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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following: 1. The specific seven-digit Codification citation (XXX-XX-XX) that contains
In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020 of $127,000 would have been $145,000 if FIFO had been used. Inventory at the end of 2021 is
This exercise is a continuation of BE 9–11. During 2022, purchases at cost and retail were $168,000 and $301,000, respectively. Net markups, net markdowns, and net sales for the year were $3,000,
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Estimate ending inventory using the
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September
Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $20; replacement cost, $18; selling price, $30; selling costs, $4. The normal profit is 30% of
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 have not completed any of the prior data analytics cases, follow the
You were recently hired to work in the controller’s office of the Balboa Lumber Company. Your boss, Alfred Eagleton, took you to lunch during your first week and asked a favor. “Things have been
Maxi Corporation uses the unit LIFO inventory method. The costs of the company’s products have been steadily rising since the company began operations in 2008 and cost increases are expected to
EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, and forwarding of submission by companies and others who are required by law
Income statement and balance sheet information abstracted from a recent annual report of Wolverine World Wide, Inc., appears below: The significant accounting policies note disclosure contained
An accounting intern for a local CPA firm was reviewing the financial statements of a client in the electronics industry. The intern noticed that the client used the FIFO method of determining ending
An accounting intern for a local CPA firm was reviewing the financial statements of a client in the electronics industry. The intern noticed that the client used the FIFO method of determining ending
Inverness Steel Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products. The company’s income statement for the 2021 fiscal year reported the
Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. Cast Iron’s
Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company began 2021 with inventory of 4,500 units of its only product. The
Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company’s records under this system reveal the following inventory
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 2017 financial
Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021,
Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:
Johnson Corporation began the year with inventory of 10,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following
James Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $22,000 on
On January 1, 2021, the general ledger of Tripley Company included the following account balances: The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During
On January 1, 2021, Displays Incorporated had the following account balances: From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following: 1. The specific nine-digit Codification citation (XXX-XX-XXX-X) that
AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following disclosure note
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following: 1. The specific eight-digit Codification citation (XXX-XX-XX-X) that
The Phoenix Corporation’s fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company’s
The following information is available for the Johnson Corporation: Beginning inventory.........................................................$ 25,000 Inventory purchases (on
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John’s purchased merchandise on account for $5,000. Freight
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John’s purchased merchandise on account for $5,000. Freight
What is the main difference between a perpetual inventory system and a periodic inventory system? Which system is used more often by major companies?
Data analytics is the process of examining data sets in order to draw conclusions about the information they contain. If you have not completed any of the prior data analytics cases, follow the
You are spending the summer working for a local wholesale furniture company, Samson Furniture, Inc. The company is considering a proposal from a local financial institution, Old Reliant Financial, to
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
Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $20 million, 10% unsecured note. The note was signed January 1, 2011, and was due December 31, 2024. Annual interest was
Avon Products, Inc., located in New York City, is one of the world’s largest producers of beauty and related products. The company’s consolidated balance sheets for the 2016 and 2015 fiscal years
Mountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Required: Indicate the specific seven-digit Codification citation (XXX-XX-XX) for each of the following
On March 31, Dower Publishing discounted a $30,000 note at a local bank. The note was dated February 28 and required the payment of the principal amount and interest at 6% on May 31. The bank’s
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning
Two accounting students were discussing the timing of revenue recognition for long-term construction contracts. The discussion focused on which method was most like the typical revenue recognition
The following Trueblood case is recommended for use with this chapter. The case provides an excellent opportunity for class discussion, group projects, and writing assignments. The case, along with
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
Jerry’s Ice Cream Parlor is considering a marketing plan to increase sales of ice cream cones. The plan will give customers a free ice cream cone if they buy 10 ice cream cones at regular prices.
