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business
intermediate accounting 11th

Intermediate Accounting 11th Edition David Spiceland - Solutions

The following transactions occurred during March 2024 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.2. Purchased equipment at a cost of $40,000. Cash of $10,000 was paid and a note
Cadux Candy Company’s income statement for the year ended December 31, 2024, reported interest expense of $2 million and income tax expense of $12 million. Current assets listed in its balance sheet include cash, accounts receivable, and inventory. Property, plant, and equipment is the
Net income of Trout Company was $45,000. The accounting records reveal depreciation expense of $80,000 as well as increases in prepaid rent, salaries payable, and income taxes payable of $60,000, $15,000, and $12,000, respectively. Prepare the cash flows from operating activities section of
The following summary transactions occurred during 2024 for Bluebonnet Bakers:The balance of cash and cash equivalents at the beginning of 2024 was $17,000.Required:Prepare a statement of cash flows for 2024 for Bluebonnet Bakers. Use the direct method for reporting operating activities. Cash
Financial statements for Askew Industries for 2024 are shown below (in thousands):Required:Calculate the following ratios for 2024.1. Inventory turnover ratio2. Average days in inventory3. Receivables turnover ratio4. Average collection period5. Asset turnover ratio6. Profit margin on sales7.
The following are summary cash transactions that occurred during the year for Hope Healthcare Co. (HHC):Prepare the cash flows from operating activities section of HHC’s statement of cash flows using the direct method. Cash received from: Customers Interest on notes receivable Collection of notes
The following is a December 31, 2024, post-closing trial balance for Culver City Lighting, Inc. Prepare a classified balance sheet for the company. Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest
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 the Connect library. This material also is available under the Investor Relations link at the company’s website
Examine the segment disclosures of Abbott Laboratories reported in Appendix 3 and answer the following questions.1. Does Abbott Laboratories define its operating segments by business or geography?2. Determine which business segment has the greatest amount of (a) sales, (b) operating earnings, and
The following are typical disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear—either in (A) The significant accounting policies note or (B) A separate note. 1. Inventory costing
At the end of 2024, Barker Corporation’s preliminary trial balance indicated a current ratio of 1.2. Management is contemplating paying some of its accounts payable balance before the end of the fiscal year. Determine whether the effect of this transaction would increase or decrease the current
The current asset section of Stibbe Pharmaceutical Company’s balance sheet included cash of $20,000 and accounts receivable of $40,000. The only other current asset is inventory. The company’s current ratio is 2.0 and its acid-test ratio is 1.5. Determine the ending balance in inventory and
Hallergan Company produces car and truck batteries that it sells primarily to auto manufacturers. Dorothy Hawkins, the company’s controller, is preparing the financial statements for the year ended December 31, 2024. Hawkins asks for your advice concerning the following information that has not
Define a subsequent event.
Listed below are several terms and phrases associated with the balance sheet and financial disclosures. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it. List A 1. Balance sheet 2. Liquidity 3. Current assets 4. Operating cycle 5.
What are the three main types of sustainability disclosures? How can those disclosures provide information to shareholders and stakeholders?
The 2024 balance sheet for Hallbrook Industries, Inc., is shown below.The company’s 2024 income statement reported the following amounts ($ in thousands):Required:Determine the following ratios for 2024:1. Current ratio2. Acid-test ratio3. Debt to equity ratio4. Times interest earned ratio
Best Buy Co, Inc., is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended February 1, 2020, are shown next.Liquidity and solvency ratios for the industry are as follows:1. Determine the following ratios for Best Buy for
The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The balance sheet revealed the following:Required:Determine the following balance sheet items:a. Current assetsb. Shareholders’ equityc. Long-term
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2024, year-end trial balance contained the following income statement items:Required:Calculate the company’s operating income for the year. Account Title Sales revenue Interest
The following is a partial trial balance for the Green Star Corporation as of December 31, 2024:Required:1. Prepare a single-step income statement by inserting the amounts above into the appropriate section.2. Prepare a multiple-step income statement by inserting the amounts above into the
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2024 and 2023:On October 15, 2024, Jackson entered into a tentative agreement to sell the assets of one of its divisions. The division qualifies as a component of an entity as
Each of the following situations occurred during 2024 for one of your audit clients:1. An inventory write-down due to obsolescence.2. Discovery that depreciation expenses were omitted by accident from 2023’s income statement.3. The useful lives of all machinery were changed from eight to five
