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intermediate accounting
Intermediate Accounting 17th edition Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel - Solutions
Teton Corporation issued $600,000 of 7% bonds on November 1, 2020, for $644,636. The bonds were dated November 1, 2020, and mature in 10 years, with interest payable each May 1 and November 1. Teton uses the effective-interest method with an effective rate of 6%. Prepare Teton’s December 31,
Presented below are two independent situations.a. George Gershwin Co. sold $2,000,000 of 10%, 10-year bonds at 104 on January 1, 2020. The bonds were dated January 1, 2020, and pay interest on July 1 and January 1. If Gershwin uses the straight-line method to amortize bond premium or discount,
Sabonis Cosmetics Co. purchased machinery on December 31, 2019, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each December 31. An assumed interest of 8% is implicit in the purchase price.InstructionsPrepare the journal entries that would be
On January 1, 2020, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of redemption, the unamortized premium was $15,000. Prepare the corporation’s journal entry to record the reacquisition of the bonds.
On June 30, 2020, Mischa Auer Company issued $4,000,000 face value of 13%, 20-year bonds at $4,300,920, a yield of 12%. Auer uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and -December 31.Instructions(Round answers to the
The following are four independent situations. a. On March 1, 2021, Wilke Co. issued at 103 plus accrued interest $4,000,000, 9% bonds. The bonds are dated January 1, 2021, and pay interest semiannually on July 1 and January 1. In addition, Wilke Co. incurred $27,000 of bond issuance costs. Compute
Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1, 2020, and received $100,000 cash. The note requires annual interest payments each December 31. Prepare Coldwell’s journal entries to record(a) The issuance of the note(b) The December 31 interest
On January 1, 2020, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907.37, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Aumont Company allocates interest
Samantha Cordelia, an intermediate accounting student, is having difficulty amortizing bond premiums and discounts using the effective-interest method. Furthermore, she cannot understand why GAAP requires that this method be used instead of the straight-line method. She has come to you with the
Samson Corporation issued a 4-year, $75,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $47,664. The implicit interest rate is 12%. Prepare Samson’s journal entries for(a) The January 1 issuance(b) the December 31 recognition of interest.
Karen Austin Inc. has issued three types of debt on January 1, 2020, the start of the company’s fiscal year.a. $10 million, 10-year, 15% unsecured bonds, interest payable quarterly. Bonds were priced to yield 12%.b. $25 million par of 10-year, zero-coupon bonds at a price to yield 12% per year.c.
McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2020, and received a computer that normally sells for $31,495. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 12%. Prepare McCormick’s
On January 2, 2015, Banno Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2024. Interest on the bonds is payable annually each December 31. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in
Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $60,000. In addition, Shlee agreed to sell merchandise to Garcia at an amount less than regular selling price over the 4-year period. The market rate of interest for
Crocker Corp. owes D. Yaeger Corp. a 10-year, 10% note in the amount of $330,000 plus $33,000 of accrued interest. The note is due today, December 31, 2020. Because Crocker Corp. is in financial trouble, D. Yaeger Corp. agrees to forgive the accrued interest, $30,000 of the principal, and to extend
On June 30, 2012, County Company issued 12% bonds with a par value of $800,000 due in 20 years. They were issued at 98 and were callable at 104 at any date after June 30, 2020. Because of lower interest rates and a significant change in the company’s credit rating, it was decided to call the
At December 31, 2020, Hyasaki Corporation has the following account balances:Bonds payable, due January 1, 2029...........................$2,000,000Discount on bonds payable.................................................88,000Interest
Day Company had bonds outstanding with a maturity value of $300,000. On April 30, 2020, when these bonds had an unamortized discount of $10,000, they were called in at 104. To pay for these bonds, Day had issued other bonds a month earlier bearing a lower interest rate. The newly issued bonds had a
On January 1, 2020, Carter Company makes the two following acquisitions.1. Purchases land having a fair value of $200,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $337,012.2. Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value
Presented below are two independent situations.a. On January 1, 2020, Wright Inc. purchased land that had an assessed value of $350,000 at the time of purchase. A $550,000, zero-interest-bearing note due January 1, 2023, was given in exchange. There was no established exchange price for the land,
On January 1, 2020, Avery Co. borrowed and received $400,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature, Avery agrees to supply the customer’s inventory needs for the loan period at lower than the market
Fallen Company commonly issues long-term notes payable to its various lenders. Fallen has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Fallen has elected to use the fair value option for the long-term notes issued to
At December 31, 2020, Redmond Company has outstanding three long-term debt issues. The first is a $2,000,000 note payable which matures June 30, 2023. The second is a $6,000,000 bond issue which matures September 30, 2024. The third is a $12,500,000 sinking fund debenture with annual sinking fund
Strickland Company owes $200,000 plus $18,000 of accrued interest to Moran State Bank. The debt is a 10-year, 10% note. During 2020, Strickland’s business deteriorated due to a faltering regional economy. On December 31, 2020, Moran State Bank agrees to accept an old machine and cancel the entire
On December 31, 2020, American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $3,000,000 note receivable by the following modifications:1. Reducing the principal obligation from
