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intermediate accounting 11th
Intermediate Accounting 11th Edition David Spiceland - Solutions
Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians’ Leasing purchased a lithotripter from Rand for $2,000,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2024.1. How should this lease be classified
American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2024. The lease agreement for the $4 million (fair value and present value of the lease payments) machine specified four equal payments
Walmart Inc. is the world’s largest retailer. A large portion of the premises that the company occupies are leased. Its financial statements revealed the following information:Required:1. The net asset “Finance lease right-of-use assets, net” has a July 31, 2020 balance of $4,843 million.
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the year ended December 31, 2019, are available in Connect. This material is also available under the
On June 30, 2024, Georgia-Atlantic, Inc., leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year lease term, payable each June 30 and December 31, with the first payment on June 30, 2024.
A finance lease agreement calls for quarterly lease payments of $5,376 over a 10-year lease term, with the first payment on July 1, the beginning of the lease. The annual interest rate is 8%. Both the present value of the lease payments and the cost of the asset to the lessor are $150,000. What
On January 1, 2024, National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by NIC. Portions of the United Leasing’s
“You know, we heard in our accounting class today that a few years ago, there were advantages to structuring lease arrangements as operating leases,” your study partner said unexpectedly. “Now I’m wondering if that’s changing things for companies that lease assets.” Not happy with
Anthony’s Ristorante has been has served award-winning, traditional Italian dishes, including pasta, steak, veal, ossobuco, saltimbocca, and seafood, using recipes that were handed down by Anthony’s grandmother and that are still prepared the way they were nearly 50 years ago. On January 1,
On June 30, 2024, Georgia-Atlantic, Inc., leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year lease term (also the asset’s useful life), payable each June 30 and December 31, with
On January 1, 2024, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $80,000 each, beginning December 31, 2024, and on each December 31 through 2026. The lessor, HVAC Leasing, calculates lease payments
Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $112,080.Required:Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning
On June 30, 2024, Georgia-Atlantic, Inc., leased warehouse equipment from Builders, Inc. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year lease term (also the asset’s useful life), payable each June 30 and December 31, with the first
Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2024. International Machines manufactured the equipment at a cost of $85,000. Manufacturers Southern’s fiscal year ends December 31.Required:1. Show how International Machines determined the
“Why does FedEx show operating cash flows for both types of leases, but only financing cash flows for finance leases,” your colleague wonders aloud. “We need to draft our lease disclosure by tomorrow morning.” Tossing a sheet of paper in front of you, he moans, “I found this disclosure
On January 1, 2024, Rick’s Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years.∙ Rick’s had no significant economic incentive as of the beginning of the lease to exercise the three-year extensionoption. Annual lease payments are
Each of the three independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor’s implicit rate of return.Required:For each situation, determine:a. The amount of the annual lease payments as
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight Machines manufactured the equipment at a cost of $200,000 and lists a cash selling price of $250,177. Appropriate adjusting entries are made quarterly.Required:1. Prepare appropriate entries for Eye
High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2024. High Time has the option to renew the lease at the end of two years for an additional three years for $8,000 per quarter. Adventures purchased the equipment at a cost of $198,375.Required:1. Prepare
Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company can offer competitive prices due to volume buying. On September 30, 2024, the company leased a delivery truck to a local florist, Anything Grows.∙ The fiscal year for both companies ends December
At the beginning of its fiscal year, Lakeside Inc. leased office space to LTT Corporation under a seven-year operating lease agreement. The contract calls for quarterly rent payments of $25,000 each. The office building was acquired by Lakeside at a cost of $2 million and was expected to have a
Universal Leasing leases electronic equipment to a variety of businesses. The company’s primary service is providing alternate financing by acquiring equipment and leasing it to customers under long-term leases.∙ Universal earns interest under these arrangements at a 10% annual rate.∙
Newton Labs leased chronometers from Brookline Instruments on January 1, 2024. Brookline Instruments manufactured the chronometers at a cost of $200,000. The chronometers have a fair value of $260,000. Appropriate adjusting entries are made quarterly.Required:1. Prepare appropriate entries for
On January 1, 2024, Ghosh Industries leased a high performance conveyer to Karrier Company for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Ghosh.∙ The equipment cost Ghosh $956,000 and has an expected useful life of five years.∙
At January 1, 2024, Café Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement.∙ The lease agreement specifies annual payments of $25,000 beginning January 1, 2024, the beginning of the lease, and on each December 31 thereafter through 2031.∙ The equipment
At January 1, 2024, Café Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement.∙ The lease agreement specifies annual payments of $25,000 beginning January 1, 2024, the beginning of the lease, and on each December 31 thereafter through 2031.∙ The equipment
Amaya Leasing acquires equipment and leases it to customers under long-term sales-type leases. Amaya earns interest under these arrangements at a 6% annual rate. Amaya leased a machine it purchased for $600,000 under an arrangement that specified annual payments beginning at the commencement of the
On January 1, 2024, Lesco Leasing leased equipment to Quality Services under a finance/sales-type lease designed to earn Lesco a 12% rate of return for providing long-term financing. The lease agreement specifieda. Ten annual payments of $56,000 beginning January 1, 2024, the beginning of the lease
At January 1, 2024, Café Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement.∙ The lease agreement specifies annual payments of $25,000 beginning January 1, 2024, the beginning of the lease, and on each December 31 thereafter through 2031.∙ The equipment
Branif Leasing leases mechanical equipment to industrial consumers under sales-type leases that earn Branif a 10% rate of return for providing long-term financing. A lease agreement with Branson Construction specified 20 annual payments beginning December 31, 2024, the beginning of the lease.∙
Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $250,000, its fair value.Required:Prepare appropriate entries for Baillie Power from the beginning of the lease through December 31, 2024.
