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intermediate accounting

Questions and Answers of Intermediate Accounting

Sumner Stores began operations on January 1, 2014, and adopted the average-cost method of accounting. In 2017, it is considering a change to the FIFO basis. Sumner provided the following information
J&S Amez Company began operations in 2017 and initially adopted the weighted-average method for inventory valuation. In 2019, in accordance with the inventory valuation policies followed by other
Arlen Technology Solutions, Inc. adopted the percentage-of-completion method when it began operations on January 1, 2016. The company elected to change to the completed-contact method on January 1,
Second Thought Products (STP) began operations on January 1, 2017, and adopted the FIFO method of inventory valuation at that time. Management elected to change its inventory method to the
Massi Pharmacies, Inc. started operations on January 1, 2014. The company initially used the average-cost method 10 value its inventory for both book and tax purposes. Effective January 1, 2018,
Are accounting changes per milled in financial statements?
Refer to the information about Hutchins Company in MC20-I .Diluted earnings per share for the current year was (rounded to the nearest penny):a. $5.00b . $3.35c. $3.53d. $3.06MC20-I Hutchins
On January 1, 2018, Western Wear. Inc., granted 100,000 stock options to its employees. Of these options, 30% will vest on December 31, 2018, 30% will vest on December 31, 2019, and the remaining 40%
Using the information from BE21-12, prepare the journal entry necessary 10 correct the inventory error, assuming that Barin's controller discovered the error in 2017 after the books had been closed
Tyrion Retailers, Inc. incorrectly recorded inventory in 2016. Rather than recording ending inventory as $570,000. Tydon's accounting manager entered $750,000. Tyrion's controller discovered the
Kogo Incorporation started a share appreciation plan on January 1, 2017, when it granted 100,000 rights to its executives. The vesting period is 2 years. The stock appreciation rights are settled for
Eli Lilly and Company. a global pharmaceutical company. offers defined-benefit plans to its employees. The following table presents select data about Eli Lilly 's defined-benefits pension plan. Eli
Pfizer Inc., a global pharmaceutical company, offers several different types of stock-based compensation to its employees. Pfizer reports under U.S. GAAP. Use the disclosures provided in Exhibit 19.3
On January 1, 2018, Western Wear, Inc. granted 100,000 stock options to its employees. Of these options, 30% will vest on December 31, 2018, 30% will vest on December 31, 2019, and the remaining 40%
Using the information from BE 19-9. now assume that the stock appreciation rights are settled for stock. Prepare the journal entries to record the SAR plan. The par value of common stock is $1 per
Sam song Company issued 100,000 shares of $1 par value, restricted stock to its top five key employees on January 1, 2017. The market value of Samsong's shares is $45 per share on the date of issue.
The following information relates to the defined benefit pension plan of Murry Corp. for the year ended December 31, 2019:Prior service cost for a plan amendment during the year
Welsa Manufacturing. Inc. offers a noncontributory, defined-benefit pension plan to its employees. The average remaining service life of employees is 10 years. The company provides you with the
The following information is provided regarding a company's defined benefit pension plan. The projected benefit obligation (PBO) was $600,000 at the beginning of the current year. During the year,
OZ Leasing Associates provides you with the following information for the current year:Beginning projected benefit obligation
You are assistant controller of Stamos & Company, a medium-size manufacturer of machine parts. On October 22, 2020, the board of directors approved a stock option plan for key executives. On
After graduating near the top of his class, Ben Naegle was hired by the local office of a Big 4 CPA firm in his hometown. Two years later, impressed with his technical skills and experience, Park
Below are three independent and unrelated errors.a. On December 31, 2020, Wolfe-Bache Corporation failed to accrue salaries expense of $1,800. In January 2021, when it paid employees for the December
At January 1, 2021, Canaday Corporation had outstanding the following securities:600 million common shares20 million 6% cumulative preferred shares, $50 par6.4% convertible bonds, $2,000 million face
On January 1, 2021, JPS Industries borrowed $300,000 from Austin Bank by issuing a three-year, floating rate note based on LIBOR, with interest payable semi-annually on June 30 and December of each
Cleveland Company is a U.S. firm with a U.S. dollar functional currency that manufactures copper-related products. It forecasts that it will sell 5,000 feet of copper tubing to one of its largest
Arlington Steel Company is a producer of raw steel and steel-related products. On January 3, 2022, Arlington enters into a firm commitment to purchase 10,000 tons of iron ore pellets from a supplier
(Note: This is a variation of Exercise A?5, modified to consider fair value change unrelated to hedged risk.)On January 1, 2021, LLB Industries borrowed $200,000 from Trust Bank by issuing a
(This is a variation of Exercise A?2, modified to consider the extended method.)On January 1, 2021, LLB Industries borrowed $200,000 from Trust Bank by issuing a two-year, 10% note, with interest
(This is a variation of E A?2, modified to consider fair value change unrelated to hedged risk.)LLB Industries borrowed $200,000 from Trust Bank by issuing a two-year, 10% note, with interest payable
(This is a variation of E A?2, modified to consider an investment in debt securities.)On January 1, 2021, S&S Corporation invested in LLB Industries? negotiable two-year, 10% notes, with interest
On January 1, 2021, LLB Industries borrowed $200,000 from Trust Bank by issuing a two-year, 10% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on
Refer to the data provided in E 21–27 for Red, Inc.Required:Prepare the statement of cash flows (direct method) for Red, Inc. Use the T-account method to assist in your analysis.E 21–27 RED, INC.
