EBK INTERMEDIATE ACCOUNTING: REPORTING3rd EditionPAGACH Publisher: VSTISBN: 9781337909402
EBK INTERMEDIATE ACCOUNTING: REPORTING
Solutions for EBK INTERMEDIATE ACCOUNTING: REPORTING
Problem 1GI:
Distinguish among the types of inventory accounts used for merchandising and manufacturing...Problem 6GI:
Does the use of a perpetual system eliminate the need for taking a physical inventory count?Problem 8GI:
For goods in transit at the end of a period, describe how a company determines if the goods should...Problem 12GI:
Consider each of the following independent situations. Should a company report the goods in its...Problem 21GI:
Discuss the LIFO and FIFO cost flow assumptions relative to the issue of holding gains (inventory...Problem 24GI:
List the acceptable cost flow assumptions under IFRS. Be sure to explain the reasoning as to why...Problem 27GI:
Describe the double-extension and link-chain methods used in dollar-value LIFO and when each should...Problem 30GI:
What is the impact of LIFO inventory liquidation on a companys interim financial statements?Problem 1MC:
Goods on consignment should be included in the inventory of: a. the consignor but not the consignee...Problem 2MC:
The following items were included in Venicio Corporations inventory account on December 31, 2019:...Problem 3MC:
During 2019, R Corp., a manufacturer of chocolate candies, contracted to purchase 100,000 pounds of...Problem 4MC:
Dixon Menswear Shop purchased shirts from Colt Company on May 28, 2019, and received an invoice with...Problem 5MC:
The moving average inventory cost flow assumption is applicable to which of the following inventory...Problem 6MC:
The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d....Problem 7MC:
Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on...Problem 8MC:
Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of...Problem 9MC:
On December 31, 2018, Kern Company adopted the dollar-value LIFO inventory method. All of Kerns...Problem 10MC:
When the double-extension approach to the dollar-value LIFO inventory cost flow method is used, the...Problem 1RE:
On December 31, Pitts Manufacturing Company reports the following assets: What is the total amount...Problem 2RE:
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...Problem 3RE:
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...Problem 4RE:
Billings Company uses a periodic inventory system. During the year, it made purchases of 402,000....Problem 5RE:
Dani Corporation signed a binding commitment on December 2 to purchase inventory for 300,000 cash on...Problem 6RE:
Stevens Company uses a perpetual inventory system. On July 10, Stevens purchases 50,000 of inventory...Problem 7RE:
RE7-6 Stevens Company uses a perpetual inventory system. On July 10, Stevens purchases 50,000 of...Problem 8RE:
Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...Problem 9RE:
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...Problem 10RE:
Jessie Stores uses the periodic system of calculating inventory. The following information is...Problem 11RE:
Jessie Stores uses the periodic system of calculating inventory. The following information is...Problem 12RE:
Carla Company uses the perpetual inventory system. The following information is available for...Problem 13RE:
Carla Company uses the perpetual inventory system. The following information is available for...Problem 14RE:
On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....Problem 15RE:
An evaluation of Bryces Bookstores inventory was performed in Year 2. It produced the following...Problem 1E:
Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs...Problem 3E:
Perpetual versus Periodic Inventory Systems Graham Company is trying to select an inventory system....Problem 4E:
Determining Net Purchases The following amounts were obtained from the accounting records of Newton...Problem 5E:
Perpetual versus Periodic Inventory Systems Howard, Inc. is a merchandising company that began...Problem 6E:
Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was...Problem 7E:
Items Included in Inventory The following are several items that Golosow Companys controller has...Problem 10E:
Discounts Nelson Company bought inventory for 50,000 on terms of 2/15, n/60. It pays for the first...Problem 11E:
Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...Problem 12E:
Alternative Inventory Methods Park Companys perpetual inventory records indicate the following...Problem 13E:
Alternative Inventory Methods Frate Company was formed on December 1, 2018, and uses the periodic...Problem 14E:
LIFO, Perpetual and Periodic Riedel Companys inventory records showed the following transactions for...Problem 15E:
Habicht Company was formed in 2018 to produce a single product. The production and sales for the...Problem 16E:
Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...Problem 17E:
On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Satos...Problem 18E:
Dollar-Value LIFO Beistock Company manufactures one product. On December 31, 2018, Belstock adopted...Problem 19E:
Acute Company manufactures a single product. On December 31, 2018, Acute adopted the dollar-value...Problem 20E:
Inventory Pools Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company...Problem 21E:
Grimstad Company uses FIFO for internal reporting purposes and LIFO for financial reporting and...Problem 22E:
LIFO and Interim Financial Reports Assume prices were stable during the period. The following values...Problem 1P:
Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Companys...Problem 2P:
Items to Be Included in Inventory As the auditor of Hayes Company for the year ended December 31,...Problem 3P:
Valuation of Inventory The inventory on hand at the end of 2019 for Reddall Company is valued at a...Problem 5P:
Cost of Goods Sold As an accountant for Lee Company, your supervisor gave you the following...Problem 6P:
Alternative Inventory Methods Garrett Company has the following transactions during the months of...Problem 7P:
Totman Company has the following transactions during the months of January and February: The cost of...Problem 8P:
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...Problem 9P:
LIFO Liquidation Profit Hammond Company adopted LIFO when it was formed on January 1, 2017. Since...Problem 10P:
LIFO and Inventory Pools On January 1, 2016, Grover Company changed its inventory cost flow method...Problem 11P:
Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....Problem 12P:
Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at...Problem 13P:
Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...Problem 14P:
Dollar-Value LIFOComprehensive Kelly Company adopted dollar-value LIFO on January 1, 2018, using two...Problem 15P:
On January 1, 2019, Lucas Distributors Inc. adopted the dollar-value LIFO inventory method for...Problem 16P:
Inventory Valuation You are engaged in an audit of Roche Mfg. Company for the year ended December...Problem 17P:
Allen Company is a wholesale distributor of automotive replacement parts. Initial amounts taken from...Problem 1C:
FIFO and LIFO A company may compute inventory under one of various cost flow assumptions. Among...Problem 3C:
In January, Broome Inc. requested and secured permission from the Commissioner of Internal Revenue...Problem 6C:
Interpretation of GAAP and Ethical Issues Robin Smith is considering buying shares in Mah Company....Problem 7C:
Selection of an Inventory Method and Ethical Issues Kelly Company uses FIFO. It has experienced...Browse All Chapters of This Textbook
Chapter 1 - The Demand For And Supply Of Financial Accounting InformationChapter 2 - Financial Reporting: Its Conceptual FrameworkChapter 3 - Review Of A Company's Accounting SystemChapter 4 - The Balance Sheet And The Statement Of Shareholders' EquityChapter 5 - The Income Statement And The Statement Of Cash FlowsChapter M - Time Value Of Money ModuleChapter 6 - Cash And ReceivablesChapter 7 - Inventories: Cost Measurement And Flow AssumptionsChapter 8 - Inventories: Special Valuation IssuesChapter 9 - Current Liabilities And Contingent Obligations
Chapter 10 - Property, Plant And Equipment: Acquisition And Subsequent InvestmentsChapter 11 - Depreciation, Depletion, Impairment, And DisposalChapter 12 - IntangiblesChapter 13 - Investments And Long-term ReceivablesChapter 14 - Financing Liabilities: Bonds And Long-term Notes PayableChapter 15 - Contributed CapitalChapter 16 - Retained Earnings And Earnings Per ShareChapter 17 - Advanced Issues In Revenue RecognitionChapter 18 - Accounting For Income TaxesChapter 19 - Accounting For Post Retirement BenefitsChapter 20 - Accounting For LeasesChapter 21 - The Statement Of Cash FlowsChapter 22 - Accounting For Changes And Errors.
Sample Solutions for this Textbook
We offer sample solutions for EBK INTERMEDIATE ACCOUNTING: REPORTING homework problems. See examples below:
Financial accounting: It is the process of recording, summarizing, and reporting all the financial...Financial Accounting Standards Board (FASB): The Financial Accounting standards Board (FASB) is the...Chapter 3, Problem 1GIChapter 3, Problem 4EChapter 3, Problem 5EChapter 3, Problem 12EAdjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...Chapter 3, Problem 3PChapter 3, Problem 10P
Chapter 3, Problem 12PChapter 4, Problem 1GIChapter 4, Problem 8EBalance sheet: This financial statement reports a company’s resources (assets) and claims of...Chapter 4, Problem 5PChapter 4, Problem 7PChapter 4, Problem 13PChapter 4, Problem 14PChapter 4, Problem 16PChapter 4, Problem 18PCurrent assets: The assets which could be converted into cash within one year like accounts...Chapter 5, Problem 1GIChapter 5, Problem 8EEarnings per share (EPS): The amount of net income available to each shareholder per common share...Horizontal analysis of financial statements: In horizontal analysis of financial statement, the...Chapter 5, Problem 10PChapter 5, Problem 15PChapter 5, Problem 16PChapter 5, Problem 17PWorksheet: A worksheet is a tool that is used while preparing a financial statement. It is a type of...Multi step income statement: A multiple step income statement refers to the income statement that...Chapter M, Problem 1GIFuture Value: The future value is value of present amount compounded at an interest rate until a...Annuity: An annuity is referred as a sequence of payment of fixed amount of cash flows that occurs...Chapter M, Problem 10PChapter M, Problem 15PChapter M, Problem 17PChapter 6, Problem 1GIAccounts receivable: Accounts receivable refers to the amounts to be received within a short period...Chapter 6, Problem 14EChapter 6, Problem 17EChapter 6, Problem 19EAccount receivable: The amount of money to be received by a company for the sale of goods and...Chapter 6, Problem 3PChapter 6, Problem 11PChapter 6, Problem 12PChapter 6, Problem 13PChapter 6, Problem 15PChapter 7, Problem 1GIChapter 7, Problem 10EChapter 7, Problem 12EChapter 7, Problem 15EChapter 7, Problem 20EPeriodic inventory system: The