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business
intermediate accounting

Questions and Answers of Intermediate Accounting

This spreadsheet assignment is a continuation of the spreadsheet assignments given in earlier chapters. If you completed those assignments, you have a head start on this one.Refer back to the
To help you become familiar with the accounting standards, this case is designed to take you to the FASB’s Web site and have you access various publications. Access the FASB’s Web site at
This spreadsheet assignment is a continuation of the spreadsheet assignments given in earlier chapters. If you completed those assignments, you have a head start on this one.Refer back to the
The company reported the following information for the month: Sales for the month totaled $47,000. Compute the estimated cost of inventory on
The company reported the following inventory data for the year: Compute (1) cost of goods sold and (2) ending inventory assuming
For the purpose of this spreadsheet assignment, assume that Skywalker is in the long-term construction business. As of the end of 2011, Skywalker has five active contracts (designated A through E).
To help you become familiar with the accounting standards, this case is designed to take you to the FASB’s Web site and have you access various publications. Access the FASB’s Web site at
This spreadsheet assignment is a continuation of those given in earlier chapters. If you completed those assignments, you have a headstart on this one. Refer to the instructions for preparing the
This spreadsheet assignment is a continuation of the spreadsheet assignments given in earlier chapters. If you completed those assignments, you have a head start on this one.Refer back to the
Using the following information, compute cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities.
This spreadsheet assignment is a continuation of the spreadsheet assignment given in Chapter 3. If you completed that assignment, you have a head start on this one. Refer back to part (1) of the
Beginning with Chapter 2, each chapter in this text will include a spreadsheet assignment based on the financial information of a fictitious company named Skywalker Enterprises. The assignments start
How are cash inflows from dividends and interest and cash outflows for dividends and interest classified in BA's cash flow statements? Is this classification the same as or different from cash flow
What are the primary classifications into which BA's cash inflows and cash outflows are separated? Is this classification the same as or different from cash flow statements prepared in accordance
What is the amount that BA reports in its income statement for its stock options and other share-based compensation plans for the year ended March 31, 2009? Are BA's share options cliff-vesting or
Describe the apparent differences in the order of presentation of the components of liabilities and shareholders' equity between IFRS as applied by BA and a typical balance sheet prepared in
Locate Note 35 in BA's financial statements. What three items comprise “Other reserves” as reported in the balance sheet? If British Airways used U.S. GAAP, what would be the likely account
British Airways lists four items in the shareholders' equity section of its balance sheet. If British Airways used U.S. GAAP, what would be the likely account titles for the first three of those
Locate Note 36: “Pension costs,” part c: “Amounts recognised in the income statement.” Which components of pension expense does BA actually report in the operating profit (loss) section of
U.S. GAAP requires that unrecognized actuarial gains and losses be included as part of Accumulated other comprehensive income (AOCI) in shareholders' equity. Under IFRS, AOCI often is referred to as
The Employee Benefit section within Note 2: “Summary of significant accounting policies” in BA's financial statements states that:“The asset or liability recognised in the balance sheet in
Look at Note 36, part c. What amount of past service cost (called prior service cost under U.S. GAAP) did BA recognize in earnings for the year ended March 31, 2009? The Employee Benefit section
Here's an excerpt from one of BA's notes to its financial statements:Taxation (in part)Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be
Here's an excerpt from one of BA's notes to its financial statements:Taxation (in part)Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
Where in its March 31, 2009 balance sheet does BA report deferred taxes? How does this approach differ from the way deferred taxes are reported using U.S. GAAP? Using the Internet, determine how
Look at BA's Note 28: Long-term borrowings and Note 29: Operating lease commitments. Does BA obtain use of its aircraft more using operating leases or finance leases? Do lessees report operating and
In Note 2: Summary of significant accounting policies, part d: Leased and hire purchase assets, BA states that “Where assets are financed through finance leases or hire purchase arrangements, under
Is IFRS or U.S. GAAP more restrictive for determining when firms are allowed to elect the fair value option for financial assets and liabilities? Explain.
