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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Bienvenu Enterprises reported cost of goods sold for 2012 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2012. Bienvenu later discovered that its ending inventories at December 31,
On December 31, 2011, the inventory of Powhattan Company amounts to $800,000. During 2012, the company decides to use the dollar-value LIFO method of costing inventories. On December 31, 2012, the
Describe the LIFO double-extension method. Using the following information, compute the index at December 31, 2012, applying the double-extension method to a LIFO pool consisting of 25,500 units of
Case 1:Occidental Petroleum Corporation reported the following information in a recent annual report.Instructions (a) What items other than coin and currency may be included in
As the manager of the accounts receivable department for Beavis Leather Goods, Ltd., you recently noticed that Kelly Collins, your accounts receivable clerk who is paid $1,200 per month, has been
On July 1, 2012, Moresan Company sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Moresan will receive interest at the prevailing
On September 30, 2011, Rolen Machinery Co. sold a machine and accepted the customer’s zero interest-bearing note. Rolen normally makes sales on a cash basis. Since the machine was unique, its sales
Corrs Wholesalers Co. sells industrial equipment for a standard 3-year note receivable. Revenue is recognized at time of sale. Each note is secured by a lien on the equipment and has a face amount
Valasquez Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken
Part 1On July 1, 2012, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Wallace Company
Kimmel Company uses the net method of accounting for sales discounts. Kimmel also offers trade discounts to various groups of buyers. On August 1, 2012, Kimmel sold some accounts
On January 1, 2012, Botosan Company issued a $1,200,000, 5-year, zero-interest- bearing note to National Organization Bank. The note was issued to yield 8% annual interest. Unfortunately, during 2013
The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2012. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash
Bill Jovi is reviewing the cash accounting for Nottleman, Inc., a local mailing service. Jovi’s review will focus on the petty cash account and the bank reconciliation for the month ended May 31,
Sandburg Company requires additional cash for its business. Sandburg has decided to use its accounts receivable to raise the additional cash and has asked you to determine the income statement
Braddock Inc. had the following long-term receivable account balances at December 31, 2011. Note receivable from sale of division $1,500,000
On December 31, 2012, Oakbrook Inc. rendered services to Begin Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance in four equal installments of
On October 1, 2012, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $120,000, 8% note (a
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2012, it assigned, under guarantee, specific accounts amounting to $150,000.
The balance sheet of Starsky Company at December 31, 2012, includes the following.Transactions in 2012 include the following. 1. Accounts receivable of $138,000 were collected including
Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2012. 1. An aging schedule of the accounts receivable as of December 31,
From inception of operations to December 31, 2012, Fortner Corporation provided for uncollectible accounts receivable under the allowance method: provisions were made monthly at 2% of credit sales;
Presented below are a series of unrelated situations. 1. Halen Company’s unadjusted trial balance at December 31, 2012, included the following accounts.Halen Company estimates its bad debt
On December 31, 2012, Conchita Martinez Company signed a $1,000,000 note to Sauk City Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable
On December 31, 2012, Iva Majoli Company borrowed $62,092 from Paris Bank, signing a 5-year, $100,000 zero-interest-bearing note. The note was issued to yield 10% interest. Unfortunately, during
Aragon Company has just received the August 31, 2012, bank statement, which is summarized below.The general ledger Cash account contained the following entries for the month of August.
Company has just received the August 31, 2012, bank statement, which is summarized below.The general ledger Cash account contained the following entries for the month of August. Deposits
SEK Corp. factors $400,000 of accounts receivable with Mays Finance Corporation on a without recourse basis on July 1, 2012. The receivables records are transferred to Mays Finance, which will
Gringo Corporation factors $250,000 of accounts receivable with Winkler Financing, Inc. on a with recourse basis. Winkler Financing will collect the receivables. The receivables records are
On April 1, 2012, Prince Company assigns $500,000 of its accounts receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2012. The assignment agreement calls for Prince
At the end of 2012, Sorter Company has accounts receivable of $900,000 and an allowance for doubtful accounts of $40,000. On January 16, 2013, Sorter Company determined that its receivable from
Patriot Company shows a balance of $241,140 in the Accounts Receivable account on December 31, 2012. The balance consists of the following. Installment accounts due in 2013
Assume that Toni Braxton Company has recently fallen into financial difficulties. By reviewing all available evidence on December 31, 2012, one of Toni Braxton’s creditors, the National American
Use the information presented in BE7-11 for Arness Woodcrafters but assume that the recourse liability has a fair value of $4,000, instead of $8,000. Prepare the journal entry and discuss the effects
On October 1, 2012, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2012, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting
Use the information presented in BE7-4 for Wilton, Inc. (a) Instead of estimating the uncollectibles at 2% of net sales, assume that 10% of accounts receivable will prove to be uncollectible.
