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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Wallace Computer Company is a small, closely held corporation. Eighty percent of the stock is held by Derek Wallace, president. Of the remainder, 10% is held by members of his family and 10% by Kathy
At December 31, 2025, Burr Corporation owes $500,000 on a note payable due February 15, 2026. (a) If Burr had restructured the note on December 15, 2025, such that Burr has the contractual right
On December 31, 2025, Holmes Company has $7,000,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2026. On December 28, 2025, Holmes enters into a refinancing agreement
Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50¢. The block sets cost Wynn $1.10 each to purchase and 60¢ each to mail to
The following are three independent situations.1. Hairston Rewards Inc. provides rewards services to licensees. Hairston records service revenue related to rewards (granted as reward vouchers, which
Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2026.1. Its line of amplifiers carries a 3-year warranty against defects. On the
Presented below are selected transactions of Lombardino Restaurant for the month ending August 31, 2025.a. Lombardino sells 80 gift cards at $75 per gift card and 50 of the gift cards are redeemed by
You are the independent auditor engaged to audit Millay Corporation’s December 31, 2025, financial statements. Millay manufactures household appliances. During the course of your audit, you
Presented below are three independent situations. Answer the question at the end of each situation. 1. During 2025, Salt-n-Pepa Inc. became involved in a tax dispute with the IRS.
Scorcese Inc. is involved in a lawsuit at December 31, 2025. (a) Prepare the December 31 entry assuming it is probable that Scorcese will be liable for $900,000 as a result of this
Garison Music Emporium carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. Garison uses two sales promotion techniques—warranties and
Sycamore Candy offers an MP3 download (seven-single medley) as a premium for every five candy bar wrappers presented by customers together with $2.50. The candy bars are sold by the company to
No Doubt Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2025, No Doubt Company purchased 8,800 premiums at
Rio Grande Taco Palace sells 200 gift cards at $50 per gift card and 100 of the gift cards are redeemed by year-end. Prepare the journal entries. (Ignore Cost of Goods Sold and possible breakage.)
Soundgarden Company sold 200 color laser copiers on July 10, 2025, for $4,000 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be
Early in 2025, Crow Equipment sold 500 Rollomatics at $6,000 each. During 2025, Crow spent $20,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All sales transactions are
On November 24, 2025, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling $9,000,000 were
Polska Corporation, in preparation of its December 31, 2025, financial statements, is attempting to determine the proper accounting treatment for each of the following situations.1. As a result of
Brown University Student Housing Inc. requires all tenants to pay a $500 security deposit, which will be returned at the end of the lease, less any repair costs on the apartment. Brown rented 275
Aubrey Inc. issued $4,000,000 of 10%, 10-year convertible bonds on June 1, 2025, at 98 plus accrued interest. The bonds were dated April 1, 2025, with interest payable April 1 and October 1. Bond
On January 1, 2024, Garner issued 10-year, $200,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Garner $2 par value common stock. The company has had 10,000 shares
Volker Inc. issued $2,500,000 of convertible 10-year bonds on July 1, 2025. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue
The December 31, 2025, balance sheet of Kepler Corp. is as follows.On March 5, 2026, Kepler Corp. called all of the bonds as of April 30 for the principal plus interest through April 30. By April 30,
On January 1, 2024, when its $30 par value common stock was selling for $80 per share, Plato Corp. issued $10,000,000 of 8% convertible debentures due in 20 years. The conversion option allowed the
Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for
Assume that Amazon.com has a stock-option plan for top management. Each stock option represents the right to purchase a share of Amazon $1 par value common stock in the future at a price equal to the
Charles Austin of the controller’s office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2026.
On January 1, 2025, Gottlieb Corporation issued $4,000,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be
Melton Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2025, and May 31, 2026. The income from operations for
Illiad Inc. has decided to raise additional capital by issuing $170,000 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was determined that to help the sale
Christina Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Christina employs a fiscal year ending May 31.Income from operations
On November 1, 2025, Columbo Company adopted a stock-option plan that granted options to key executives to purchase 30,000 shares of the company’s $10 par value common stock. The options were
On May 1, 2025, Friendly Company issued 2,000 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 98, but the fair value of
On January 1, 2025 (the date of grant), Lutz Corporation issues 2,000 shares of restricted stock to its executives. The fair value of these shares is $75,000, and their par value is $10,000. The
On January 1, 2026, Titania Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company’s $10 par common stock at $25 per share. The options were
On January 1, 2024, Nichols Corporation granted 10,000 options to key executives. Each option allows the executive to purchase one share of Nichols’ $5 par value common stock at a price of $20 per
Kalin Corporation had 2025 net income of $1,000,000. During 2025, Kalin paid a dividend of $2 per share on 100,000 shares of preferred stock. During 2025, Kalin had outstanding 250,000 shares of
Derrick Company issues 4,000 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2025. The stock has a fair value of $120,000 on this date. The service period related to this restricted
Tweedie Company issues 10,000 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2025. The stock has a fair value of $500,000 on this date. The service period related to this restricted
The 2025 income statement of Wasmeier Corporation showed net income of $480,000 and a loss from discontinued operations of $120,000. Wasmeier had 100,000 shares of common stock outstanding all year.