Using the same information as in E14.22, answer the following questions related to American Bank (creditor).In E14.22On December 31, 2020, American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a
Use the same information as in E14.22 above except that American Bank reduced the principal to $1,900,000 rather than $2,400,000. On January 1, 2024, Barkley pays $1,900,000 in cash to American Bank for the principal. In E14.22On December 31, 2020, American Bank enters into a debt
The following amortization and interest schedule refl ects the issuance of 10-year bonds by Capulet Corporation on January 1, 2014, and the subsequent interest payments and charges. The company?s year-end is December 31, and fi nancial statements are prepared once yearly. Instructions a. Indicate
Using the same information as in E14.22 and E14.24, answer the following questions related to American Bank (creditor).In E14.22On December 31, 2020, American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to
Vargo Corp. owes $270,000 to First Trust. The debt is a 10-year, 12% note due December 31, 2020. Because Vargo Corp. is in financial trouble, First Trust agrees to extend the maturity date to December 31, 2022, reduce the principal to $220,000, and reduce the interest rate to 5%, payable annually
Reichenbach Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021. Instructions Prepare the necessary entries to clear the Intangible Assets account and to set up separate
Presented below is the current liabilities section of Micro Corporation. Instructions Answer the following questions. a. What are the essential characteristics that make an item a liability? b. How does one distinguish between a current liability and a long-term liability? c. What are accrued
The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to these financial statements and the accompanying notes to answer the following questions.a. What was
Rodriguez Corporation includes the following items in its liabilities at December 31, 2020.1. Notes payable, $25,000,000, due June 30, 2021.2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000.3. Salaries and wages payable, $3,750,000, due January 14,
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are available online.InstructionsUse the companies’ financial information to answer the following
Upland Company borrowed $40,000 on November 1, 2020, by signing a $40,000, 9%, 3-month note. Prepare Upland’s November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry.
The following are selected 2020 transactions of Astin Corporation.Sept. 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system.Oct. 1 Issued a $50,000, 12-month, 8% note to Encino in payment of account.Oct. 1 Borrowed
Cedarville Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Assume that the federal income tax withheld is 10% of wages. Union dues withheld are 2% of
Dumars Corporation reports in the current liability section of its balance sheet at December 31, 2020 (its year-end), short-term obligations of $15,000,000, which includes the current portion of 12% long-term debt in the amount of $10,000,000 (matures in March 2021). Management has stated its
Takemoto Corporation borrowed $60,000 on November 1, 2020, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemoto’s November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry.
Broderick Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned.
The following is a payroll sheet for Otis Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a
On February 1, 2021, one of the huge storage tanks of Viking Manufacturing exploded. Windows in houses and other buildings within a one-mile radius of the explosion were severely damaged, and a number of people were injured. As of February 15, 2021 (when the December 31, 2020, financial statements
Sport Pro Magazine sold 12,000 annual subscriptions on August 1, 2020, for $18 each. Prepare Sport Pro’s August 1, 2020, journal entry and the December 31, 2020, annual adjusting entry, assuming the magazines are published and delivered monthly.
Assume the facts in E13.3 except that Broderick Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time.Year in Which Vacation
Brooks Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2020, the corporation sells for cash 400 computers at a unit price of $2,500. On the basis of past experience, the 2-year
Presented below is a note disclosure for Matsui Corporation. Litigation and Environmental: The Company has been notified, or is a named or a potentially responsible party in a number of governmental (federal, state and local) and private actions associated with environmental matters, such as those
As discussed in the chapter, an important consideration in evaluating current liabilities is a company?s operating cycle. The operating cycle is the average time required to go from cash to cash in generating revenue. To determine the length of the operating cycle, analysts use two measures: the
Dos Passos Company sells televisions at an average price of $900 and also offers to each customer a separate 3-year warranty contract for $90 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 300 televisions and 270 warranty
The following two independent situations involve loss contingencies.Part 1: Benson Company sells two products, Grey and Yellow. Each carries a 1-year warranty.1. Product Grey—Product warranty costs, based on past experience, will normally be 1% of sales.2. Product Yellow—Product warranty costs
YellowCard Company manufactures accessories for iPods. It had the following selected transactions during 2020.1. YellowCard provides a 2-year warranty on its docking stations, which it began selling in 2020. During 2020, YellowCard spent $6,000 servicing warranty claims. At year-end, YellowCard
The payroll of YellowCard Company for September 2020 is as follows.Total payroll was $480,000, of which $110,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $400,000. Income
Alvarado Company sells a machine for $7,400 with a 12-month warranty agreement that requires the company to replace all defective parts and to provide the repair labor at no cost to the customers. With sales being made evenly throughout the year, the company sells 600 machines in 2020 (warranty
Kasten Inc. provides paid vacations to its employees. At December 31, 2020, 30 employees have each earned 2 weeks of vacation time. The employees’ average salary is $500 per week. Prepare Kasten’s December 31, 2020, adjusting entry.