On December 31, 2024, Yard Art Landscaping leased a delivery truck from Branch Motors.∙ Branch paid $40,000 for the truck. Its retail value is $45,114.∙ The lease agreement specified annual payments of $11,000 beginning December 31, 2024, the beginning of the lease, and at each December 31
On January 1, 2024, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%.∙ The contract calls for four
On January 1, 2024, Wetick Optometrists leased diagnostic equipment from Southern Corp., which had purchased the equipment at a cost of $1,437,237.∙ The lease agreement specifies six annual payments of $300,000 beginning January 1, 2024, the beginning of the lease, and on each December 31
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when
On January 1, 2024, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of $5,000 in 2024, $6,000 in 2025, and $7,000 in 2026. Payments are due on December 31 of each year with the first payment being made on December 31, 2024. Harlon is aware that the
On January 1, 2024, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Aqua.∙ The equipment cost Aqua $412,184 and has an expected economic life of five years.∙ Aqua and
Abbott Equipment leased a protein analyzer to Werner Chemical, Inc., on September 30, 2024.∙ Abbott purchased the machine from NutraLabs, Inc., at a cost of $6 million.∙ The five-year lease agreement calls for Werner to make quarterly lease payments of $391,548, payable each September 30,
Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers’ boats. Lucky Fisher Fleet contracted with Warren to provide space for four of its fishing boats.∙ The contract specifies that Lucky
Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers’ boats. Lucky Fisher Fleet contracted with Warren to provide space for four of its fishing boats.∙ The contract specifies that Lucky
To raise operating funds, National Distribution Center sold its office building to an insurance company on January 1, 2024, for $800,000 and immediately leased the building back.∙ The operating lease is for the final 12 years of the building’s estimated 20-year remaining useful life. The
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the year ended December 31, 2019, are available in Connect. This material is also available under the
Dixon Development began operations in December 2024. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This material also is available under the Investor Relations link at the company’s website
The income tax disclosure note accompanying the January 31, 2020, financial statements of Walmart is reproduced below:Required:1. Focusing on only the first part of Note 9, relating current, deferred, and total provision for income taxes, prepare a summary journal entry that records Walmart’s
Access the financial statements and related disclosure notes of Buckle for the fiscal year ended February 1, 2020, from its website at corporate.buckle.com. Buckle is a fashion retailer operating over 400 stores in more than 40 states under the names Buckle or The Buckle.Required:1. Focusing only
A company reports 2024 pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare the appropriate journal entry to record income taxes.
On January 1, 2021, Ameen Company purchased major pieces of manufacturing equipment for a total of $36 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2023, the book value of the equipment was $30 million and its
Francesca’s Holdings Corporation is a specialty retailer that operates boutiques throughout the United States under Francesca’s trademark. Access the financial statements and related disclosure notes of Francesca for the fiscal year ended February 1, 2020, from EDGAR database as SEC.gov/EDGAR.
