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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Disclosures Obtain Kellogg’s 2017 annual report either using the “Investor Relations” portion of its website (do a web search for Kellogg’s investor relations) or go to http://www.sec.gov and
Berkeley Company, a manufacturer of many different products, changed its inventory method from FIFO to LIFO. The LIFO method was determined to be preferable. In addition, Berkeley changed the
Ingalls Corporation is in the process of negotiating a loan for expansion purposes. The books and records have never been audited, and the bank has requested that an audit be performed. Ingalls has
Cask Company’s bookkeeper, who has maintained its accounting records since the company’s formation in January 2017, has prepared the unaudited financial statements. In your examination of these
A review of Anderson Corporation’s books indicates that the errors and omissions pertaining to the balance sheet accounts shown as follows had not been corrected during the applicable years. The
At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2 years:Reported net income was $27,000 in 2018 and $35,000 in 2019. The allowance for doubtful accounts
Kraft Manufacturing Company manufactures two products: Mult and Tran. At December 31, 2019, Kraft used the FIFO inventory method. Effective January 1, 2020, Kraft changed to the LIFO inventory
On January 2, 2019, Quo Inc. hired Reed as its controller.During the year, Reed, working closely with Quo’s president and outside accountants, made changes in accounting policies, corrected several
SituationYou are the new accountant for 12th National Bank and are preparing its 2019 statement of cash flows. The bank reports net income of $75,800 on its 2019 income statement. Included in this
Obtain The Coca-Cola Company’s 2017 annual report either using the “Investor Relations” portion of its website (do a web search for Coca-Cola investor relations) or go to http://www.sec.gov and
Alfred Engineering Company is a young and growing producer of electronic measuring instruments and technical equipment. You have been retained by Alfred to advise it in the preparation of a statement
Refer to the information for Heinz Company in P21-8.Required:Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows.P21-8Heinz Company’s
The following are Adair Company’s December 31, 2018, post-closing trial balance and the December 31, 2019, adjusted trial balance:A review of the accounting records reveals the following additional
Refer to the information for Farrell Corporation in P21-13.Required:1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows.2. Prepare the
The following is a list of the items to be included in the preparation of Yellow Company’s 2019 statement of cash flows:a. Proceeds from sale of land, $2,100b. Payments of interest, $5,000c.
Refer to the information for Lamberson Company in P21-6.Required:1. Using the direct method, prepare the operating activities section of the 2019 statement of cash flows for Lamberson.2. (Optional).
The following are Farrell Corporation’s balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019:Additional
Angel Company has prepared its financial statements for the year ended December 31, 2019, and for the 3 months ended March 31, 2020. You have been asked to prepare a statement of cash flows for the
Ryan Company’s bookkeeper prepared the following 2019 statement of cash flows:After a thorough investigation, you have determined that the amounts of the items listed on the statement are correct.
The following transactions were recorded on the books of Baxter Company during the current year.a. Issued a “small” common stock dividend of 400 shares. The par value is $10 per share, and the
On December 31, 2019, a fire destroyed a significant portion of Richey Company’s accounting records. Only the January 1, 2019, balance sheet, the statement of cash flows for 2019, and several
Heinz Company’s post-closing trial balance as of December 31, 2018, and the adjusted trial balance as of December 31, 2019, are shown here:A review of the accounting records reveals the following
The following information is available for Bott Company:Additional information for the year:a.b. Last year, depreciation expense was inadvertently understated in the amount of $1,800. The correction
The following information was taken from Lamberson Company’s accounting records:Additional information for the year:Sales ...........................................................$ 39,930Cost of
The following partially completed spreadsheet has been prepared for Perrin Company’s 2019 statement of cash flows:Additional relevant information:a.b. Accumulated depreciation is a contra account
The following is a list of the items to be included in the preparation of Trone Company’s2019 statement of cash flows:a. Ordinary gain, $9,200b. Proceeds from issuance of note, $25,000c. Decrease
The following is a list of the items to be included in the preparation of Warrick Company’s 2019 statement of cash flows:a. Net income, $59,200b. Payment for purchase of building, $98,000c.