Restin Co. uses the gross method to record sales made on credit. On June 1, 2012, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2012, Restin received full payment for the June 1 sale.
Kraft Enterprises owns the following assets at December 31, 2012. Cash in bank—savings account 68,000 Cash on hand
What is the theoretical justification of the allowance method as contrasted with the direct write-off method of accounting for bad debts?
Recently, property/casualty insurance companies have been criticized because they reserve for the total loss as much as 5 years before it may happen. The IRS has joined the debate because it says the
The New York Knicks, Inc. sold 10,000 season tickets at $2,000 each. By December 31, 2012, 16 of the 40 home games had been played. What amount should be reported as a current liability at December
Using the information from BE4-9, prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $80,000 (net of tax) was charged to
Portman Corporation has retained earnings of $675,000 at January 1, 2012. Net income during 2012 was $1,400,000, and cash dividends declared and paid during 2012 totaled $75,000. Prepare a retained
Vandross Company has recorded bad debt expense in the past at a rate of 1½% of net sales. In 2012, Vandross decides to increase its estimate to 2%. If the new rate had been used in prior years,
Indicate where the following items would ordinarily appear on the financial statements of Boleyn, Inc. for the year 2012. (a) The service life of certain equipment was changed from 8 to 5
In this simulation, you are asked to address questions regarding the accounting information system. Prepare responses to all parts.
Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.Instructions (a) Prepare a complete worksheet. (b) Prepare a
Jay Hawk, maintenance supervisor for Boston Insurance Co., has purchased a riding lawnmower and accessories to be used in maintaining the grounds around corporate headquarters. He has sent the
What is the definition of fair value?
How is materiality (or immateriality) related to the proper presentation of financial statements? What factors and measures should be considered in assessing the materiality of a misstatement in the
Presented below is information related to Anderson, Inc.InstructionsComment on the appropriateness of the accounting procedures followed by Anderson, Inc.(a) Depreciation expense on the building for
How is materiality (or immateriality) related to the proper presentation of financial statements? What factors and measures should be considered in assessing the materiality of a misstatement in the
Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $2,000,000. This cost figure included the following expenditures: Purchase
In 2021, the Marion Company purchased land containing a mineral mine for $1,600,000. Additional costs of $600,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore
Pier 1 Imports, Inc., is a leading retailer of domestic merchandise and home furnishings. The company’s 2017 fixed-asset turnover ratio, using the average book value of property, plant, and
Some inventory errors are said to be self-correcting in that the error has the opposite financial statement effect in the period following the error, thereby correcting the original account balance
Generally accepted accounting principles should be applied consistently from period to period. However, changes within a company, as well as changes in the external economic environment, may force a
You have been hired as the new controller for the Ralston Company. Shortly after joining the company in 2021, you discover the following errors related to the 2019 and 2020 financial
Some financial instruments are called derivatives. Why?