Assume that Pfizer, a large research-based pharmaceutical company, enters into a contract with a start-up biotechnology company called HealthPro and promises to 1. Grant HealthPro the exclusive
The following Trueblood case is recommended for use with this chapter. The case provides an excellent opportunity for class discussion, group projects, and writing assignments. The case, along with
Cutler Education Corporation developed a software product to help children under age 12 learn mathematics. The software contains two separate parts: Basic Level (Level I) and Intermediate Level
An article published in Accounting Horizons describes various techniques that companies use to manage their earnings. Required: In your library, on the Internet, or from some other source,
Complete the requirements of P 6–10 assuming that Westgate Construction’s contract with Santa Clara County does not qualify for revenue recognition over time. Data From Problem P6-10In 2021, the
In 2021, 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 2023. Information related to the contract is
Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design a marketing strategy to compete with Burger King. The contract spans eight months. Burger Boy
Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2021 and was completed in 2023. The following is a series of independent
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for
Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VP staff. The installation includes programming the remote to have
Thomas Consultants provided Bran Construction with assistance in implementing various cost-savings initiatives. Thomas’s contract specifies that it will receive a flat fee of $50,000 and an
A New York City daily newspaper called “Manhattan Today” charges an annual subscription fee of $135. Customers prepay their subscriptions and receive 260 issues over the year. To attract more
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling “SunBoots” to customers for $70 per pair. When a customer purchases a pair of SunBoots,
Access the FASB Standards Codification at the FASB website (www.fasb.org). Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the
Access the FASB’s Accounting Standards Codification at the FASB website (www.fasb.org). Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for
Refer to the situation described in BE 6–33. Assume that the building was completed during the second year, and construction costs incurred during the second year were $10 million. How much revenue
Refer to the situation described in BE 6–33. Assume that, during the first year the company billed its customer $7 million, of which $5 million was collected before year-end. What would appear in
A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to
Assume that Amazon.com sells the MacBook Pro, a computer produced by Apple, for a retail price of $1,500. Amazon arranges its operations such that customers receive products directly from Apple
On May 1, 2021,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
When does a consignor typically recognize revenue for a consignment sale?
What indicators suggest that a performance obligation has been satisfied at a single point in time?
Hughes Corporation is considering replacing a machine used in the manufacturing process with a new, more efficient model. The purchase price of the new machine is $150,000 and the old machine can be
On a rainy afternoon two years ago, John Smiley left work early to attend a family birthday party. Eleven minutes later, a careening truck slammed into his SUV on the freeway causing John to spend
Sally Hamilton has performed well as the chief financial officer of the Maxtech Computer Company and has earned a bonus. She has a choice among the following three bonus plans: 1. A $50,000 cash
The following situations should be considered independently. 1. John Jamison wants to accumulate $60,000 for a down payment on a small business. He will invest $30,000 today in a bank account
Refer to the situation described in BE 5–8. What amount did Canliss borrow assuming that the first $10,000 payment was due immediately? Data From BE 5-8Canliss Mining Company borrowed money
Define interest.
You are a part-time financial advisor. A client is considering an investment in common stock of a waste recycling firm. One motivation is a rumor the client heard that the company made huge
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
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
Refer to the income statement of The Home Depot, Inc., in Illustration 4–2 of this chapter. Required: 1. Is this income statement presented in the single-step or multiple-step
Companies often voluntarily provide non-GAAP earnings when they announce annual or quarterly earnings. These numbers are controversial as they represent management’s view of permanent earnings. The
GlaxoSmithKline Plc. (GSK) is a global pharmaceutical and consumer health-related products company located in the United Kingdom. The company prepares its financial statements in accordance with
The following events occurred during 2021 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
Each of the following situations occurred during 2021 for one of your audit clients: 1. An inventory write-down due to obsolescence. 2. Discovery that depreciation expenses were omitted by
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following: 1. The topic number (Topic XXX) that addresses exit or disposal cost
Branson Electronics Company is a small, publicly traded company preparing its first quarter interim report to be mailed to shareholders. The following information for the quarter has been
Presented below are condensed financial statements adapted from those of two actual companies competing as the primary players in a specialty area of the food manufacturing and distribution industry
Presented below are condensed financial statements adapted from those of two actual companies competing in the pharmaceutical industry—Johnson and Johnson (J&J) and Pfizer, Inc. ($ in millions,
Assume the same facts as in E 4–31, but that Shields Company reports under IFRS. For each expenditure, indicate the amount that would be reported in the quarterly income statements for the periods
Listed below are several terms and phrases associated with income statement presentation and the statement of cash flows. Pair each item from List A (by letter) with the item from List B that is most
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following: 1. The topic number (Topic XXX) that provides the accounting for earnings
Refer to the situation described in BE 4–11 and BE 4–12. How might your solution to those brief exercises differ if Hilliard Healthcare Co. prepares its statement of cash flows according to
Refer to the situation described in BE 4–11. Prepare the cash flows from investing and financing activities sections of HHC’s statement of cash flows. Data BE 4-11The following are summary
What is the primary difference between interim reports under IFRS and U.S. GAAP?
You are in your third year as an accountant with McCarver-Lynn Industries, a multidivisional company involved in the manufacturing, marketing, and sales of surgical prosthetic devices. After the
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
Enron Corporation was a darling in the energy-provider arena, and in January 2001 its stock price rose above $100 per share. A collapse of investor confidence in 2001 and revelations of accounting
The fiscal year-end for the Northwest Distribution Corporation is December 31. The company’s 2021 financial statements were issued on March 15, 2022. The following events occurred between December
The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following
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

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