Refer to the data provided in E 21–27 for Red, Inc.Required:Prepare the statement of cash flows for Red, Inc., using the indirect method to report operating activities.E 21–27 RED, INC.
Mayer Corporation has a defined benefit pension plan. Mayer?s policy is to fund the plan annually, cash payments being made at the end of each year. Data relating to the pension plan for 2021 are as
Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional information from the accounting records of Red, Inc., are provided below. Additional information from
Refer to the data provided in E 21–25 for Clear Transmissions Company.Required:Prepare the cash flows from operating activities section of the statement of cash flows for Clear Transmissions
Portions of the financial statements for Clear Transmissions Company are provided on the next page. Required:Prepare the cash flows from operating activities section of the statement of cash flows
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in thousands) for Peach Computers. Required:1. Calculate each of the
Refer to the data provided in the P 21–5 for Metagrobolize Industries.Required:Prepare the statement of cash flows for Metagrobolize Industries. Use the T-account method to assist in your
The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise inventory account balance neither
Refer to the data provided in the P 21–4 for Dux Company.Required:Prepare the statement of cash flows for Dux Company. Use the T account method to assist in your analysis. P 21–4 DUX COMPANY
The statement of retained earnings of Gary Larson Publishers is presented below. Required:For the transactions that affected Larson?s retained earnings, reconstruct the journal entries that can be
Refer to the data provided in the P 21–5 for Metagrobolize Industries.Required:Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. P 21–5
Refer to the data provided in the P 21–4 for Dux Company.Required:Prepare the statement of cash flows for Dux Company using the indirect method.P 21–4 DUX COMPANY Comparative Balance Sheets
On January 1, 2021, Beilich Enterprises bought 20% of the outstanding common stock of Wolfe Construction Company for $600 million cash. Wolfe?s net income for the year ended December 31, 2021, was
Digital Telephony issued 10% bonds, dated January 1, with a face amount of $32 million on January 1, 2021. The bonds mature in 2031 (10 years). For bonds of similar risk and maturity the market yield
Wilson Foods Corporation leased a commercial food processor on September 30, 2021. The five-year finance lease agreement calls for Wilson to make quarterly lease payments of $195,774, payable each
The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $50 million. Required:Prepare the statement of cash flows of Surmise Company for the
In preparation for developing its statement of cash flows for the year ended December 31, 2021, Millennium Solutions, Inc. collected the following information: Required:1. In Millennium?s statement
In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: Required:1. In Rapid Pac?s statement of cash
National Food Services, Inc., borrowed $4 million from its local bank on January 1, 2021, and issued a 4-year installment note to be paid in four equal payments at the end of each year. The payments
Most Solutions, Inc., issued 10% bonds, dated January 1, with a face amount of $640 million on January 1, 2021. The bonds mature in 2031 (10 years). For bonds of similar risk and maturity the market
On July 15, 2021, M.W. Morgan Distribution sold land for $35 million that it had purchased in 2016 for $22 million. What would be the amount(s) related to the sale that Morgan would report in its
On January 1, 2021, the Merit Group issued to its bank a $41 million, five-year installment note to be paid in five equal payments at the end of each year. Installment payments of $10 million
Investing activities include the acquisition and disposition of assets. Provide three specific examples. Identify two exceptions.
