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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

On March 10, 2027, Lost World Company sells equipment that it purchased for $192,000 on August 20, 2020. It was originally estimated that the equipment would have a life of 12 years and a salvage
A building that was purchased on December 31, 2011, for $2,500,000 was originally estimated to have a life of 50 years with no salvage value at the end of that time. Depreciation has been recorded
Presented below is information related to equipment owned by Suarez Company at December 31, 2025.Assume that Suarez will continue to use this asset in the future. As of December 31, 2025, the
Andrea Kremer purchased a computer for $8,000 on July 1, 2025. She intends to depreciate it over 4 years using the double-declining- balance method. Salvage value is $1,000. Compute depreciation for
Montana Matt’s Golf Inc. was formed on July 1, 2024, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans
Reichenbach Co., organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025 and
On July 1, 2025, Brigham Corporation purchased Young Company by paying $250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2025, the balance sheet of Young Company was as
Stanislaw Timber Company owns 9,000 acres of timberland purchased in 2014 at a cost of $1,400 per acre. At the time of purchase, the land without the timber was valued at $400 per acre. In 2015,
On July 31, 2025, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Mexico. Conchita reported the following
Information concerning Sandro Corporation’s intangible assets is as follows.1. On January 1, 2025, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial
Forda Lumber Company owns a 7,000-acre tract of timber purchased in 2011 at a cost of $1,300 per acre. At the time of purchase, the land was estimated to have a value of $300 per acre without the
During 2023, Wright Tool Company purchased a building site for its proposed research and development laboratory at a cost of $60,000. Construction of the building was started in 2023. The building
After securing lease commitments from several major stores, Auer Shopping Center, Inc. was organized and built a shopping center in a growing suburb. The shopping center would have opened on schedule
Target in 2020 reported net income of $3,281 million, net sales of $77,130 million, and average total assets of $42,035 million. What is Target’s asset turnover? What is Target’s return on assets?
The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $900,000
On January 2, 2025, Raconteur Corp. reported the following intangible assets: (1) Copyright with a carrying value of $15,000, and (2) A trade name with a carrying value of $8,500. The trade name
Carter Company has provided information on intangible assets as follows.A patent was purchased from Ford Company for $2,000,000 on January 1, 2024. Carter estimated the remaining useful life of the
At the beginning of 2025, Aristotle Company acquired a mine for $970,000. Of this amount, $100,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys
Futabatei Enterprises purchased a delivery truck on January 1, 2025, at a cost of $27,000. The truck has a useful life of 7 years with an estimated salvage value of $6,000. The straight-line method
As the recently appointed auditor for Bryan Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2025, are prepared. The controller for
Alcide Mining Company purchased land on February 1, 2025, at a cost of $1,190,000. It estimated that a total of 60,000 tons of mineral was available for mining. After it has removed all the natural
Marshall Company, organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025.InstructionsPrepare
Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2025, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift estimates the patent will have a
On June 30, 2025, your client, Ferry Company, was granted two patents covering plastic cartons that it had been producing and marketing profitably for the past 3 years. One patent covers the
Shimei Inc. purchased computer equipment on March 1, 2025, for $31,000. The computer equipment has a useful life of 10 years and a salvage value of $1,000. For tax purposes, the MACRS class life is 5
Presented below is information related to a copyright owned by Mare Company at December 31, 2025.Assume that Mare Company will continue to use this copyright in the future. As of December 31, 2025,
Treasure Land Corporation incurred the following costs in 2025.Prepare the necessary 2025 journal entry or entries for Treasure Land. Cost of laboratory research aimed at discovery of new
Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $120,000 on April 1, 2025. The franchise grants Gershwin the right to sell certain products and services for a
Angelou Corporation was organized in 2024 and began operations at the beginning of 2025. The company is involved in interior design consulting services. The following costs were incurred prior to the
Cuevas Co. is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this new product. As of year-end (December 31,
During 2021, Winston Corporation spent $170,000 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2021, and
On September 1, 2025, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase, Aumont’s balance sheet showed assets of $620,000, liabilities of
Czeslaw Corporation’s research and development department has an idea for a project it believes will culminate in a new product that would be very profitable for the company. Because the project
The following are selected 2025 transactions of Astin Corporation.Instructionsa. Prepare journal entries for the selected transactions above.b. Prepare adjusting entries at December 31.c. Compute the
In 2025, Ghostbusters Corp. spent $420,000 for “goodwill” visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to
Nieland Industries had one patent recorded on its books as of January 1, 2025. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2025, Nieland incurred research
Broderick Company began operations on January 2, 2025. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually.
