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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Repeat P16-4 assuming that DcNauh Air craft Corporation is an IFRS reporter and would like to elect to report the investments at fair value through other comprehensive income if it qualifies for Ibis
Sabran Corporation, a calendar year-end firm. invested in three debt securities on December 15, 2016, and classified them as trending securities. Sabran sold all three securities on January 1, 2017.
Match Ltd and Box Ltd both began operations on 1 January 2017. For illustrative purposes, assume that at that date their statement of financial positions were identical and that their operations
Warren Buffett is regarded as one of the world’s most successful investors. He does not believe that markets are efficient. The following quote is attributed to him: ‘I’d be a bum on the street
Paul’s Parts Ltd’s statement of financial position (extract only) on 30 June 2017 is set out below:PAUL’S PARTS LTDStatement of Financial PositionAs at 30 June 2017CURRENT
The following information relates to the operations of Branded Ltd. The profit was $1 500 000. The company distributed preference dividends of $50 000, and ordinary dividends of $600 000. Over the
Read the article extract by Penny Pryor and answer the questions that follow.Ethical investing used to be all about the ‘no’ or what you couldn’t invest in because it was bad for your health,
The float of Freelancer.com next month is indicative of the world’s evolution from hard copy to hard wired in the digital realm, where it is just as easy to talk to someone on the other side of the
A. Contrast, by means of comparative ratios, the reported conditions with those that you believe more appropriately represent the financial position of the company. Limit your comparison to the
‘Dizzying’ is an appropriate adjective to describe the share price of Commonwealth Bank of Australia at the moment. In December 2012, the stock of Australia’s largest bank by market
The comparative financial statements of Stratum Ltd are shown below and on the next page.STRATUM LTDComparative Statements of Profit or Lossfor the years ended 30
The following financial statements were prepared for the management of Worldcorp Ltd. The statements contain some information that will be disclosed in note form in the general purpose financial
The following values relate to various ratios determined for a sole trader, A. Solve, for the year ended 30 June 2017. At that date, the total assets in the statement of financial position was $1 200
Financial statements of iPud Ltd are presented below.Additional information· Payables includes $5620 (2017) and $5730 (2016) trade accounts payable; the remainder is accrued expenses.·
The following information relates to the business of Chef One, and the owner is concerned about the profitability and financial structure of his business at 30 June 2017, especially since the bank is
Sunrise Ltd completed the following transactions during a given year:TransactionRatio1. Sold obsolete inventory at cost2 Redeemed debentures by issuing ordinary
Certain items taken from the financial statements, the notes thereto and other records of Lucky Nine Ltd have been expressed as percentages of net revenue:Percentage of net revenue20172016Revenue
Comparative data extracted from the general purpose financial statements and notes thereto of Express Delivery Ltd are presented below:EXPRESS DELIVERY LTDComparative Statements of Profit or Loss
‘A statement of cash flows is of limited use as a business needs to know if it will have sufficient cash to support its planned future activities.’ Discuss the merit of this statement focusing on
Wayne Deng is reviewing the statement of cash flows for his technology business. The Statement has been provided by his accountant. He is dismayed that the statement shows net cash outflows for
Laura Prebble, the owner-manager of a small business enterprise, had carefully monitored her cash position over the past financial year, and was pleased to note at the end of the year that the cash
Describe the direct method of preparing the cash flows from operating activities in a statement of cash flows. Contrast this with the indirect method.
A student of accounting, after studying Illustrative Example A to AASB 107, was confused. Long-term borrowings are correctly recognised as a financing activity of an entity, yet interest paid is
Distinguish between cash flows from operating activities, investing activities and financing activities. Identify three separate cash flows where the accounting standard appears to allow
An accounting student asked the following question: ‘Why does the cash on hand balance as at the end of December 2016 in the statement of cash flow not concur with the cash balance shown in current
Explain why cash flows from operating activities are important to users of a statement of cash flow.
Describe the concept of cash used in the preparation of the statement of cash flows.
Gretta Company purchased a debt investment on June 15, 2016, and classified it as available for sale. On December 31, 2016, the investment had a carrying value of $8,500 and a fair value of $8,000.
