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intermediate accounting volume 2

Intermediate Accounting 2007 FASB Update Volume 2 12th Edition Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield - Solutions

(Permanent and Temporary Differences, One Rate) The accounting records of Anderson Inc.3,5) show the following data for 2007.1. Life insurance expense on officers was $9,000.2. Equipment was acquired in early January for $200,000. Straight-line depreciation over a 5-year life is used, with no
(NOL without Valuation Account) Parnevik Inc. reported the following pretax income (loss)5 8, and related tax rates during the years 2002-2008.Pretax financial income (loss) and taxable income (loss) were the same for all years since Parnevik began business. The tax rates from 2005-2008 were
(Two Differences, Two Rates, Future Income Expected) Presented below are two independent 3,9) situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31, 2006.Both Pirates Co. and Eagles Co. have taxable income of $3,000 in 2006 and
(One Temporary Difference, Tracked 3 Years, Change in Rates, Income Statement Presentation)5,7) Gators 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 installment sales
(Two Differences, 2 Years, Compute Taxable Income and Pretax Financial Income) The fol-3,5, lowing information was disclosed during the audit of Munter Inc.2. On January 1, 2006, equipment costing $400,000 is purchased. For financial reporting purposes, the company uses straight-line depreciation
(Five Differences, Compute Taxable Income and Deferred Taxes, Draft Income Statement) King= _ Company began operations at the beginning of 2007. The following information pertains to this company.; 1. Pretax financial income for 2007 is $100,000.2. The tax rate enacted for 2007 and future years is
(Objectives and Principles for Accounting for Income Taxes) The amount of income taxes due to the government for a period of time is rarely the amount reported on the income statement for that period as income tax expense.Instructions(a) Explain the objectives of accounting for income taxes in
(Basic Accounting for Temporary Differences) Majoli Company appropriately uses the assetliability method to record deferred income taxes. Iva Majoli reports depreciation expense for certain machinery purchased this year using the modified accelerated cost recovery system (MACRS) for income tax
(Explain Computation of Deferred Tax Liability for Multiple Tax Rates) At December 31, 2007, Hingis Corporation has one temporary difference which will reverse and cause taxable amounts in 2008.In 2007 a new tax act set taxes equal to 45% for 2007, 40% for 2008, and 34% for 2009 and years
(Explain Future Taxable and Deductible Amounts, How Carryback and Carryforward Affects Deferred Taxes) Mary Joe Fernandez and Meredith McGrath are discussing accounting for income taxes.They are currently studying a schedule of taxable and deductible amounts that will arise in the future as a
(Deferred Taxes, Income Effects) Henrietta Aguirre, CPA, is the newly hired director of corpo- rate taxation for Mesa Incorporated, which is a publicly traded corporation. Ms. Aguirre's first job with Mesa was the review of the company's accounting practices on deferred income taxes. In doing her
The Coca-Cola Company and PepsiCo, Inc.Instructions Go to the KWW website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) What are the amounts of Coca-Cola’s and PepsiCo’s provision for income taxes for the year 2004? Of
As discussed in the chapter, companies must consider all positive and negative information in determining whether a deferred tax asset valuation allowance is needed.Instructions Examine the balance sheets and income tax footnotes for two companies that have recorded deferred tax assets, and answer
Deferred tax liabilities require special considerations for financial statement readers.Instructions Obtain a recent edition of a financial statement analysis textbook, read the section related to deferred tax liabilities, and answer the following questions.(a) What are the major analytical issues
Tomkins PLC is a British company that operates in three business sectors: industrial and automotive, air systems components, and engineering and construction products. Before 2005 Tomkins prepared its accounts in accordance with United Kingdom (U.K.) accounting standards. Like U.S. reporting, U.K.
