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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Ironbound, Inc., bonows $150,000 by issuing a 12%, 4-year note on January 1, 2016. lronbound must make payments of principal and interest every 3 months. beginning March 31, 2016. The note will be
Sallie Corporation borrowed $700,000 on November 1, 2016. The note agreement specifies that it will pay interest quarterly at 6% and the principal will be due on October 31, 2017. The company's
Andy Corporation borrowed $1,500,000 on January 1, 2016. The note agreement specifies that it will pay interest quarterly at 8% on March 31, June 30, September 30 and December 31. The principal will
Clothes Horse Corp. (CHC) issued $500,000 bonds due in 10 years on January 1, Year 1, at a premium for $567,105. On January 1, Year 6, when the carrying value of the bond was $539,940. CHC redeemed
You are interested in further analyzing and comparing the liquidity of Pfizer Inc., and Johnson & Johnson Company. In an earlier analysis in Appendix B of Chapter 6, you found the current ratios
Use the information in Judgment Case 1 and assume that Generics, Inc. reports under IFRS.1. Do you think Generics should accrue the contingency, only disclose the contingency. or not report the
Generics Inc., is a U.S. GAAP reporter that manufactures and sells generic drugs and has a December 31 year-end. On March 1, 2018, it began selling a drug, Anocyn, which is a generic of Digital.
Elyctric Company reports a $2,850,000 monthly payroll. Payroll income taxes average 20% for federal and 4% for stare and local taxes. Title company is also responsible for federal and state
Supergreen Grocers, Inc. offered its customers a free baking pan in exchange for 100 green stickers. Customers earn I green sticker for each $10 of groceries purchased at Supergreen during 2018.
In January 2018, a customer filed a lawsuit against Fireen's Boutique. The customer fell on an icy patch in the store's parking lot and broke an ankle in December. Fireen's fiscal year-end is January
Use the information from BE13-14 and now assume that TU Bank is an IFRS reporter. What is the journal entry under IFRS?Data from BE13-14In August 2018, a customer at TU Bank slipped on a wet floor
In August 2018, a customer at TU Bank slipped on a wet floor and broke an arm. The customer sued the bank in September 2018. As of TU Bank's December 31 year-end, the company's attorneys believe that
Kraker lnc., is a calendar-year private company that is not required to register with the SEC. It operates five different restaurant chains, two of which are fast-food chains and three of which
BlackBerry Limited, the smartphone manufacturer reported a $2,748 million impairment loss on its income statement during the year ended March I, 2014. You are interested in further examining this and
Perlu Products, an IFRS reporter, reported a write-down loss of $65,000 for one of its plant assets on December 31, 2018. The asset is currently held for disposal. At December 31, 2019, the fair
Perlu Products reported a write-down loss of $65,000 for one of its plant assets on December 31, 2018. The asset is currently held for disposal. At December 31, 2019, the fair value of the asset
Perlu Products, an IFRS reporter, reported an impairment loss of $65,000 for one of its plant assets on December 31, 2018. At December 31, 2019, the asset's recoverable amount increased by $90,000.
Kellogg Company and Kraft Heinz Company, Inc. are two companies operating in the packaged food industry. You have noticed their products in numerous grocery and convenience stores and are interested
Disposal of Long-Term Operating Assets-Analysis, Depreciation, and Journal Information related to the long-term operating assets of Rivera Retail Distributors, Inc. ac December 31, 2018, is as
Accumulated Expenditures, U.S. GAAP. On January 1, 2018, Union Power and Light commenced construction of a new generating plant to serve the northeast corridor of the state. The total cost of the
You have been asked to account for a plant asset exchange on the books of the Ecara Video Game company. On January 1, 2013, Ecara acquired a plastic extruding machine at a cost of $260,000. This
On January 2, 2018, Temptations Corporation paid $31,500 in cash and exchanged a chocolate mixing machine, which had a fair value of $437,500 and a book value of $500,000 ($1,135,000 historical cost
On January 2, 2019, Bubba and Company paid $5,000,000 in cash to acquire 100% of the Cire Company's voting common stock. Cire's balance sheet on that date showed the following balances in its
On December 31, 2018, the Clearwater Corporation acquired a custom-made plant asset by issuing a promissory note with a face value of $750,000, a due date of December 31, 2023. and a stated (coupon)
Use the same information in BE11-19 and assume that Dimension Pharmaceuticals is an IFRS reporter. Prepare the journal entry required to record Dimension's research expenditures for the year. Assume
Hi-Tech Corp. spent $300,000 on research and development to generate new product lines. Only one of the five product lines resulted in a patented item; the remaining four were considered
Explain the accounting for exploration costs associated with natural resources.
