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intermediate accounting reporting

Intermediate Accounting Reporting and Analysis 3rd edition James M. Wahlen, Jefferson P. Jones, Donald Pagach - Solutions

On April 1, 2019, Pine Construction Company entered into a fixed-price contract to construct an apartment building for $6,000,000. Pine will satisfy the performance obligations in the contract over time and appropriately accounts for this contract. Information relating to the contract is as
Warren Construction Company has consistently recognized revenue from its long-term contracts as the performance obligations were met over time. In 2019, Warren started work on a $6,000,000 construction contract, which was completed in 2018. The accounting records disclosed the following data:How
On July 15, 2019, Matrix Corp. sells 20,000 snow shovels to a distributor for $15 per shovel. The distributor pays the amount on July 15, 2019, and has the right to return any of the snow shovels for any reason within 180 days for a full refund. Matrix uses the expected value method and estimates
Orange Construction Company enters into a long-term contract to build a new stadium. The contract is for $400 million and work is expected to be completed on June 30, 2019. Orange will receive a $20 million bonus if the work is completed by June 30, 2019. Orange has built numerous stadiums and
Under what circumstances does a company recognize revenue over time for long term contracts?
What types of disclosures must companies make to allow users to understand how revenue is by affected economic factors?
If the seller’s performance creates an asset (e.g., work in progress) that the customer controls as the asset is created, would the performance obligation be satisfied at a point in time or over time?
How does a seller satisfy a performance obligation? When does this occur?
What is the best evidence of a good’s or service’s stand-alone selling price?
How does the seller allocate the transaction price when a contract contains multiple performance obligations?
What is the seller’s main objective when determining the transaction price?
How should the seller treat promised goods and services that are not distinct within a contract?
What is a performance obligation? Do performance obligations need to be legally enforceable?
What is a contract? What form can a contract take?
When a company recognizes revenue during a period, what does it also recognize in its balance sheet?
How does the FASB define revenues?
SituationIn 2019, its first year of operations, Kanbec Corporation appropriately reported basic earnings per share of $1.05 on its income statement. During 2020, the company instituted a share option plan and is required to report both basic and diluted earnings per share of $1.12 and $0.98,
Ryan Company has as a goal that its earnings per share should increase by at least 3% each year; this goal has been attained every year over the past decade. As a result, the market price per share of Ryan’s common stock also has increased each year. Last year (2018), Ryan’s earnings per share
Obtain The Coca-Cola Company’s 2017 annual report either using the “Investor Relations” portion of its web site (do a Web search for Coca-Cola investor relations) or go to http://www.sec.gov and click “Search for company filings” under “Filings and Forms (EDGAR).”Required:1. What does
Brady Company has 30,000 shares of $10 par value common stock authorized and 20,000 shares issued and outstanding. On August 13, 2019, Brady purchased 1,000 shares of treasury stock for $12 per share. Brady uses the cost method to account for treasury stock. On September 14, 2019, Brady sold 500
Olmstead Corporation’s capital structure is as follows:The following additional information is available:1. On September 1, 2019, Olmstead sold 36,000 additional shares of common stock.2. Net income for the year ended December 31, 2019, was $750,000.3. During 2019, Olmstead paid dividends of $3
The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the company’s income statement for the year ended September 30, 2020. As currently calculated, Red Lake’s net income is $540,000
Frost Company has accumulated the following information relevant to its 2019 earnings per share.1. Net income for 2019: $150,500.2. Bonds payable: On January 1, 2019, the company had issued 10%, $200,000 bonds at 110. The premium is being amortized in the amount of $1,000 per year. Each $1,000 bond
At the beginning of 2019, Microbee Honey Corporation had 90,000 shares of $1.00 par value common stock issued and outstanding. During 2019, the following common stock transactions have taken place:Feb. 1, Issued 40,000 shares at a price of $32 per share.Apr. 1, Declared and distributed a 10%
Roseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income statement. It has collected the following information at the end of 2019:1. Net income: $120,400. Included in the net income is income from continuing operations of $130,400 and a loss from
Winona Company began 2019 with 10,000 shares of $10 par common stock and 2,000 shares of 9.4%, $100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company issued 2,000 and 6,000 additional shares of common stock. On November 16, Winona declared a 2-for-1
Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight-line method) and dividends on each security during 2019. Each of the convertible securities is described in the following