The Coca-Cola Company and PepsiCo, Inc.Instructions Go to the KWW website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) Based on the information contained in these financial statements, determine each of the following for
The March 6, 2002, edition of the Wall Street Journal includes an article by Susan Pulliam and Carrick Mollenkamp titled “Investors Turn Attention to Bank One for Its Accounting of Securitizations.”instructions Read the article and answer the following questions.(a) Explain the questions that
When is revenue conventionally recognized? What conditions should exist for the recognition at date of sale of all or part of the revenue and income of any sale transaction?
Explain the differences between the installment-sales method and the cost-recovery method.
Describe the installment-sales method of accounting.
J. K. Rowling sold her condominium for $500,000 on Sep- tember 14, 2006; she had paid $310,000 for it in 1998. Rowling collected the selling price as follows: 2006, $80,000; 2007, $320,000; and 2008, $100,000. Rowling ap- propriately uses the installment-sales method. Prepare a schedule to
Shock Wave, Inc. began work on a $7,000,000 contract in 2008 to construct an office building. During 2008, Shock Wave, Inc. incurred costs of $1,715,000, billed their customers for $1,200,000, and col- lected $960,000. At December 31, 2008, the estimated future costs to complete the project total
Shadow Blasters, Inc. began work on a $7,000,000 contract in 2008 to construct an office build- ing. Shadow Blasters uses the percentage-of-completion method. At December 31, 2008, the balances in certain accounts were: construction in process $2,450,000; accounts receivable $240,000; and billings
Use the information from BE18-2, but assume Shock Wave uses the completed-contract method. Prepare the company's 2008 journal entries.
Cordero, Inc. began work on a $7,000,000 contract in 2008 to construct an office building. Cordero uses the completed-contract method. At December 31, 2008, the balances in certain accounts were construction in process $1,715,000; accounts receivable $240,000; and billings on construction in
Jackie Chan Construction Company began work on a $420,000 construction contract in 2008. During 2008, Chan incurred costs of $288,000, billed its customer for $215,000, and collected $175,000. At December 31, 2008, the estimated future costs to complete the project total $162,000. Prepare Chan's
Thunder Paradise Corporation began selling goods on the installment basis on January 1, 2008. During 2008, Thunder Paradise had installment sales of $150,000; cash collections of $54,000; cost of installment sales of $105,000. Prepare the company's entries to record installment sales, cash
Buraka Inc. sells goods on the installment basis and uses the installment-sales method. Due to a customer default, Buraka repossessed merchandise that was originally sold for $800, resulting in a gross profit rate of 40%. At the time of repossession, the uncollected balance is $560, and the fair
At December 31, 2008, Soul Star Corporation had the following account balances. Installment Accounts Receivable, 2007 Installment Accounts Receivable, 2008 Deferred Gross Profit, 2007 Deferred Gross Profit, 2008 $ 65,000 110,000 23,400 40,700 Most of Soul Star's sales are made on a 2-year
Yogi Bear Corporation sold equipment to Magilla Company for $20,000. The equipment is on Yogi's books at a net amount of $14,000. Yogi collected $10,000 in 2007, $5,000 in 2008, and $5,000 in 2009. If Yogi uses the cost-recovery method, what amount of gross profit will be recognized in each year?
Speed Racer, Inc. charges an initial franchise fee of $75,000 for the right to operate as a franchisee of Speed Racer. Of this amount, $25,000 is collected immediately. The remainder is collected in 4 equal an- nual installments of $12,500 each. These installments have a present value of $39,623.