Verna Company’s records provided the following information for 2019:a. Decrease in accounts payable, $4,600b. Loss on sale of land, $1,900c. Increase in inventory, $7,800d. Increase in income taxes
Dauve Company reported the following condensed income statement for 2019:During 2019, the following changes occurred in the company’s current assets and current liabilities:Increase (Decrease)Cash
The following changes in account balances were taken from Walson Company’s adjusted trial balance at the end of 2019:In addition, the following information was obtained from the company’s
The following is a list of items to be included in Estes Company’s 2019 statement of cash flows:a. Payments to suppliers, $31,500b. Other operating receipts, $1,200c. Payments of dividends,
following is accounting information taken from Woodrail Company’s adjusted trial balance for 2019:In addition, the following changes occurred in selected accounts during 2019:Accounts Receivable
Refer to the information for Stewart Company in E21-11.Required:Based only on the information presented and using the direct method, prepare the cash flows from operating activities section of the
Verlando Company had the following account balances and information available for 2019:During 2019, Verlando recorded the following transactions affecting these accounts:a. Land with a carrying value
The following is a list of the items for Lombardo Company’s 2019 statement of cash flows:a. Depreciation expense, $4,200b. Proceeds from sale of land, $5,600c. Payment of dividends, $5,000d. Net
On October 4, 2019, Collins Company purchased 100 bonds of Steph Company for $6,400 as a short-term investment in securities classified as available for sale. On December 31, 2019, the bonds had a
Staggs Company has prepared its 2019 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2019. The following information is
The following 2019 information is available for Stewart Company:Condensed Income Statement for 2019Sales ..............................................$ 9,000Cost of goods sold
The following 2019 information is available for Payne Company:Partial additional information: The net income for 2019 totaled $1,600. During 2019, the company sold, for $390, equipment that cost $390
Hanks Company has prepared the following changes in account balances for the spreadsheet to support its 2019 statement of cash flows:Additional information: The net income was $1,300. Depreciation
Andell Company’s 2019 statement of cash flows, as developed by its bookkeeper, is shown here:You determine that the amounts of the items listed on the statement are correct, but in certain
The following is a list of items for Witts Company’s 2019 statement of cash flows:a. Receipt from sale of equipment, $2,700b. Increase in inventory, $3,900c. Net income, $13,500d. Payment for
Hyde Company’s records for 2019 provide the following information:a. Amortization of premium on bonds payable, $600b. Purchase of equipment, $6,000c. Depreciation expense, $7,400d. Decrease in
The following beginning balance sheet and statement of cash flows for 2019 are available for Fazzi Company:Required:On the basis of this information, prepare a balance sheet for Fazzi as of December
Noble Company’s accounting records provided the following changes in account balances and other information for 2019:Additional information: Net income was $9,900. Dividends were declared and paid.
Gordon Company’s accounting records provided the following changes in account balances and other information for 2019:Additional information: Net income totaled $5,800. Dividends were declared and
Following are totals from selected financial statements of Magdalene Corporation for the years ended December 31, 2019 and 2020:Required:1. Next Level Calculate the operating cash flow ratio for the
The following information was taken from Oregon Corporation’s accounting records for 2019:Proceeds from issuance of preferred stock .................................$4,000,000Dividends paid on
Smith Company provided the following information on selected transactions for 2019:Net income ................................................................$20,000,000Proceeds from short-term
The net income for Mountain Corporation was $4,000,000 for the year ended December 31, 2019. Additional information is as follows:Depreciation on fixed assets
Selected information from Brook Corporation’s accounting records and financial statements for 2019 follows:Net cash provided by operating activities
Saratoga Company reports sales of $200,000 and interest revenue of $17,000 for the current year. During the year, accounts receivable increased by $21,000 and interest receivable decreased by
Which of the following would be considered a cash outflow for investing activities?a. Cash paid to purchase product for inventoryb. Cash paid to reacquire common stockc. Cash paid to repay debtd.