Price Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2024, the company expends $325,000 on a research project, but by the end of 2024
In early January 2024, Outkast Corporation applied for a trade name, incurring legal costs of $16,000. In January 2025, Outkast incurred $7,800 of legal fees in a successful defense of its trade
R. Wilson Corporation commenced operations in early 2025. The corporation incurred $60,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its
Romo Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000 to market the process that was patented, all in the year 2025. How should these costs be
Sinise Industries acquired two copyrights during 2025. One copyright related to a textbook that was developed internally at a cost of $9,900. This textbook is estimated to have a useful life of 3
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2015, for $540,000. On January 1, 2025, a review was made of intangible assets and their expected service
The following is a payroll sheet for Otis Imports for the month of September 2025. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8%
In 2024, Austin Powers Corporation developed a new product that will be marketed in 2025. In connection with the development of this product, the following costs were incurred in 2024: research and
Rodriguez Corporation includes the following items in its liabilities at December 31, 2025.1. Notes payable, $25,000,000, due June 30, 2026.2. Deposits from customers on equipment ordered by them
Upland Company borrowed $40,000 on November 1, 2025, by signing a $40,000, 9%, 3-month note. Prepare Upland’s November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the
Dos Passos Company sells televisions at an average price of $900 and also offers to each customer a separate 3-year warranty contract for $90 that requires the company to perform periodic services
On February 1, 2026, one of the huge storage tanks of Viking Manufacturing exploded. Windows in houses and other buildings within a one-mile radius of the explosion were severely damaged, and a
YellowCard Company manufactures accessories for Apple products. It had the following selected transactions during 2025.1. YellowCard provides a 2-year warranty on its docking stations, which it began
Takemoto Corporation borrowed $60,000 on November 1, 2025, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemoto’s November 1, 2025, entry; the December 31, 2025, annual
Brooks Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2025, the corporation
The payroll of YellowCard Company for September 2025 is as follows.Total payroll was $480,000, of which $110,000 is exempt from Social Security tax because it represented amounts paid in excess of
Matt Schmidt Company’s ledger shows the following balances on December 31, 2025.InstructionsAssuming that the directors decide to declare total dividends in the amount of $366,000, determine how
Alvarado Company sells a machine for $7,400 with a 12-month warranty agreement that requires the company to replace all defective parts and to provide the repair labor at no cost to the customers.
Berg Company adopted a stock-option plan on November 30, 2024, that provided that 70,000 shares of $5 par value stock be designated as available for the granting of options to officers of the
Kasten Inc. provides paid vacations to its employees. At December 31, 2025, 30 employees have each earned 2 weeks of vacation time. The employees’ average salary is $500 per week. Prepare
Leppard Corporation sells smart home systems. The corporation also offers its customers a 4-year warranty contract. During 2025, Leppard sold 20,000 warranty contracts at $99 each. The corporation
Dumars Corporation reports in the current liability section of its balance sheet at December 31, 2025 (its year-end), short-term obligations of $15,000,000, which includes the current portion of 12%
On January 1, 2025, Barwood Corporation granted 5,000 options to executives. Each option entitles the holder to purchase one share of Barwood’s $5 par value common stock at $50 per share at any
Douglas Corporation had 120,000 shares of stock outstanding on January 1, 2025. On May 1, 2025, Douglas issued 60,000 shares. On July 1, Douglas purchased 10,000 treasury shares, which were reissued
Complete the following statements by filling in the blanks.a. In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be __________ (less than, greater
At December 31, 2025, Hillyard Corporation has a deferred tax asset of $200,000. After a careful review of all available evidence, it is determined that it is more likely than not that $60,000 of
Wilco Corporation has the following account balances at December 31, 2025.Prepare Wilco’s December 31, 2025, stockholders’ equity section. Common stock, $5 par value Treasury stock Retained
Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2025, the following accounts were included in stockholders’ equity.The following
Faith Evans Corporation is a regional company which is an SEC registrant. The corporation’s securities are thinly traded on NASDAQ. Faith Evans Corp. has issued 10,000 units. Each unit consists of
On February 1, 2025, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2025, journal entry.