Tom and Jerry Corporation shipped $20,000 of merchandise on consignment to Toons Company. Tom and Jerry paid freight costs of $2,000. Toons Company paid $500 for local advertising which is re- imbursable from Tom and Jerry. By year-end, 60% of the merchandise had been sold for $22,300. Toons
(Revenue Recognition on Book Sales with High Returns) Justin Huish Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a
(Sales Recorded Both Gross and Net) On June 3, David Reid Company sold to Kim Rhode merchandise having a sale price of $5,000 with terms of 2/10, n/60, f.0.b. shipping point. An invoice totaling$120, terms n/30, was received by Rhode on June 8 from the Olympic Transport Service for the freight
(Revenue Recognition on Marina Sales with Discounts) Brooke Bennett Marina has 300 avail-2) able slips that rent for $900 per season. Payments must be made in full at the start of the boating season, April 1, 2008. Slips for the next season may be reserved if paid for by December 31, 2008. Under a
(Recognition of Profit on Long-Term Contracts) During 2007 Pierson Company started a con-4) struction job with a contract price of $1,500,000. The job was completed in 2009. The following information is available.Instructions (a) Compute the amount of gross profit to be recognized each year
(Analysis of Percentage-of-Completion Financial Statements) In 2007, Beth Botsford Construction Corp. began construction work under a 3-year contract. The contract price was $1,000,000. Beth Botsford uses the percentage-of-completion method for financial accounting purposes. The income to be
(Gross Profit on Uncompleted Contract) On April 1, 2007, Brad Bridgewater Inc. entered into a cost-plus-fixed-fee contract to construct an electric generator for Tom Dolan Corporation. At the contract date, Bridgewater estimated that it would take 2 years to complete the project at a cost of
(Recognition of Profit, Percentage-of-Completion) In 2007 Jeff Rouse Construction Company agreed to construct an apartment building at a price of $1,000,000. The information relating to the costs and billings for this contract is shown below.instructions (a) Assuming that the
(Recognition of Revenue on Long-Term Contract and Entries) Amy Van Dyken Construction Company uses the percentage-of-completion method of accounting. In 2007, Van Dyken began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details followInstructions (a) What
(Recognition of Profit and Balance Sheet Amounts for Long-Term Contracts) Andre Agassi Construction Company began operations January 1, 2007. During the year, Andre Agassi Construction entered into a contract with Lindsey Davenport Corp. to construct a manufacturing facility. At that time, Agassi
(Long-Term Contract Reporting) Derrick Adkins Construction Company began operations in 2007. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31, 2007, is expected to be completed in 2008.Instructions Prepare a
(Installment-Sales Method Calculations, Entries) Austin Corporation appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2007 and 2008.Instructions (a) Compute the amount of realized gross profit
(Analysis of Installment-Sales Accounts) Charles Austin Co. appropriately uses the installment-sales method of accounting. On December 31, 2009, the books show balances as follows.Instructions (a) Prepare the adjusting entry or entries required on December 31, 2009 to recognize 2009 realized gross
(Gross Profit Calculations and Repossessed Merchandise) Barnes Corporation, which began business on January 1, 2007, appropriately uses the installment-sales method of accounting. The following data were obtained for the years 2007 and 2008.Instructions (a) Compute the balance in the deferred gross
(Interest Revenue from Installment Sale) Gail Devers Corporation sells farm machinery on the installment plan. On July 1, 2007, Devers entered into an installment-sale contract with Gwen Torrence Inc. for a 10-year period. Equal annual payments under the installment sale are $100,000 and are due on
(Installment-Sales Method and Cost Recovery) Kenny Corp., a capital goods manufacturing business that started on January 4, 2007, and operates on a calendar-year basis, uses the installment-sales method of profit recognition in accounting for all its sales. The following data were taken from the
(Installment-Sales Method and Cost-Recovery Method) On January 1, 2007, Barkly Company sold property for $200,000. The note will be collected as follows: $100,000 in 2007, $60,000 in 2008, and$40,000 in 2009. The property had cost Barkly $150,000 when it was purchased in 2005.Instructions(a)
(Installment Sales—Default and Repossession) Michael Johnson Imports Inc. was involved in two default and repossession cases during the year:1. A refrigerator was sold to Merlene Ottey for $1,800, including a 35% markup on selling price. Ottey made a down payment of 20%, four of the remaining 16
(Installment Sales—Default and Repossession) Kurt Angle Company uses the installmentsales method in accounting for its installment sales. On January 1, 2008, Angle Company had an installment account receivable from Kay Bluhm with a balance of $1,800. During 2008, $400 was collected from Bluhm.