Rockland Corporation earned net income of $300,000 in 2025 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 5% bonds, which are
Tomba Corporation had 300,000 shares of common stock outstanding on January 1, 2025. On May 1, Tomba issued 30,000 shares. (a) Compute the weighted-average number of shares outstanding if the
DiCenta Corporation reported net income of $270,000 in 2025 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred
At December 31, 2025, Reid Company had 600,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 200,000 of which were issued on
The information below pertains to Barkley Company for 2026.There were no changes during 2026 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury
On July 1, 2025, Roberts Corporation issued $3,000,000 of 9% bonds payable in 20 years. The bonds include detachable warrants giving the bondholder the right to purchase for $30 one share of $1 par
On September 1, 2025, Sands Company sold at 104 (plus accrued interest) 4,000 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two
Presented below is an amortization schedule related to Spangler Company’s 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2023, for $108,660.The following
On January 1, 2025, Lennon Industries had stock outstanding as follows.To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 160,000 common shares. The
Capulet Company establishes a stock-appreciation rights program that entitles its new president Ben Davis to receive cash for the difference between the market price of the stock and a
On June 1, 2023, Andre Company and Agassi Company merged to form Lancaster Inc. A total of 800,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis.On
Sarazan Company issues a 4-year, 7.5% fixed-rate interest only, nonprepayable $1,000,000 note payable on December 31, 2024. It decides to change the interest rate from a fixed rate to variable rate
In 2024, Chirac Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Chirac had revenues of $17,500 and expenses other than interest and taxes of $8,400
On December 31, 2021, Beckford Company issues 150,000 stock-appreciation rights to its officers entitling them to receive cash for the difference between the market price of its stock and a
On January 1, 2025, Crocker Company issued 10-year, $2,000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Crocker common stock. Crocker’s net income in 2025 was
Garfield Company purchased, on January 1, 2025, as a held-to-maturity investment, $80,000 of the 9%, 5-year bonds of Chester Corporation for $74,086, which provides an 11% return. Prepare
Venzuela Company’s net income for 2025 is $50,000. The only potentially dilutive securities outstanding were 1,000 options issued during 2024, each exercisable for one share at $6. None has been
The Simon Corporation issued 10-year, $5,000,000 par, 7% callable convertible subordinated debentures on January 2, 2025. The bonds have a par value of $1,000, with interest payable annually. The
At January 1, 2025, Langley Company’s outstanding shares included the following.280,000 shares of $50 par value, 7% cumulative preferred stock900,000 shares of $1 par value common stockNet income
Winsor Inc. recently purchased Holiday Corp., a large midwestern home painting corporation. One of the terms of the merger was that if Holiday’s income for 2025 was $110,000 or more, 10,000
On January 1, 2026, Wilke Corp. had 480,000 shares of common stock outstanding. During 2026, it had the following transactions that affected the common stock account.Instructionsa. Determine the
Ace Company had 200,000 shares of common stock outstanding on December 31, 2026. During the year 2027, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year
Ferraro, Inc. established a stock-appreciation rights (SARs) program on January 1, 2025, which entitles executives to receive cash at the date of exercise for the difference between the market price
Define the following terms.a. Basic earnings per share.b. Potentially dilutive security.c. Diluted earnings per share.d. Complex capital structure.e. Potential common stock.
Bedard Corporation reported net income of $300,000 in 2025 and had 200,000 shares of common stock outstanding throughout the year. Also outstanding all year were 45,000 options to purchase common
On August 15, 2024, Outkast Co. invested idle cash by purchasing a call option on Counting Crows Inc. common shares for $360. The notional value of the call option is 400 shares, and the option price
At December 31, 2025, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2026, the deferred tax asset is $59,000. The corporation’s 2026 current tax expense is $61,000. What amount
Crosley Corp. sold an investment on an installment basis. The total gain of $60,000 was reported for financial reporting purposes in the period of sale. The company qualifies to use the
Mitchell Corporation had income before income taxes of $195,000 in 2025. Mitchell’s current income tax expense is $24,000, and deferred income tax expense is $15,000. Prepare Mitchell’s 2025
The income statement for the year ended December 31, 2025, for Laskowski Manufacturing Company contains the following condensed information.Included in operating expenses is a $24,000 loss resulting
You have completed the field work in connection with your audit of Alexander Corporation for the year ended December 31, 2025. The balance sheet accounts at the beginning and end of the year are
Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2025.Additional information:1. Dividends in the amount of $6,000 were declared and paid during 2025.2.