Anoka Company reported the following selected items in the shareholders’ equity section of its balance sheet on December 31, 2019, and 2020:In addition, it listed the following selected pretax items as of December 31, 2019 and 2020:The preferred shares were outstanding during all of 2019 and
Mantego Company listed the following selected pretax items as of December 31, 2019:Additional information:The preferred shares had been outstanding the entire year; annual dividends were declared and paid in 2019.During 2019, 2,000 common shares were issued on July 2, and 6,000 common shares were
Graham Railways Inc. is evaluating its operations and provides the following information:Required:For each of the years 2017 through 2019, calculate Graham Railways’s earnings per share and dividend yield ratio. The company has no preferred stock or other potentially dilutive securities
Cory Company’s shareholders’ equity on January 1, 2019, is as follows:Preferred stock, 8%, $100 par, callable at $116 ....................................$100,000Preferred stock, 7%, $100 par ...................................................................150,000Common stock, $10 par
Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders’ equity section:The company engaged in the following stock transactions during 2019:Jan. 4 Paid the semiannual dividend on the outstanding preferred stock and a $1.60 per share annual dividend on the
Gray Company lists the following shareholders’ equity items on its December 31, 2018, balance sheet:The following stock transactions occurred during 2019:Jan. 4 Issued 3,000 shares of common stock at $25 per share.30 Paid the annual 2015 per share dividend on preferred stock and the $2 per share
Truman Co. is a publicly held company whose shares are traded in the over-the-counter market. The shareholders’ equity at December 31, 2018, is comprised of the following:Transactions during 2019 and other information relating to the shareholders’ equity accounts were as follows:• February 2,
Oakwood Inc. is a public enterprise whose shares are traded in the over-the-counter market. At December 31, 2018, Oakwood had 6,000,000 authorized shares of $10 par value common stock, of which 2,000,000 shares were issued and outstanding. The shareholders’ equity accounts at December 31, 2018,
Isanti Inc. finances its capital needs approximately one-third from long-term debt and two-thirds from equity. At December 31, 2018, Isanti had the following liability and equity items:11% debenture bonds payable, face amount ..........$5,000,000Premium on bonds payable
The shareholders’ equity section of Gaines Industries’s balance sheet appeared as follows at December 31, 2018:During 2019, the following chronological transactions were recorded:1. Gaines issued 1,000 shares of common stock for $40 per share.2. Gaines has a share option plan for key
Raun Company had the following equity items as of December 31, 2019:Preferred stock, 9% cumulative, $100 par, convertiblePaid-in capital in excess of par value on preferred stockCommon stock, $1 stated valuePaid-in capital in excess of stated value on common stockRetained earningsThe following
Dana Company reported the following amounts in the shareholders’ equity section of itsDecember 31, 2018, balance sheet:During 2019, Dana’s net income was $83,000 and its dividends on preferred and common stock were $9,900 and $17,600, respectively. In addition, the following transactions
Dakota Corporation had the following shareholders’ equity account balances at December 31, 2018:Preferred stock ..............................................................................$1,800,000Additional paid-in capital on preferred stock ....................................90,000Common
You’ve been hired to perform an audit of Hubbard Company for the year ended December 31, 2019. You find the following account balances related to shareholders’ equity:Preferred stock, $100 par $ 30,000Common stock, $10 par 65,000Capital surplus (41,400)Retained earnings 150,000Because of the
On January 1, 2019, Kittson Company had a retained earnings balance of $218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of $67,000, and the following events occurred:1. Cash dividends of $3 per share on 4,000 shares of common stock were declared
Otter Tail, Inc., began operations in January 2015 and had the following reported net income or loss for each of its 5 years of operations:At December 31, 2019, Otter Tail’s capital stock was comprised of the following:Otter Tail has never paid a cash or stock dividend. There has been no change
Francis Company has 20,000 shares of common stock outstanding during all of 2019. It also has two convertible securities outstanding at the end of 2019. These are:1. Convertible preferred stock: 2,000 shares of 9.5%, $50 par, preferred stock were issued on January 2, 2019, for $60 per share. Each
Percy Company has 15,000 shares of common stock outstanding during all of 2019. It also has 2 convertible securities outstanding at the end of 2019. These are:1. Convertible preferred stock: 1,000 shares of 9%, $100 par, preferred stock were issued in 2015 for $140 per share. Each share of
Tama Company’s capital structure consists of common stock and convertible bonds. At the beginning of 2019, Tama had 15,000 shares of common stock outstanding; an additional 4,500 shares were issued on May 4. The 7% convertible bonds have a face value of $80,000 and were issued in 2016 at par.