When can an IFRS-reporting firm recognize a gain on a nonmonetary exchange?
What is the intangible-asset goodwill?
What is a finite-life intangible asset?
What is an indefinite-life intangible asset?
Differentiate between a leasehold and a leasehold improvement.
Distinguish between a tangible and an intangible asset.
Treasure Island Corporation (TIC) sells time shares in luxury oceanfront cottages. During the year ended December 31, 2017, TIC completed a project consisting of 100 cottages in a particularly scenic
Selected disclosures related to Foot Locker Company's inventory follow. Use these disclosures to answer the following questions:a. What percentage of inventory at the end of 2016 is accounted for
KR Automotives is a calendar-year car dealer that sells cars made by Hoyta. KR uses LIFO and calculates the lower of cost or market using an individual-item basis. The CFO of KR believes that KR will
The Kroger Co, reported cash income taxes paid of $557 million for the year ended January 28, 2017 (fiscal year 2016). In addition, it reported the following:a. What is the LIFO reserve for Kroger as
The Wallace Weed Corporation provided the following data related to its inventory at the end of the current year:Requireda. What is Wallace Weed's ending inventory and cost of goods sold under the
The Tally Billiard Supply Corporation provided the following data related to its inventory at the end of the current year:What are Taily Corporation's ending inventory and cost of goods sold under
The Johnny Fruit Company provided the following data related to its inventory at the end of the current year. Round percentages lo two decimal places.Requireda. What are Johnny Fruit's ending
The Monte Sales Company provided the following data related to its inventory at the end of the current year. Round percentages to two decimal places.Requireda. What are Monte's ending inventory and
In 2018, Sawyer Company experienced a major casually loss. The roof of its ware house collapsed finance storm and destroyed its entire inventory. The company began the year with inventory of $598. It
On January 1, 2017. Goodbye Electronics Outlets adopted the conventional retail method of accounting for its merchandise inventory.Determine the company's ending inventory under the conventional
Silvio's Taverns, Inc. adopted the dollar-value LIFO Method in 2015. Information related to Silvio's inventory follows:Requireda. Compute Silvio's ending inventory under the dollar-value LIFO method
The following information was provided by Capri Company:Capri adopted the dollar-value LIFO method using 2014 as the base year.Requireda. Compute Capri's ending inventory under the dollar-value LIFO
The Happenings Company adopted the dollar-value LIFO inventory method on December 31, 2017, when the price index was 1.00. Ending inventory on the date that it adopted dollar-value LIFO
The Happenings Company adopted the dollar-value LIFO inventory method on December 31, 2017, when the price index was 1.00. Ending inventory on the date that it adopted dollar-value LIFO
The Outsider Company, Inc, provided the following information regarding its inventory for the year ended December 31, 2019. It made all of the purchase, before it had any sales transactions for the
CWB Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. CWB uses the dollar-value LIFO method. Information for 2018, 2019, and 2020 is
Nicky Bisco Product adopted the dollar-value LIFO method using 2018 as the base year for financial reporting purposes. It uses FIFO for its internal books. information related to Bisco's inventory
Joe the Grocer Markets. Inc. (JTGM) adopted the dollar-value LIFO inventory method using 2018 as the base year. JTGM uses FIFO for its internal books. Information related to its inventory is
Total Color, Inc. manufactures and distributes house paints. Total Color uses the dollar-value LIFO method. Information for 2018, 2019, and 2020 is presented in the following table.Year
Complete the following find to find the ending inventory under the Dollar Value LIFO retail inventory method. Round percentages to two decimal places. Base year price index 1.00 103 Current Year pr
Complete the following table to find the ending inventory under the Dollar Value LIFO Retail inventory Method. Round percentages to two decimal places. Base-Year price index 100 Current year price
Using the information in BE10-18, now assume that Sarat Boot uses FIFO for inventory costing purposes. Determine the ending inventory value per unit using the lower-of-cost-or-market rule assuming
Using the facts in BE10-15, assume that Count Clothing has 2,000 units of its Stain Resistant model in stock a year later when the net realizable value has increased to $230. What is title reversal
Emmy Company uses a periodic inventory system. On December 31, 2018. Emmy counts its inventory and determines that it has $72,000 of inventory on hand. On December 31, 2017, inventory was $106,000.