On December 31, 2024, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics business segment qualifies as a component of the entity, according to GAAP. Consider the following additional information:∙ The book value of the
Esquire Comic Book Company had income before tax of $1,000,000 in 2024 before considering the following material items:1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was
On December 31, 2024, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. Consider the following additional information:∙ The
Kandon Enterprises, Inc., has two operating divisions; one manufactures machinery and the other breeds and sells horses. Both divisions are considered separate components as defined by generally accepted accounting principles. The horse division has been unprofitable, and, on November 15, 2024,
Ralph Lauren Corporation is a global leader in the design, marketing, and distribution of premium lifestyle products, including men’s, women’s and children’s apparel. Below are selected financial statements taken from a recent 10-K filing.Required:Use the information in the financial
Duke Company’s records show the following account balances at December 31, 2024:Income tax expense has not yet been determined. The following events also occurred during 2024. All transactions are material in amount.1. $300,000 in restructuring costs were incurred in connection with plant
On September 17, 2024, Ziltech, Inc., entered into an agreement to sell one of its divisions that qualifies as a component of the entity according to generally accepted accounting principles. By December 31, 2024, the company’s fiscal year-end, the division had not yet been sold, but was
The Esposito Import Company had 1 million shares of common stock outstanding during 2024. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.6 million. All of these amounts are net of tax.Required: Prepare the 2024
You are a new staff accountant with a large regional CPA firm, participating in your first audit. You recall from your auditing class that CPAs often use ratios to test the reasonableness of accounting numbers provided by the client. Since ratios reflect the relationships among various account
The chief accountant for Grandview Corporation provides you with the company’s 2024 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the company’s comparative balance sheets. These financial statements are shown next ($ in
Atlantic Beverage Company reported net income of $650,000 for 2024. In addition, the company deferred a $60,000 pretax loss on derivatives and had pretax net unrealized gains on debt securities of $40,000. Prepare a separate statement of comprehensive income for 2024. The company’s income tax
Presented below are the 2024 income statement and comparative balance sheets for Santana Industries.Additional information for the 2024 fiscal year ($ in thousands):1. Cash dividends of $1,000 were declared and paid.2. Equipment costing $4,000 was purchased with cash.3. Equipment with a book value
For the year ending December 31, 2024, Olivo Corporation had income from continuing operations before taxes of $1,200,000 before considering the following transactions and events. All of the items described below are before taxes and the amounts should be considered material.1. In November 2024,
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2024, included the following accounts:The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes.
Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2024, the
The following are partial income statement account balances taken from the December 31, 2024, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000; before-tax loss on discontinued operations, $400,000; and loss on sale of investments, $50,000.
The following is a partial year-end adjusted trial balance.Income tax expense has not yet been recorded. The income tax rate is 25%. Determine the following: (a) Operating income (loss), (b) Income (loss) before income taxes, (c) Net income (loss). Account Title Sales revenue Loss on
Norse Manufacturing Inc. prepares an annual single, continuous statement of income and comprehensive income.The following situations occurred during the company’s 2024 fiscal year:1. Restructuring costs were incurred due to the closing of a factory.2. Investments were sold, and a loss was
The preliminary 2024 income statement of Alexian Systems, Inc., is presented below:Additional Information:1. Selling and administrative expense includes $26 million in restructuring costs.2. Included in other income is $120 million in income from a discontinued operation. This consists of $90
The following events occurred during 2024 for various audit clients of your firm. Consider each event to be independent and the effect of each event to be material.1. A manufacturing company recognized a loss on the sale of investments.2. An automobile manufacturer sold all of the assets related to
Presented below is the balance sheet for HHD, Inc., at December 31, 2024.The captions shown in the summarized statement above include the following:a. Current assets: cash, $150,000; accounts receivable (net), $200,000; inventory, $225,000; and prepaid insurance, $25,000.b. Investments: investment
The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior year).Transactions during 2024 (current year) were as follows:1. Sales to customers on account $800,0002. Cash collected from customers 780,0003. Purchase of inventory on account 550,0004. Cash payment to
Define the terms paid-in capital and retained earnings.
