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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Refer to the situation described in E 4–13.Required:Prepare the statement of cash flows assuming that Bluebonnet prepares its financial statements according to International Financial Reporting
The following summary transactions occurred during 2021 for Bluebonnet Bakers: The balance of cash and cash equivalents at the beginning of 2021 was $17,000. Required:Prepare a statement of cash
Rice Corporation is negotiating a loan for expansion purposes and the bank requires financial statements. Beforeclosing the accounting records for the year ended December 31, 2021, Rice?s controller
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income StatementNet sales ....................................$ 9,000Cost of goods sold
Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. Additional information for the 2021 fiscal year ($ in thousands):1. Cash dividends of $1,000
The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency
The chief accountant for Grandview Corporation provides you with the company?s 2021 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in
The Esposito Import Company had 1 million shares of common stock outstanding during 2021. Its income statement reported the following items: income from continuing operations, $5 million; loss from
O’Reilly Beverage Company reported net income of $650,000 for 2021. In addition, the company deferred a $60,000 pretax loss on derivatives and had pretax net unrealized gains on debt securities of
The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2021, appears below: Service revenue
On September 17, 2021, Ziltech, Inc., entered into an agreement to sell one of its divisions that qualifies as a component of the entity according to generally accepted accounting principles. By
Refer to the situation described in BE 4–8. Assume instead that the estimated fair value of the segment’s assets, less costs to sell, on December 31 was $7 million rather than $10 million.
Duke Company’s records show the following account balances at December 31, 2021:Sales revenue ................................................$15,000,000Cost of goods sold
Kandon Enterprises, Inc., has two operating divisions; one manufactures machinery and the other breeds and sells horses. Both divisions are considered separate components as defined by generally
Refer to the situation described in BE 4–7. Assume that the semiconductor segment was not sold during 2021 but was held for sale at year-end. The estimated fair value of the segment’s assets,
Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $15,300; cost of goods sold, $6,200; selling expenses, $1,300; general and administrative expenses, $800; interest
Esquire Comic Book Company had income before tax of $1,000,000 in 2021 before considering the following material items:1. Esquire sold one of its operating divisions, which qualified as a separate
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The semiconductor business segment qualifies as a
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands):Sales revenue ............................................$18,000Interest
Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted
On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics business segment qualifies as a component of the
[This is a variation of the previous problem focusing on income statement presentation.] Required:Refer to the information presented in P 4?4. Prepare a revised income statement for 2021 reflecting
The following incorrect income statement was prepared by the accountant of the Axel Corporation: Required:Prepare a multiple-step income statement for 2021 applying generally accepted accounting
The following are partial income statement account balances taken from the December 31, 2021, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000;
Companies often voluntarily provide non-GAAP earnings when they announce annual or quarterly earnings.Required:1. What is meant by the term non-GAAP earnings in this context?2. How do non-GAAP
The preliminary 2021 income statement of Alexian Systems, Inc., is presented below: Additional Information:1. Selling and administrative expense includes $26 million in restructuring costs.2.
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: The gain on debt securities is unrealized and classified as
The following is a partial year-end adjusted trial balance. Income tax expense has not yet been recorded. The income tax rate is 25%. Determine the following:? (a) Operating income (loss), (b)
For the year ending December 31, 2021, Olivo Corporation had income from continuing operations before taxes of $1,200,000 before considering the following transactions and events. All of the items
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: There were 160,000 shares of common stock outstanding throughout 2021. Income tax expense has not
Refer to the situation described in BE 4–1. Using the account balances, prepare a multiple-step income statement for 2021. An example of a multiple-step income statement can be found in
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 condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: On October 15, 2021, Jackson entered into a tentative
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: There were 100,000 shares of common stock outstanding throughout 2021. Required:1. Prepare a
Refer to the situation described in BE 4–1. If the company’s accountant prepared a multiple-step income statement, what amount would appear in that statement for (a) Operating income(b)
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
Data analytics is the process of examining data sets in order to draw conclusions about the information they contain. To prepare for this case, you will need to download Tableau to your computer. If
Selected information about income statement accounts for the Reed Company is presented below (the company?s fiscal year ends on December 31). On July 1, 2021, the company adopted a plan to
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales
The Canton Corporation operates in four distinct business segments. The segments, along with 2021 information on revenues, assets, and net income, are listed below ($ in thousands):Required:1. For
The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2021 balance sheet reported the following: cash, $1,300,000;
The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance sheet revealed
The 2021 balance sheet for Hallbrook Industries, Inc., is shown below. The company?s 2021 income statement reported the following amounts ($ in thousands): Net sales
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 the Connect
Parkman Sporting Goods is preparing its annual report for its 2021 fiscal year. The company’s controller has asked for your help in determining how best to disclose information about the following
Hallergan Company produces car and truck batteries that it sells primarily to auto manufacturers. Dorothy Hawkins, the company’s controller, is preparing the financial statements for the year
At the end of 2021, Barker Corporation’s preliminary trial balance indicated a current ratio of 1.2. Management is contemplating paying some of its accounts payable balance before the end of the
Melody Lane Music Company was started by John Ross early in 2021. Initial capital was acquired by issuing shares of common stock to various investors and by obtaining a bank loan. The company
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). Transactions during 2021 (current year) were as follows:1. Sales to customers on account $800,0002.
