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intermediate accounting

Questions and Answers of Intermediate Accounting

Use the information for Valued Assets Inc. from BE10.18. On January 5, 2021, Valued sold the building for $325,000 cash. Prepare the journal entries to record the sale of the building after having
Lightstone Equipment Ltd. wanted to expand into New Brunswick and was impressed by the provincial government’s grant program for new industry. Once it was sure that it would qualify for the grant
Identify whether the following costs should be treated as a capital expenditure or a revenue expenditure when they are incurred.a. $13,000 paid to rearrange and reinstall machineryb. $400 paid for a
On March 1 2020, Russell Winery Ltd. purchased a five-hectare commercial vineyard for $1,050,000. The total purchase price was based on appraised market values of the building, grapevines, and
Plaza Holdings Inc., a publicly listed company in Canada, ventured into construction of a mega shopping mall in Edmonton, which is rated as the largest shopping mall in North America. The company’s
Nevine Corporation owns and manages a small 10-store shopping centre, which it classifies as an investment property. Nevine has a May 31 year end and initially recognized the property at its
A partial statement of financial position of Bluewater Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated
On January 1, 2020, Algo Ltd. acquires a building at a cost of $230,000. The building is expected to have a 20-year life and no residual value. The asset is accounted for under the revaluation model,
On January 1, 2020, the accounting records of Sasseville Ltée included a debit balance of $15 million in the building account and of $12 million in the related accumulated depreciation account. The
On December 31, 2020, Omega Inc., a public company, borrowed $3 million at 12% payable annually to finance the construction of a new building. In 2021, the company made the following expenditures
The following three situations involve the capitalization of borrowing costs for public companies following IFRS.Situation 1On January 1, 2020, Oksana Inc. signed a fixed-price contract to have
In early February 2020, Huey Corp. began construction of an addition to its head office building that is expected to take 18 months to complete. The following 2020 expenditures relate to the
Included in Cellin Limited’s December 31, 2020 trial balance are the following accounts: Accounts Payable $251,000; Obligations under Lease $175,000; Unearned Revenue $141,000; Bonds Payable
Pine Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Prepaid Rent $22,000; Goodwill $50,000; Franchise Fees Receivable $2,000; Intangible
Lowell Corp.’s December 31, 2020 trial balance includes the following accounts: Inventory $120,000; Buildings $207,000; Accumulated Depreciation—Equipment $19,000; Equipment $190,000; Land Held
The following accounts are in Tan Limited’s December 31, 2020 trial balance: Prepaid Rent $1,600; FV-OCI (Fair Value—Other Comprehensive Income) Investments $62,000; Unearned Revenue $7,000; Land
Kahnert Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $3,000; Treasury Bills (with original maturity of three months) $4,000; Land $60,000;
Snow Spray Corp. (SSC) recently filed for bankruptcy protection. The company manufactures downhill skis and reports under ASPE. With the increased popularity of such alternative winter sports as
Mega Inc.’s manufacturing division lost $100,000 (net of tax) for the year ended December 31, 2020, and Mega estimates that it can sell the division at a loss of $200,000 (net of tax). The division
The following is information for Gottlieb Corp. for the year ended December 31, 2020: The effective tax rate is 25% on all items. Gottlieb prepares financial statements in accordance with IFRS.