The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation.Additional Information:1. The receivables from employees are due on June 30, 2025.2. The notes receivable are due in installments of $50,000, payable on each September 30. Interest is
For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) environmental, (B) social, or (C) governance disclosures: (1) Ratio of pay of chief executive offer to median full-time employee; (2) Ratio of independent board members; (3)
Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2024.Additional Information:1. The notes receivable, along with any interest receivable, are due on November 22, 2025.2. The notes payable are due in 2028. Interest is payable annually.3. The
Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the proper classification of the following items: a. $50,000 in cash restricted to pay debt. The debt matures in 2028.b. Prepaid rent of $24,000, covering the period January 1, 2025,
Obtain the quarterly financial report (10-Q) of Delta Airlines for the period ended June 30, 2020. You can access this report through the SEC’s EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system. You can also access this report at the company’s website
The following is the ending balances of accounts at June 30, 2024, for Excell Company.Additional Information:1. The short-term investments account includes $18,000 in U.S. treasury bills purchased in May. The bills mature in July, 2024.2. The accounts receivable account consists of the following:3.
The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation.Additional Information:1. The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located. The remaining $20,000 represents the
The fiscal year-end for the Northwest Distribution Corporation is December 31. The company’s 2024 financial statements were issued on March 15, 2025. The following events occurred between December 31, 2024, and March 15, 2025.1. On January 22, 2025, the company negotiated a major merger with
The balance sheet and disclosure of significant accounting policies taken from the January 31, 2020, annual report of Walmart Inc. appear below. Use this information to answer the following 1. Does Walmart separately report current assets versus long-term assets, and current liabilities versus
You have been asked to review the December 31, 2024, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior:1. An investment of $30,000 is included in current assets. Management has indicated it has no intention of
The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company.Additional Information:1. Prepaid expenses include $120,000 paid on December 31, 2024, for two years of rent on the building that houses both the administrative offices and the manufacturing
The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation.Required:Prepare a classified balance sheet for Jackson Corporation at December 31, 2024, by properly classifying each of the accounts. Account Title Cash Accounts receivable Inventory Prepaid rent (for the
You recently joined the auditing staff of Best, Best, and Krug, CPAs. You have been assigned to the audit of Clearview, Inc., and have been asked by the audit senior to examine the balance sheet prepared by Clearview’s accountant.Required:Match each balance sheet item with the disclosure note
The following is a December 31, 2024, post-closing trial balance for Almway Corporation.Additional Information:1. The investment in equity securities account includes an investment in common stock of another corporation of $30,000 which management intends to hold for at least three years. The
You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountant.In the course of your examination you uncover the following information pertaining to the balance sheet:1. The
The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2024. Some amounts, indicated by question marks, have been intentionally omitted.Required:1. Determine the missing amounts.2. Prepare Trident’s classified balance sheet. Include headings for each
The following are the typical classifications used in a balance sheet:a. Current assetsb. Investmentsc. Property, plant, and equipmentd. Intangible assetse. Current liabilitiesf. Long-term liabilitiesg. Paid-in capitalh. Retained earningsRequired:For each of the following balance sheet items, use
Refer to P 2–3 and complete the following steps:Data in P 2-3Pastina 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, appears below.Information necessary to
The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below.Required:1. Prepare an income statement for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024.2. Prepare the necessary closing entries on December 31, 2024.
Refer to E 2–9 and respond to the following requirements. Data in E 2-9Prepare 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 adjusting
The following account balances were taken from the 2024 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation, $40,000; accounts payable, $20,000; salaries payable, $12,000; retained
If the adjusting journal entries prepared in BE 2–13 were not recorded, would assets, liabilities, and shareholders’ equity on the December 31, 2024, balance sheet be higher or lower and by how much?Data From in BE 2-13Prepare the necessary adjusting entries on its year-end of December 31,
The following transactions occurred during the month of June 2024 for the Stridewell Corporation. The company owns and operates a retail shoe store.1. Issued 100,000 shares of common stock in exchange for $500,000 cash.2. Purchased office equipment at a cost of $100,000. Cash of $40,000 was paid
Halogen Laminated Products Company began business on January 1, 2024. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $100,000 cash.2 Purchased inventory on account for $35,000 (the perpetual inventory system is used).4 Paid an insurance company
A company borrowed $100,000 from a local bank. The loan requires 10 equal annual payments beginning one year from today. Assuming an interest rate of 8%, what is the amount of each annual payment?