Refer to the financial statements and related disclosure notes of The Kroger Company for the fiscal year ending January 30, 2018. You can locate the report online from “investor relations” at
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. Required:1. Calculate each of the following amounts for
Refer to the situation described in BE 21–5. What would be the amount(s) related to the bonds that Agee would report in its statement of cash flows for the year ended December 31, 2021, if it uses
Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also
Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $400 million on July 1, 2021, at a price of $380 million. For bonds of similar risk and maturity, the market yield is
?Be careful with that coffee!? Your roommate is staring in disbelief at the papers in front of her. ?This was my contribution to our team project,? she moaned. ?When you spilled your coffee, it
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux?s accounting records is provided
Locate the financial statements and related disclosure notes of FedEx Corporation for the fiscal year ended May 31, 2017. You can locate the report online at www.fedex.com. Use the information
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for National Intercable Company. Additional information from NIC?s accounting records is provided
The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright?s accounting records is provided
?Why can?t we pay our shareholders a dividend?? shouted your new boss. ?This income statement you prepared for me says we earned $5 million in our first half-year!? You were hired last month as the
For each of the following inventory errors occurring in 2021, determine the effect of the error on 2021?s cost of goods sold, net income, and retained earnings. Assume that the error is not
At the end of 2020, Majors Furniture Company failed to accrue $61,000 of interest expense that accrued during the last five months of 2020 on bonds payable. The bonds mature in 2032. The discount on
Wilkins Food Products Inc. acquired a packaging machine from Lawrence Specialists Corporation. Lawrence completed construction of the machine on January 1, 2019. In payment for the machine Wilkins
On December 12, 2021, an investment in equity securities costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment in equity securities account.Required:1.
During 2021, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: WMC uses the periodic inventory system and the FIFO
Wardell Company purchased a mini computer on January 1, 2019, at a cost of $40,000. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an
The Peridot Company purchased machinery on January 2, 2019, for $800,000. A five-year life was estimated and no residual value was anticipated. Peridot decided to use the straight-line depreciation
Bronson Industries reported a deferred tax liability of $5 million for the year ended December 31, 2020, related to a temporary difference of $20 million. The tax rate was 25%. The temporary
Woodmier Lawn Products introduced a new line of commercial sprinklers in 2020 that carry a one-year warranty against manufacturer’s defects. Because this was the first product for which the company
The Commonwealth of Virginia filed suit in October 2019, against Northern Timber Corporation seeking civil penalties and injunctive relief for violations of environmental laws regulating forest
If merchandise inventory is understated at the end of 2020, and the error is not discovered, how will net income be affected in 2021?
Dreighton Engineering Group receives royalties on a technical manual written by two of its engineers and sold to William B. Irving Publishing, Inc. Royalties are 10% of net sales, receivable on
In 2021, the internal auditors of Development Technologies, Inc., discovered that (a) 2020 accrued salaries of $2 million were not recognized until they were paid in 2021 and (b) a $3 million
The Canliss Milling Company purchased machinery on January 2, 2019, for $800,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line
Refer to the situation described in BE 20–10. Assume the error was discovered in 2023, after the 2022 financial statements are issued. Ignoring income taxes, what journal entry will PKE use to
For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,560,000. Its useful life was
In 2021, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $350,000 cost of a machine purchased on January 1, 2018. The machine’s useful life was expected
Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Wolfgang decided to change to the LIFO method. Net income
When DeSoto Water Works purchased a machine at the end of 2020 at a cost of $65,000, the company debited Buildings and credited Cash $65,000. The error was discovered in 2021. What journal entry will
Flay Foods has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Flay decided to change to the LIFO method. As a result of the
Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $18 million cost of the patent on a straight-line basis since it was acquired at the
Millington Materials is a leading supplier of building equipment, building products, materials, and timber for sale, with over 200 branches across the Mid-South. On January 1, 2021, management
In 2020, Quapau Products introduced a new line of hot water heaters that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to
Southeast Steel, Inc., changed from the FIFO inventory costing method to the LIFO method during 2020. How would this change likely be reported in the 2021 comparative financial statements?
Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for Hill-McGraw Publishing, Inc., for which Feenix receives royalties equal to 12% of net sales.
Refer to the situation described in BE 20–4. Suppose Irwin has been using the straight-line method and switches to the sum-of-the-years’-digits method. Ignoring income taxes, what journal
Sugarbaker Designs Inc. changed from the FIFO inventory costing method to the average cost method during 2021. Which items from the 2020 financial statements should be restated on the basis of the
The Crump Companies, Inc. has ownership interests in several public companies. At the beginning of 2021, the company’s ownership interest in the common stock of Silken Properties increased to the
Irwin, Inc. constructed a machine at a total cost of $35 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being
In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2021 to discontinue accounting for reacquired shares as treasury stock. Instead, shares repurchased
In 2021, J J Dishes changed its method of valuing inventory from the FIFO method to the LIFO method. At December 31, 2020, J J’s inventories were $96 million (FIFO). J J’s records were
Mayfair Department Stores operates over 30 retail stores in the Pacific Northwest. Prior to 2021, the company used the FIFO method to value its inventory. In 2021, Mayfair decided to switch to the
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning of 2021. The inventory as reported at the end of 2020 using LIFO would

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