Repeat E 16-19 assuming that Gretta Company reports under lFRS and measures the debt security at amortized cost Grella determines that there has not been a significant increase in credit risk in 2017
Gretta Company purchased a debt investment on June 15, 2017, and classified it as held to maturity. On December 31, 2017, the investment had a carrying value of $8,500 and a fair value of $8,000. On
On January 1, 2018, Racine Company accepted a 10% note, dated January 1, 2018, with a face amount of $2,400,000 in exchange for cash. The note is due in 10 years. For notes of similar risk and
On January 1. Chloe Mikenzie Incorporated acquired 32% of the outstanding voting shares of Mannin Company at a cost of $2,196,000 by acquiring 72,000 of the company's total 225,000 outstanding shares
Repeat E16-10 assuming that Tekky is an IFRS reporter, Tekky accounts for the investment at a fair value through other comprehensive income investment because the corporation does not intend to trade
Tekky Corporation purchased an equity investment in Hui Zu. Ltd, on December 15 for $100,000. Tekky accounts for the equity investment by using market comparable. Hui Zu, Ltd's equity is not actively
Repeat E16-8 assuming that Greenburg Company is an IFRS reporter and the company would like to elect to report the investment at fair value through other comprehensive income if it qualifies for this
Using the same information from E16-4, assume that Barney Equipment Corporation is an IFRS reporter and the company would like to elect to report these investments at fair value through other
Barney Equipment Corporation acquired the following equity investments at the beginning of Year 1. Barney does not have significant influence over the investees. Both companies are publicly
For each debt investment in the following table, compute the impairment loss, if any, and determine whether the loss is reported in net income. All of the investments were purchased in the current
Prepare the journal entry needed to record the partial sale of the investment acquired in BE16-9. Assume that Turner sold 12,800 of the Fenwick shares for $47 per share in 2017 and the fair value of
Using the information provided in BE16-7, prepare the entries assuming that Turner Tires, Inc. is an lFRS reporter. Tonier plans to trade the securities. Prepare the journal entries required on the
Using the information provided in BE16-7, prepare the entries assuming that Turner Tires. Inc., is an IFRS reporter and elects to report these securities at fair value through other comprehensive
Turner Tires. lnc., acquired 40,000 shares of Fenwick Corporation stock at a price of $35 per share during 2016. This investment docs not allow Turner to participate in the decision making of
Kimberly-Clark Corporation and Procter & Gamble Company reported the following information about inventory in their financial statements and footnotes. Use this information to answer the
Using the information provided in BE16-5. prepare the entry to record the fair value adjustment if Ruban plans to hold the bonds to generate cash flows by selling the bonds.Data from BE16-5Ruban
How do companies report impairment losses on debt investments measured at amortized cost?
Toofles Company, a publicly traded entity, issued nonredeemable preferred stock on January 1, 2018, Toofles issued 1,000 shares of $100 par value shares for $82,425. On January 1, 2015. the market
With declining demand and sales. the last several years have been challenging in the global auto industry. You are interested in better understanding the performance and valuation of major global
When preparing its financial statements at the end of 2018, Thom Retail Inc. discovered an error in accounting for inventory. When Thom started to purchase merchandise from a new supplier, it
On January 1, 2016, Pollo Company issued 1,000 shares of 4%, $100 par cumulative preferred stock for $110,000. On December 26, 2017, the board of directors declared dividends of $6,000, which were
Information from the shareholders' equity footnote for Mendes Manufacturing follows.RequiredPrepare the journal entries for 2017 and 2018 to reflect the treasury stock transactions included in the
The stockholders' equity section of Siri Stores, lnc.'s balance sheet at December 31, 2017, follows:Stockholders' EquityCommon Stock: no-par, $3 stated value, 80,000 shares authorized.