(Franchise Entries) Kendall Crossburgers Inc. charges an initial franchise fee of $70,000. Upon the signing of the agreement, a payment of $40,000 is due. Thereafter, three annual payments of $10,000 are required.The credit rating of the franchisee is such that it would have to pay interest at 10%
(Franchise Fee, Initial Down Payment) On January 1, 2007, Svetlana Masterkova signed an agreement to operate as a franchisee of Short-Track Inc. for an initial franchise fee of $50,000. The amount of $20,000 was paid when the agreement was signed, and the balance is payable in five annual payments
(Consignment Computations) On May 3, 2007, Michelle Smith Company consigned 70 freezers, costing $500 each, to Angel Martino Company. The cost of shipping the freezers amounted to $840 and was paid by Smith Company. On December 30, 2007, an account sales was received from the consignee, reporting
(Comprehensive Three-Part Revenue Recognition) Simona Amanar Industries has three operating divisions—Gina Construction Division, Gogean Publishing Division, and Chorkina Securities Division.Each division maintains its own accounting system and method of revenue recognition.Gina Construction
(Recognition of Profit on Long-Term Contract) Jenny Thompson Construction Company has entered into a contract beginning January 1, 2007, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the
(Recognition of Profit and Entries on Long-Term Contract) On March 1, 2007, Winter Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,000,000 and will take 3 years to complete. The contract price was $3,000,000. The following information
(Recognition of Profit and Balance Sheet Presentation, Percentage-of-Completion) On February 1, 2007, Amanda Berg Construction Company obtained a contract to build an athletic stadium. The stadium was to be built at a total cost of $5,400,000 and was scheduled for completion by September 1, 2009.
(Completed Contract and Percentage of Completion with Interim Loss) Gold Medal Custom Builders (GMCB) was established in 1985 by Whitney Hedgepeth and initially built high-quality customized homes under contract with specific buyers. In the 1990s, Hedgepeth’s two sons joined the firm and expanded
(Long-Term Contract with Interim Loss) On March 1, 2007, Franziska van Almsick Construc-4,5) tion Company contracted to construct a factory building for Sandra Volker Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2009. The annual contract
(Long-Term Contract with an Overall Loss) On July 1, 2007, Kyung-wook Construction Com-4,5) pany Inc. contracted to build an office building for Mingxia Corp. for a total contract price of $1,950,000.On July 1, Kyung-wook estimated that it would take between 2 and 3 years to complete the building.
(Installment-Sales Computations and Entries) Presented below is summarized information for Deng Yaping Co., which sells merchandise on the installment basis.Instructions (a) Compute the realized gross profit for each of the years 2007, 2008, and 2009.(b) Prepare in journal form all entries required
(Installment-Sales Income Statements) Laura Flessel Stores sells merchandise on open account as Well as on installment terms.Instructions Problems From the data above, which cover the 3 years since Laura Flessel Stores commenced operations, determine the net income for each year, applying the
(Installment-Sales Computations and Entries) Isabell Werth Stores sell appliances for cash and also on the installment plan. Entries to record cost of sales are made monthly.The accounting department has prepared the following analysis of cash receipts for the year.Repossessions recorded during the
(Installment-Sales Entries) The following summarized information relates to the installmentsales activity of Lisa Jacob Stores Inc. for the year 2007.Instructions (a) Prepare journal entries at the end of 2007 to record on the books 0 marized data above.(b) Prepare the entry to record the gross
(Installment-Sales Computation and Entries—Periodic Inventory) Catherine Fox Inc. sells merchandise for cash and also on the installment plan. Entries to record the end of each year.Repossessions of merchandise (sold in 2008) were made in 2009 and were recorded correctly as follows.Part of this
(Installment Repossession Entries) Selected transactions of TV Lenny Company are presented below.1. A television set costing $560 is sold to Mark Prior on November 1, 2008, for $800. Prior makes a down payment of $200 and agrees to pay $30 on the first of each month for 20 months thereafter.2.