Dream Corporation reported net income of $44,000 for 2019. The company has 10,000 shares of common stock issued and outstanding for all of 2019 and no preferred stock. During 2018, Dream issued $400,000 of 8% convertible bonds at par value. Each $1,000 bond can be converted into 24 shares of
Palo Alto Company earned net income of $43,800 during 2019. At the beginning of 2019, it had 10,000 shares of common stock outstanding; an additional 4,000 shares were issued on July 2. During 2019, 600 shares of 8%, $100 par, convertible preferred stock were outstanding the entire year.Dividends
At the beginning of 2019, Hardin Company had 220,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock:Mar. 1 Issued 45,000 shares of stock at $22 per share.June 1 Issued a 15% stock dividend.July 1 Issued 10,000
The shareholders’ equity section of Flores Design Company’s December 31, 2018, balance sheet appeared as follows:Contributed Capital:Preferred stock, $100 par (10,000 shares authorized, 1,250 shares issued).... $125,000Additional paid-in capital on preferred stock
Herrera Manufacturing Corporation completed the following transactions during its firstyear of operation, 2019:1. The state authorized the issuance of 30,000 shares of $5 par common stock; 15,000 shares were issued at $22 per share.2. The state authorized the issuance of 6,000 shares of $50 par
On January 1, 2019, Castillo Company had a retained earnings balance of $206,000. During the year, the following events occurred:1. Treasury stock (common) was acquired at a cost of $14,000. State law requires a restriction of retained earnings in an equal amount. The company reports its retained
Rolt Company began 2019 with a $120,000 balance in retained earnings. During the year, the following events occurred:1. The company earned net income of $80,000.2. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $9,800 after
Pemberton Company has a retained earnings balance of $400,000 at the end of 2019. During 2019, it had issued $100,000 of 5-year, 12%, long-term bonds. The bond provisions require that each year over the 5-year period an additional $20,000 of retained earnings be unavailable for dividends. This
Scobie Company began 2019 with a retained earnings balance of $142,400. During an examination of its accounting records on December 31, 2019, Scobie found it had made the following material errors, for both financial reporting and income tax reporting, during 2018.1. Depreciation expense of $15,000
Stamboul Company lists the following condensed balance sheet as of the beginning of 2019:Current assets ..................................................$ 60,000Investment in Ostend bonds ..............................9,000Fixed assets (net)
Carlyon Company listed the following items in its December 31, 2018, financial statements:Investment in Man Company bonds .........................$ 25,000Dividends payable: preferred .........................................4,000Dividends payable: common
At December 31, 2019, Talbot Corporation had 90,000 shares of common stock and 20,000 shares of convertible preferred stock outstanding, in addition to 9% convertible bonds payable in the face amount of $2,000,000. During 2019, Talbot paid dividends of $2.50 per share on the preferred stock. The
Iredell Company has 2,500,000 shares of common stock outstanding on December 31, 2018. An additional 500,000 shares of common stock were issued on April 2, 2019, and 250,000 more on July 2, 2019. On October 1, 2019, Iredell issued 5,000, $1,000 face value, 7% convertible bonds. Each bond is
Hyde Corporation’s capital structure at December 31, 2018, was as follows:................................................Shares Issued and OutstandingCommon stock ............................................100,000Nonconvertible preferred stock .................20,000On July 2, 2019, Hyde
Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of $10 par value common stock at $15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of $750,000 and paid cash dividends of
Prince Corporation’s accounts provided the following information at December 31, 2019:Total income since incorporation ..........................$840,000Total cash dividends paid ........................................260,000Total value of stock dividends distributed
Cash dividends on the $10 par value common stock of Garrett Company were as follows:1st quarter of 2019.................... $ 800,0002nd quarter of 2019 ......................900,0003rd quarter of 2019 ...................1,000,0004th quarter of 2019 ..................1,100,000The 4th-quarter cash
Hoke Company suffers a large loss of one of its major manufacturing facilities due to a fire. Management believes that this loss is both unusual and infrequent and estimates the per share effect of the loss to be $0.25 per share. Under IFRS, how would this loss be shown in the presentation of EPS?