Royal Hill Companies provided the following information regarding its stockholders' equity section of the balance sheet for the 3-year period ending December 31, 2018.RequiredPrepare the summary
The stockholders' equity section of Five Voices Music, Inc.'s balance sheet at December 31, 2017, follows:Stockholders' EquityCommon Stock - no par, 10,000 shares authorized, 1,000 shares issued and
On January 1, 2018. Queens Company reported the following stockholders' equity:Common Stock, $5 par (300,000 shares authorized, 100,000 shares issued and outstanding) ....... $
In 2018, Thom Inc. discovered an error in its 2015 financial statements. The firm recorded $8,500,000 of depreciation expense on its equipment instead of recording $9,500,000. Thom has a constant tax
In 2018, Meg Inc, discovered a n error in its 2015 financial statements. The firm recorded $11,000,000 of depreciation expense on its equipment instead of recording $10,000,000. Meg has a constant
Fontlyn Inc. issued $20 million of $10 par preferred stock on February 1, 2018. The company issued 1 million shares. The preferred stock has a 4% fixed annual cash dividend and no maturity date.
On January 1, 2018. Gato Company issued 1,000 shares of $80 par callable preferred shares for $200,000. Gato can call these preferred shares on January 1, 2019, for $200 per share. On June 1, 2019,
The stockholders' equity section of Bellwood Brands' 2017 balance sheet follows:Stockholders' EquityCommon Stock - no par, 100,000 shares authorized, 1,000 shares issued and outstanding ......
The stockholders' equity section of ORB plc's balance sheet at December 31, 2018, was as follows:Common Stock-$3 par (2,000,000 shares authorized, 1,000,000 shares issued and outstanding)....
In its audit of Oz Lollypop Company, Able and Ready, CPAs, discovered in 2018 that the firm had not recorded a $975,000 expense in 2014 (for both book and tax purposes). Oz never paid this amount due
ABC Toy Company earned $357 million of net income in 2019 and paid $45 million in dividends. It issued no new stock. Complete the stockholders' equity section for ABC Toy Company: December 31 (in
Grifols, S.A. is a Spanish pharmaceutical company focusing on the development, manufacturing, and sale of therapeutic products. At the end of 2016, Grifols was rated "BB" by Standard &
On January 1, 2018, Mesa Machinery Corporation issued 75 of 12-year, 12% convertible bonds at par. Each bond had a par value of $1,000 and pays interest annually on December 31. Because the bonds
Using the information provided in P14-9. complete the following requirements assuming that Super View Video is an lFRS reporter.Data from P14-9On January 1, 2018, Super View Video. Incorporated
On January 1, 2018, Super View Video. Incorporated issued $1,550,000 of $1,000 par value, 8%. 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment
Tyka Manufacturing Company, an IFRS reporter, issued $900,000 par value, 5%. 5-year bonds dated January 1, 2018. The bonds pay interest semiannually each June 30 and December 31. Tyka received cash
Summa Manufacturing Company issued $900,000 par value, 5%, 5-year bonds dated January 1, 2018. The bonds pay interest semiannually each June 30 and December 31. Summa issued the bonds on April 30,
On January 1, 2018, Organic Products issued $1,200,000 par value, 7%, 5-year bonds. Interest is payable semiannually at the end of the period. The market rate of interest on the date of the bond
On January 1, 2018, Tara Clothing Corporation issued $900,000 par value, 5%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of
Freiberg Associates issued $700,000 par value, 4-year, zero-coupon bonds on January 1, 2018. The market rare of interest on the date of the bond issue was 4%. Bond issue costs are $3,600. The
On September 30, 2018, Laurino Landscaping Company issued a 6 -year, 3%. $800,000 note payable. The note was issued on a date when the market rate was 5%. Interest m 3% is due annually every
On January 1, 2018, Priolo Builders Company borrowed $650,000 by issuing 4%, 5-year notes. The full amount of the cash was received immediately. Under the terms of the loan agreement, Priolo must
On January 1, 2017, Antonia Lee Stores, Inc., borrowed $700,000 and immediately received the full amount. The note carried a 7% interest rate and requires annual payments of $146,857 beginning on
On January 1, 2018, Sohape Corporation issued $100,000 par value, 5-year bonds with a 3% slated interest rate. Interest is paid annually each December 31. The market rate of interest on the date of
On January 1, 2018, McMillan Corporation issued $86,000 par value, 6 -year bonds with a 0% stated interest rate. The discount on the bonds is amortized annually each December 31. The market rare of
Using the information provided in E 14-13, complete the following requirements assuming that Mobile Technology reports under IFRS.Data from E14-13On January 1, 2018, Mobile Technology, Incorporated
Using the information provided in E14-13, complete the following requirements assuming that the effective rate of interest for convertible bonds is 4% on the date of issue.Data from E14-13On January
On January 1, 2018, Mobile Technology, Incorporated issued $850,000 of $1,000 par value, 6%, 6-year bonds. Interest is payable semiannually each January I and July 1 with the first interest payment
On January 1, 2018. Faxico, Inc. issued $4,500,000 par value 8%, 5-year bonds, interest is payable semiannually on January 1 and July 1 with the first interest payment on July 1, 2018. The market
Teter Company issued $700,000 par value, 5-year, 3% bonds on November 30, 2018. The bonds are dated July 1, 2018, and pay interest semiannually on June 30 and December 31. The bonds are sold at
Briscoe Company issued $700,000 par value, 5-year, 4% bonds on April 30, 2018. The bonds are dated January 1, 2018, and pay interest semiannually on June 30 and December 31. The bonds are sold at
Takedo Company issued $600,000 par value, 10-year, 5% bonds on February 1, 2018. The bonds arc dated January 1, 2018, and pay interest quarterly each March 31, June 30. September 30, and December 31.