(Installment-Sales Computations and Schedules) Zambrano Company, on January 2, 2007, entered into a contract with a manufacturing company to purchase room-size air conditioners and to sell the units on an installment plan with collections over approximately 30 months with no carrying charge.For
(Completed-Contract Method) Mauer Construction Company, Inc., entered into a firm fixedprice contract with Trillini Clinic on July 1, 2005, to construct a four-story office building. At that time, Mauer estimated that it would take between 2 and 3 years to complete the project. The total contract
(Revenue Recognition Methods—Comparison) Joy’s Construction is in its fourth year of business.Joy performs long-term construction projects and accounts for them using the completed-contract method. Joy built an apartment building at a price of $1,000,000. The costs and billings for this
(Comprehensive Problem—Long-Term Contracts) You have been engaged by Bo Ryan Construction Company to advise it concerning the proper accounting for a series of long-term contracts. Ryan commenced doing business on January 1, 2007. Construction activities for the first year of operations are shown
(Revenue Recognition—Alternative Methods) Alexsandra Isosev Industries has three operating divisions—Falilat Mining, Mourning Paperbacks, and Osygus Protection Devices. Each division maintains its own accounting system and method of revenue recognition.Falilat Mining Falilat Mining specializes
(Recognition of Revenue—Theory) The earning of revenue by a business enterprise is recognized for accounting purposes when the transaction is recorded. In some situations, revenue is recognized approximately as it is earned in the economic sense. In other situations, however, accountants have
(Recognition of Revenue—Bonus Dollars) Alexei & Nemov Inc. was formed early this year to sell merchandise credits to merchants who distribute the credits free to their customers. For example, customers can earn additional credits based on the dollars they spend with a merchant (e.g., airlines
(Recognition of Revenue from Subscriptions) Cutting Edge is a monthly magazine that has been on the market for 18 months. It currently has a circulation of 1.4 million copies. Negotiations are underway to obtain a bank loan in order to update the magazine’s facilities. They are producing close to
(Long-Term Contract—Percentage-of-Completion) Scherbo Company is accounting for a long-term construction contract using the percentage-of-completion method. It is a 4-year contract that is currently in its second year. The latest estimates of total contract costs indicate that the contract will
(Revenue Recognition—Real Estate Development) Pankratov Lakes is a new recreational real estate development which consists of 500 lake-front and lake-view lots. As a special incentive to the first 100 buyers of lake-view lots, the developer is offering 3 years of free financing on 10-year, 12%
(Revenue Recognition) Nimble Health and Racquet Club (NHRC), which operates eight clubs mE in the Chicago metropolitan area, offers one-year memberships. The members may use any of the eight facilities but must reserve racquetball court time and pay a separate fee before using the court. As an
(Revenue Recognition—Membership Fees) Midwest Health Club offers one-year memberships.Membership fees are due in full at the beginning of the individual membership period. As an incentive to new customers, MHC advertised that any customers not satisfied for any reason could receive a refund of
(Franchise Revenue) Badger Burrito Inc. sells franchises to independent operators throughout the northwestern part of the United States. The contract with the franchisee includes the following provisions.1. The franchisee is charged an initial fee of $80,000. Of this amount, $30,000 is payable when
The following note appears in the “Summary of Significant Accounting Policies” section of the Annual Report of Westinghouse Electric Corporation.Instructions (a) Identify the revenue recognition methods used by Westinghouse Electric as discussed in its note on significant accounting
The Coca-Cola Company and PepsiCo, Inc.Instructions Go to KWW website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) What were Coca-Cola’s and PepsiCo’s net revenues (sales) for the year 2004? Which company increased its
Companies registered with the Securities and Exchange Commission are required to file a current report on Form 8-K upon the occurrence of certain events.Instructions Use EDGAR or some other source to identify 8-Ks recently filed by two companies of your choice. Examine the 8-Ks and answer the
An article titled “SEC Broadens Investigation in Revenue-Boosting Tricks; Fearing Bogus Numbers Are Widespread, Agency Probes Lucent and Others,” by Susan Pulliam and Rebecca Blumenstein, appeared in the May 16, 2002, Wall Street Journal.Instructions Read this article and answer the following
On July 1, 2007, Ingalls Company purchased $2,000,000 of Wilder Company's 8% bonds, due on July 1, 2014. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for $1,750,000 to yield 10%. Determine the amount of interest revenue Ingalls should report on its income
If the bonds in question 8 are classified as available- for-sale and they have a fair value at December 31, 2007, of $1,802,000, prepare the journal entry (if any) at December 31, 2007, to record this transaction.
