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intermediate accounting

Questions and Answers of Intermediate Accounting

What is the difference between a conditional and unconditional contribution?
On December 31, 2020, Tritt Inc. has a machine with a book value of $940,000. The original cost and related accumulated depreciation at this date are as
Why is the distinction between a conditional and unconditional contribution important for accounting purposes?
On April 1, 2020, Estefan Company received a condemnation award of $430,000 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new state
Alladin Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of
Burnitz Manufacturing Company was organized on January 1, 2020. During 2020, it has used in its reports to management the straight-line method of depreciating its plant assets. On November 8, you are
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
Lockard Company purchased machinery on January 1, 2020, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years.(a) Compute 2020 depreciation expense
The cost of equipment purchased by Charleston, Inc., on June 1, 2020, is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of its service life. Its service life is
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
Use the information for Lockard Company given in BE11.2.(a) Compute 2020 depreciation expense using the sum-of-the-years’-digits method.(b) Compute 2020 depreciation expense using the
Judds Company purchased a new plant asset on April 1, 2020, at a cost of $711,000. It was estimated to have a service life of 20 years and a salvage value of $60,000. Judds’ accounting period is
The following data relate to the Machinery account of Eshkol, Inc. at December 31, 2020. The following transactions occurred during 2021. a. On May 5, Machine A was sold for $13,000 cash. The
The following are three different and unrelated situations involving depreciation accounting. Answer the question(s) at the end of each situation.Situation I: Recently, Broderick Company experienced
McDonald?s is the largest and best-known global food-service retailer, with more than 32,000 restaurants in over 115 countries. On any day, McDonald?s serves approximately 1 percent of the world?s
Use the information for Lockard Company given in BE11.2.(a) Compute 2020 depreciation expense using the double-declining-balance method.(b) Compute 2020 depreciation expense using the
Jon Seceda Furnace Corp. purchased machinery for $315,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 240,000 units, and
A depreciation schedule for semi-trucks of Ichiro Manufacturing Company was requested by your auditor soon after December 31, 2021, showing the additions, retirements, depreciation, and other data
As a cost accountant for San Francisco Cannery, you have been approached by Phil Perriman, canning room supervisor, about the 2020 costs charged to his department. In particular, he is concerned
Electroboy Enterprises, Inc. operates several stores throughout the western United States. As part of an operational and financial reporting review in a response to a downturn in its markets, the
Tanaka Company has land that cost $15,000,000. Its fair value on December 31, 2020, is $20,000,000. Tanaka chooses the revaluation model to report its land. Explain how the land and its related
Cominsky Company purchased a machine on July 1, 2021, 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
Robert Parish Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of this machine was $117,900. The company estimated that the machine would have a salvage value
Muggsy Bogues Company purchased equipment for $212,000 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production
Conan O’Brien Logging and Lumber Company owns 3,000 acres of timberland on the north side of Mount Leno, which was purchased in 2008 at a cost of $550 per acre. In 2020, O’Brien began selectively
Ortiz purchased a piece of equipment that cost $202,000 on January 1, 2020. The equipment has the following components. Compute the depreciation expense for this equipment at December 31, 2020.
Holt Company purchased a computer for $8,000 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,000 salvage value. In 2021, the estimates are revised. Holt now
Jackel Industries presents you with the following information. Instructions Complete the table for the year ended December 31, 2022. The company depreciates all assets using the half-year
Bronson Paper Products purchased 10,000 acres of forested timberland in March 2020. The company paid $1,700 per acre for this land, which was above the $800 per acre most farmers were paying for
Workman Company purchased a machine on January 2, 2020, for $800,000. The machine has an estimated useful life of 5 years and a salvage value of $100,000. Depreciation was computed by the 150%
Tan Chin Company purchases a building for $11,300,000 on January 2, 2020. An engineer’s report shows that of the total purchase price, $11,000,000 should be allocated to the building (with a
George Zidek Corporation bought a machine on June 1, 2018, for $31,000, f.o.b. the place of manufacture. Freight to the point where it was set up was $200, and $500 was expended to install it. The
Darby Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The last two Olympic Games greatly increased the popularity of basketball around the
Silverman Company purchased machinery for $162,000 on January 1, 2020. It is estimated that the machinery will have a useful life of 20 years, salvage value of $15,000, production of 84,000 units,
Brazil Group purchases a vehicle at a cost of $50,000 on January 2, 2020. Individual components of the vehicle and useful lives are as follows. Instructions (Assume no residual (salvage) value.) a.
