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intermediate accounting

Questions and Answers of Intermediate Accounting

Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $500,000 (20,000 units at $25 each). During 2021, 80,000 units were purchased, all at the same price of
In 2020, the Moncrief Company purchased from Jim Lester the right to be the sole distributor in the western states of a product called Zelenex. In payment, Moncrief agreed to pay Lester 20% of the
The December 31, 2021, year-end inventory balance of the Raymond Corporation is $210,000. You have been asked to review the following transactions to determine if they have been correctly recorded.1.
Refer to the situation described in BE 8–6. SAM uses a periodic inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO and (2) average cost.BE 8–6Samuelson
At the end of 2021, the Biggie Company performed its annual physical inventory count. John Lawrence, the manager in charge of the physical count, was told that an additional $22,000 in inventory that
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga?s only product is provided below. The unit costs include the cost of
The Kwok Company’s inventory balance on December 31, 2021, was $165,000 (based on a 12/31/2021 physical count) before considering the following transactions:1. Goods shipped to Kwok f.o.b.
Samuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 100 units were purchased on
The Playa Company has the following information in its records. Certain data have been intentionally omitted ($ in thousands). Required:Determine the missing numbers. Show computations where
On December 28, 2021, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses
The Bockner Company shipped merchandise to Laetner Corporation on December 28, 2021. Laetner received the shipment on January 3, 2022. December 31 is the fiscal year-end for both companies. The
Happlia Co. imports household appliances. Each model has many variations and each unit has an identification number. Happlia pays all costs for getting the goods from the port to its central
The June 30, 2021, year-end trial balance for Askew Company contained the following information: In addition, you determine that the June 30, 2021, inventory balance is $40,000. Required:Calculate
Kelly Corporation shipped goods to a customer f.o.b. destination on December 29, 2021. The goods arrived at the customer’s location in January. In addition, one of Kelly’s major suppliers shipped
The following inventory transactions took place near December 31, 2021, the end of the Rasul Company’s fiscal year-end:1. On December 27, 2021, merchandise costing $2,000 was shipped to the Myers
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: During January 2021, the following transactions occur: 1. January 2 Provide services to
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2021 bank
Jansen Company’s general ledger showed a checking account balance of $23,820 at the end of May 2021. The May 31 cash receipts of $2,340, included in the general ledger balance, were placed in the
The petty cash fund of Ricco?s Automotive contained the following items at the end of September 2021: The petty cash fund was established at the beginning of September with a transfer of $150 from
Loucks Company established a $200 petty cash fund on October 2, 2021. The fund is replenished at the end of each month. At the end of October 2021, the fund contained $37 in cash and the following
The current asset section of the Moorcroft Outboard Motor Company?s balance sheet reported the following amounts: The average collection period for 2021 is 50 days. Required:Determine net sales
Microsoft Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Required:Compute the receivables turnover ratio and the average
Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021:Mar. 17 Accounts receivable of $1,700 were written off as
Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note, along with interest at 10%, is due on July 1, 2021. On February 28, 2020, Selkirk discounted the note
Thaler Inc. holds a $1 million receivable ($800,000 principal, $200,000 accrued interest) from Einhorn Industries, and agrees to settle the receivable outright for $900,000 given Einhorn’s
Shan Enterprises received a bank statement listing its May 31, 2021, bank balance as $47,582. Shan determined that as of May 31 it had cash receipts of $2,500 that were not yet deposited and checks
Marin Company’s general ledger indicates a cash balance of $22,340 as of September 30, 2021. Early in October Marin received a bank statement indicating that during September Marin had an NSF check
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $600,000. On July 1, 2021, the company borrowed $450,000 from the Equitable Finance Corporation and signed a
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the
On January 1, 2021, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2022. The
On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $515,000 by Elmira on December 31,
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $30,000 on March 21, 2022. The fair value of the
On June 30, 2021, the Esquire Company sold some merchandise to a customer for $30,000. In payment, Esquire agreed to accept a 6% note requiring the payment of interest and principal on March 31,
On April 19, 2021, Millipede Machinery sold a tractor to Thomas Hartwood, accepting a note promising payment of $120,000 in five years. The applicable effective interest rate is 7%. What amount of
General Mills reported the following information in its 2017 financial statements ($ in millions): A note disclosed that the allowance for uncollectible accounts had a balance of $24.3 million and
On December 1, 2021, Davenport Company sold merchandise to a customer for $20,000. In payment for the merchandise, the customer signed a 6% note requiring the payment of interest and principal on
Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $17,280 at the beginning of 2021 and a $22,410 credit balance at the
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.1. Accounts not yet due = $400,000; estimated uncollectible
El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2021, reconciliation of the bank balance is as
Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible accounts.1. Accounts not yet due = $180,000; estimated
The bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31, 2021, balance of $14,632.12. Information that might be useful in preparing a bank reconciliation is
Ervin Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2021, net credit sales totaled
Crell Computers categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.1. Accounts not yet due = $60,000; estimated
Define the ECL model for accounts receivable. How does it differ from the CECL model?
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet:Current assets:Accounts receivable, net of $24,000 in allowance for uncollectible
Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of
At the end of the year, Syer Associates had a debit balance in its allowance for uncollectible accounts of $12,000 before adjustment. The balance in Syer’s gross accounts receivable is $600,000.
Define the CECL model for accounts receivable. On what does it base the estimate of the allowance for uncollectible accounts?
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and
Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $250,000 of services on account. In 2021, the company wrote