On December 31, 2020, Alexander Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 25,000 ordinary shares for $36 per share, receiving $900,000 proceeds after brokerage fees and other costs of issuance. On February 2,
Green Day Hardware?s payroll for November 2020 is summarized below. At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee?s wages to $128,400 and
To stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box. Five coupons are redeemable for a premium consisting of a children’s hand puppet. In 2021, the company purchases 40,000 puppets at $1.50 each and sells 480,000 boxes of Alladin at $3.75 a box.
Mayaguez Corporation provides its officers with bonuses based on net income. For 2020, the bonuses total $350,000 and are paid on February 15, 2021. Prepare Mayaguez’s December 31, 2020, adjusting entry and the February 15, 2021, entry.
Presented below are two different situations related to Mckee Corporation’s debt obligations. Mckee’s next financial reporting date is December 31, 2020. The financial statements are authorized for issuance on March 1, 2021.1. Mckee has a long-term obligation of $400,000, which is maturing
Sycamore Candy offers an MP3 download (seven-single medley) as a premium for every five candy bar wrappers presented by customers together with $2.50. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $2.25. In
At December 31, 2020, Burr Corporation owes $500,000 on a note payable due February 15, 2021.(a) If Burr had restructured the note on December 15, 2020, such that Burr has the contractual right to defer payment of $250,000 of the note until February 15, 2022, how much of the $500,000 should be
The following situations relate to Bolivia Company.1. Bolivia provides a warranty with all its products it sells. It estimates that it will sell 1,000,000 units of its product for the year ended December 31, 2020, and that its total revenue for the product will be $100,000,000. It also estimates
On December 31, 2020, Holmes Company has $7,000,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2021. On December 28, 2020, Holmes enters into a refinancing agreement with Gotham that will permit it to borrow up to 60% of the gross amount of its accounts receivable.
On November 24, 2020, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling $9,000,000 were filed on January 11, 2021, against the airline by 18 injured passengers. The airline carries no
Scorcese Inc. is involved in a lawsuit at December 31, 2020.(a) Prepare the December 31 entry assuming it is probable that Scorcese will be liable for $900,000 as a result of this suit.(b) Prepare the December 31 entry, if any, assuming it is not probable that Scorcese will be liable for any
Kobayashi Corporation reports in the current liability section of its statement of financial position at December 31, 2020 (its year-end), short-term obligations of $15,000,000, which includes the current portion of 12% long-term debt in the amount of $10,000,000 (matures in March 2021). Management
Soundgarden Company sold 200 color laser copiers on July 10, 2020, for $4,000 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $330.InstructionsPrepare entries to record the sale of the copiers, the related warranty costs, and any
Polska Corporation, in preparation of its December 31, 2020, financial statements, is attempting to determine the proper accounting treatment for each of the following situations.1. As a result of uninsured accidents during the year, personal injury suits for $350,000 and $60,000 have been filed
Hincapie Co. manufactures specialty bike accessories. The company is most well known for its product quality, and it has offered one of the best warranties in the industry on its higher-priced products—a lifetime guarantee. The warranty on these products is included in the sales price. Hincapie
Early in 2020, Crow Equipment sold 500 Rollomatics at $6,000 each. During 2020, Crow spent $20,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.Instructionsa. Prepare 2020 entries for Crow. Assume that Crow estimates the
Garison Music Emporium carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. Garison uses two sales promotion techniques—warranties and premiums—to attract customers.Musical instruments and sound equipment are sold with a 1-year warranty
The financial statements of M&S are presented in Appendix E. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to M&S’s financial statements and the accompanying notes to answer the following questions.a. What
No Doubt Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, No Doubt Company purchased 8,800 premiums at 80 cents each and sold 110,000 boxes of soap powder at $3.30 per box; 44,000 coupons were presented
You are the independent auditor engaged to audit Millay Corporation’s December 31, 2020, financial statements. Millay manufactures household appliances. During the course of your audit, you discovered the following contingent liabilities.1. Millay began production of a new dishwasher in June 2020
Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2021. 1. Its line of amplifiers carries a 3-year warranty against defects. On the basis of past experience the estimated warranty costs related to dollar sales are first year after
Oil Products Company purchases an oil tanker depot on January 1, 2020, at a cost of $600,000. Oil Products expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $75,000 to
The following are three independent situations.1. Hairston Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Hairston’s past experience indicates that only 80% of the stamps sold to licensees will be redeemed.