Roland Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $10,000,000 and had an estimated useful life of 8 years with no salvage
In its 2017 annual report, Campbell Soup Company reports beginning-of-the-year total assets of $7,837 million, end-of-the-year total assets of $7,726 million, total sales of $7,890 million, and net
Five Satins Company purchased a piece of equipment at the beginning of 2017. The equipment cost $430,000. It has an estimated service life of 8 years and an expected salvage value of $70,000. The
Kohlbeck Corporation, a manufacturer of steel products, began operations on October 1, 2019. The accounting department of Kohlbeck has started the fixed-asset and depreciation schedule presented as
Presented below is information related to equipment owned by Pujols Company at December 31, 2020.Cost (residual value $0)..............................$9,000,000Accumulated depreciation to
Machinery purchased for $60,000 by Tom Brady Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time. Depreciation has been entered for 5
On January 1, 2018, a machine was purchased for $90,000. The machine has an estimated salvage value of $6,000 and an estimated useful life of 5 years. The machine can operate for 100,000 hours before
Assume the same information as in IFRS11.11, except that Pujols intends to dispose of the equipment in the coming year.Cost (residual value $0)..............................$9,000,000Accumulated
In 1993, Herman Moore Company completed the construction of a building at a cost of $2,000,000 and first occupied it in January 1994. It was estimated that the building will have a useful life of 40
On January 1, 2019, 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
A building that was purchased on December 31, 2006, for $2,500,000 was originally estimated to have a life of 50 years with no salvage value at the end of that time. Depreciation has been recorded
Falcetto Company acquired equipment on January 1, 2019, for $12,000. Falcetto elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a
Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 2001. It was estimated at that time that its life would be 40 years, with no salvage value. In
Companies following international accounting standards are permitted to revalue fixed assets above the assets? historical costs. Such revaluations are allowed under various countries? standards and
Mike Devereaux Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. Instructions a. Prepare any correcting entries necessary. b. Assuming
Andrea Kremer purchased a computer for $8,000 on July 1, 2020. She intends to depreciate it over 4 years using the double-declining balance method. Salvage value is $1,000. Compute depreciation for
On March 10, 2022, Lost World Company sells equipment that it purchased for $192,000 on August 20, 2015. It was originally estimated that the equipment would have a life of 12 years and a salvage
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
Presented below is information related to equipment owned by Suarez Company at December 31, 2020.Cost.........................................................$9,000,000Accumulated depreciation to
Last year, Wyeth Company recorded an impairment on an asset held for use. Recent appraisals indicate that the asset has increased in value. Should Wyeth record this recovery in value under GAAP?
Assume the same information as E11.16, except that Suarez intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be
The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $900,000
Stanislaw Timber Company owns 9,000 acres of timberland purchased in 2009 at a cost of $1,400 per acre. At the time of purchase, the land without the timber was valued at $400 per acre. In 2010,
Forda Lumber Company owns a 7,000-acre tract of timber purchased in 2006 at a cost of $1,300 per acre. At the time of purchase, the land was estimated to have a value of $300 per acre without the
Alcide Mining Company purchased land on February 1, 2020, at a cost of $1,190,000. It estimated that a total of 60,000 tons of mineral was available for mining. After it has removed all the natural
At the beginning of 2020, Aristotle Company acquired a mine for $970,000. Of this amount, $100,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys
The 2017 annual report of Tootsie Roll Industries contains the following information. Instructions Compute the following ratios for Tootsie Roll for 2017. a. Asset turnover. b. Return on assets. c.
Futabatei Enterprises purchased a delivery truck on January 1, 2020, at a cost of $27,000. The truck has a useful life of 7 years with an estimated salvage value of $6,000. The straight-line method
Shimei Inc. purchased computer equipment on March 1, 2020, for $31,000. The computer equipment has a useful life of 10 years and a salvage value of $1,000. For tax purposes, the MACRS class life is 5
Fernandez Corporation purchased a truck at the beginning of 2020 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles
Target in 2017 reported net income of $2,934 billion, net sales of $71,879 billion, and average total assets of $38,215 billion. What is Target’s asset turnover? What is Target’s return on assets?