A combined statement of income and retained earnings for DC 5 Ltd. for the year ended December 31, 2020, follows. (As a private company, DC 5 has elected to follow ASPE.) Also presented are three
The following information was taken from the records of Biscay Inc. for the year 2020: The following additional information was also available: income tax applicable to income from continuing
A combined single-step income statement and statement of retained earnings for California Tanning Salon Corp. follows for 2020 (amounts in thousands): Additional facts are as follows:1. Selling,
Income statement information for Flett Tire Repair Corporation for the year 2020 follows: The effective tax rate on all income is 25%, and Flett follows ASPE. Instructions a. Prepare a
The following account balances were included in the trial balance of Reid Corporation at June 30, 2020: During 2020, Reid incurred production salary and wage costs of $710,000, consumed raw
Delray Inc. follows IFRS and has the following amounts for the year ended December 31, 2020: gain on disposal of FV-NI investments (before tax), $15,000; loss from operation of discontinued division
The following financial statement was prepared by employees of Intellisys Corporation, which follows ASPE:
On January 1, 2020, Twist Corp. had cash and common shares of $60,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Twist paid
In financial reporting, the goal is to provide useful information to users of the financial statements such as investors. Investors often use numbers from the financial statements (and other
Video Company, a sole proprietorship, had the following information for 2020: Instructions Calculate the net income for 2020. Total assets, December 31 Cash balance, December 31 Accounts
Cyan Corporation is a manufacturer of paints and specialty coatings. In March 2020, Beck Inc. filed a lawsuit against Cyan Corporation for alleged patent infringement, claiming $1.1 million in
The following are all changes in the account balances of Chili Lime Ltd. during the current year, except for Retained Earnings: InstructionsCalculate the net income for the current year, assuming
The trial balance follows for Thompson Corporation at December 31, 2020: A physical count of inventory on December 31 showed that there was $64,000 of inventory on hand. Instructions Prepare a
Environmental Corporation specializes in the production and sale of ecofriendly packaging. In 2020, Environmental reported net income (earnings) in excess of analyst expectations. This included a
On October 5, 2020, Diamond in the Rough Recruiting Group Inc.’s board of directors decided to dispose of the Blue Division. A formal plan was approved. Diamond derives approximately 75% of its
Several of Kimper Corporation’s major customers experienced cash flow problems in 2020, mainly due to their increasing labour and production costs in 2019 and 2020. As a result, Kimper’s accounts
Assume that Elrond Inc. decided to sell DemandTV Ltd., a subsidiary, on September 30, 2020. There is a formal plan to dispose of the business component, and the sale qualifies for discontinued
Information for 2020 follows for Rolling Thunder Corp.:Retained earnings, January 1, 2020 ....................................................................... $ 1,980,000Sales revenue
Use the annual reports and/or the audited annual financial statements of Brookfield Office Properties Inc. for the year ended December 31, 2015, and of Mainstreet Equity Corp. for the year ended
On November 1, 2019, Campbell Corporation management decided to discontinue operation of its Rocketeer Division and approved a formal plan to dispose of the division. Campbell is a successful
Obtain the 2017 annual report for the Royal Bank of Canada from the company’s website or from SEDAR (www.sedar.com). Note that financial reporting for Canadian banks is also constrained by the Bank
Reach Out Card Company Limited reported the following for 2020: sales revenue, $1.2 million; cost of goods sold, $750,000; selling and administrative expenses, $320,000; gain on disposal of building,
In recent years, Grace Inc. has reported steadily increasing income. The company reported income of $20,000 in 2017, $25,000 in 2018, and $30,000 in 2019. Several market analysts have recommended
Locate the audited consolidated financial statements (including the accompanying notes) of Kirkland Lake Gold Ltd. for its year ended December 31, 2017 (available at www.sedar.com).InstructionsRefer
Wilton, Inc. had net sales in 2020 of $1,400,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $250,000 debit, and Allowance for
On December 31, 2020, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Abbey Co. agreed to accept a $200,000 zero-interest-bearing note due
The following is a record of Pervis Ellison Company?s transactions for Boston Teapots for the month of May 2020. Instructions a. Assuming that perpetual inventories are not maintained and that a
At December 31, 2019, Stacy McGill Corporation reported current assets of $370,000 and current liabilities of $200,000. The following items may have been recorded incorrectly.1. Goods purchased
The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated. Instructions Prepare a worksheet to show the adjusted net income figure for each of the 6
On December 31, 2020, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance in four equal installments of
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
Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale.