Michaels Company had available at the end of 2025 the following information.InstructionsPrepare a statement of cash flows for Michaels Company using the direct method accompanied by a reconciliation
Following are selected balance sheet accounts of Allman Bros. Corp. at December 31, 2025 and 2024, and the increases or decreases in each account from 2024 to 2025. Also presented is selected income
Condensed financial data of Pat Metheny Company for 2025 and 2024 are presented below.Additional information:During the year, $70 of common stock was issued in exchange for plant assets. No plant
Chapman Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative balance sheet and income statement for Chapman as of May 31,
Los Lobos Corp. uses the direct method to prepare its statement of cash flows. Los Lobos’s trial balances at December 31, 2025 and 2024, are as follows.Additional information:1. Los Lobos purchased
In 2025, Leppard Inc. issued 1,000 shares of $10 par value common stock for land worth $40,000.a. Prepare Leppard’s journal entry to record the transaction.b. Indicate the effect the transaction
Hendrickson Corporation reported net income of $50,000 in 2025. Depreciation expense was $17,000. The following working capital accounts changed.Compute net cash provided by operating activities.
In 2025, Wild Corporation reported a net loss of $70,000. Wild’s only net income adjustments were depreciation expense $81,000, and increase in accounts receivable $8,100. Compute Wild’s net cash
Colbert Corporation had the following 2025 income statement.In 2025, Colbert had the following activity in selected accounts.Prepare Colbert’s cash flows from operating activities section of the
Mortonson Company has not yet prepared a statement of cash flows for the 2025 fiscal year. Comparative balance sheets as of December 31, 2024 and 2025, and a statement of income and retained earnings
Krauss Company’s income statement for the year ended December 31, 2025, contained the following condensed information.Krauss’s balance sheet contained the following comparative data at December
Broussard Company reported net income of $3.5 million in 2025. Depreciation for the year was $520,000, accounts receivable increased $500,000, and accounts payable increased $300,000. Compute net
Ballard Co. reported $145,000 of net income for 2025. The accountant, in preparing the statement of cash flows, noted the following items occurring during 2025 that might affect cash flows from
The following are Sullivan Corp.’s comparative balance sheet accounts at December 31, 2025 and 2024, with a column showing the increase (decrease) from 2024 to 2025.Additional information:1. On
In 2025, 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. At
Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Turbulent Indigo Inc. for the year ended December 31, 2025.a. Plant assets that had cost
Bloom Corporation had the following 2025 income statement.The following accounts increased during 2025: Accounts Receivable $12,000, Inventory $11,000, and Accounts Payable $13,000. Prepare the cash
Presented below are two independent situations.Situation A: Annie Lennox Co. reports revenues of $200,000 and operating expenses of $110,000 in its first year of operations, 2025. Accounts receivable
At January 1, 2025, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2025, accounts receivable is $54,000. Sales revenue for 2025 total $420,000. Compute Eikenberry’s 2025 cash
Each of the following items must be considered in preparing a statement of cash flows for Cruz Fashions Inc. for the year ended December 31, 2025.1. Fixed assets that had cost $20,000 6½ years
Stansfield Corporation had the following activities in 2025.1. Payment of accounts payable $770,000. 2. Issuance of common stock $250,000. 3. Payment of dividends $350,000. 4.
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
Wainwright Corporation had the following activities in 2025.1. Sale of land $180,000.2. Purchase of inventory $845,000.3. Purchase of treasury stock $72,000. 4. Purchase of equipment $415,000.5.
Anthony Incorporated leases a piece of machinery to Irving Company on January 1, 2025, under the following terms.1. The lease is to be for 4 years with rental payments of $12,471 to be made at the
Novak Corporation is preparing its 2025 statement of cash flows, using the indirect method. Presented below is a list of items that may affect the statement. Using the code below, indicate how each
Winston Industries and Ewing Inc. enter into an agreement that requires Ewing Inc. to build three diesel-electric engines to Winston’s specifications. Upon completion of the engines, Winston has
Ludwick Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2025. Annual rental payments of $40,000 are to be made at the beginning of each lease year
Norton Co. had the following amounts related to its pension plan in 2025.Determine for 2025 (a) Norton’s other comprehensive income (loss) and (b) Comprehensive income. Net income for 2025 is

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