BA does not elect the fair value option (FVO) to report its financial liabilities. Examine Note 32: “Financial Instruments.” If the company had elected the FVO for all of its fixed rate
Examine the long-term borrowings in BA's balance sheet and the related note. What, if any, convertible securities does the company have outstanding? Suppose BA issued £ 300 million fixed rate 8.75
Sealy Corporation reported the following line items in its statement of cash flows for the nine months ended August 30, 2009:Amortization of discount on secured notes
BA's note 37 lists contingent liabilities. Explain how the use of that term differs between IFRS and U.S. GAAP.
Note 30 lists “provisions for liabilities and charges.” Is the threshold for recognizing a liability associated with these items any different under IFRS than it is under U.S. GAAP? Explain. By
BA has an account entitled “sales in advance of carriage.” Explain the purpose of that account. Would transactions of this type be handled similarly under U.S. GAAP? What is the amount of
BA has an account entitled “sales in advance of carriage.” Explain the purpose of that account. Would transactions of this type be handled similarly under U.S. GAAP? What is the amount of
BA recognized a £ 13 million impairment of their investment in Flybe for the year ended March 31, 2009. On what criteria did BA base their determination that the investment was impaired? Would that
BA indicates that it sometimes recognizes impairments on held-to-maturity and available-for-sale investments. Describe how recognition of impairments could differ for IFRS and U.S. GAAP.
BA accounts for its investment in Iberia airline using the equity method, even though it holds only 13.15% of Iberia's equity. Is that approach consistent with U.S. GAAP? Explain.
How does BA account for its investments in associates? Is that accounting approach consistent with U.S. GAAP? Explain.
How does BA account for “available-for-sale assets”? Is that approach consistent with U.S. GAAP? What is the amount of those investments as of March 31, 2009?
How does BA account for “other current interest-bearing deposits”? Is that consistent with U.S. GAAP? What is the amount of those investments that are maturing after three months, as of March 31,
The following is included in BA's summary of significant accounting policies disclosure note. “Intangible assets are held at cost and are either amortised on a straight-line basis over their
BA does not report any research and development expenses in its income statement. If it did, its approach to accounting for research and development would be significantly different from U.S. GAAP.
Describe the approach BA uses to determine goodwill impairment losses. (Hint: see Note 19). How does this approach differ from U.S. GAAP?
When does BA test for the possible impairment of goodwill and for other non-financial assets? How do these approaches differ from U.S. GAAP?
How often does BA review the residual values of its depreciable assets? How does this approach differ from U.S. GAAP?
BA calculates depreciation of plant and equipment on a straight-line basis, over the useful life of the asset. Describe any differences between IFRS and U.S. GAAP in the calculation of depreciation.
Under U.S. GAAP, what alternatives do companies have to value their property, plant, and equipment?
BA's property, plant and equipment is reported at cost. The Group has a policy of not revaluing property, plant and equipment. Suppose BA decided to revalue its equipment on March 31, 2009 and that
What method does BA use to amortize the cost of computer software development costs? How does this approach differ from U.S. GAAP?
BA's inventories are valued at the lower of cost and net realizable value. How does this approach differ from U.S. GAAP?
What method does the company use to value its inventory? What other alternatives are available under IFRS? Under U.S. GAAP?
Examine BA's note 23, dealing with trade receivables. Do any aspects of that note appear unusual to you from the perspective of U.S. GAAP? Explain.
BA changed how it accounts for BA miles that are earned by members of their “Executive Club.” How does BA account for that revenue? Is this accounting approach consistent with how U.S. GAAP
How does BA classify interest paid, interest received, and dividends received in its statement of cash flows? What other alternatives, if any, does the company have for the classification of these
How does BA classify interest paid, interest received, and dividends received in its statement of cash flows? What other alternatives, if any, does the company have for the classification of these
How does BA classify operating expenses in its income statement? How are these expenses typically classified in an income statement prepared in accordance with U.S. GAAP?
