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intermediate accounting 11th
Intermediate Accounting 11th Edition David Spiceland - Solutions
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2024, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $40,000 on a future date. Unless informed otherwise, assume that Arctic views the time value of money
Aria Perfume, Inc., sold 3,210 boxes of white musk soap during January of 2024 at the price of $90 per box. The company offers a full refund to unsatisfied customers for any product returned within 30 days from the date of purchase. Based on historical experience, Aria expects that 3% of sales will
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $40,000. Seneca paid for the snowmobiles on January 1, 2024, with delivery to occur subsequently. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement
Furtastic manufactures imitation fur garments. On June 1, 2024, Furtastic made a sale to Willett’s Department Store under terms that require Willett to pay $150,000 to Furtastic on June 30, 2024. In a separate transaction on June 15, 2024, Furtastic purchased brand advertising services from
In January 2024, Continental Fund Services, Inc., enters into a one-year contract with a client to provide investment advisory services. The company will receive a management fee, prepaid at the beginning of the contract, that is calculated as 1% of the client’s $150 million total assets being
Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor receives $600,000 in exchange for satisfying the following separate performance obligations: (1) franchisees have a five-year right to operate as a Monitor Muffler retail
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 below:Required:1. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025,
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 slashing in the industry, 2023’s income statement reported a loss of $20 million. Just before the end of
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 value of money to be a significant component of this transaction and that a 9% interest rate is
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, 2026, just in time for the 2026 baseball season. Costs incurred and estimated costs to complete at
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 services that have a fair value of $7,500. After accounting for any necessary adjustments, how much
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 for financial reporting purposes. The financial statement presentation relating to this contract at
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 estimated costs of $4,000,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected was
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 estimated costs of $4,000,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected
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 sells the same clubs without the fitting service for $1,400. Assuming that the golf clubs and the
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 Saar does not anticipate updating and which Kim can use permanently. Second, in exchange for $90,000,
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. TopChop also receives $30,000 per year for use of the TopChop name and for ongoing consulting services
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 (having assured Bassadrome that it would deliver sooner if necessary). How much revenue should Dowell
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% commission on paintings sold to gallery patrons. As of December 31, 2024, one painting had been
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 of December 31, 2024, $30,000, of the remaining gift cards had passed the date at which GoodBuy
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 account has a balance of $14,000. Cady has another construction job for which the construction in progress
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 effectively.Required:Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org) and select
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. Total operating expensesc. Net income (earnings)d. Total assetse. Total stockholders’ equity2. How
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 for $35,000.3. Repay $10,000 of the note in 2 above.4. Pay utilities of $5,000 for the current
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 cash.2. Purchased equipment at a cost of $40,000. Cash of $10,000 was paid and a note payable to the
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 payable is signed for the full amount.3. Purchase equipment for $8,000 cash.4. Hire three employees
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 cash, $3,500. The cost of the inventory was $2,000. The company uses the perpetual inventory system.2
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 requires an annual payment of $12,000 for the upcoming year. Coverage began on September 1, 2024,
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 month’s rent of $1,300.4. Purchase office supplies on account for $1,000.5. Pay employee salaries of
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, appears below.Information necessary to prepare the year-end adjusting entries appears below.1.
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 customers and receive cash.4. Pay employee salaries for the current month of $900.5. Provide services of
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 cash.4. Purchase advertising for the current month for $1,100 cash.5. Provide construction services
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 December 31, 2024. Account Title Cash Accounts receivable Prepaid rent Supplies Inventory Notes
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 employee salaries, $9,000.3. Pay cash for rent, $3,000.4. Receive cash from sale of equipment,
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 services, $100,000, of which $30,000 was on account and the balance was received in cash.b. Collected
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 all cash receipts and cash disbursements. No other journals were used. The following is a recap of
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. The company borrowed $120,000 on March 31, 2024. Principal and interest are due on March 31, 2025.
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 on credit.The following cash flow information also is available:a. Cash collected from credit
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 31, 2024. Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries
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, the company paid its annual fire insurance premium of $6,000 for the year beginning December 1 and
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 statements. The following cash flows occurred during the year ended December 31, 2024:Additional
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. On December 10, 2024, Jingle received a $4,000 payment from a customer, and credited deferred service
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 face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is
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 uses the perpetual inventory system.Information necessary to prepare the year-end adjusting entries
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 adjusting entries were recorded.1. A three-year fire insurance policy was purchased on July 1, 2024,
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 information given, prepare adjusting entries.a. The buildings have an estimated useful life of 50 years with
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 adjusting entries were recorded.1. On October 1, 2024, Microchip lent $90,000 to another company. A
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 revenue Salaries expense Interest revenue Advertising expense Gain on sale of
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 information also is known:a. The December income statement reported $2,000 in supplies expense.b. No
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 year.1. On March 31, 2024, the company lent $50,000 to another company. A note was signed with
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, 2025.Apr. 1 Paid $3,600 to an insurance company for a two-year fire insurance policy. July 17
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 expense, $20,000; depreciation expense, $30,000; and miscellaneous expense, $12,000. Prepare an income
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 have been prepared. To prepare adjusting entries, you discover the following items:a. An insurance
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 statements prepared on an accrual basis. During 2024, the following cash flows were recorded:You are able to
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 able to determine the following information about accounts receivable, prepaid expenses, deferred
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 Reporting Standards. Below are partial company balance sheets (statements of financial position)
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; equipment (net), $80,000; accounts payable, $14,000; salaries payable, $9,000; interest payable,
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 required:a. Depreciation expense for the year on the equipment is $10,000.b. Salaries at year-end
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 next six months; (c) Notes receivable due in two years;(d) Notes payable due in 90 days; (e)
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 listed are $30,000 notes payable due in two years and related accrued interest payable of $1,000
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