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Intermediate-Accounting-I Questions
Intermediate-Accounting-I Questions
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:
The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation.
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation.
The following is a December 31, 2021, post-closing trial balance for Almway Corporation.
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).
On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $11.0 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:
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, $310,000; interest revenue, $41,000; before-tax loss on discontinued operations, $410,000; a
O'Reilly Beverage Company reported net income of $690,000 for 2021. In addition, the company deferred a $60,000 pretax loss on derivatives and had pretax net unrealized gains on debt securities of $30,000. Prepare a separate statement of comprehensive i
The following is a partial year-end adjusted trial balance.
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021:
Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31):
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,190; cost of goods sold, $1,390; selling expense, $1
The following incorrect income statement was prepared by the accountant of the Axel Corporation:
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: John’s purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash. John’s returned some of the merch
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: John's purchased merchandise on account for $5,700. Freight charges of $650 were paid in cash. John’s returned some of the mercha
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.
Causwell Company began 2021 with 26,000 units of inventory on hand. The cost of each unit was $5.00. During 2021 an additional 46,000 units were purchased at a single unit cost, and 36,000 units remained on hand at the end of 2021 (36,000 units therefore
Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows:
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
The following information is taken from the inventory records of the CNB Company for the month of September:
The June 30, 2021, year-end trial balance for Askew company contained the following information:
On January 1, 2021, the Allegheny Corporation purchased equipment for $162,000. The estimated service life of the equipment is 10 years and the estimated residual value is $8,000. The equipment is expected to produce 350,000 units during its life.
Janes Company provided the following information on intangible assets: A patent was purchased from the Lou Company for $1,650,000 on January 1, 2019. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou’s
On January 1, 2021, the Excel Delivery Company purchased a delivery van for $40,000. At the end of its five-year service life, it is estimated that the van will be worth $4,000. During the five-year period, the company expects to drive the van 121,000 mil
On January 1, 2021, the Allegheny Corporation purchased equipment for $223,000. The estimated service life of the equipment is 10 years and the estimated residual value is $14,000. The equipment is expected to produce 256,000 units during its life.
On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled $6,540,000. The company expects to extract 1,090,000 tons of coa
On October 1, 2021, the Allegheny Corporation purchased equipment for $233,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 420,000 units during its life.
On October 1, 2021, the Allegheny Corporation purchased equipment for $233,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 420,000 units during its life.
On October 1, 2021, the Allegheny Corporation purchased equipment for $233,000. The estimated service life of the equipment is 10 years and the estimated residual value is $2,000. The equipment is expected to produce 420,000 units during its life.
Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building:
On March 1, 2021, Beldon Corporation purchased land as a factory site for $75,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are list
Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $400,000 (original cost of $820,000 less $420,000 in accumulated depreciation) and its fair value of the old equipment is $370,000. Cedric paid $
The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco paid the owner of the equipment $13,000 to complete the exchange which has commercial substance. Required: 1. What is the fai
On February 1, 2021, the Xilon Corporation issued 42,000 shares of its no-par common stock in exchange for five acres of land located in the city of Monrovia. On the date of the acquisition, Xilon’s common stock had a fair value of $17 per share. An offic
The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas. Tinsley carried the land at its original cost of $56,250. According to an independent appraisal, the
Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $1,600,000. According to independent appraisals, the fair values were $765,000 (building A) and $425,000 (building B) for the buildings and $510,000 for the la
Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $252,000 (original cost of $552,000 less $300,000 in accumulated depreciation) and its fair value was $280,000. Cedric paid $68,000 to complete t
The Bronco Corporation exchanged land for equipment. The land had a book value of $123,000 and a fair value of $156,000. Bronco received $13,000 from the owner of the equipment to complete the exchange which has commercial substance.
Oaktree Company purchased new equipment and made the following expenditures:
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows:
San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of October 2021:
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following:
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company’s periodic inventory system:
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021:
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows:
Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $59,000. The following information for the m
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows:
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows:
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows
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