Jordan Company recognized a $5,000 unrealized holding gain on investment in Starbucks’s common stock during 2019. The company classified as equity investments. How would this information be
Dunn Company recognized a $5,000 unrealized holding gain on investment in Starbucks’s long-term bonds during 2019. The company classified its investment as an available-for-sale security. How would
On January 1, Hazard Company, a lessee, entered into three noncancelable leases for brand new general equipment: Lease J, Lease K, and Lease L. None of the three leases transfers ownership of the
RaleighTech enters into an arrangement with Bloomington Corp. to provide services, through a centralized data center. Because this involves a new secret project for Bloomington, it asks that
A customer enters into a 3-year contract with the Raleigh Sports Arena for the right to occupy a luxury box at events. Each luxury box has 20 individual seats. The contract provides that the customer
As of 2017, drivers in the United States now lease almost 80% of battery electric vehicles and over 55% of plug-in hybrids.16 The study found that the lease rate for nonelectric and non-hybrid
Landlord Company and Tenant Company enter into a noncancelable, direct financing lease on January 1, 2019, for nonspecialized equipment that cost the Landlord $280,000 (useful life is 6 years with no
Farrington Company leases a computer from Wilson Company. The lease includes the following provisions:• The lease is noncancelable and has a term of 8 years.• The annual rentals are $60,000,
Benjamin Company has rented new equipment to Murrell Builders that cost Benjamin $48,000, and has a fair value of $50,000. This nonspecialized equipment has a life of 4 years and no residual value at
Lessee Company leases heavy equipment on January 1, 2019, from Lessor Company with the following lease provisions:• The lease is noncancelable and has a term of 10 years.• The lease does not
On January 1, 2019, Amity Company leases a crane to Baltimore Company.The lease contains the following terms and provisions:• The lease is noncancelable and has a term of 10 years.• The lease
Lamplighter Company, the lessor, agrees to lease equipment to Tilson Company, the lessee, beginning January 1, 2019. The lease terms, provisions, and related events are as follows:• The lease is
Lessor Company and Lessee Company enter into a 5-year, noncancelable, sales-type lease on January 1, 2019, for equipment that cost Lessor $375,000 (useful life is 5 years). The fair value of the
Calder Company, the lessor, enters into a lease with Darwin Company, the lessee, to provide heavy equipment beginning January 1, 2017. The lease is appropriately classified as a sales-type lease. The
Timmer Company signs a lease agreement dated January 1, 2019, that provides for it to lease equipment from Landau Company beginning January 1, 2019. The lease terms, provisions, and related events
Scupper Farms, the lessee, and Tyrrell Equipment, the lessor, sign a lease agreement on January 1, 2019, that provides for Scupper to lease a cultivator from Tyrrell. The lease terms, provisions, and
On January 1, 2019, Alice Company leases nonspecialized equipment for 5 years, agreeing to pay $65,000 annually at the beginning of each year under the noncancelable lease. Superior Equipment
On January 1, 2019, Ballieu Company leases specialty equipment with an economic life of 8 years to Anderson Company. The lease contains the following terms and provisions:• The lease is
Reuben Company retires a machine from active use on January 2, 2019, for the express purpose of leasing it. The machine had a carrying value of $900,000 after 12 years of use and is expected to have
The following information is available for a noncancelable lease of equipment entered into on March 1, 2019. The lease is classified as a sales-type lease by the lessor (Anson Company) and as a
Diego Leasing Company agrees to provide La Jolla Company with equipment under a noncancelable lease for 5 years. The equipment has a 5-year life, cost Diego $25,000, and will have no residual value
Rexon Company leases non-specialized equipment to Ten-Care Company beginning January 1, 2019. The lease terms, provisions, and related events are as follows:1. The lease term is 8 years. The lease is