On January 1, 2021, Ameen Company purchased major pieces of manufacturing equipment for a total of $36 million. Ameen uses straight-line depreciation for financial statement reporting and deducted 100% of the equipment’s cost for income tax reporting in 2021. At December 31, 2023, the book value
Sherrod, Inc., reported pretax accounting income of $76 million for 2024. The following information relates to differences between pretax accounting income and taxable income:a. Income from installment sales of properties included in pretax accounting income in 2024 exceeded that reported for tax
CVS Health Corporation showed 2019 net income from continuing operations of $6,631 million. The following is an excerpt from a disclosure note to CVS Health’s 2019 financial statements:Required:1. Did CVS’s valuation allowance increase or decrease during 2019? By how much?2. If CVS had not
Kroger Co. is one of the largest retail food companies in the United States as measured by total annual sales. The Kroger Co. operates supermarkets, convenience stores, and manufactures and processes food that its supermarkets sell. Using EDGAR (sec.gov) or the company’s website (kroger.com),
Access the 2019 financial statements and related disclosure notes of Ford Motor Company from its website at corporate.ford.com.Required:1. In Note 7, find Ford’s net deferred tax asset or liability. What is that number?2. Does Ford show a valuation allowance against deferred tax assets? If so,
In 2024, Ryan Management collected rent revenue for 2025 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2024. The deferred portion
Arndt, Inc., reported the following for 2024 and 2025 ($ in millions):a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024.b. Expenses include $2 million insurance premiums each year for life
You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company’s income tax position based on the following:1. Pretax accounting income was $45 million and taxable income was $8 million for the year ended December 31, 2024.2. The
Differences between pretax accounting income and taxable income were as follows during 2024:The cumulative temporary difference as of the end of 2024 is $40 million (also the future taxable amount). The enacted tax rate is 25%. What is the deferred tax asset or liability to be reported in the
Refer to the situation described in BE 16–5. Suppose the deferred portion of the rent collected was $40 million at the end of 2025. Taxable income is $200 million. Prepare the appropriate journal entry to record income taxes in 2025.Data from in BE 16-5In 2024, Ryan Management collected rent
Corning-Howell reported taxable income in 2024 of $120 million. At December 31, 2024, the reported amount of some assets and liabilities in the financial statements differed from their tax bases as indicated below:The total deferred tax asset and deferred tax liability amounts at January 1, 2024,
Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2024. Contributing to the loss were (a) a penalty of $5 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2024 and (b) an estimated loss of $12 million
The following is a portion of the balance sheets of Macy’s, Inc., for the years ended February 1, 2020, and February 2, 2019:Required:1. What is Macy’s debt to equity ratio for the year ended February 1, 2020?2. What would Macy’s debt to equity ratio be if we excluded long-term net deferred
Williams-Santana Inc. is a manufacturer of high-tech industrial parts that was started in 2010 by two talented engineers with little business training. In 2024, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit
Uber Technologies, Inc., is a ridesharing provider. In its 2019 annual report, the company reported deferred tax assets totaling about $11,230 million. The company also reported valuation allowances totaling about $9,855 million. Does that suggest that it is more likely than not that Uber will be
Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2024. Contributing to the loss were (a) a penalty of $5 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2024 and (b) an estimated loss of $12 million
As a senior auditor with Klein and Co, you are interacting with David Perkins, CFO of a prominent public company and an important client. Perkins has a reputation for pushing for favorable accounting treatments, and frequently asks auditors to “prove to me where it says I can’t do
Microsoft Corporation’s disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock:Required:Prepare the journal entry that summarizes Microsoft’s employee share purchases for the year ending June 30, 2020. EMPLOYEE STOCK PURCHASE
On December 31, 2023, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding.∙ Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $400,000 and $75,000 to common and preferred
On January 1, 2024, Farmer Fabrication issued stock options for 100,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, the options are not exercisable unless Farmer Fabrication’s stock price increases
The Li Group had 202,000 shares of common stock outstanding at January 1, 2024. The following activities affected common shares during the year. There are no potential common shares outstanding.Required:1. Determine the 2024 EPS.2. Determine the 2025 EPS.3. At what amount will the 2024 EPS be
Information from the financial statements of Park-Rao Industries included the following at December 31, 2024:Park-Rao’s net income for the year ended December 31, 2024, is $520 million. The income tax rate is 25%. Park-Raos paid dividends of $2 per share on its preferred stock during
On December 31, 2023, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding.∙ Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $400,000 and $75,000 to common and preferred
At December 31, 2023 and 2024, Funk & Noble Corporation had outstanding 820 million shares of common stock and 2 million shares of 8%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock in 2023 or 2024. Net income for 2024 was $426
Ahnberg Corporation had 800,000 shares of common stock issued and outstanding at January 1. No common shares were issued during the year, but on January 1, Ahnberg issued 100,000 shares of convertible preferred stock. The preferred shares are convertible into 200,000 shares of common stock. During
