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intermediate accounting 11th

Intermediate Accounting 11th Edition David Spiceland - Solutions

On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances:During January 2024, the following transactions occur:1. January 2 Provide services to customers for cash, $35,100.2. January 6 Provide services to customers on account, $72,400.3. January 15 Write
Kryoton Corporation shipped goods to a customer f.o.b. destination on December 29, 2024. The goods arrived at the customer’s location in January. In addition, one of Kryoton’s major suppliers shipped goods to Kryoton f.o.b. shipping point on December 30. The inventory arrived at Kryoton’s
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2024 bank statement included the following information:The company’s general ledger account had a balance of $38,918
At January 1, 2024, Clayton Hoists Inc. owed Third BancCorp $12 million, under a 10% note due December 31, 2025. Interest was paid last on December 31, 2022. Clayton was experiencing severe financial difficulties and asked Third BancCorp to modify the terms of the debt agreement. After negotiation
Loucks Company established a $200 petty cash fund on October 2, 2024. The fund is replenished at the end of each month. At the end of October 2024, the fund contained $37 in cash and the following receipts:Required:Prepare the necessary general journal entries to establish the petty cash fund on
The petty cash fund of Ricco’s Automotive contained the following items at the end of September 2024:The petty cash fund was established at the beginning of September with a transfer of $150 from cash to the petty cash account.Required:Prepare the journal entry to replenish the fund at the end of
The current asset section of the Moorcroft Outboard Motor Company’s balance sheet reported the following amounts:The average collection period for 2024 is 50 days.Required:Determine net sales for 2024. Accounts receivable, net 12/31/2024 12/31/2023 $400,000 $300,000
Jansen Company’s general ledger showed a checking account balance of $23,820 at the end of May 2024. The May 31 cash receipts of $2,340, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement
Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024:Mar. 17 Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $20,000
Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2024. The note, along with interest at 10%, is due on July 1, 2024. On February 28, 2024, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 12%.Required:Prepare the journal entries required
Shan Enterprises received a bank statement listing its May 31, 2024, bank balance as $47,582. Shan determined that as of May 31 it had cash receipts of $2,500 that were not yet deposited and checks outstanding of $7,224. Calculate Shan’s correct May 31, 2024, cash balance.
Marin Company’s general ledger indicates a cash balance of $22,340 as of September 30, 2024. Early in October Marin received a bank statement indicating that during September Marin had an NSF check of $1,500 returned to a customer and incurred service charges of $45. Marin also learned it had
How did the CARES Act affect accounting for loan modifications as Troubled Debt Restructurings?
On June 30, 2024, the High Five Surfboard Company had outstanding accounts receivable of $600,000. On July 1, 2024, the company borrowed $450,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables
On January 1, 2024, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2025. The 2024 income statement reported $2,200 in interest revenue from this note and a $6,000 gain on sale
How is a petty cash fund established? How is the fund replenished?
On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $515,000 by Elmira on December 31, 2026. The effective interest rate is 8%.Required:1. How much sales revenue would Wright recognize on
On June 30, 2024, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $30,000 on March 31, 2025. The fair value of the merchandise exchanged is $28,200. Esquire views the financing component of this contract as
On June 30, 2024, the Esquire Company sold some merchandise to a customer for $30,000. In payment, Esquire agreed to accept a 6% note requiring the payment of interest and principal on March 31, 2025. The 6% rate is appropriate in this situation.Required:1. Prepare journal entries to record the
On April 19, 2024, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $120,000 in five years. The applicable effective interest rate is 7%. What amount of sales revenue would Millipede recognize on April 19, 2024, for the Hartwood transaction?
Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $17,280 at the beginning of 2024 and a $22,410 credit balance at the end of 2024 (after adjusting entries). If the direct write-off method had been used to account for
On December 1, 2024, Davenport Company sold merchandise to a customer for $20,000. In payment for the merchandise, the customer signed a 6% note requiring the payment of interest and principal on March 1, 2025. How much interest revenue will the company recognize during 2024? In 2025?
The bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31, 2024, balance of $14,632.12. Information that might be useful in preparing a bank reconciliation is as follows:a. Outstanding checks were $1,320.25.b. The December 31, 2024, cash receipts of $575 were
Caterpillar, Inc., is one of the world’s largest manufacturers of construction, mining, and forestry machinery. The following disclosure note is included in the company’s 2019 financial statements:Required:1. The company reported LIFO cost of goods sold of $36,630 million. Calculate the amount
The December 31, 2024, year-end inventory balance of the Almond Corporation is $210,000. You have been asked to review the following transactions to determine if they have been correctly recorded.1. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025.
Refer to the situation described in BE 8–6. Record (1) the purchase of inventory on account (2) freight charges, assuming the company uses a periodic inventory system.Data from in BE 8-6A company purchased inventory on account for $100,000. Freight charges to have the inventory shipped to the
The table below contains selected financial information included in the financial statements of Kohl’s Corporation and Dillards, Inc., two companies in the department store industry.Required:Calculate the 2019 gross profit ratio, inventory turnover ratio, and average days in inventory for both
Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $30,000 at the beginning of 2024. No previously written-off accounts receivable were reinstated during
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $32,000 at the beginning of 2024 and
Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $20 million, 10% unsecured note. The note was signed January 1, 2014, and was due December 31, 2027. Annual interest was last paid on December 31, 2022. At January 1, 2024, Rothschild Chair Company was experiencing severe
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2024, year-end balance sheet:Additional Information:1. The notes receivable account consists of two notes, a $60,000 note and a $200,000 note. The $60,000 note is dated October 31, 2024, with principal and interest
Ervin Company uses the allowance method to account for uncollectible accounts receivable. The allowance account is adjusted based on bad debt expense as a percentage of credit sales. For 2024, net credit sales totaled $4,500,000, and the estimated bad debt percentage is 1.5%. No previously
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.1. Accounts not yet due = $400,000; estimated uncollectible = 8%.2. Accounts 1–30 days past due = $50,000; estimated uncollectible = 15%.3. Accounts 31–90
El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2024, reconciliation of the bank balance is as follows:The company’s general ledger checking account showed the following for December:The December bank
Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible accounts.1. Accounts not yet due = $180,000; estimated uncollectible = 10%.2. Accounts 1–45 days past due = $25,000; estimated uncollectible = 20%.3. Accounts more
Refer to the situation described in BE 7–13. Answer the two questions assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable.Data from in BE 7-13The following information relates to a company’s accounts receivable: gross accounts
EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, and forwarding of submissions by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission (SEC). All publicly traded domestic
Toughbuilt Industries, Inc., designs, manufactures, and distributes tools and accessories to the do-it-yourself and professional building industry.Required:1. Access EDGAR on the Internet. The web address is www.sec.gov.2. Search for Toughbuilt Industries, Inc. Access the 10-K filing for the year
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2024 operations is as follows:a. January 1, 2024, beginning inventory had a cost of $100,000 and a retail value of $150,000.b. Purchases during 2024 cost $1,387,500 with an original retail
On September 22, 2024, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company’s periodic inventory system:Required:Estimate the cost of inventory destroyed in the
Mayfair Department Stores, Inc., 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
On November 21, 2024, a fire at Hodge Company’s warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $12,000. The following information was available from the records of Hodge’s periodic inventory system:Based on
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data:Required:Use the retail method to approximate cost of ending inventory in each of the following ways:1. Average cost2. Conventional Beginning
What is the conventional retail method?
