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intermediate accounting

Questions and Answers of Intermediate Accounting

Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2011, the company expends $325,000 on a research project, but by the end
Presented below is net asset information related to the Mischa Division of Santana, Inc.The purpose of the Mischa Division is to develop a nuclear-powered aircraft. If successful, traveling delays
During 2009, Thompson Corporation spent $170,000 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2009, and
Devon Harris Company has provided information on intangible assets as follows. A patent was purchased from Bradtke Company for $2,500,000 on January 1, 2011. Harris estimated the
Presented below is selected information for Palmiero Company. 1. Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2010. The patent is being amortized over its remaining
Presented below is selected information for Palmiero Company. 1. Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2010. The patent is being amortized over its remaining
Last year Zeno Company recorded an impairment on an intangible asset held for use. Recent appraisals indicate that the asset has increased in value. Should Zeno record this recovery in value?
On January 1, 2011, Locke Company, a small machine-tool manufacturer, acquired for $1,260,000 a piece of new industrial equipment. The new equipment had a useful life of 5 years, and the salvage
Bronson Paper Products purchased 10,000 acres of forested timberland in March 2012. The company paid $1,700 per acre for this land, which was above the $800 per acre most farmers were paying for
Assume the same information as E11-16, except that Pujols intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,000.Instructions (a)
Presented below is information related to Morrow Manufacturing Corporation.Instructions (a) Compute the rate of depreciation per year to be applied to the machines under the composite
Jeeter Industries presents you with the following information.InstructionsComplete the table for the year ended December 31, 2013. The company depreciates all assets using the half-year convention.
Agazzi Company purchased equipment for $304,000 on October 1, 2012. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $16,000. Estimated production is
Cominsky Company purchased a machine on July 1, 2013, for $28,000. Cominsky paid $200 in title fees and county property tax of $125 on the machine. In addition, Cominsky paid $500 shipping charges
Cominsky Company purchased a machine on July 1, 2013, for $28,000. Cominsky paid $200 in title fees and county property tax of $125 on the machine. In addition, Cominsky paid $500 shipping charges
Johnson & Johnson, the world’s leading and most diversified healthcare corporation, serves its customers through specialized worldwide franchises. Each of its franchises consists of a number of
Klamath Company, a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its product, the company
Laserwords Inc. is a book distributor that had been operating in its original facility since 1985. The increase in certification programs and continuing education requirements in several professions
Grieg Landscaping began construction of a new plant on December 1, 2012. On this date, the company purchased a parcel of land for $139,000 in cash. In addition, it paid $2,000 in surveying costs and
On January 1, 2012, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker’s commission of $36,000, legal fees of $6,000,
Presented below is a schedule of property dispositions for Hollerith Co.The following additional information is available.LandOn February 15, a condemnation award was received as consideration for
On April 1, 2012, Pavlova Company received a condemnation award of $410,000 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new state
On December 31, 2012, Chrysler Inc. has a machine with a book value of $940,000. The original cost and related accumulated depreciation at this date are as follows.Machine
The following transactions occurred during 2013. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage
McArthur Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $7,000 plus trade-in, f.o.b. factory. McArthur Inc. paid $7,000 cash and traded in used equipment. The
Montgomery Company purchased an electric wax melter on April 30, 2013, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase.List price of new
Napoleon Corporation purchased a computer on December 31, 2011, for $130,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $20,000 payable each December 31
Sterling Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2012, to expand its production capacity to meet customers’ demand for its product. Sterling issues a
The following three situations involve the capitalization of interest.Situation 1:On January 1, 2012, Columbia, Inc. signed a fixed-price contract to have Builder Associates construct a major plant
On July 31, 2012, Bismarck Company engaged Duval Tooling Company to construct a special purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2012. To
On December 31, 2011, Hurston Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2012, the company made the following expenditures related to this
