 a favorable trend? On
Tim Mattke Company began operations in 2023 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2025, in accordance with other companies in its industry, Mattke changed its
During 2025, Liselotte Company reported income of $1,500,000 before income taxes and realized a gain of $450,000 on the disposal of assets related to a discontinued operation. The criteria for
On January 30, 2024, a suit was filed against Frazier Corporation under the Environmental Protection Act. On August 6, 2025, Frazier Corporation agreed to settle the action and pay $920,000 in
Harding Corporation has the following accounts included in its December 31, 2025, trial balance: Accounts Receivable $110,000, Inventory $290,000, Allowance for Doubtful Accounts $8,000, Patents
Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2025.InstructionsPrepare a classified balance sheet in good form. Common stock authorized was 400,000
Presented below is the balance sheet of Sargent Corporation for the current year, 2025.The following information is presented.1. The current assets section includes cash $150,000, accounts receivable
The balance sheet of Kishwaukee Corporation as of December 31, 2025, is as follows.Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of
Company had the following stockholders’ equity as of January 1, 2025.During 2025, the following transactions occurred.Instructionsa. Prepare the journal entries to record the treasury stock
The controller for Clint Eastwood Co. is attempting to determine the amount of cash to be reported on its December 31, 2025, balance sheet. The following information is provided.1. Commercial savings
At the end of 2025, Sawyer Company is conducting an impairment test and needs to develop a fair value estimate for machinery used in its manufacturing operations. Given the nature of Sawyer’s
Answer each of these unrelated questions.a. On January 1, 2025, Fishbone Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone
The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2025 are as follows.Net income of $44,000 was reported, and dividends of $23,000 were paid in
On January 1, 2025, Bonanza Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Bonanza continued to use the FIFO
On December 31, 2025, 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
The following are a series of unrelated situations.1. Halen Company’s unadjusted trial balance at December 31, 2025, included the following accounts.Halen Company estimates its bad debt expense to
Kohlbeck Corporation, a manufacturer of steel products, began operations on October 1, 2024. The accounting department of Kohlbeck has started the fixed-asset and depreciation schedule presented as
Logan Bruno Company has just received the August 31, 2025, bank statement, which is summarized below.The general ledger Cash account contained the following entries for the month of August.Deposits
Tori Amos Corporation began operations on December 1, 2024. The only inventory transaction in 2024 was the purchase of inventory on December 10, 2024, at a cost of $20 per unit. None of this
Fiedler Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company’s inventory records as of December 31,
Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not
Robert Parish Corporation purchased a new machine for its assembly process on August 1, 2025. The cost of this machine was $117,900. The company estimated that the machine would have a salvage value
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
On December 31, 2025, 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
Five Satins Company purchased a piece of equipment at the beginning of 2022. The equipment cost $430,000. It has an estimated service life of 8 years and an expected salvage value of $70,000. The
Machinery purchased for $60,000 by Tom Brady Co. in 2021 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time. Depreciation has been entered for 5
Craig Company asks you to review its December 31, 2025, inventory values and prepare the necessary adjustments to the books. The following information is given to you.1. Craig uses the periodic
On January 1, 2024, Locke Company, a small machine-tool manufacturer, acquired for $1,260,000 a piece of new industrial equipment. The new equipment had a useful life of 5 years, and the salvage
Tones Industries has the following patents on its December 31, 2024, balance sheet.The following events occurred during the year ended December 31, 2025.1. Research and development costs of $245,700
On January 1, 2023, a machine was purchased for $90,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before
Mike Devereaux Company shows the following entries in its Equipment account for 2026. All amounts are based on historical cost.Instructionsa. Prepare any correcting entries necessary.b. Assuming that
Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 2006. It was estimated at that time that its life would be 40 years, with no salvage value. In
Francis Corporation purchased an asset at a cost of $50,000 on March 1, 2025. The asset has a useful life of 8 years and a salvage value of $4,000. For tax purposes, the MACRS class life is 5 years.
In 1998, Herman Moore Company completed the construction of a building at a cost of $2,000,000 and first occupied it in January 1999. It was estimated that the building will have a useful life of 40
A recent annual report of Tootsie Roll Industries contains the following information.InstructionsCompute the following ratios for Tootsie Roll for the current year.a. Asset turnover.b. Return on

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