Sprague Company has been operating for several years, and on December 31, 2020, presented the following balance sheet. The net income for 2020 was $25,000. Assume that total assets are the same in 2019 and 2020. Instructions Compute each of the following ratios. For each of the four, indicate
Prior Company?s condensed financial statements provide the following information. Income StatementFor the Year Ended 2020Sales revenue.......................................................$1,640,000Cost of goods sold..................................................(800,000)Gross
Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2020, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift feels the patent will be useful for 10 years. Prepare Taylor Swift’s journal entries to record the purchase of the patent and 2020
After securing lease commitments from several major stores, Auer Shopping Center, Inc. was organized and built a shopping center in a growing suburb. The shopping center would have opened on schedule on January 1, 2020, if it had not been struck by a severe tornado in December. Instead, it opened
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are available online.InstructionsUse the companies’ financial information to answer the following
Use the information provided in BE12.1. Assume that at January 1, 2022, the carrying amount of the patent on Taylor Swift’s books is $43,200. In January, Taylor Swift spends $24,000 successfully defending a patent suit. Taylor Swift still feels the patent will be useful until the end of 2029.
The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to P&G’s financial statements and the accompanying notes to answer the following questions.a. Does
Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Fields does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2010, for $540,000. On January 1, 2020, a review was made of intangible assets and their expected service lives, and it was determined that this asset had an estimated useful life of 30 more years from the date
On June 30, 2020, your client, Ferry Company, was granted two patents covering plastic cartons that it had been producing and marketing profitably for the past 3 years. One patent covers the manufacturing process, and the other covers the related products.Ferry executives tell you that these
In 2019, Austin Powers Corporation developed a new product that will be marketed in 2020. In connection with the development of this product, the following costs were incurred in 2019: research and development costs $400,000, materials and supplies consumed 60,000, and compensation paid to research
Information concerning Sandro Corporation’s intangible assets is as follows.1. On January 1, 2020, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $75,000. Of this amount, $15,000 was paid when the agreement was signed, and the
Cuevas Co. is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this new product. As of year-end (December 31, 2020), the new product has not been manufactured for resale. However, a prototype unit was built and is
On January 2, 2020, Raconteur Corp. reported the following intangible assets: (1) copyright with a carrying value of $15,000, and (2) a trade name with a carrying value of $8,500. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a
Gershwin Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $120,000 on April 1, 2020. The franchise grants Gershwin the right to sell certain products and services for a period of 8 years. Prepare Gershwin’s April 1 journal entry and December 31 adjusting entry.
The following is selected information for Alatorre Company.1. Alatorre purchased a patent from Vania Co. for $1,000,000 on January 1, 2018. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2028. During 2020, Alatorre determined that the economic
Treasure Land Corporation incurred the following costs in 2020.Cost of laboratory research aimed at discovery of new knowledge........................$120,000Cost of testing in search for product alternatives........................................................100,000Cost of engineering activity
On July 31, 2020, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Mexico. Conchita reported the following balance sheet at the time of the acquisition. It was determined at the date of the purchase that
On September 1, 2020, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase, Aumont’s balance sheet showed assets of $620,000, liabilities of $200,000, and owners’ equity of $420,000. The fair value of Aumont’s assets is estimated to be
As the recently appointed auditor for Bryan Corporation, you have been asked to examine selected accounts before the 6-month fi nancial statements of June 30, 2020, are prepared. The controller for Bryan Corporation mentions that only one account is kept for intangible assets. The account is shown
Montana Matt?s Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid
Marshall Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. Instructions Prepare the necessary entries to clear the intangible assets account and to set up separate accounts for
During 2018, Wright Tool Company purchased a building site for its proposed research and development laboratory at a cost of $60,000. Construction of the building was started in 2018. The building was completed on December 31, 2019, at a cost of $320,000 and was placed in service on January 2,
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