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business
intermediate accounting

Questions and Answers of Intermediate Accounting

What is the difference between a principal and an agent for determining the amount of revenue to recognize?
Citation Builders, Inc., builds office buildings and single-family homes. The office buildings are constructed under contract with reputable buyers. The homes are constructed in developments ranging
Furtastic manufactures imitation fur garments. On June 1, 2021, Furtastic made a sale to Willett’s Department Store under terms that require Willett to pay $150,000 to Furtastic on June 30, 2021.
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $40,000. Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently. Unless
On January 1, 2021, Lego Construction Company signed a contract to build a custom garage for a customer and received $10,000 in advance for the job. The new garage will be built on the customer’s
Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to construct a four-story office building. At that time, Curtiss estimated that it
On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 5,000 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $95,000, to be settled by a cash
Assume the same facts as P 6–6.Required:1. Assume that Super Rise anticipates it will earn the performance bonus, but is highly uncertain about its estimate given unfamiliarity with the building
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $40,000
Precision Equipment, Inc., specializes in designing and installing customized manufacturing equipment. On February 1, 2021, it signs a contract to design a fully automated wristwatch assembly line
AuctionCo.com sells used products collected from different suppliers. Assume a customer purchases a used bicycle through AuctionCo.com for $300. AuctionCo.com agrees to pay the supplier $200 for the
Tran Technologies licenses its functional intellectual property to Lyon Industries. Terms of the arrangement require Lyon to pay Tran $500,000 on April 1, 2021, when Lyon first obtains access to
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10
On March 1, 2021, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the
Horizon Corporation manufactures personal computers. The company began operations in 2016 and reported profits for the years 2016 through 2019. Due primarily to increased competition and price
Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2021 it started a loyalty program through which
On May 1, 2021,Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the
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
Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $85. Adult customers also can purchase a season pass that entitles the pass
On July 1, 2021, Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The book value of the land on Apache’s books was $1,200,000. Terms of the
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
In prior chapters, you applied Tableau to examine a data set and create calculations to compare two companies’ financial information. In this case, you continue in your role as an analyst
Refer to E 3–21.Required:How might your answers differ if Canton Corporation prepares its segment disclosure according to International Financial Reporting Standards?E 3–21 Segment Revenues
Norse Manufacturing Inc. prepares an annual single, continuous statement of income and comprehensive income.The following situations occurred during the company’s 2021 fiscal year:1. Restructuring
The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000;
Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is presented below. The company uses the perpetual inventory system and all sales to customers are made
The Mazzanti Wholesale Food Company’s fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter.
The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $325,000; cost of goods sold, $168,000; salaries expense, $45,000; rent
McGuire Corporation began operations in 2021. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2021, the bookkeeper used a check register to record
The Eldorado Corporation?s controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2021: Additional information:1.
Prepare the necessary adjusting entries for Johnstone Controls at the end of its December 31, 2021, fiscal year-end for each of the following situations. No adjusting entries were recorded during the
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
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company?s reporting year-end. Required:1. Enter the account balances in
Prepare the necessary adjusting entries at December 31, 2021, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no
If none of the adjusting journal entries prepared in BE 2–7 were recorded, would assets, liabilities, and shareholders’ equity on the 12/31/2021 balance sheet be higher or lower and by how
Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company?s reporting year-end. The company uses
Prepare the necessary adjusting entries at December 31, 2021, for the Falwell Company for each of the following situations. Assume that no financial statements were prepared during the year and no
Prepare the necessary adjusting entries at its year-end of December 31, 2021, for the Jamesway Corporation for each of the following situations. No adjusting entries were recorded during the year.1.
The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito’s Pizza Parlor appears below.a. On July 1, 2021, purchased $10,000 of IBM Corporation bonds at face
Some of the ledger accounts for the Sanderson Hardware Company are numbered and listed below. For each of the October 2021 transactions numbered 1 through 10 below, indicate by account number which
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: The following is a summary of the transactions for the year:a. Service
Howarth Company?s reporting year-end is December 31. Below are the unadjusted and adjusted trial balances for December 31, 2021. Unadjusted Adjusted Account Title Debits Credits Debits Credits
Refer to P 2–3 and complete the following steps:1. Enter the unadjusted balances from the trial balance into T accounts.2. Post the adjusting entries prepared in P 2–3 to the accounts.3. Prepare
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store.1. Issued 100,000 shares of common stock in
Pastina Company sells various types of pasta to grocery chains as private label brands. The company?s reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears
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
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. The following transactions occurred during January 2021:Jan. 1 Sold merchandise for
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
In the Chapter 1 Data Analytics Case, you applied Tableau to examine a data set and create bar charts to compare ten-year trends in operating cash flows and net income for our two (hypothetical)
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Halogen Laminated Products Company began business on January 1, 2021. During
What are the functions of the conceptual framework under IFRS?
What measurement attributes are commonly used in financial reporting?
Briefly define the financial accounting elements:(1) Assets,(2) Liabilities,(3) Equity,(4) Investments by owners,(5) Distributions to owners,(6) Revenues,(7) Expenses,(8) Gains,(9) Losses, and(10)
Access the financial statements for the year ended January 28, 2017, for Gap Inc. by downloading them from www.gapinc.com, and use them to answer the following questions.Required:1. What amounts did