Robotics Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2024 fiscal year:The company records sales to employees net of discounts. These discounts totaled $15,000 for the year. Estimate ending inventory and
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2024. Accounting records on that date indicated the following:The gross profit ratio has averaged 20% of sales for the past four years.Required:Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data:Required:Assuming the price level increased from 1.00 at January 1 to 1.10 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of
On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:Estimate ending inventory using the dollar-value LIFO retail method and the information provided. Beginning inventory Net purchases Net markups Net
On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows:Required:Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO
Salt and Mineral (SAM) began 2024 with 200 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased on January 19 for $30 each. Sales of 125 units and
On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2024 through 2026 are as follows:Required:Calculate the company’s ending inventory for 2024, 2025, and 2026.
A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $150,000. Year-end inventories at year-end costs and cost indexes for its one inventory
Altira Corporation provides the following information related to its inventory during the month of August 2024:Required:Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it
On January 1, 2024, a company adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $260,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for
Altira Corporation provides the following information related to its inventory during the month of August 2024:Required:Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it
Listed below are several terms and phrases associated with cash and receivables. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it. List A 1. Internal control 2. Trade discount 3. Cash equivalents 4. Allowance for uncollectibles 5. Cash
General Mills reported the following information in its 2020 financial statements ($ in millions):A note disclosed that the allowance for uncollectible accounts had a balance of $33.2 million and $28.8 million at the end of 2020 and 2019, respectively. Bad debt expense for 2020 was $25.9
Refer to the situation described in BE 4–8. Assume instead that the estimated fair value of the segment’s assets, less costs to sell, on December 31 was $7 million rather than $10 million. Prepare the lower portion of the 2024 income statement beginning with income from continuing operations
Dinoland Manufacturing shipped consignment inventory of $200,000 to Storing Company on December 1, 2024. Storing agrees to sell the inventory for a 10% sales commission, while Dinoland maintains title and control over pricing. By the end of the year, $60,000 of the inventory has been sold by
The following information is available for a company:Required:Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Beginning inventory Inventory
Microsoft Corporation reported the following information in its financial statements for three successive quarters ($ in millions):Required:Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Balance sheets: Accounts
Refer to the data provided in E 21–27 for Red, Inc.Data from in E 21-27Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Inc., are provided below.Additional information from the accounting records:a. During
Refer to the data provided in E 21–27 for Red, Inc.Data from in E 21-27Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Inc., are provided below.Additional information from the accounting records:a. During
Comparative balance sheets for 2024 and 2023, a statement of income for 2024, and additional information from the accounting records of Red, Inc., are provided below.Additional information from the accounting records:a. During 2024, $230 million of equipment was purchased to replace $180 million of
Refer to the data provided in the P 21–11 for Arduous Company.Data from in P 21-11The comparative balance sheets for 2024 and 2023 and the income statement for 2024 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided also.Additional
Refer to the data provided in the P 21–5 for Metagrobolize Industries.Data from in P 21-5Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is
Refer to the data provided in the P 21–4 for Dux Company.Data from in P 21-4The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux’s accounting records is provided also.Additional information from
Refer to the data provided in the P 21–11 for Arduous Company.Data from in P 21-11The comparative balance sheets for 2024 and 2023 and the income statement for 2024 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided also.Additional
Refer to the data provided in the P 21–5 for Metagrobolize Industries.Data from in P 21-5Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is
Refer to the data provided in the P 21–4 for Dux Company.Data from in P 21-4The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux’s accounting records is provided also.Additional information from
The comparative balance sheets for 2024 and 2023 are given below for Surmise Company. Net income for 2024 was $50 million.Required:Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2024. Use the indirect method to present cash flows from operating activities
The comparative balance sheets for 2024 and 2023 and the income statement for 2024 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided also.Additional information from the accounting records:a. Investment revenue includes Arduous Company’s
Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.Additional information from the accounting records:a. Annual payments of $20,000 on the