The following is an excerpt from a disclosure note of Johnson & Johnson: 6. Fair Value Measurements (in part) As of December 31, 2017, the balance of deferred net gains on derivatives
On January 1, 2021, Labtech Circuits borrowed $100,000 from First Bank by issuing a three-year, 8% note, payable on December 31, 2023. Labtech wanted to hedge the risk that general interest rates
CMOS Chips is hedging a 20-year, $10 million, 7% bond payable with a 20-year interest rate swap and has designated the swap as a fair value hedge. The agreement called for CMOS to receive payment
On January 1, 2021, Labtech Circuits borrowed $100,000 from First Bank by issuing a three-year, 8% note, payable on December 31, 2023. Labtech wanted to hedge the risk that general interest rates
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
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 3, 2018, are available in Connect. This
Data analytics is the process of examining data sets in order to draw conclusions about the information they contain. If you haven’t completed any of the prior data analytics cases, follow the
British Telecommunications Plc (BT), a U.K. company, is the world’s oldest communications company. The company prepares its financial statements in accordance with International Financial Reporting
“This one’s got me stumped,” you say to no one in particular. “First day on the job; I’d better get it right.” It’s the classification of notes payable in the statement of cash flows
You are a loan officer for First Benevolent Bank. You have an uneasy feeling as you examine a loan application from Daring Corporation. The application included the following financial
Refer to the data provided in the P 21–11 for Arduous Company. Required: Prepare the statement of cash flows for Arduous Company. Use the T-account method to assist in your analysis. Data
Refer to the data provided in the P 21–11 for Arduous Company. Required: Prepare the statement of cash flows for Arduous Company using the indirect methodData From P 21–11The
Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2021 and 2020, and the increases or decreases in each account from 2020 to 2021. Also presented is selected income
Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2021. At January 1, 2021, the corporation had outstanding 105 million common shares,
The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided
Portions of the financial statements for Hawkeye Company are provided below. Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye
Portions of the financial statements for Parnell Company are provided below. Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Macrosoft Corporation. Required: Prepare the cash flows from
Listed below are transactions that might be reported as investing and/or financing activities on a statement of cash flows. Possible reporting classifications of those transactions are provided
The statement of cash flows (as well as the balance sheet) includes within cash the notion of cash equivalents. The FASB Accounting Standards Codification represents the single source of
Mayer Corporation has a defined benefit pension plan. Mayer’s policy is to fund the plan annually, cash payments being made at the end of each year. Data relating to the pension plan for 2021 are
Refer to the data provided in E 21–23 for Myriad Products Company.Data From E21-23Required: Prepare the cash flows from the operating activities section of the statement of cash flows for
Portions of the financial statements for Myriad Products are provided below. Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad
Determine the amount of cash paid for income taxes in each of the nine independent situations below. All dollars are in millions. Income Tax Income Tax Payable Increase (Decrease) Deferred Tax
For each of the three independent situations below, prepare journal entries that summarize the selling and collection activities for the reporting period in order to determine the amount of cash
Determine the amount of cash received from customers for each of the three independent situations below. All dollars are in millions. Sales Accounts Receivable Cash Received from Situation
Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Required: 1. Use a T-account analysis to determine the amount
Listed below are several transactions that typically produce either an increase or a decrease in cash. Indicate by letter whether the cash effect of each transaction is reported on a statement of
April Wood Products’ accounts receivable increased during the year by $4 million. What is the amount of cash April Wood Products received from customers during the reporting period if its sales
The issuance of stock and the issuance of bonds are reported as financing activities. Are payments of dividends to shareholders and payments of interest to bondholders also reported as financing
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
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 3, 2018, are available in Connect. This
Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical
Sometimes a business entity will change its method of accounting for certain items. The change may be classified as a change in accounting principle, a change in accounting estimate, or a change in
Ray Solutions decided to make the following changes in its accounting policies on January 1, 2021: a. Changed from the cash to the accrual basis of accounting for recognizing revenue on its
DRS Corporation changed the way it depreciates its computers from the sum-of-the-year’s-digits method to the straight-line method beginning January 1, 2021. DRS also changed its estimated residual
DRS Corporation changed the way it depreciates its computers from the sum-of-the-year’s-digits method to the straight-line method beginning January 1, 2021. DRS also changed its estimated residual
It’s financial statements preparation time at Center Industries, where you have been assistant controller for two months. Ben Huddler, the controller, seems to be pleasant but unpredictable. Today,
Early one Wednesday afternoon, Ken and Larry studied in the dormitory room they shared at Fogelman College. Ken, an accounting major, was advising Larry, a management major, regarding a project for
Webster Products, Inc., adopted the dollar-value LIFO method of determining inventory costs for financial and income tax reporting on January 1, 2021. Webster continues to use the FIFO method for

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