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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Whittier Construction Co. had followed the practice of expensing all materials assigned to a construction job without recognizing any salvage inventory. On December 31, 2025, it was determined that
Roundtree Manufacturing Co. is preparing its year-end financial statements and is considering the accounting for the following items.1. The vice president of sales had indicated that one product line
Oliver Corporation has owned stock of Conrad Corporation since 2022. At December 31, 2025, its balances related to this investment were:On January 1, 2026, Oliver purchased additional stock of
Palmer Co. is evaluating the appropriate accounting for the following items.1. Management has decided to switch from the FIFO inventory valuation method to the LIFO inventory valuation method for all
On January 1, 2025, Millay Inc. paid $700,000 for 10,000 shares of Genso Company’s voting common stock, which was a 10% interest in Genso. Millay does not have the ability to exercise significant
Simmons Corporation owns stock of Armstrong, Inc. Prior to 2025, the investment was accounted for using the equity method. In early 2025, Simmons sold part of its investment in Armstrong, and began
Joy Cunningham Co. purchased a machine on January 1, 2023, for $550,000. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2026, the
On January 1, 2022, Jackson Company purchased a building and equipment that have the following useful lives, salvage values, and costs. Building, 40-year estimated useful life, $50,000 salvage value,
Peter M. Dell Co. purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of that time. Depreciation has been entered for 7
Gerald Englehart Industries changed from the double-declining-balance to the straight-line method in 2026 on all its equipment. There was no change in the assets’ salvage values or useful lives.
In 2025, Bailey Corporation discovered that equipment purchased on January 1, 2023, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage
As a certified public accountant, you have been contacted by Joe Davison, CEO of Sports-Pro Athletics, Inc., a manufacturer of a variety of athletic equipment. He has asked you how to account for the
Peter Henning Tool Company’s December 31 year-end financial statements contained the following errors.An insurance premium of $66,000 was prepaid in 2025 covering the years 2025, 2026, and 2027.
In January 2025, installation costs of $6,000 on new machinery were charged to Maintenance and Repairs Expense. Other costs of this machinery of $30,000 were correctly recorded and have been
The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 2025, $147,000; 2026, $185,000. Early in 2027, the following errors were discovered.1. Depreciation
The first audit of the books of Bruce Gingrich Company was made for the year ended December 31, 2026. In examining the books, the auditor found that certain items had been overlooked or incorrectly
Elliott Corp. failed to record accrued salaries for 2024, $2,000; 2025, $2,100; and 2026, $3,900. What is the amount of the overstatement or understatement of Retained Earnings at December 31, 2027?
Prior to 2025, Heberling Inc. excluded manufacturing overhead costs from work in process and finished goods inventory. These costs have been expensed as incurred. In 2025, the company decided to
A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2026.Additional adjusting data:1. A physical count of supplies on hand on December 31, 2026, totaled $1,100.2.
On January 2, 2025, $100,000 of 11%, 10-year bonds were issued for $97,000. The $3,000 discount was charged to Interest Expense. The bookkeeper, Mark Landis, records interest only on the interest
An entry to record Purchases and related Accounts Payable of $13,000 for merchandise purchased on December 23, 2026, was recorded in January 2027. This merchandise was not included in inventory at
The before-tax income for Lonnie Holdiman Co. for 2025 was $101,000 and $77,400 for 2026. However, the accountant noted that the following errors had been made:1. Sales for 2025 included amounts of
Equipment was purchased on January 2, 2025, for $24,000, but no portion of the cost has been charged to depreciation. The corporation wishes to use the straight-line method for these assets, which
When the records of Debra Hanson Corporation were reviewed at the close of 2026, the following errors were discovered. For each item, indicate by a check mark in the appropriate column whether the
On January 1, 2025, Beyonce Co. purchased 25,000 shares (a 10% interest) in Elton John Corp. for $1,400,000. At the time, the book value and the fair value of John’s net assets were $13,000,000.On
Aykroyd Corp. was a 30% owner of Martin Company, holding 210,000 shares of Martin’s common stock on December 31, 2024. The investment account had the following entries.On January 2, 2025, Aykroyd
