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business
intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

Assume Avaya contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized
Horizon Corporation manufactures personal computers. The company began operations in 2019 and reported profits for the years 2019 through 2022. Due primarily to increased competition and price
On January 1, 2024, Hodge Beanery received $8,000 from the Kennedy Company in exchange for a coffee roaster that it will deliver to Kennedy on December 31, 2024. Assuming that Hodge views the time
On June 15, 2024, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $220 million. The expected completion date is April 1,
Lewis Co. sold merchandise to AdCo for $60,000 and received $60,000 for that sale one month later. One week prior to receiving payment from AdCo, Lewis made a $10,000 payment to AdCo for advertising
In 2024, Long Construction Corporation began construction work under a three-year contract. The contract price is $1,600,000. Long recognizes revenue over time according to percentage of completion
On February 1, 2024, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2024, costs of $2,000,000 were incurred with
On February 1, 2024, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2024, costs of $2,000,000 were incurred, with
O’Hara Associates sells golf clubs, and with each sale of a full set of clubs provides complimentary club-fitting services. A full set of clubs with the fitting services sells for $1,500. O’Hara
Saar Associates sells two licenses to Kim & Company on September 1, 2024. First, in exchange for $100,000, Saar provides Kim with a copy of its proprietary investment management software, which
TopChop sells hairstyling franchises. TopChop receives $50,000 from a new franchisee for providing initial training, equipment, and furnishings that have a stand-alone selling price of $50,000.
Dowell Fishing Supply, Inc., sold $50,000 of Dowell Rods on December 15, 2024, to Bassadrome. Because of a shipping backlog, Dowell held the inventory in Dowell’s warehouse until January 12, 2025
Kerianne paints landscapes, and in late 2024 placed four paintings with a retail price of $250 each in the Holmstrom Gallery. Kerianne’s arrangement with Holmstrom is that Holmstrom will earn a 20%
GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2024, GoodBuy sold $1,000,000 of gift cards, and $840,000 of the gift cards were redeemed for products. As
As of December 31, 2024, Cady Construction has one construction job for which the construction in progress (CIP) account has a balance of $20,000, and the billings on the construction contract
A key aspect of the Accounting Standards Codification is the structure used to organize content. Understanding that structure will help you utilize the codification efficiently and
www.gapinc.com, and use them to answer the following questions.Required:1. What amounts did Gap Inc. report for the following items for the fiscal year ended February 1, 2020?a. Total net revenuesb.
Analyze each of the following transactions and show the effect on the accounting equation.1. Provide services to customers on account for $50,000.2. Purchase equipment by signing a note with the bank
The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse.1. Issued 30,000 shares of no-par common stock in exchange for $300,000 in
Analyze each of the following transactions and show the effect on the accounting equation.1. Issue 10,000 shares of common stock in exchange for $32,000 in cash.2. Purchase land for $19,000. A note
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023.The following transactions occurred during January 2024:Jan. 1 Sold inventory for
A company has always kept its records on a cash basis. You are provided with the following transaction information for the fiscal year ending December 31, 2024:1. A new comprehensive insurance policy
Prepare journal entries for each of the following transactions:1. Purchase equipment in exchange for cash of $23,400.2. Provide services to customers and receive cash of $6,800.3. Pay the current
Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s reporting year-end is December 31. The unadjusted trial balance as of December 31, 2024,
Prepare journal entries for each of the following transactions:1. Pay $700 for radio advertising for the current month.2. Purchase supplies of $1,300 on account.3. Provide services of $2,900 to
Prepare journal entries for each of the following transactions:1. Issue common stock for $21,000.2. Obtain $9,000 loan from the bank by signing a note.3. Purchase construction equipment for $25,000
Huang Company’s reporting year-end is December 31. Below are the unadjusted and adjusted trial balances for December 31, 2024.Required:Prepare the adjusting journal entries that were recorded on
Post the following transactions to the Cash T-account and calculate the ending balance. The beginning balance in the Cash T-account is $5,000.1. Receive cash from customers, $15,000.2. Pay cash for
The general ledger of the Karlin Company, a consulting company, at January 1, 2024, contained the following account balances:The following is a summary of the transactions for the year:a. Provided
McGuire Corporation began operations in 2024. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2024, the bookkeeper used a check register to record
The Eldorado Corporation’s controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2024:Additional information:1.
Selected balance sheet information for the Wolf Company at November 30, and December 31, 2024, is presented below. The company uses the perpetual inventory system and all sales to customers are made
American Chip Corporation’s reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024.Required:Prepare the necessary closing entries on December
The Mazzanti Wholesale Food Company’s fiscal year-end is June 30. Prepare the necessary year-end adjusting entries at the end of June 30, 2024, for the following situations.1. On December 1, 2023,
Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company’s accountant obtains the necessary information to prepare accrual basis financial
Prepare the necessary adjusting entries on its year-end of December 31, 2024, for the Jingle Corporation for each of the following situations. No adjusting entries were recorded during the year. 1.
The information necessary for preparing the December 31, 2024, year-end adjusting entries for Vito’s Pizza Parlor appears below.a. On July 1, 2024, purchased $10,000 of IBM Corporation bonds at
Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company’s reporting year-end. The company
Prepare the necessary adjusting entries on December 31, 2024, for the Fierro Company for each of the following situations. Assume that no financial statements were prepared during the year and no
The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below. December 31 is the company’s reporting year-end.Required:1. From the trial balance and
Prepare the necessary adjusting entries on December 31, 2024, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no
Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024.Required:Prepare the necessary closing entries on December 31, 2024. Sales
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2024, trial balances contained the following account information:The following
Prepare the necessary adjusting entries for Digital Controls at the end of its December 31, 2024, fiscal year-end for each of the following situations. No adjusting entries were recorded during the
The following transactions occurred during 2024 for the Beehive Honey Corporation:Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31,
The following account balances were taken from the 2024 adjusted trial balance of the Bowler Corporation: sales revenue, $325,000; cost of goods sold, $168,000; salaries expense, $45,000; rent
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2024, you discover net income in 2024 is $30,000 but no adjusting entries
S&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $100,000 from a local bank, and the bank requires S&J to provide annual financial
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2024, the law firm collected $545,000 for services rendered to its clients and paid out $412,000 in expenses. You are
Vodafone Group, Plc., a U.K. company, is the largest mobile telecommunications network company in the world. The company prepares its financial statements in accordance with International Financial
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2024, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000;
The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company’s year-end reporting date.The following year-end adjusting entries are
Indicate whether each of the following assets and liabilities typically should be classified as current or long-term:(a) Accounts receivable within the next 60 days; (b) Prepaid rent for the
The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation:The only asset not listed is short-term investments. The only liabilities not

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