The table below contains selected financial information included in the 2016 financial statements of Tyson Foods Inc. and Pilgrim?s Pride Corp. Required:1. Calculate the 2016 receivables turnover
Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31.During 2021, the following transactions related to receivables occurred:Feb. 28 Sold
At the end of the year, Breyer Associates had a credit balance in its allowance for uncollectible accounts of $12,000 before adjustment. The balance in Breyer’s gross accounts receivable is
At the end of the first year of operations, Gaur Manufacturing had gross accounts receivable of $300,000. Gaur’s management estimates that 6% of the accounts will prove uncollectible. What journal
The following facts apply to Walken Company during December 2021:a. Walken began December with an accounts receivable balance (net of bad debts) of €25,000.b. Walken had credit sales of
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax’s sales are for credit (no cash
Search on the Internet for the 2016 annual report for Sanofi-Aventis. Find the accounts receivable disclosure note.Required:1. Has Sanofi-Aventis factored or securitized accounts receivable? How do
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2021, the company transferred $800,000 of accounts receivable to
[This is a variation of E 7–6 modified to focus on the net method of accounting for cash discounts.]Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,000 tires to
Refer to the situation described in BE 7–6. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts
McLaughlin Corporation uses the allowance method to account for bad debts. At the end of the company’s fiscal year, accounts receivable are analyzed and the allowance for uncollectible accounts is
Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2021, the company had accounts receivable of $780,000. Lonergan needs approximately $500,000
Cypress Oil Company’s December 31, 2021, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 3, 2018, are available in Connect. This
During 2021, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $720,000. Cost of goods sold totaled $6,360,000 (60% of sales). The company
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $600 each, but Thomas was given a 30% trade discount. The
Refer to the situation described in BE 7–4. Answer the questions assuming that Tristar uses the net method to account for sales discounts.BE 7–4On December 28, 2021, Tristar Communications sold
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company?s fiscal year-end. The 2020 balance
Parker Inc. has the following cash balances:First Bank ....................$ 150,000Second Bank ..................(10,000)Third Bank .......................25,000Fourth Bank.....................
On December 28, 2021, Tristar Communications sold 10 units of its new satellite uplink system to various customers for $25,000 each. The terms of each sale were 1/10, n/30. Tristar uses the gross
Is restricted cash included in the reconciliation of cash balances on a statement of cash flows? Explain.
Nike, Inc., is a leading manufacturer of sports apparel, shoes, and equipment. The company?s 2017 financial statements contain the following information ($ in millions): A note disclosed that the
EMC Corporation manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information ($ in millions): In addition, the income
Delta Automotive Corporation has the following assets listed in its 12/31/2021 trial balance:Cash in bank—checking account ..........................$ 22,500U.S. Treasury bills (mature in 60
Hogan Company uses the net method of accounting for sales discounts. Hogan offers trade discounts to various groups of buyers.On August 1, 2021, Hogan factored some accounts receivable on a without
Swathmore Clothing Corporation grants its customers 30 days? credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is
The controller of the Red Wing Corporation is in the process of preparing the company’s 2021 financial statements. She is trying to determine the correct balance of cash and cash equivalents to be
As of December 31, 2021, Cady Construction has one construction job for which the construction in progress (CIP) account has a balance of $20,000 and the billings on construction contract account has
GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2021, GoodBuy sold $1,000,000 of gift cards, and $840,000 of the gift cards were redeemed for products. As
Kerianne paints landscapes, and in late 2021 placed four paintings with a retail price of $250 each in the Holmstrom Gallery. Kerianne’s arrangement with Holmstrom is that Holmstrom will earn a 20%
Dowell Fishing Supply, Inc., sold $50,000 of Dowell Rods on December 15, 2021, to Bassadrome. Because of a shipping backlog, Dowell held the inventory in Dowell’s warehouse until January 12, 2022
TopChop sells hairstyling franchises. TopChop receives $50,000 from a new franchisee for providing initial training, equipment, and furnishings that have a stand-alone selling price of $50,000.
When is an estimated loss on a long-term contract recognized, both for contracts that recognize revenue over time and those that recognize revenue at the point in time the contract is completed?
Assume the same facts as in BE 6–25. How much revenue will Saar recognize in 2021 under this arrangement if Saar reports under IFRS?BE 6–24Saar Associates sells two licenses to Kim & Company
Assume the same facts as in BE 6–24 except that the trade name “Saar Associates” is not well known in the marketplace and the owner provides no advertising or other benefits to a licensee of
Saar Associates sells two licenses to Kim & Company on September 1, 2021. First, in exchange for $100,000, Saar provides Kim with a copy of its proprietary investment management software, which
In 2021, Long Construction Corporation began construction work under a three-year contract. The contract price is $1,600,000. Long recognizes revenue over time according to percentage of completion
Must bad debt expense be reported on its own line on the income statement? If not, how should it be disclosed?
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2021, costs of $2,000,000 were incurred, with
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2021, costs of $2,000,000 were incurred with
How might a license for symbolic intellectual property be treated differently under IFRS as compared to U.S. GAAP?
On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $220 million. The expected completion date is April 1,
On January 1, 2021, Hodge Beanery received $8,000 from the Kennedy Company in exchange for a coffee roaster that it will deliver to Kennedy on December 31, 2021. Assuming that Hodge views the time
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized
On January 1, 2021, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2021, but payment for the equipment of $10,000 is not due until
Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor receives $600,000 in exchange for satisfying the following separate
In January 2021, Continental Fund Services, Inc., enters into a one-year contract with a client to provide investment advisory services. The company will receive a management fee, prepaid at the
Aria Perfume, Inc., sold 3,210 boxes of white musk soap during January of 2021 at the price of $90 per box. The company offers a full refund to unsatisfied customers for any product returned within

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