On January 1, 2018, Faxico, Inc, issued $4,500,000 par value, 8%, 5-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period
On January 1, 2018, McMillan Corporation issued $100,000 par value, 5-year, zero-coupon bonds. The market rate of interest on the date of the bond issue was 6%. The company's fiscal year ends on
On January 1, 2018, the Landon Capital Partners issued $600,000 par value, 6%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end
On January 1, 2018, Mill Road Corporation issued $300,000 par value, 5%, 5-year bonds, interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the
On March 31, 2018, Vine Company issued a $487,000, 2%. 3-year note payable when the market rate was 8%. Interest is due on each March 31, beginning March 31, 2019. The company's fiscal year ends on
Broad Street Company borrows $975,050 by issuing an 8%, 7-year note on January 1, 2018. Broad Street must make payments of principal and interest every 6 months beginning June 30, 2018. The note will
EA&Y, Inc. borrowed $350,000 on January 1, 2018, with a 6% interest rate. It will make a payment of $101,007 annually (beginning December 31, 2018) until the note is paid off on December 31,
Use the following excerpt from the financial statements of Fixet Company's debt footnote (from Fixet Company's 2018 annual report) to answer these questions:a. At December 31, 2018, what is the
Saratoga Company issued bonds with a face value of $300,000 on January 1, 2018, for $306,000. Saratoga uses the fair value option to measure the bonds. At the end of 2018, the carrying value of the
Saratoga Company issued bonds with a face value of $200,000 on January 1, 2018, for $202,716. Saratoga uses the fair value option to measure the bonds. At the end of 2018, the carrying value of the
Using the information provided in BE14-34, how should Megga classify the $ 1,500,000 note payable on the December 31 balance sheet under IFRS? Provide any necessary journal entries.Data from
Using the information provided in BE14-32. prepare the journal entry to record the effect of the call on the debtor's financial statements under IFRS.Data from BE14-32Braylon Brands, Inc., borrowed
Using the information provided in BE14-30. prepare the journal entry required on December 31, 2017, to reflect the refinancing agreement under IFRS.Data from BE14-30U.S. GAAP. Saxon Woods. Inc. has a
U.S. GAAP. Saxon Woods. Inc., has a fiscal year-end of December 31, 2017. The company reported $124,500 in short- term notes payable due on April 1, 2018, on its year-end balance sheet. Saxon Woods
Don Manufacturing retired its $6.000,000 par value, 7%, 10-year bonds early on February 28, 2018, for $6,720,408, including accrued interest of $70,000. The carrying value of the bonds at retirement
Associates issued $600,000 par value, 10-year bonds on January 1, 2018, with a 2% stated interest rate. It will make interest payments semiannually each June 30 and December 31 with the first
On January 1, 2018, Stark Incorporated issued $1,500,000 par value, 5%, 7-year bonds (i.e., there were 1,500 of $1,000 par value bonds in the issue). Interest is payable semiannually each January 1

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