Complete the following inventory disclosure: At the end of 2019 and 2018, inventories were composed of: 2018 2019 Raw mater als and supples Goods in process Finished goods Total inventor es $2,206 $
ABC Lending signed a loan agreement with AMRO, lnc., on January 2, 2017. AMRO is borrowing $500,000 for 10 years with a stated interest rate of 7%. AMRO will make a payment of $71,188.75 at the end
The following information is from the 2016 financial statements of Revlon, the beauty products companyRequiredUse Revlon's financial information to answer the following questions:a. What is Revlon's
Using Kellogg Company's accounts receivable disclosures from Exhibit 9.8 in the text and the following information, answer the questions.Requireda. How is the carrying value of accounts receivable
The partial balance sheets of Williams iron Works, Inc. follow:Additional information:Net credit sales for 2019 amounted to $9,350,000.Cash collections for 2019 were $930,000.Requireda. Determine the
On May 1, 2018, Lubin's Heavy Equipment sold a piece of equipment to Perry Products, Inc., at a selling price of $4,850,000. Lubin's agreed to accept a 10-month 8% note with interest due on its
Kelly Klothing Designs started the current year with the following account balances related to its customer accounts:Kelly reported credit sales of $1,211,800 for the current year. The company
Complete the following lettered items representing the disclosures of trade accounts receivables from Chart Corp.'s notes to the financial statements. Year 2017 2016 Trade Receivab es $3,600 Al
Using the information provided in BE9-19. prepare the journal entries to record the sale, the accrued interest revenue, and the full collection at maturity assuming that the sale date was September
Welk Associates sold a piece of equipment Convey Company on June 1, 2016, for $800,000. Welk agreed to accept a 7-month, 7% note with interest due on its maturity date. December 31, 2016. Welk
On January 2, 2018, JCR Jets, a calendar-year company. accepts a contract with a major airline to build four jets. JCR accepts a fixed fee of $300 million and must complete the project within three
Pablo Products, Ltd. sells stuffed animals to local convenience stores and small pharmacy chains. All of Pablo's sales are on consignment. The consignee receives a 15% commission for each product
Bernard Brothers Building (BBB) signed a contract for a fixed fee of $60.000 and used the completed-contract method to account for the contract. BBB provided the following information related to the
Repeat the requirements of P8-9 assuming Wayne Computer Consultants uses the completed-contract method to report its long-term contracts.Data from P8-9R. Wayne Computer Consultants, Incorporated
R. Wayne Computer Consultants, Incorporated develops and installs integrated computer systems and networks for large utilities. On January 2, 2018. The company signed a contract to deliver an
Repeat the requirements of PS-7 assuming Bigelow Contractors uses the completed-contract method to report its long-term contracts. Additionally. compare the reported gross profit and net asset
Bigelow Contractors signed a contract to construct a storage facility for RGN Manufacturing, Inc. The fixed-fee contract specifies that the facility is to be completed in three years. Bigelow uses
Nance Network Consultants. Incorporated uses the percentage-of-completion method to account for its long-term contracts. It uses the cost-to-cost approach to measure progress. During the current
On April 7, 2020, McCool Systems signed a contract to develop and install a virtual private network (VPN) for Billy Majors Stores. The transaction price, including installation, is $580,000. The VPN
Casale Products Corporation manufactures and resurfaces bowling pins for commercial and residential use. On January 2 of the current year. Casale signs a contract with Closmeyer Lanes to be the
On September 1, 2019, Conboy Construction signed a contract with Venuti Enterprises to construct a new corporate headquarters and parking garage on land that Venuti owns. Conboy determines that
Webster Hall, Inc. is a major publisher of college textbooks. Webster Hall allows college bookstores to return all purchases within two months of delivery. The company shipped $700,000 in textbooks