On January 1, 2020, Lombard Co. sells property for which it had paid $690,000 to Sargent Company, receiving in return Sargent’s zero-interest-bearing note for $1,000,000 payable in 5 years. What
Jim Carrie Company shows a balance of $181,140 in the Accounts Receivable account on December 31, 2020. The balance consists of the following.Installment accounts due in
Francis Equipment Co. closes its books regularly on December 31, but at the end of 2020 it held its cash book open so that a more favorable balance sheet could be prepared for credit purposes. Cash
The controller for Clint Eastwood Co. is attempting to determine the amount of cash to be reported on its December 31, 2020, balance sheet. The following information is provided.1. Commercial
Kraft Enterprises owns the following assets at December 31, 2020.Cash in bank—savings account...............................68,000Checking account
For each of the following, determine the expected cash flows. Probability Cash Flow Estimate Assessment $ 4,800 20% a. 50% 6,300 7,500 30% $ 5,400 b. 30% 7,200 50% 8,400 20% $(1,000) 10% c. 3,000
The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2020 appear below. Net income of $44,000 was reported, and dividends of $33,000 were paid in 2020. New
Crane Corporation has the following accounts included in its December 31, 2020, trial balance: Equity Investments (to be sold in the next 6 months) $21,000, Goodwill $150,000, Prepaid Insurance
Portman Corporation has retained earnings of $675,000 at January 1, 2020. Net income during 2020 was $1,400,000, and cash dividends declared and paid during 2020 totaled $75,000. Prepare a retained
The stockholders’ equity section of Hendly Corporation appears below as of December 31, 2020.8% preferred stock, $50 par value, authorized100,000 shares, outstanding 90,000
C. Reither Co. reports the following information for 2020: sales revenue $700,000, cost of goods sold $500,000, operating expenses $80,000, and an unrealized holding loss on available-for-sale debt
Harding Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivable $110,000, Inventory $290,000, Allowance for Doubtful Accounts $8,000, Patents
In an examination of Arenes Corporation as of December 31, 2020, you have learned that the following situations exist. No entries have been made in the accounting records for these items.1. The
The Procter & Gamble Company (P&G) The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements,
Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land $40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance
Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000
The assets of Fonzarelli Corporation are presented below (000s omitted). Instructions Indicate the deficiencies, if any, in the foregoing presentation of Fonzarelli Corporation?s assets. Fonzarelli
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
Included in Outkast Company’s December 31, 2020, trial balance are the following accounts: Prepaid Rent $5,200, Debt Investments (to be held to maturity until 2023) $56,000, Unearned Fees $17,000,
The adjusted trial balance of Eastwood Company and other related information for the year 2020 are presented as follows. Additional information: 1. The LIFO method of inventory value is used. 2.
The following is the balance sheet of Sameed Brothers Corporation (000s omitted). Instructions Evaluate the balance sheet presented. State briefly the proper treatment of any item criticized.
Rainmaker Company prepares its financial statements in accordance with IFRS. In 2020, Rainmaker recorded the following revaluation adjustments related to its buildings and land: The company’s
Lowell Company’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
The balance sheet of Kishwaukee Corporation as of December 31, 2020, is as follows. Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value. The excess of
Uhura Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. Instructions Prepare a revised
Presented below is the balance sheet of Sargent Corporation for the current year, 2020. The following information is presented. 1. The current assets section includes cash $150,000, accounts
The partner in charge of the Kappeler Corporation audit comes by your desk and leaves a letter he has started to the CEO and a copy of the cash flow statement for the year ended December 31, 2020.
Presented below is the SEC-mandated disclosure of contractual obligations provided by Deere & Company in a recent annual report. Deere & Company reported current assets of $50,060 and total
The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2020. The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and
Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Prepaid Rent $12,000, Goodwill $50,000, Franchise Fees Receivable $2,000, Franchises
Lansbury Inc. had the following balance sheet at December 31, 2019. During 2020, the following occurred. 1. Lansbury Inc. sold part of its debt investment portfolio for $15,000. This transaction
The incredible growth of Amazon.com has put fear into the hearts of traditional retailers. Amazon?s stock price has soared to amazing levels. However, it is often pointed out in the fi nancial press
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2020. The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market
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

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