Alciatore Company reported a net income of $150,000 in 2024. The weighted-average number of common shares outstanding for 2024 was 40,000. The average stock price for 2024 was $33. Assume an income tax rate of 25%.Required:For each of the following independent situations, indicate whether the
Garcia Company granted 9 million of its no par common shares to executives, subject to forfeiture if employment is terminated within three years. The common shares have a market price of $5 per share on January 1, 2023, the grant date of the restricted stock award. When calculating diluted EPS at
On December 31, 2023, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.∙ On March 1, 2024, Berclair purchased 24 million shares of its common stock as treasury stock.∙ Berclair issued a 5% common
At December 31, 2024, the financial statements of Hollingsworth Industries included the following:Required:Compute basic and diluted EPS for the year ended December 31, 2024. Net income for 2024 Bonds payable, 8%, convertible into 36 million shares of common stock Common stock: Shares outstanding
At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities:The following additional information is available:∙ On September 1, 2024, M. E. Gainor sold 72 million additional shares of common stock.∙ Incentive stock options to purchase 60 million shares of common stock
On January 1, 2024, Jaewoo Industries had outstanding 440,000 common shares ($l par) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock ($100 par), convertible into 40,000 common shares.∙ On October 1, 2024, Jaewoo sold and issued an additional 16,000
On December 31, 2023, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.∙ On March 1, 2024, Berclair purchased 24 million shares of its common stock as treasury stock.∙ Berclair issued a 5% common
On December 31, 2023, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.∙ On March 1, 2024, Berclair purchased 24 million shares of its common stock as treasury stock.∙ Berclair issued a 5% common
Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2024. Additional Information:Required:Compute Stanley’s basic and diluted earnings per share for the year ended December 31, 2024. Common shares outstanding at Jan. 1, 2024 Incentive stock options (vested in
Witter House is a calendar-year firm with 300 million common shares outstanding throughout 2024 and 2025. As part of its executive compensation plan, at January 1, 2023, the company had issued 30 million executive stock options permitting executives to buy 30 million shares of stock for $10 within
Information from the financial statements of Ames Fabricators, Inc., included the following:Ames’s net income for the year ended December 31, 2024, is $500,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2024.Required:Compute basic and diluted
As part of its executive compensation plan, Vertovec Inc. granted 54,000 of its no-par common shares to executives, subject to forfeiture if employment is terminated within three years. Vertovec’s common shares have a market price of $5 per share on January 1, 2023, the grant date of the
During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share.Net income for 2024 was $148 million.Required:Compute basic and diluted
Justin Short Foods granted 18 million of its no-par common shares to executives, subject to forfeiture if employment is terminated within three years. The common shares have a market price of $5 per share on January 1, 2023, the grant date.Required:1. What journal entry will Justin Short Foods
As part of its stock-based compensation package, International Electronics (IE) granted 24 million stock appreciation rights (SARs) to top officers on January 1, 2024.∙ At exercise, holders of the SARs are entitled to receive stock equal in value to the excess of the market price at exercise over
As part of its stock-based compensation package, International Electronics granted 24 million stock appreciation rights (SARs) to top officers on January 1, 2024.∙ At exercise, holders of the SARs are entitled to receive cash or stock equal in value to the excess of the market price at exercise
Webster Products, Inc., adopted the dollar-value LIFO method of determining inventory costs for financial and income tax reporting on January 1, 2024. Webster continues to use the FIFO method for internal decision-making purposes. Webster’s FIFO inventories at December 31, 2024, 2025, and 2026,
As part of its stock-based compensation package, on January 1, 2024, International Electronics granted restricted stock units (RSUs) representing 50 million $1 par common shares.∙ At exercise, holders of the RSUs are entitled to receive cash or stock equal in value to the market price of those
During 2022 (its first year of operations) and 2023, Fieri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2024, Fieri decided to change to the average method for both financial reporting and tax purposes. Income components before
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This material is also available under the Investor Relations link at the company’s website
In 2024, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2023, B & B’s inventories were $32 million (FIFO). B & B’s records indicated that the inventories would have totaled $23.8 million at December
The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost method at the beginning of 2024. At December 31, 2023, inventories were $120,000 (average cost basis) and were $124,000 a year earlier. Cecil-Booker’s accountants determined that
Mayfair Department Stores operates over 30 retail stores in the Pacific Northwest. Prior to 2024, the company used the FIFO method to value its inventory. In 2024, Mayfair decided to switch to the dollar-value LIFO retail inventory method. One of your responsibilities as assistant controller is to
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning of 2024. The inventory as reported at the end of 2023 using LIFO would have been $60,000 higher using FIFO. Retained earnings at the end of 2023 was reported as $780,000
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the year ended December 31, 2019, are available in Connect. This material also is available under the
The Coclin Company has used the LIFO method of accounting for inventory during its first two years of operation, 2022 and 2023. At the beginning of 2024, Coclin decided to change to the average cost method for both tax and financial reporting purposes. The following table presents information
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