Russell International, a publicly traded company, reacquired 500,000 shares of its common stock during July 2019 at a cost of $25 per share. The current market price of the stock was $20 per share when the 500,000 shares were reacquired.The shares that were reacquired had been owned by a group of
On November 6, 2018, Gunpowder Corp.’s board of directors approved a share option plan for key executives. On January 2, 2019, a specific number of share options were granted. These options were exercisable between January 2, 2021, and December 31, 2023, at 90% of the quoted market price on
The following is a partial list of the accounts and ending account balances taken from the post-closing trial balance of Clett Corporation on December 31, 2019:Common Stock Subscribed .......................................................$ 10,000Premium on Bonds
A partial list of the accounts and ending account balances taken from the post-closing trial balance of Jordan Corporation on December 31, 2019, is as follows:Account Title .......................................................................AmountRetained Earnings
Byrd Company’s Contributed Capital section of its January 1, 2019, balance sheet is as follows:During 2019, Byrd entered into the following transactions:Jan. 4 Established a compensatory share option plan for its key executives. The options vest after a 3-year service period. The estimated fair
Obtain The Coca-Cola Company’s 2017 annual report either using the “Investor Relations” Obtain The Coca-Cola Company’s 2017 annual report either using the “Investor Relations” portion of its web site (do a Web search for Coca- Cola investor relations) or go to http://www.sec .gov and
Obtain AB InBev’s 2017 annual report using the “Investor Relations” portion of its web site (do a Web search for AB InBev investor relations).Required:1. Examine note 24. What was the total amount of Interest-Bearing Loans and Borrowings outstanding at the end of fiscal year 2017? What amount
On January 1, 2019, Brewster Company issued 2,000 of its 5-year, $1,000 face value, 11% bonds dated January 1 at an effective annual interest rate (yield) of 9%. Brewster uses the effective interest method of amortization. On December 31, 2023, Brewster extinguished the 2,000 bonds early through
On March 2, 2019, Wesley Company sold its 5-year, $1,000 face value, 8% bonds dated March 2, 2019, at an effective annual interest rate (yield) of 10%. Interest is payable semiannually, and the first interest payment date is September 2, 2019. Wesley uses the interest method of amortization and
Marion Company has 30,000 shares of common stock outstanding during all of 2019. This common stock has been selling at an average market price of $45 per share. Marion also has outstanding for the entire year compensatory share options to purchase 4,000 shares of common stock at $32 per share.
Francis Company has 24,000 shares of common stock outstanding at the beginning of 2019. Francis issued 3,000 additional shares on May 1 and 2,000 additional shares on September 30. It also has two convertible securities outstanding at the end of 2019. These are: 1. Convertible preferred stock:
Mills Company had five convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight-line method) and dividends on each security during 2019. Each convertible security is described in the following table.