A friend asks you about whether GAAP requires companies to disclose forecasts of financial variables to external users. She thinks that information could be very useful to investors.Required:1. What
Auditors often earn considerable fees from a company for examining (auditing) its financial statements. In addition, it’s not uncommon for auditors to earn additional fees from the company by
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. The topic number for business combinations2.
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
The purpose of this case is to introduce you to the information available on the website of the Securities and Exchange Commission (SEC) and its EDGAR database.Required:Access the SEC home page on
The phrase scientia est potentia is a Latin aphorism meaning “knowledge is power!” In a business sense, this might be paraphrased as “Information is money!” Better information . . . better
In 1934, Congress created the Securities and Exchange Commission (SEC).Required:1. Does the SEC have more authority or less authority than the FASB with respect to standard setting? Explain the
On March 31, 2021, Southwest Gas leased equipment from a supplier and agreed to pay $200,000 annually for 20 years beginning March 31, 2022. Generally accepted accounting principles require that a
On June 30, 2021, Fly-By-Night Airlines leased a jumbo jet from Boeing Corporation. The terms of the lease require Fly-By-Night to make 20 annual payments of $400,000 on each June 30. Generally
On June 30, 2021, Singleton Computers issued 6% stated rate bonds with a face amount of $200 million. The bonds mature on June 30, 2036 (15 years). The market rate of interest for similar bond issues
On September 30, 2021, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of $300 million. The bonds mature on September 30, 2041 (20 years). The market rate of interest for
On the last day of its fiscal year ending December 31, 2021, the Sedgwick & Reams (S&R) Glass Company completed two financing arrangements. The funds provided by these initiatives will allow
On April 1, 2021, John Vaughn purchased appliances from the Acme Appliance Company for $1,200. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for
Three employees of the Horizon Distributing Company will receive annual pension payments from the company when they retire. The employees will receive their annual payments for as long as they live.
On September 30, 2021, Ferguson Imports leased a warehouse. Terms of the lease require Ferguson to make 10 annual lease payments of $55,000 with the first payment due immediately. Accounting
John Rider wants to accumulate $100,000 to be used for his daughter’s college education. He would like to have the amount available on December 31, 2026. Assume that the funds will accumulate in a
On December 31, 2021, Interlink Communications issued 6% stated rate bonds with a face amount of $100 million. The bonds mature on December 31, 2051. Interest is payable annually on each December 31,
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,000
Lowlife Company defaulted on a $250,000 loan that was due on December 31, 2021. The bank has agreed to allow Lowlife to repay the $250,000 by making a series of equal annual payments beginning on
Answer each of the following independent questions.1. Alex Meir recently won a lottery and has the option of receiving one of the following three prizes: (1) $64,000 cash immediately, (2) $20,000
On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a noninterestbearing note requiring five annual payments of $20,000 on each December 31 beginning on
Using the appropriate present value table and assuming a 12% annual interest rate, determine the present value on December 31, 2021, of a five-period annual annuity of $5,000 under each of the
Wiseman Video plans to make four annual deposits of $2,000 each to a special building fund. The fund’s assets will be invested in mortgage instruments expected to pay interest at 12% on the
How might the definition of “probable” affect determining whether a contract exists under IFRS as compared to U.S. GAAP?
Southwest Airlines provides scheduled air transportation services in the United States. Like many airlines, Southwest leases many of its planes from Boeing Company. In its long-term debt disclosure
On January 1, 2021, the Montgomery Company agreed to purchase a building by making six payments. The first three are to be $25,000 each, and will be paid on December 31, 2021, 2022, and 2023. The
Johnson & Johnson is one of the world’s largest manufacturers of health care products. The company’s July 2, 2017, financial statements included the following information in the long-term
The Field Detergent Company sold merchandise to the Abel Company on June 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Abel to pay $85,000 on June 30, 2023. Assume
Determine the combined present value as of December 31, 2021, of the following four payments to be received at the end of each of the designated years, assuming an annual interest rate of 8%.Payment
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
Johnstone Company is facing several decisions regarding investing and financing activities. Address each decision independently.1. On June 30, 2021, the Johnstone Company purchased equipment from
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
Joplin Laminating Corporation reported income before income taxes during the first three quarters, and management?s estimates of the annual effective tax rate at the end of each quarter as shown
This exercise is based on the Peabody Toys, Inc., data from E 4–27.Required:1. Determine the following components of the DuPont framework for 2021:a. Profit margin on salesb. Asset turnoverc.
The following condensed information was reported by Peabody Toys, Inc., for 2021 and 2020: Required:1. Determine the following ratios for 2021:a. Profit margin on salesb. Return on assetsc. Return
The 2021 income statement of Anderson Medical Supply Company reported net sales of $8 million, cost of goods sold of $4.8 million, and net income of $800,000. The following table shows the company?s
Refer to the situation described in E 4–20.Required:Prepare the cash flows from operating activities section of Tiger’s 2021 statement of cash flows using the direct method. Assume that all
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. Required:Prepare Tiger?s statement of cash flows, using the indirect method to present
The statement of cash flows for the year ended December 31, 2021, for Bronco Metals is presented below. Required:Prepare the statement of cash flows assuming that Bronco prepares its financial
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2021 fiscal year was $1,250,000. Depreciation expense of $140,000
During 2021, Rogue Corporation reported net sales of $600,000. Inventory at both the beginning and end of the year totaled $75,000. The inventory turnover ratio for the year was 6.0. What amount of
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2021 fiscal year was $624,000. Depreciation and amortization
Refer to the facts described in BE 4–16. Show the DuPont framework’s calculation of the three components of the 2021 return on equity for Anderson TV and Appliance.BE 4–16The 2021 income
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. [These are the same transactions analyzed in Exercise 2?1,
The 2021 income statement for Anderson TV and Appliance reported net sales of $420,000 and net income of $65,000. Average total assets for 2021 was $800,000. Shareholders’ equity at the beginning
Cadux Candy Company’s income statement for the year ended December 31, 2021, reported interest expense of $2 million and income tax expense of $12 million. Current assets listed in its balance

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