The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux’s accounting records is provided also.Additional information from the accounting records:a. A building that originally cost $40,000, and which was
The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for National Intercable Company. Additional information from NIC’s accounting records is provided also.Additional information from the accounting records:a. Investment revenue includes National
The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Wright Company. Additional information from Wright’s accounting records is provided also.Additional information from the accounting records:a. Land that originally cost $10,000 was sold for
For each of the following inventory errors occurring in 2024, determine the effect of the error on 2024’s cost of goods sold, net income, and retained earnings. Assume that the error is not discovered until 2025 and that a periodic inventory system is used. Ignore income taxes. U = Understated O
Indicate with the appropriate letter the nature of each situation described below: Type of Change PR PP E EP R N Change in principle reported retrospectively Change in principle reported prospectively Change in estimate Change in estimate resulting from a change in principle Change in reporting
At the beginning of 2024, Wagner Implements undertook a variety of changes in accounting methods, corrected several errors, and instituted new accounting policies.Required:Indicate for each item 1 to 10 below the type of change and the reporting approach Wagner would use.Change:1. By acquiring
Late in 2024, you and two other officers of Curbo Fabrications Corporation just returned from a meeting with officials of the City of Jackson. The meeting was unexpectedly favorable even though it culminated in a settlement with city authorities that your company pay a total of $475,000 to cover
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
Hardaway Fixtures’ balance sheet at December 31, 2023, included the following:On July 21, 2024, Hardaway issued a 25% stock dividend on its common stock. On December 12, it paid $50,000 cash dividends on the preferred stock. Net income for the year ended December 31, 2024, was
For the year ended December 31, 2024, Norstar Industries reported net income of $655,000. At January 1, 2024, the company had 900,000 common shares outstanding. The following changes in the number of shares occurred during 2024:Required:Compute Norstar’s earnings per share for the year ended
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
Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024.Required:Infer from the statements the events and transactions that affected Locke Inter technology Corporation’s
You are assistant controller of Stamos & Company, a medium-sized manufacturer of machine parts. On October 22, 2023, the board of directors approved a stock option plan for key executives. On January 1, 2024, a specific number of stock options were granted. The options were exercisable between
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
Wong Corporation reports $50 million accumulated other comprehensive income in its balance sheet as a component of shareholders’ equity. In a related statement reporting comprehensive income for the year, the company reveals net income of $400 million and other comprehensive income of $15
The following is from the 2024 annual report of Kaufman Chemicals, Inc.Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders’ equity as follows:Required:1. What is comprehensive income and how does it differ from net income?2. How is
Part ADuring its first year of operations, the A. Clem Corporation entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share.Required:Prepare the appropriate journal entries to record each
The shareholders’ equity portion of the balance sheet of Sessel’s Department Stores, Inc., a large regional specialty retailer, is as follows:Disclosures elsewhere in Sessel’s annual report revealed the following changes in shareholders’ equity accounts for 2025, 2024, 2023 (values and
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
The shareholders’ equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2023:Required:1. During 2024, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase
Titan Networking became a public company through an IPO (initial public offering) two weeks ago. You are looking forward to the challenges of being assistant controller for a publicly owned corporation. One such challenge came in the form of a memo in this morning’s in-box. “We need to start
Brown Company issued 100,000 shares of its $1 par common stock to the Mary Keim law firm as compensation for 4,000 hours of legal services performed. Keim’s usual rate is $240 per hour. By what amount should Brown’s paid-in capital—excess of par increase as a result of this transaction?
Indicate by letter whether each of the items listed below most likely is reported in the income statement as Net Income (NI) or in the statement of comprehensive income as Other Comprehensive Income (OCI). Items 1. Increase in the fair value of available-for-sale (AFS) debt securities 2. Gain on
National Supply’s shareholders’ equity included the following accounts at December 31, 2023:Required:1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions under each of two separate
Distinguish between not-for-profit and for-profit corporations.
Comparative statements of retained earnings for Renn Dever Corporation were reported in its 2024 annual report as follows.At December 31, 2023, common shares consisted of the following:Required:Infer from the reports the events and transactions that affected Renn-Dever Corporation’s retained
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 1 million preferred shares, $50 par per

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