On December 31, 2024, a company issued 6% stated rate bonds with a face amount of $100 million. The bonds mature on December 31, 2054. Interest is payable annually on each December 31, beginning in 2025. Determine the price of the bonds on December 31, 2024, assuming that the market rate of
On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $1,200. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for six months. Antonio will make 18 equal monthly payments, beginning October 1, 2024. The annual interest
On September 30, 2024, the Techno Corporation issued 8% stated rate bonds with a face amount of $300 million. The bonds mature on September 30, 2044 (20 years). The market rate of interest for similar bonds was 10%. Interestis paid semiannually on March 31 and September 30.Required:Determine the
On September 30, 2024, a company leased a warehouse. Terms of the lease require 10 annual lease payments of $55,000 with the first payment due immediately. Accounting standards require the company to record a lease liability when recording this type of lease. Assuming an 8% interest rate, at what
On June 30, 2024, Single Computers issued 6% stated rate bonds with a face amount of $200 million. The bonds mature on June 30, 2039 (15 years). The market rate of interest for similar bond issues was 5% (2.5% semiannual rate). Interest is paid semiannually (3%) on June 30 and December 31,
Juan purchased a new automobile for $20,000. Juan made a cash down payment of $5,000 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate.Required:Calculate the amount of the required
On June 30, 2024, Fly-By-Night Airlines leased a jumbo jet from Boeing Corporation. The terms of the lease require Fly-By-Night to make 20 annual payments of $400,000 on each June 30. Generally accepted accounting principles require this lease to be recorded as a liability for the present value of
On March 31, 2024, Southwest Gas leased equipment from a supplier and agreed to pay $200,000 annually for 20 years beginning March 31, 2025. Generally accepted accounting principles require that a liability be recorded for this lease agreement for the present value of scheduled payments.
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
On July 1, 2024, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The book value of the land on Apache’s books was $1,200,000. Terms of the sale required a down payment of $150,000 and 19 annual payments of $150,000 plus interest at an
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
Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $85. Adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from December 1 through April 30. Ski
On May 1, 2024,Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2024, to April 30, 2025, with Shaffer paying the entire $6,000 on May 1, 2024. How
Consider the following excerpts from revenue recognition disclosure notes:1. Verizon: “We offer wireless services through a variety of plans on a postpaid or prepaid basis. For wireless service, we recognize revenue . . . either as the service allowance units are used or as time elapses, because
Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2024, it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases.
Mars Marine produces outboard motors for a variety of recreational and commercial boating configurations. Martin Quint, the owner of Mars Marine, is planning to provide to any person purchasing a Mars motor a coupon entitling them to a 40% discount on a ten-year maintenance contract. However, Mars
On January 1, Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month period. Revis will receive $20,000 from Green at the end of each month. If total cost savings reach a specific target, Revis will receive an additional $10,000 from Green
On March 1, 2024, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink’s, a third-party carrier. In addition, Gold
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2024, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $80,000. The contract specifies that Super Rise will receive
On May 1, 2024, Meta Computer, Inc., enters into a contract to sell 5,000 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $95,000, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2024. As part of the contract, the seller offers
In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows:Westgate recognizes revenue over time according to percentage of completion.Required:1.
The birth of the Internet in the 1990s led to the creation of a new industry of online retailers such as Amazon, Overstock.com, and Insight Enterprises, Inc. Many of these companies often act as intermediaries between the manufacturer and the customer without ever taking possession of the
Tran Technologies licenses its functional intellectual property to Lyon Industries. Terms of the arrangement require Lyon to pay Tran $500,000 on April 1, 2024, when Lyon first obtains access to Tran’s intellectual property, and then in the future to pay Tran a royalty of 4% of future sales of
The following is an excerpt from Note 2 of Deere & Company’s annual report: “Under the terms of sales agreements with dealers, interest-free periods are determined based on the type of equipment sold and the time of year of the sale. These periods range from one to twelve months for most
Consider the following excerpts from revenue recognition disclosure notes:1. eBay: “The transaction price is allocated to each performance obligation based on its stand-alone selling price (SSP). In instances where SSP is not directly observable, we generally estimate selling prices based on when
Precision Equipment, Inc., specializes in designing and installing customized manufacturing equipment. On February 1, 2024, it signs a contract to design a fully automated wristwatch assembly line for $2 million, which will be settled in cash upon completion of construction. Precision Equipment
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2024, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for
On January 1, 2024, Lego Construction Company signed a contract to build a custom garage for a customer and received $10,000 in advance for the job. The new garage will be built on the customer’s land. To complete this project, Lego must first build a concrete floor, construct wooden pillars and
Citation Builders, Inc., builds office buildings and single-family homes. The office buildings are constructed under contract with reputable buyers. The homes are constructed in developments ranging from 10–20 homes and are typically sold during construction or soon after. To secure the home upon

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