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intermediate accounting

Intermediate Accounting 2nd edition Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella - Solutions

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 BE14-34Megga Brands. Inc, borrowed$ 1,500,000 from Telcity Bank. The note payable has a term of 15 years
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 $2,000,000 from Home Town Bank. The note payable had a term of 5 years and carried a 6 % coupon
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 fiscal year-end of December 31, 2017. The company reported $124,500 in short- term notes payable
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 extended the due date for this debt to January 31, 2019, during the post-balance sheet period. The
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 was $6,330,956. What is the gain or loss on early retirement? Prepare the journal entry to record
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 interest payment at the end of the period on June 30, 2018. The market rate of interest on the date of the
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 and July 1 with the first interest payment due at the end of the period on July 1. Determine the
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 fully paid at maturity on December 31, 2019. The company's fiscal year ends on December 31. Prepare
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 fiscal year ends December 31. What journal entry will Sallie make on November 1, 2016? What journal entry
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 be due on December 31, 2021. The company's fiscal year ends on December 31. What journal entry 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 the bonds at 102. What amount of gain should CHC record related to the redemption?a. $10.000 b.
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 of both companies at the end of fiscal year 2016 were above the threshold of 1 at 1.25 for Pfizer
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 contingency at all in its December 31, 2018. financial statements?2. How should it report the contingency
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. Digital was patented by the pharmaceutical company Pharma, Inc. The patent period on Digital has not
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 unemployment taxes. The federal unemployment tax rate is 1.6%. The state unemployment tax rate is 4.4% on a
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. During 2018, Supergreen purchased with cash 1,100 baking pans at $8 each and sold $3.2 million of
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 31. The company's attorneys believe that it is reasonably possible that Fireen's will lose this
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 and broke an arm. The customer sued the bank in September 2018. As of TU Bank's December 31 year-end,
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 it is 80% likely that TU will lose this case. The attorneys estimate that the loss will range
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 provide higher-end dining experiences. On January 2. 2017, Kraker engaged in a business combination that
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 any other impairment losses at BlackBerry and have identified the financial statement excerpts on
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 value of the asset increased by $90,000. Can Perlu record a recovery? Prepare the journal entry lo
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 increased by $90.000. Can Perlu record a recovery? Prepare the journal entry to record the recovery if
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. The current carrying value is $100,000 less than it would have been if the asset had not been
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 in their production process. Your first step is to analyze the information on their productive
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 follows:The fiscal year-end of the company is December 31. The following events occurred during 2019:1. On
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 project is $4,100,000, and it will be completed on June 1, 2019. Scheduled payments to contractors are
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 machine had an original estimated useful life of 10 years and a scrap value of $20,000. The machine was
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 - $635,000 accumulated depreciation brought up to the date of the transaction) for another chocolate
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 accounts:Cire CompanyBalance SheetDecember 31, 2018Plant and Equipment ......................
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) rate of interest of 2%. Interest is compounded annually mid is payable at the end on each year. The
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 that projects developed by planning and design consultants meet conditions for capitalization. The
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 unsuccessful. The cost of the product that was successfully patented included $30,000 in research costs and
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 portion of Hawaii. The project cost TIC $110.24 million. During the current year, TIC sold 1.924
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 under each cost-flow assumption that Foot Locker uses?b. Why would Foot Locker use LIFO for domestic
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 need to write-down its inventory of one particular car.The Kaminator has historically sold very
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 of January 28, 2017? January 30, 2016?b. What is the impact of Kroger's decision to use LIFO on its
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 conventional retail method? Round percentages to two decimal places.b. What is the cost to retail
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 conventional retail method? Round percentages to two decimal places. Description Cost Retail $ 8
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 inventory and cost of goods sold under the conventional retail method? b. What are Johnny Fruit's
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 cost of goods sold under the conventional retail method?b. What are Monte's ending inventory and cost
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 made purchases of $2,400 but returned $24 worth of merchandise. Sales prior to the ice storm were
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 retail method. (Round percentages to two decimal places.) Retail Cost $ 45,730 $ 68,000 Inventory,
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 for the years 2015 through 2019.b. Prepare the journal entries for 2016 through 2019 to adjust
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 method for the years 2014 through 2018.b. Prepare the journal entries for 2015 through 2018 to
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 follows.Information related to the year-end prices for the two years after the adoption of dollar-value LIFO is