Glaus Leasing Company agrees to lease equipment to Jensen Corporation on January 1, 2025. The following information relates to the lease agreement.1. The term of the lease is 7 years with no renewal
Waterworld Company leased equipment from Costner Company, beginning on December 31, 2024. The lease term is 4 years and requires equal rental payments of $41,933 at the beginning of each year of the
Castle Leasing Company signs a lease agreement on January 1, 2025, to lease electronic equipment to Jan Way Company. The term of the non-cancelable lease is 2 years, and payments are required at the
Amirante Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Chambers Medical Center for a period of 10 years. The normal selling price of the machine is $495,678,
Rick Kleckner Corporation recorded a right-of-use asset for $300,000 as a result of a finance lease on December 31, 2024. Kleckner’s incremental borrowing rate is 8%, and the implicit rate of the
Larson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2026, the following balances related to this plan.As a result of the operation of the plan during 2026, the
Elton Co. has the following postretirement benefit plan balances on January 1, 2025.The interest (settlement) rate applicable to the plan is 10%. On January 1, 2026, the company amends the plan so
Hollenbeck Foods Inc. sponsors a postretirement medical and dental benefit plan for its employees. The following balances relate to this plan on January 1, 2025.As a result of the plan’s operation
The accounting staff of Usher Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in
Kreter Co. provides the following information about its postretirement benefit plan for the year 2025.InstructionsCompute the postretirement benefit expense for 2025. Service cost Contribution to the
The post-closing trial balance of Eastwood Company and other related information for the year 2025 are presented as follows.Additional information:1. The LIFO method of inventory value is used.2. The
Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2025: Cash $7,000, Land $40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance
Included in Outkast Company’s December 31, 2025, trial balance are the following accounts: Prepaid Rent $5,200, Debt Investments (to be held to maturity until 2028) $56,000, Unearned Fees $17,000,
Lowell Company’s December 31, 2025, trial balance includes the following accounts: Inventory $120,000, Buildings $207,000, Accumulated Depreciation Equipment $19,000, Equipment $190,000, Land (held
Lansbury Inc. had the following balance sheet at December 31, 2024.During 2025, the following occurred.1. Lansbury Inc. sold part of its debt investment portfolio for $15,000. This transaction
Crane Corporation has the following accounts included in its December 31, 2025, trial balance: Equity Investments (to be sold in the next 6 months) $21,000, Goodwill $150,000, Prepaid Insurance
The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2025.The following additional information is provided.1. Cash includes $1,200 in a petty cash fund and
Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2025: Prepaid Rent $12,000, Goodwill $50,000, Franchise Fees Receivable $2,000, Franchises
Aero Inc. had the following balance sheet at December 31, 2024.During 2025, the following occurred.1. Aero liquidated its available-for-sale debt investment portfolio at a loss of $5,000.2. A tract
Early in January 2026, Hopkins Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31, 2025.Except
Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2025: Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2025.The following additional information is available.1. Inventories are valued at lower-of-cost-or-market using
Included in Adams Company’s December 31, 2025, trial balance are the following accounts: Accounts Payable $220,000, Pension Liability $375,000, Discount on Bonds Payable $29,000, Unearned Rent
Frederic Chopin Corporation is preparing its December 31, 2025, balance sheet. The following items may be reported as either a current or long-term liability.1. On December 15, 2025, Chopin declared
In its December 31, 2025, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?
Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2025: Retained Earnings $120,000, Common Stock $750,000, Bonds Payable $100,000, Paid-in Capital in
Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year.a. Bonuses to key
Stowe Company’s December 31, 2025, trial balance includes the following accounts: Investment in Common Stock $70,000, Retained Earnings $114,000, Trademarks $31,000, Preferred Stock $152,000,
Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2025.Additional information:1. Net loss for the year was $2,500.2. No dividends were declared during
Presented below is the trial balance of Scott Butler Corporation at December 31, 2025.InstructionsPrepare a balance sheet at December 31, 2025, for Scott Butler Corporation. (Ignore income taxes.)