Extreme Company reported the following information about its stock on its December 31, 2019, balance sheet:Preferred stock, $2 par value, 5% cumulative, 300,000 shares authorized, 120,000 shares issued and outstanding $240,000Common stock, $1 par value, 500,000 shares authorized, 240,000 shares
Monona Company reported net income of $29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, $100 par, nonconvertible preferred stock outstanding, on which the year’s dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding.On
Lucas Company reports net income of $5,125 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end.During
Lyon Company shows the following condensed income statement information for theyear ended December 31, 2019:Income before discontinued operations .................................................$ 29,936Less: Loss from discontinued operations loss (net of income tax) ........(2,176)Net income
Jumbo Corporation reported the following information about its stock on its December 31, 2018, balance sheet:Preferred stock, $100 par value, 6% cumulative, 30,000 shares authorized 1,000 shares issued and outstanding $100,000Common stock, $10 par value, 150,000 shares authorized 50,000 shares
Rodgers Corporation reported basic earnings per share of $1.25 for the year ended December 31, 2019. Rodgers had 8,000 shares of cumulative, nonconvertible $100 par, 12% preferred stock outstanding during all of 2016. The company began 2019 with 200,000 shares of common stock outstanding and ended
The 2018 balance sheet for Guthrie Corporation revealed the following information:• Common stock, $10 par, 50,000 shares issued and outstanding• Preferred stock, $100 par, 6%, cumulative stock, 1,000 shares issued and outstandingDuring 2019, Guthrie reported net income of $225,000 and engaged
Obtain The Coca-Cola Company’s 2017 annual report either using the “Investor Relations” portion of its web site (do a Web search for Coca-Colainvestor relations) or go to http://www.sec.gov and click “Search for company filings” under “Filings and Forms (EDGAR).”Required:1. How
Udall Corporation’s post-closing trial balance at December 31, 2019, was as follows:At December 31, 2019, Udall had the following number of common and preferred shares:The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per
Bush-Caine Company reported the following data on its December 31, 2018, balance sheet:Preferred stock, $50 par .......................................................$ 50,000Additional paid-in capital on preferred stock ..........................4,000Common stock, $10 par
Ray Holt Corporation has retained you as a consultant on accounting policies and procedures. During 2019, the company engaged in a number of treasury stock transactions, having foreseen an opportunity to report its treasury stock as an asset and to recognize a profit in trading its own stock. The
The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, 2018, is as follows:The following events occurred during 2019:Jan. 5 10,000 shares of authorized and unissued common stock were sold for $8 per share.16 10,000 shares of authorized and unissued
Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, $100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows:8% preferred stock, $100 par
Holden Company has a share appreciation rights plan for its key executives. This SAR plan gives each qualifying executive the right to receive cash, stock, or a combination of both equal to the excess of the quoted market price over the option price of the company’s $10 par common stock on the
On January 1, 2019, Pierce Company establishes a performance-based share option plan for its 80 top executives. The terms of the plan are that each executive is granted a maximum of 200 options after completing a 3-year service period. The exact number of options granted, however, depends on the
Connors Company has 70 executives to whom it grants compensatory share options on January 1, 2019. The plan grants each executive options to acquire a maximum of 100 shares of the company’s $5 par common stock at $50 per share after completing 3 years of continuous service.However, the number of
On January 1, 2019, Roswall Corporation’s common stock is selling for $55 per share. On this date, Roswall creates a compensatory share option plan for its 60 key employees. The plan document states that each employee may purchase 500 shares of its $10 par common stock for $55 per share after
Nichols Electronics Corporation has been experiencing a steadily growing demand for its products. In order to meet this demand, a major expansion of production facilities is necessary. Nichols plans to raise the money for this proposed expansion by issuing 10,000 shares of $50 par preferred stock
On August 3, 2019, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no-par, no-stated-value common stock for $22 per share. The subscription contracts require a 10% down payment, with the
Holland Incorporated’s records provide the following information on January 1, 2019:Preferred stock, $50 par (5,000 shares authorized, issued, and outstanding) ....................................$250,000Common stock, $10 par (20,000 shares authorized, 10,000 shares issued and outstanding)
Adams Company’s records provide the following information on December 31, 2019:Account ..............................................................................Title AmountAdditional Paid-in Capital on Preferred Stock ..................$ 17,000Common Stock
On March 4, 2019, Hein Corporation issues 1,000 shares of $100 par preferred stock for $125 per share. The stock is not callable by the corporation until 3 years have expired. On April 7, 2022, all the stock is called by Hein.Required:1. Prepare the journal entry to record the issuance of the
On January 2, 2019, Bray Corporation issues 900 shares of $100 par convertible preferred stock for $117 per share. On January 7, 2020, all the preferred shareholders convert their shares to common stock.Required:1. Prepare the January 2, 2019, journal entry to record the issuance of the preferred
On January 1, 2019, as a form of executive compensation, Wadlin Corporation grants share appreciation rights to Robert Brandt. These rights entitle Brandt to receive cash equal to the excess of the quoted market price over a $20 option price for 4,000 shares of the company’s common stock on the

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