The following information relates to Starbucks for 2004: net income $391.775 million; unrealized holding loss of $4.925 million related to available-for-sale securities during the year; accumulated other comprehensive income of $14.248 million on January 1, 2004. Assuming no other changes in
(Investment Classifications) For the following investments identify whether they are:1. Trading Securities 2. Available-for-Sale Securities 3. Held-to-Maturity Securities Each case is independent of
(Entries for Held-to-Maturity Securities) On January 1, 2006, Dagwood Company purchased at par 12% bonds having a maturity value of $300,000. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. The bonds are classified in the
(Entries for Held-to-Maturity Securities) On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable
(Entries for Available-for-Sale Securities) Assume the same information as in E17-3 except that the securities are classified as available-for-sale. The fair value of the bonds at December 31 of each yearend is as follows.Instructions (a) Prepare the journal entry at the date of the bond
(Effective-Interest versus Straight-Line Bond Amortization) On January 1, 2006, Phantom Company acquires $200,000 of Spiderman Products, Inc., 9% bonds at a price of $185,589. The interest is payable each December 31, and the bonds mature December 31, 2008. The investment will provide Phantom
(Entries for Available-for-Sale and Trading Securities) The following information is available for Barkley Company at December 31, 2007, regarding its investments.Instructions (a) Prepare the adjusting entry (if any) for 2007, assuming the securities are classified as trading.(b) Prepare the
(Trading Securities Entries) On December 21, 2006, Bucky Katt Company provided you with the following information regarding its trading securities.During 2007, Colorado Company stock was sold for $9,400. The fair value of the stock on December 31, 2007, was: Clemson Corp. stock—$19,100; Buffaloes
(Available-for-Sale Securities Entries and Reporting) Satchel Corporation purchases equity securities costing $73,000 and classifies them as available-for-sale securities. At December 31, the fair value of the portfolio is $65,000.Instructions Prepare the adjusting entry to report the securities
(Available-for-Sale Securities Entries and Financial Statement Presentation) At December 31, 2006, the available-for-sale equity portfolio for Steffi Graf, Inc. is as follows.On January 20, 2007, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees.Instructions
(Comprehensive Income Disclosure) Assume the same information as E17-9 and that Steffi Graf Inc. reports net income in 2006 of $120,000 and in 2007 of $140,000. Total holding gains (including any realized holding gain or loss) arising during 2007 total $40,000.Instructions(a) Prepare a statement of
(Equity Securities Entries) Arantxa Corporation made the following cash purchases of securities during 2007, which is the first year in which Arantxa invested in securities.1. On January 15, purchased 10,000 shares of Sanchez Company’s common stock at $33.50 per share plus commission $1,980.2. On
(Journal Entries for Fair Value and Equity Methods) Presented on page 890 are two inde- pendent situations.Situation 1 Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2007. On June 30, Martinez declared and paid
(Equity Method) Parent Co. invested $1,000,000 in Sub Co. for 25% of its outstanding stock.Sub Co. pays out 40% of net income in dividends each year.Instructions Use the information in the following T-account for the investment in Sub to answer the following questions.(a) How much was Parent
(Equity Investment—Trading) Oregon Co. had purchased 200 shares of Washington Co. for$40 each this year and classified the investment as a trading security. Oregon Co. sold 100 shares of the stock for $45 each. At year end the price per share of the Washington Co. stock had dropped to

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