Ravis Rent-A-Car Company leases a car to Ira Reem, an employee, on January 1, 2019. The term of the noncancelable lease is 4 years. The following information about the lease is provided:1. Title to
Use the information for Edom Company in E20-8, except that the residual value was guaranteed by Davis Company (the lessee).Required:1. Assuming that the lease is a sales-type lease, calculate the
Edom Company, the lessor, enters into a lease with Davis Company to lease equipment to Davis beginning January 1, 2019. The lease terms, provisions, and related events are as follows:1. The lease
Berne Company (lessor) enters into a lease with Fox Company to lease equipment to Fox beginning January 1, 2019. The lease terms, provisions, and related events are as follows:1. The lease term is 4
Ramsey Company leases heavy equipment to Terrell Inc. on March 1, 2019, on the following terms:1. Twenty-four lease rentals of $2,950 at the beginning of each month are to be paid by Terrell, and the
On January 1, 2019, Nelson Company leases certain property to Queens Company at an annual rental of $60,000 payable in advance at the beginning of each year for 8 years. The first payment is received
On January 1, 2019, Concord Corp. signs a contract to lease nonspecialized manufacturing equipment from Stone Inc. Concord agrees to make lease payments of $47,500 per year.Additional information
Sax Company signs a lease agreement dated January 1, 2019, that provides for it to lease computers from Appleton Company beginning January 1, 2019. The lease terms, provisions, and related events are
Adden Company signs a lease agreement dated January 1, 2019, that provides for it to lease non-specialized heavy equipment from Scott Rental Company beginning January 1, 2019. The lease terms,
On January 1, 2019, Caswell Company signs a 10-year cancelable (at the option of either party) agreement to lease a storage building from Wake Company. The following information pertains to this
Use the following information to decide whether this equipment lease qualifies as an operating, sales-type, or direct financing lease to a lessor.a. • There is no transfer of ownership at the end
Use the information in RE20-1. Prepare the journal entry that Keller Corporation would make during the first year of the lease assuming that the lease is classified as an operating lease.RE20-1Keller
Keller Corporation (the lessee) entered into a general equipment lease with Dallo Company (the lessor) on January 1 of Year 1. Use the following information to decide whether this lease qualifies as
On August 1, 2019, Kern Company leased a machine to Day Company for a 6-year period requiring payments of $10,000 at the beginning of each year. The machine cost $40,000 and has a useful life of 8
On January 2, 2019, Lafayette Machine Shops Inc. signed a 10-year noncancelable lease for a heavyduty drill press, stipulating annual payments of $15,000 starting at the end of the first year, with
Refer to the information for Tiger Inc. above. Assuming that Tiger uses straight-line amortization, what is the amount of amortization and interest expense that Tiger should record for the year ended
Refer to the information for Fox Company above. What is the amount of profit on the sale and the amount of interest income that Fox should record for the year ended December 31, 2019?a. $0 and
East Company leased a new machine from North Company on May 1, 2019, under a lease with the following information:Lease term
Which of the following should be included by the lessee in determining the amount of the right-to use asset and lease liability: Unguaranteed Residual Value Fixed Payments Yes Yes a. No Yes Yes b. C.
Describe the difference between how a lessor would report the cash flows associated with an operating lease and a finance lease.
Why are compound interest concepts appropriate and applicable in accounting for a sales-type lease?
What must a lessee disclose for all leases whether classified as operating or finance?
Describe the difference between how a lessee would report the cash flows associated with an operating lease and a finance lease.
Describe briefly the procedures followed by the lessee to account for a finance lease.
From a lessor’s standpoint, a direct-financing lease does not meet any of the classification criteria of a sales-type lease but does meet both of the additional criteria. Describe these two

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