Kimmel Company uses the net method of accounting for sales discounts. Kimmel also offers trade discounts to various groups of buyers. On August 1, 2020, Kimmel sold some accounts receivable on a
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
The following are a series of unrelated situations. 1. Halen Company?s unadjusted trial balance at December 31, 2020, included the following accounts. Halen Company estimates its bad debt expense
On December 31, 2020, Firth Company borrowed $62,092 from Paris Bank, signing a 5-year, $100,000 zero-interest-rate note. The note was issued to yield 10% interest. Unfortunately, during 2022, Firth
Use the information from BE7.2, assuming Restin Co. uses the net method to account for cash discounts. Prepare the required journal entries for Restin Co.BE7.2Restin Co. uses the gross method to
Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $700 when
Part 1: On July 1, 2020, 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
From inception of operations to December 31, 2020, Fortner Corporation provided for uncollectible accounts receivable under the allowance method. The provisions are recorded, based on analyses of
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
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
The Flatiron Pub provides catering services to local businesses. The following information was available for The Flatiron Pub for the years ended December 31, 2019 and 2020. Flatiron management is
Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2020. 1. An aging schedule of the accounts receivable as of December 31, 2020,
Use the information presented in BE7.5 for Wilton, Inc.Wilton, Inc. had net sales in 2020 of $1,400,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were
On September 30, 2019, 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
The balance sheet of Starsky Company at December 31, 2019, includes the following. Transactions in 2020 include the following. 1. Accounts receivable of $138,000 were collected including accounts
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2020, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting
On July 1, 2020, 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
Duncan Company reports the following financial information before adjustments. Instructions Prepare the journal entry to record Bad Debt Expense assuming Duncan Company estimates bad debts at (a)
On October 1, 2020, 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
At the end of 2020, Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2021, Aramis Company determined that its receivable from
On October 1, 2020, 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
Braddock Inc. had the following long-term receivable account balances at December 31, 2019.Note receivable from sale of division...............$1,500,000Note receivable from
Marvin Company is a subsidiary of Hughes Corp. The controller believes that the yearly allowance for doubtful accounts for Marvin should be 8% of gross accounts receivable. Given the recession and
The chief accountant for Dickinson Corporation provides you with the following list of accounts receivable written off in the current year. Dickinson follows the policy of debiting Bad Debt
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2020, it assigned, under guarantee, specific accounts amounting to $150,000.
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
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,
On July 1, 2020, Agincourt Inc. made two sales.1. It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The
The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash
On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2020. The assignment agreement calls for
On January 1, 2020, 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 2021
Assume that Toni Braxton Company has recently fallen into financial difficulties. By reviewing all available evidence on December 31, 2020, one of Toni Braxton’s creditors, the National American
Beyoncé Corporation factors $175,000 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables
JFK Corp. factors $300,000 of accounts receivable with LBJ Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to LBJ Finance, which will receive
Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank ReconciliationBalance per
Logan Bruno Company has just received the August 31, 2020, bank statement, which is summarized below. The general ledger Cash account contained the following entries for the month of
Describe the estimation of the allowance, based on expected cash flows.
On December 31, 2020, 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
On December 31, 2020, 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
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
Dimitri Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020. Inventory at December 31, 2020 (based on physical
The Kroger Company reported the following data in its annual report (in millions). Instructions a. Compute Kroger?s inventory turnovers for fiscal years ending January 28, 2017, and January 30,
Assume that in an annual audit of Harlowe Inc. at December 31, 2020, you find the following transactions near the closing date.1. A special machine, fabricated to order for a customer, was finished
Colin Davis 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
In January 2020, 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
Craig Company asks you to review its December 31, 2020, inventory values and prepare the necessary adjustments to the books. The following information is given to you.1. Craig uses the periodic
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 $ ? Sales revenue $290,000 $410,000 Sales returns
Trout Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,300,000. At December 31,

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