McPherson Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,000 on January 1, 2012. McPherson expected to complete
Plant acquisitions for selected companies are presented below and on the next page. 1. Natchez Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Vivace Co., for a
Dane Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year
Shabbona Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2012. The terms of acquisition for each truck are
Use the information presented for Ottawa Corporation in BE10-14, but assume the machinery is sold for $5,200 instead of $10,500. Prepare journal entries to (a) update depreciation for 2013 and (b)
Ottawa Corporation owns machinery that cost $20,000 when purchased on July 1, 2009. Depreciation has been recorded at a rate of $2,400 per year, resulting in a balance in accumulated depreciation of
Crowe Company purchased a heavy-duty truck on July 1, 2009, for $30,000. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $6,000. The company uses
Mickelson Inc. owns land that it purchased on January 1, 2000, for $450,000. At December 31, 2012, its current value is $770,000 as determined by appraisal. At what amount should Mickelson report
InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc. (a) What is the amount of
The market value of Lake Corporation’s inventory has declined below its cost. Sheryl Conan, the controller, wants to use the loss method to write down inventory because it more clearly discloses
Davenport Department Store converted from the conventional retail method to the LIFO retail method on January 1, 2012, and is now considering converting to the dollar-value LIFO inventory method.
Diderot Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO retail method beginning with the accounting year ending December 31, 2012. Amounts
Late in 2009, Joan Seceda and four other investors took the chain of Becker Department Stores private, and the company has just completed its third year of operations under the ownership of the
As of January 1, 2012, Aristotle Inc. installed the retail method of accounting for its merchandise inventory. To prepare the store’s financial statements at June 30, 2012, you obtain
Fiedler Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The ] following information is available from the company’s inventory records as of December 31,
Maddox Specialty Company, a division of Lost World Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since
Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October
Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October
Presented below is information related to Waveland Inc.InstructionsAssuming that Waveland Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31,
On April 15, 2013, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the trial balance on page 534 was prepared.The
Remmers Company manufactures desks. Most of the company’s desks are standard models and are sold on the basis of catalog prices. At December 31, 2012, the following finished desks appear in the
Mueller Ltd., a local retailing concern in the Bronx, N.Y., has decided to change from the conventional retail inventory method to the LIFO retail method starting on January 1, 2013. The company
Springsteen Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2011. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following
Mander Corporation began operations on January 1, 2012, with a beginning inventory of $34,300 at cost and $50,000 at retail. The following information relates to 2012.Instructions (a) Assume
Presented below is information related to Atrium Corporation.InstructionsCompute the ending inventory under the dollar-value LIFO method at December 31, 2013. The cost-to-retail ratio for 2013 was
You assemble the following information for Dillon Department Store, which computes its inventory under the dollar-value LIFO method.InstructionsCompute the cost of the inventory on December 31, 2012,
Robinson Company began operations late in 2012 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2012 and no markdowns during 2012, the ending
Brewster Company began operations on January 1, 2012, adopting the conventional retail inventory system. None of the company’s merchandise was marked down in 2012 and, because there was no
The financial statements of General Mills, Inc.’s 2010 annual report disclose the following information.InstructionsCompute General Mills’s (a) inventory turnover and (b) the average days to sell
At December 31, 2013, Volkan Company has outstanding noncancelable purchase commitments for 40,000 gallons, at $3.00 per gallon, of raw material to be used in its manufacturing process. The company
Prater Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest
During 2013, Crawford Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Crawford for a lump sum of $60,000 because it is discontinuing manufacturing
LaGreca Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2012, included product X. Relevant per-unit data
The inventory of Oheto Company on December 31, 2013, consists of the following items.Instructions (a) Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method,
Use the information for Kemper Company from BE9-5. In 2013, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase.
Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $214,000 at both cost and market value. At December 31, 2013, the inventory was $286,000 at cost and $265,000 at market
A fire destroys all of the merchandise of Assante Company on February 10, 2012. Presented below is information compiled up to the date of the fire.Inventory, January 1, 2012
At December 31, 2012, Ashley Co. has outstanding purchase commitments for 150,000 gallons, at $6.20 per gallon, of a raw material to be used in its manufacturing process. The company prices its raw
Englehart Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming pools. The following inventory data is available for the
SUPERVALU reported the following data in its annual report. (a) Compute SUPERVALU’s inventory turnover ratios for 2009 and 2010, using:(1) Cost of sales and LIFO inventory.(2) Cost of sales
Harrisburg Company is considering changing its inventory valuation method from FIFO to LIFO because of the potential tax savings. However, the management wishes to consider all of the effects on the
In January 2012, Susquehanna Inc. requested and secured permission from the commissioner of the Internal Revenue Service to compute inventories under the last-in, first out (LIFO) method and elected
You are asked to travel to Milwaukee to observe and verify the inventory of the Milwaukee branch of one of your clients. You arrive on Thursday, December 30, and find that the inventory procedures
Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not
Presented below is information related to Kaisson Corporation for the last 3 years.InstructionsCompute the ending inventories under the dollar-value LIFO method for 2011, 2012, and 2013. The base
On January 1, 2012, Bonanza Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Bonanza continued to use the FIFO
Norman’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2012, Norman adopted dollar-value LIFO and decided to use a single inventory
The management of Tritt Company has asked its accounting department to describe the effect upon the company’s financial position and its income statements of accounting for inventories on the LIFO
Dimitri Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2012. Inventory at December 31, 2012 (based
The following independent situations relate to inventory accounting. 1. Kim Co. purchased goods with a list price of $175,000, subject to trade discounts of 20% and 10%, with no cash discounts
The following information relates to the Choctaw CompanyInstructionsUse the dollar-value LIFO method to compute the ending inventory for Choctaw Company for 2009 through 2013.
Presented below is information related to Martin Company.InstructionsCompute the ending inventory for Martin Company for 2009 through 2014 using the dollar-value LIFO method.
The dollar-value LIFO method was adopted by King Corp. on January 1, 2012. Its inventory on that date was $160,000. On December 31, 2012, the inventory at prices existing on that date amounted to
Sisko Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Sisko’s records.InstructionsCalculate the index used for
Tom Brady Shop began operations on January 2, 2012. The following stock record card for footballs was taken from the records at the end of the year.A physical inventory on December 31, 2012, reveals
You are the vice president of finance of Mickiewicz Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2012. These schedules
The following is a record of Cannondale Company’s transactions for Boston Teapots for the month of May 2012.Instructions (a) Assuming that perpetual inventories are not maintained and that a
Esplanade Company was formed on December 1, 2011. The following information is available from Esplanade’s inventory records for Product BAP.A physical inventory on March 31, 2012, shows 1,500 units
The net income per books of Adamson Company was determined without knowledge of the errors indicated below.InstructionsPrepare a worksheet to show the adjusted net income figure for each of the 6
At December 31, 2012, Dwight Corporation reported current assets of $390,000 and current liabilities of $200,000. The following items may have been recorded incorrectly. Dwight uses the periodic
Wizard Industries purchased $12,000 of merchandise on February 1, 2012, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,000 (gross price before trade or cash
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.
Werth Company asks you to review its December 31, 2012, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Werth uses the
Bradford Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions
Assume that in an annual audit of Webber Inc. at December 31, 2012, you find the following transactions near the closing date. 1. A special machine, fabricated to order for a customer, was
In your audit of Garza Company, you find that a physical inventory on December 31, 2012, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items
Presented below is a list of items that may or may not be reported as inventory in a company’s December 31 balance sheet. 1. Goods sold on an installment basis (bad debts can be reasonably
Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.InstructionsCompute the value of the 2012 and 2013 inventories using the dollar-value LIFO
Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2011; $119,900 at December 31, 2012; and $134,560 at December 31, 2013. The year-end price indexes were 100 at

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