Refer to the trial balance information in BE 3–5. Calculate the (a) Current ratio, (b) Acid-test ratio,(c) Debt to equity ratio.BE 3–5 Account Title Debits Credits $ 55,000 39,000 Cash
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. The captions shown in the summarized statement above include the following:a. Current assets: cash, $150,000; accounts
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items:a. $50,000 in cash restricted in
The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company?s controller. As accounting manager for Sanderson, you are attempting to reconstruct and
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. Additional Information:1. Cash includes a
The following balance sheet for the Hubbard Corporation was prepared by the company: Additional Information:1. The buildings, land, and machinery are all stated at cost except for a parcel of land
Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Additional Information:1. The notes receivable, along with any accrued interest, are
You have been asked to review the December 31, 2021, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior:1. An
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Additional Information:1. The common stock represents 1 million shares of no par
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Additional Information:1. The $120,000 balance in the land account consists of $100,000 for
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Prepare a classified balance sheet for the company. Account Title Debits Credits $ 55,000 Cash
The following is the ending balances of accounts at June 30, 2021, for Excell Company. Additional Information:1. The short-term investments account includes $18,000 in U.S. treasury bills purchased
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Required:Prepare a classified balance sheet for Jackson Corporation at December 31, 2021, by properly
Refer to the situation described in BE 3–2. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $140,000.BE 3–2The trial balance for K and J Nursery, Inc.,
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Additional Information:1. Prepaid expenses include $120,000 paid on December 31, 2021,
The following are the typical classifications used in a balance sheet:a. Current assetsb. Investmentsc. Property, plant, and equipmentd. Intangible assetse. Other assetsf. Current liabilitiesg.
Refer to the situation described in BE 3–2. Determine the year-end balance in retained earnings for K and J Nursery, Inc.BE 3–2The trial balance for K and J Nursery, Inc., listed the following
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Additional Information:1. The investment in equity securities account includes an investment in common stock
The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000;
Air France-KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the
The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2021. Some amounts, indicated by question marks, have been intentionally omitted. Required:1. Determine
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:Cash and cash equivalents ......................................$
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 and Chapter 2 Data Analytics Cases, you applied Tableau to examine a data set and create charts to compare our two (hypothetical) publicly traded companies: Discount Goods and Big
Refer to E 2–9 and respond to the following requirements.Required:1. If Microchip’s accountant employed reversing entries for accruals, which adjusting entries would she likely reverse at the
The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company?s year-end reporting date. The following year-end adjusting entries are
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021, you discover the following:a. An insurance policy covering three
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $545,000 for services rendered to its clients and paid out $412,000 in expenses. You are
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $100,000 from a local bank, and the bank requires S&J to provide
The following transactions occurred during 2021 for the Beehive Honey Corporation:Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31,
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2021, trial balances contained the following account information: The following
Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. Required:Prepare the necessary closing entries at December 31, 2021. Sales revenue
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows were recorded: cash received for services rendered to clients, $420,000; and cash paid for
Using the information from P 2–8, prepare and complete a worksheet similar to Illustration 2A–1. Use the information in the worksheet to prepare an income statement and a statement of
American Chip Corporation?s reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021. Required:Prepare the necessary closing entries at December
Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company?s accountant obtains the necessary information to prepare accrual basis financial statements.
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Required:1. Prepare an income statement for the year ended December 31, 2021, and a classified
Jones Automotives granted employee stock options on January 2, 2018, to acquire 100,000 shares of common stock. The exercise price was $25 per share and the vesting period is 4 years. The estimated
Penn Manufacturing Company offers a defined-benefit pension plan to its salaried employees. The following information summarizes events related to the Penn pension plan for 2018 through
Fiar Company started a share appreciation plan on January 1, 2018, when it granted 100,000 rights to its executives. The vesting period is 3 years. The rights are settled for cash. The plan expires
Hwang Company issued 50,000 shares of $1 par value, restricted stock to each of its five key executives on January 1, 2018. Each executive receives 10,000 shares. Hwang's shares have a market value
NR Enterprises, Inc., an IFRS reporter, granted stock appreciation rights to its key employees on January 2, 2018. These SARs allow the employees t o receive cash at the end of the vesting period for
NR Enterprises. Inc., granted stock appreciation rights to its key employees on January 2, 2018. These SARs allow the employees to receive cash at the end of the vesting period for the difference
Max Ferguson Cosmetics compensates its key employees by offering stock options as part of total compensation. On January 1 of the current year, Max Ferguson granted 10,000 options to acquire 10,000
eGear Company started a share appreciation plan on January 1, 2018, when it granted 200,000 rights to its executives. The vesting period is 2 years. The plan expires on January 1, 2020. The fair
Davidson Company compensates its key employees by offering stock options as pan of total compensation. On January 1 of the current year, Davidson granted 80,000 options to acquire 80,000 shares of
Max Ferguson Cosmetics compensates its key employees by offering stock options as part of total compensation. On January 1 of the current year, Max Ferguson granted 10,000 options to acquire 10,000
The following information is from the books of OZP Farms, Inc. regarding its employee stock options. The firm granted options on January 2, 2018, that permit employees to acquire 100,000 shares of
Togo Incorporation started a share appreciation plan on January 1, 2018, when it granted 50,000 rights to its executives. The vesting period is 2 years. The stock appreciation rights are settled for
The lease rules discussed in this chapter have an effective date for fiscal years beginning after December 15, 2018. Under U.S. GAAP, the accounting treatment of operating leases for the lessee were

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