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 follows.Information related to the year-end prices for the two years after the adoption of dollar-value LIFO is
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 year.Requireda. Compute the LIFO reserve at the beginning of the year (i.e., at December 31, 2018).b.
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 presented in the following table.The cumulative price indices for 2018, 2019, and 2020,
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 follows:Requireda. Compute Bisco's ending inventory under the dollar-value LIFO method for the years
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 presented in the following table:Requireda. Compute JTGM's ending inventory under the dollar-value LIFO
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 ce index Cost to-Retail Cost Retal Ratio $ 36.400 74 18% Beginning Iventory Purchases 117,110 102,000
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 index 1.06 Cost to Retail Ratio Cost Retail Beginning inventory $ 15,000 S 25.000 A Purchases 83,000
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 that Sarat Boot uses the group -by-group approach to LCM.Data from BE10-18Sarat Boot Company
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 of the inventory write-down, if any? Assume the company uses FIFO.Data from BE10-15Count Clothing
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. Emmy made inventory purchases totaling $78,000 during the year. What is Emmy's cost of goods sold in
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 $ b. 2.320 a. 3,566 3,490 $7883 $8.537
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 of each year. AMRO paid $10,000 in points to ABC Lending on January 2, 2017. In connection with this
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 operating cycle (in days) in 2016 and 2015? Comment on the change from year to year.b. What is
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 determined?b. What factors influence management's judgment in its estimate of the amount of
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 amount of accounts receivable written off during 2019.b. Compute the amount of bad debt expense
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 maturity date, March 1, 2019. Lubin's year-end is December 31. Assume that 8% is reasonable when compared
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 collected $56,000 on account and determined that a $35,000 account due from Cruze Company was
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 owance 195 b $3,705 Trade Rece vab es. Net Al owance for Uncollectib e Accounts C $ 175 January 1 375 Bad
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 1, 2016, and the note was due on March 31, 2017.Data from BE9-19Welk Associates sold a piece of
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 prepares financial statements only at its calendar year-end. Prepare the journal entries required to
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 years. JCR Jets uses the percentage-of-completion method of accounting. It determines percent
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 sold. Pablo completed the following consignment-related transactions:Record all journal entries for
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 contract.Requireda. Prepare the journal entries required for each year of the contract.b. Prepare
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 develops and installs integrated computer systems and networks for large utilities. On January 2, 2018.
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 electricity deployment system for a grid coveting three New England states. The contract paid R. Wayne a
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 (liability) position reported under the percentage-of-completion method (from PS-7) and the
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 the percentage-of-completion method (cost-to-cost approach) to account for its construction
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 year, Nance signed a contract to develop a computer network for an international accounting firm.
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 consists of four components: regional offices, corporate office, retail stores, and remote users
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 exclusive supplier of pins for its lanes located throughout the United States.Casale initially agreed to
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 control of the building is passed lo Venuti as ii is constructed, but control of the parking garage
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 in December 2019 based on orders for the spring 2020 semester. Webster Hall estimates that 35% of the
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 accept the consigned merchandise and is eligible to receive a 15% commission on all sales. Martin
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 computations). Contract price $1,000,000 2018 2019 2020 Actual construction costs incurred during the year
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 progress. Information related to the construction contract follows. Contract price $1,000,000 2019
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 computations).Data from E8-13Gary Construction Associates accepted a contract to build an office building on January
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 related to the revenue, estimated costs, progress billings, and collections over the two-year period.
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 management system in two years. Shemsoft provided the following contract information. Contract price
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. The additional $10,000 will be paid in full if the extermination is fully successful after one month.
Spot-On Contractors, Inc. provided the following information for the current year's construction activity.Contract price .......................................................................... $170,000
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 develop a computer network system for Platinum Entertainment. Cosmo uses the percentage-of completion
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 progress using the cost-to-cost approach. The firm provided the following information for 2018.Contract
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 revenue and gross profit to be recognized for each year based on the following information.
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 on certain goals. Sellet believes the following probability estimates on receiving a bonus are
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 years.Interest of $45,000 will be paid semiannually each January 1 and July 1 with the first interest payment at
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 investment.a. FA Manufacturers reported a $150,000 debt that matures in eight years. In order to

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