The books of Conchita Corporation carried the following account balances as of December 31, 2025.The company decided not to pay any dividends in 2025.The board of directors, at their annual meeting
Washington Company has the following stockholders’ equity accounts at December 31, 2025.Instructionsa. Prepare entries in journal form to record the following transactions, which took place during
Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2025, Lindsey Hunter took part in the following selected transactions.a. Issued 5,000 shares of
Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2025, Arantxa reacquired 200 shares at $80 per share. On November 1, Arantxa reissued the 150 shares at
Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2025, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per
Coldplay Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000.Instructionsa. Prepare the journal entry for the issuance
Mask Company has 30,000 shares of $10 par value common stock authorized and 20,000 shares issued and outstanding. On August 15, 2025, Mask purchased 1,000 shares of treasury stock for $18 per share.
On January 1, 2025, Agassi Corporation had the following stockholders’ equity accounts.During 2025, the following transactions occurred.AccountingJournalize the above transactions. (Include entries
Otis Thorpe Corporation has 10,000 shares of $100 par value, 8%, preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31, 2025.InstructionsAnswer the questions in
Penn Company was formed on July 1, 2023. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of 8%, $25 par value, cumulative and nonparticipating preferred
Earnhart Corporation has outstanding 3,000,000 shares of common stock with a par value of $10 each. The balance in its Retained Earnings account at January 1, 2025, was $24,000,000, and it then had
The following is a summary of all relevant transactions of Vicario Corporation since it was organized in 2025. In 2025, 15,000 shares were authorized and 7,000 shares of common stock ($50 par value)
Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2025, the securities were carried in Cole’s accounting records at their cost of $875,000, which equals their fair value. On
The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2024.InstructionsPrepare the required journal entries for the following unrelated items.a. A 5%
The stockholders’ equity accounts of G.K. Chesterton Company have the following balances on December 31, 2025.Shares of G.K. Chesterton Company stock are currently selling on the Midwest Stock
Anne Cleves Company reported the following amounts in the stockholders’ equity section of its December 31, 2024, balance sheet.During 2025, Cleves took part in the following transactions concerning
Bruno Corporation’s post-closing trial balance at December 31, 2025, is as follows.At December 31, 2025, Bruno had the following number of common and preferred shares.The dividends on preferred
Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2025, and no
Morgan Sondgeroth Inc. began operations in January 2023 and reported the following results for each of its 3 years of operations.At December 31, 2025, Morgan Sondgeroth Inc. capital accounts were as
McNabb Corp. had $100,000 of 7%, $20 par value preferred stock and 12,000 shares of $25 par value common stock outstanding throughout 2025.a. Assuming that total dividends declared in 2025 were
Petrenko Corporation has outstanding 2,000 of $1,000 bonds, each convertible into 50 shares of $10 par value common stock. The bonds are converted on December 31, 2025, when the unamortized discount
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
The stockholders’ equity section of Martino Inc. at the beginning of the current year appears below.During the current year, the following transactions occurred.1. The company issued to the
For each of the unrelated transactions described below, present the entry (entries) required to record each transaction.1. Grand Corp. issued $20,000,000 par value 10% convertible bonds at 99. If the
To stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box. Five coupons are redeemable for a premium consisting of a children’s hand puppet. In 2026, the
Mayaguez Corporation provides its officers with bonuses based on net income. For 2025, the bonuses total $350,000 and are paid on February 15, 2026. Prepare Mayaguez’s December 31, 2025, adjusting
Caratini Company sells custom-made windows to Bryant Inc. for a new office building. The sale price for the windows is $275,000. Caratini requires customers to provide a down payment of 15% before it
Sport Pro Magazine sold 12,000 annual subscriptions on August 1, 2025, for $18 each. Prepare Sport Pro’s August 1, 2025, journal entry and the December 31, 2025, annual adjusting entry, assuming
Streep Factory provides a 2-year warranty with one of its products which was first sold in 2025. Streep sold $1,000,000 of products subject to the warranty. Streep expects $125,000 of warranty costs
Kathleen Battle Corporation was organized on January 1, 2025. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated
On January 5, 2025, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par
On December 31, 2025, McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2026. On January 21, 2026, the company issued 25,000 shares of its common stock
Sprague Company has been operating for several years, and on December 31, 2025, presented the following balance sheet.The net income for 2025 was $25,000. Assume that total assets are the same in

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