The New York Knicks, Inc. sold 10,000 season tickets at $2,000 each. By December 31, 2025, 16 of the 40 home games had been played. What amount should be reported as a current liability at December
Ames Company reported 2025 net income of $151,000. During 2025, accounts receivable increased by $13,000 and accounts payable increased by $9,500. Depreciation expense was $44,000. Prepare the cash
Martinez Corporation engaged in the following cash transactions during 2025.Compute the net cash provided (used) by investing activities. Sale of land and building Purchase of treasury stock Purchase
Grant Wood Corporation’s balance sheet at the end of 2024 included the following items.The following information is available for 2025.1. Net income was $55,000.2. Equipment (cost $20,000 and
Nerwin, Inc. is a furniture manufacturing company with 50 employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pension plan as a part of its
Danny’s Lawn Equipment sells high-quality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2025, Danny sold $300,000 of new specialty mowers for golf greens for which
Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s
The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2025 are as follows.Net income of $44,000 was reported, and dividends of $33,000 were paid in 2025. New
You have been hired as a benefit consultant by Jean Honore, the owner of Attic Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following
Consider the following three independent scenarios.a. To save for retirement, you invest $10,000 at the end of each year for 25 years. If your investment earns interest at an annual rate of 5%, how
J&L Corporation currently grows and sells fresh produce year-round in its homemade greenhouses. As the business is growing, J&L hopes to significantly expand its number of greenhouses in 5
Kraft Enterprises owns the following assets at December 31, 2025.What amount should be reported as cash? Cash in bank-savings account Cash on hand Cash refund due from
Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow’s Accounts Receivable account was $555,000 and Allowance for
Ricky Fowler borrowed $70,000 on March 1, 2023. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2033. To retire this debt, Ricky plans to contribute to a debt
Your ultimate goal is to take a trip to Mars on SpaceX’s Starship. You estimate these trips will be available in 25 years at a price of $500,000. You have $75,000 available to deposit
Answer the following questions.a. On May 1, 2025, Goldberg Company sold some machinery to Newlin Company on an installment contract basis. The contract required five equal annual payments, with the
Kimmel Company uses the net method of accounting for sales discounts. Kimmel also offers trade discounts to various groups of buyers. On August 1, 2025, Kimmel sold some accounts receivable on a
Restin Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2025, Restin received full payment for the June 1 sale.
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2025, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting
On July 1, 2025, Moresan Company sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Moresan will receive interest at the prevailing
On October 1, 2025, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment, Valco Brothers Farm gave Arden a 2-year, $120,000, 8% note (a
On September 30, 2024, Rolen Machinery Co. sold a machine and accepted the customer’s zero-interest-bearing note. Rolen normally makes sales on a cash basis. Since the machine was unique, its sales
The balance sheet of Starsky Company at December 31, 2024, includes the following.Transactions in 2025 include the following.1. Accounts receivable of $138,000 were collected including accounts of
Part 1: On July 1, 2025, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Wallace
Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow’s Accounts Receivable account was $555,000 and Allowance for
Braddock Inc. had the following long-term receivable account balances at December 31, 2024.Transactions during 2025 and other information relating to Braddock’s long-term receivables were as
On October 1, 2025, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables
The adjusted trial balance of Taylor Swift Inc. shows the following balances.InstructionsGive the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2025, it assigned, under guarantee (with recourse), specific accounts amounting
On April 1, 2025, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2025. The assignment agreement calls for Rasheed
The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2025. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash
On January 1, 2025, Lombard Co. sells land for which it had paid $690,000 to Sargent Company, receiving in return Sargent’s zero-interest- bearing note for $1,000,000 payable in 5 years. What entry
On January 1, 2025, Botosan Company issued a $1,200,000, 5-year, zero-interest-bearing note to National Organization Bank. The note was issued to yield 8% annual interest. Unfortunately, during 2026
Dimitri Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2025.Additional information is as follows.1. Included in
Colin Davis Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions
Assume that in an annual audit of Harlowe Inc. at December 31, 2025, you find the following transactions near the closing date.1. A special machine, fabricated to order for a customer, was finished
Assume that Toni Braxton Company has recently fallen into financial difficulties. By reviewing all available evidence on December 31, 2025, one of Toni Braxton’s creditors, the National American
In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2025, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following
Beyoncé Corporation factors $175,000 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables
The management of Tritt Company has asked its accounting department to describe the effect upon the company’s financial position and its income statements of accounting for inventories on the LIFO
In January 2025, Susquehanna Inc. requested and secured permission from the commissioner of the Internal Revenue Service to compute inventories under the last-in, first-out (LIFO) method and
Norman’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Norman adopted dollar value LIFO and decided to use a single inventory
Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2024; $119,900 at December 31, 2025; and $134,560 at December 31, 2026. The year-end price indexes were 100 at
You are the vice president of finance of Sandy Alomar Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2025. These schedules

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