Describe the apparent differences in the order of presentation of the components of the balance sheet between IFRS as applied by British Airways (BA) and a typical balance sheet prepared in
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
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
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
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
Domestic Transfer and Storage is a large trucking company headquartered in the Midwest. Rapid expansion in recent years has been financed in large part by debt in a variety of forms. In preparing the
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
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
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
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
You are compiling the consolidated financial statements for Winsor Corporation International. The corporation’s accountant, Anthony Reese, has provided you with the following segment
Erskine Consulting Ltd. has been in business for several years, providing software consulting to its customers on an annual contract or special assignment basis. All work is done over the Internet,
During 2020, Nilsen Company started a construction job with a contract price of $1.6 million. The job was completed in 2022. The following information is available. The contract is
Refer to the scenario in RA2.7 regarding Bancroft Corporation (BC). Jason has been reading lately about artificial intelligence and big data. He notes during a quick Internet search that a company
Snider Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its shareholders at the end of the first quarter of the 2014–2015 fiscal year.
Keystone Corporation’s financial statements for the year ended December 31, 2014, were authorized for issue on March 10, 2015. The following events took place early in 2015. (a) On January
Savannah, Inc. is a company that manufactures and sells a single product. Unit sales for each of the four quarters of 2014 are projected as follows. Quarter
RNA Inc. manufactures a variety of consumer products. The company’s founders have run the company for 30 years and are now interested in retiring. Consequently, they are seeking a purchaser who
Go to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc. (a) (1) What specific items does
As stated in the chapter, notes to the financial statements are the means of explaining the items presented in the main body of the statements. Common note disclosures relate to such items as
The transactions listed below relate to Wainwright Inc. You are to assume that on the date on which each of the transactions occurred, the corporation’s accounts showed only common stock ($100 par)
Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the years 2014 and 2015. The
Snider Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) at the end of the first
You are compiling the consolidated financial statements for Winsor Corporation International. The corporation’s accountant, Anthony Reese, has provided you with the segment information shown
Ace Inc. produces electronic components for sale to manufacturers of radios, television sets, and digital sound systems. In connection with her examination of Ace’s financial statements for the
Koch Corporation is in the process of preparing its annual financial statements for the fiscal year ended April 30, 2015. Because all of Koch’s shares are traded intrastate, the company does not
Matheny Inc. went public 3 years ago. The board of directors will be meeting shortly after the end of the year to decide on a dividend policy. In the past, growth has been financed primarily through
Presented below is the comparative balance sheet for Gilmour Company. Instructions(Round to two decimal places.) (a)
Bradburn Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Bradburn and is its current
Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2015.
Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2014. The bookkeeper who maintains the financial records has prepared all the unaudited financial
Madrasah Corporation issued its financial statements for the year ended December 31, 2014, on March 10, 2015. The following events took place early in 2015. (a) On January 10, 10,000 shares of
An annual report of Crestwood Industries states, “The company and its subsidiaries have long-term leases expiring on various dates after December 31, 2014. Amounts payable under such commitments,
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http:// annualreport.marksandspencer.com /_assets/ downloads/
Dingel Corporation has contracted with you to prepare a statement of cash flows. The controller has provided the following information.
Following are selected statement of financial position accounts of Sander Bros. Corp. at December 31, 2014 and 2013, and the increases or decreases in each account from 2013 to 2014. Also presented
What are some of the key obstacles for the FASB and IASB within their accounting guidance in the area of cash flow reporting? Explain.
For purposes of the statement of cash flows, under IFRS interest paid is treated as: (a) an operating activity in all cases. (b) an investing or operating activity, depending on use of
Under IFRS, significant non-cash transactions: (a) are classified as operating, if they are related to income items. (b) are excluded from the statement of cash flows and disclosed in a
In the case of a bank overdraft: (a) GAAP typically includes the amount in cash and cash equivalents. (b) IFRS typically includes the amount in cash equivalents but not in cash. (c)
Which of the following is true regarding the statement of cash flows under IFRS? (a) The statement of cash flows has two major sections—operating and non-operating. (b) The statement of
Go to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc. (a) What method of computing net cash

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