Ray's Sporting Goods, Inc., shipped aluminum baseball bats on consignment to Martin Stores on April 6, 2019. The total cost of the bats is $31,000 with a retail value of $50,000. Martin agrees to
Using the information provided in ES-15, assume that Bailey uses the completed-contract method. Prepare the journal entries required in each year to record the contract (show all supporting
Bailey Builders Corporation accepted a three-year, $1,000,000 fixed-fee contract to renovate a parking deck. Bailey uses the percentage-of-completion method and the cost-to-cost method of measuring
Using the information provided in E8-13, prepare the journal entries for each year to record the contract, assuming that Gary uses the completed-contract method (show all supporting
Gary Construction Associates accepted a contract to build an office building on January 2, 2018. The company will complete the contract within two years. Gary provided the following information
Shemsoft Software Technicians recently accepted a contract to develop an inventory management system for Chez and Company. Shemsoft is required to complete the installation of the new inventory
King Rat Pest Control, Incorporated was recently hired to exterminate pests in an office complex for $300,000. King Rat will receive an additional $10,000 based on the success of the extermination.
Spot-On Contractors, Inc. provided the following information for the current year's construction activity.Contract price ..........................................................................
Prepare all journal entries necessary to reflect the use of the percentage-of-completion method in 2018 for CCC in BE8-18.Data from BE8-18Computer Consultants (CCC) signed a contract in 2018 to
Computer Consultants (CCC) signed a contract in 2018 to develop a computer network system for Platinum Entertainment. Cosmo uses the percentage-of completion method and determines its measure of
Vermont Cabin Construction Company uses the percentage-of-completion method on a three-year project with the cost-to-cost method or measuring progress. Compute the percent completed and the amount or
Sellet Billboard Company entered into an agreement to display billboard advertising for Wynne Incorporated for 10 months for a $60,000 fixed fee. The agreement also includes a potential bonus based
Make-It-Big Corporation is planning to build a new factory costing $2,000,000. On January 1, 2019, Make-ft-Big plans to issue bonds in the amount of $1,800,000 that will be paid in five
FA Manufacturers muse make several investment decisions related to its business operations, interest is compounded annually. Analyze the following independent situations to help FA make a profitable
Determine the bond issue proceeds for each of the following bonds payable. All bonds are issued on January 1, 2019.a. Belmark Corporation issued bonds in the amount of $1,250,000 that will be paid in
Determine the bond issue proceeds for each of the following bonds payable. All bonds are issued on January 1, 2019.a. Solntark Corporation issued bonds in the amount of $150,000 that will b e paid in
Dave the Lying King Inc., a mattress manufacturer, decides to participate in a pension plan commencing on January 1, 2018. The plan requires a pension payment each year following retirement. An
On March 4, 2014, the FASB issued an exposure draft on Conceptual Framework for Financial Reporting - Chapter 8: Notes to Financial Statements. The purpose of this project is to identify a broad
Use Foot Locker, Inc.'s balance sheet and other information provided on the next page to answer title following questions.a. Compute Foot Locker's working capital in 2015 and 2014.b. Compute Foot
The CFO of First Things Computing. Inc. (FTC) prepared the following balance sheet as of December 31, 2019.For the sake of simplicity, assume that FTC docs not incur income tax expense. Thus, the
Use the 2015 Annual Report, 10-K, of Foot Locker’s, Inc., to answer the following questions. You can locate Foot Locker's financial statements on its web site or the Securities and Exchange

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