method or system of recording the transactions related to inventory...Chapter 7, Problem 6PChapter 7, Problem 7PChapter 7, Problem 13PChapter 7, Problem 14PChapter 7, Problem 8CChapter 8, Problem 1GIChapter 8, Problem 11EChapter 8, Problem 13EChapter 8, Problem 1PChapter 8, Problem 6PChapter 8, Problem 7PChapter 8, Problem 9PChapter 8, Problem 10PChapter 8, Problem 11PDollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units....Liabilities: The claims creditors have over assets or resources of a company are referred to as...Chapter 9, Problem 4EPrepare the journal entry to record the purchase of the toy trucks: DateAccount Titles and...Chapter 9, Problem 21EChapter 9, Problem 2PChapter 9, Problem 6PVacation Pay Liability: Vacation pay is a benefit paid by the employers for the full-time employees...Chapter 9, Problem 14PChapter 9, Problem 16PChapter 9, Problem 18PProperty, Plant, and Equipment: “Property, Plant, and Equipment” refers to the fixed assets, having...Determination of cost: The procurement or acquisition cost of “property, plant and equipment”...Chapter 10, Problem 9EChapter 10, Problem 2PChapter 10, Problem 5PChapter 10, Problem 6PChapter 10, Problem 7PWeighted average interest rate: Weighted average interest rate is the total of the construction...Property, Plant, and Equipment: Property, Plant, and Equipment refers to the fixed assets, having a...Chapter 11, Problem 1GIChapter 11, Problem 1EChapter 11, Problem 16EChapter 11, Problem 1PChapter 11, Problem 5PDepreciation expense: Depreciation expense is a non-cash expense, which is recorded on the income...Chapter 11, Problem 17PChapter 11, Problem 18PDepreciation expense: Depreciation expense is a non-cash expense, which is recorded on the income...Chapter 11, Problem 20PIntangible assets: These are the long-term assets which are not physical in nature, but possess...Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to...Patent: Patent is a right that is exclusively granted by the Government to an individual or firm to...Amortization expense: The expense which reflects the usage of intangible asset by the way of...Impairment: Impairment refers to the decrease in the value of long-lived assets due to obsolescence,...Chapter 12, Problem 7PChapter 12, Problem 10PResearch and development costs: It refers to the expenditures spent on research, development,...Investment: It refers to the process of using the currently held excess cash to earn profitable...Chapter 13, Problem 27EEffective interest rate of bond amortization: Effective interest rate method of amortization is a...On January 1, 2019, Corporation M purchased 10%, bond with a face value of $500,000 for $475,413.60....Chapter 13, Problem 7PChapter 13, Problem 10PInvestment: It refers to the process of using the currently held excess cash to earn profitable...Prepare the journal entries to record the investment in shares transactions, classify the securities...Investment: It refers to the process of using the currently held excess cash to earn profitable...Chapter 13, Problem 23PChapter 13, Problem 24PCash surrender value of life insurance A company which buy a life insurance policy for its officers,...Chapter 13, Problem 26PDebt Financing: Debt financing refers to the act of raising money to meet the capital expenditures...Amortization Schedule: A schedule that gives the detail about each loan payment and shows the...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Chapter 14, Problem 19EChapter 14, Problem 21EChapter 14, Problem 5PChapter 14, Problem 7PInduced Conversion: Induced conversion is a method wherein, the convertible bonds issued by the...Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from...Chapter 14, Problem 14PTroubled Debt Restructuring: A troubled debt restructuring happens if a creditor, for legal or...Chapter 14, Problem 16PArticles of incorporation: It is an application to incorporate the corporation subjected to the...Share option plan: This is an option given to an employee to buy a certain number of shares of stock...Chapter 15, Problem 14EStock Warrants: Stock warrants are the rights issued to the shareholders of a company to buy...Share option plan: This is an option given to an employee to buy a certain number of shares of stock...Share option plan: This is an option given to an employee to buy a certain number of shares of stock...Share option plan: This is an option given to an employee to buy a certain number of shares of stock...Chapter 15, Problem 7PChapter 15, Problem 8PChapter 15, Problem 9PChapter 16, Problem 1GIChapter 16, Problem 17EChapter 16, Problem 1PRetained earnings: Retained earnings are that portion of profits which are earned by a company but...Retained earnings: Retained earnings are that portion of profits which are earned by a company but...Chapter 16, Problem 14PChapter 16, Problem 15PRetained earnings: Retained earnings are that portion of profits which are earned by a company but...Chapter 16, Problem 21PChapter 16, Problem 22PEarnings per share (EPS): The amount of net income available to each shareholder per common share...Revenue recognition principle: Revenue recognition principle states that every business organization...Chapter 17, Problem 15EChapter 17, Problem 20EChapter 17, Problem 2PChapter 17, Problem 3PChapter 17, Problem 4PTransaction price: Transaction price is the amount of consideration that is estimated by the company...Chapter 17, Problem 7PChapter 17, Problem 8PContract: Contract is an agreement among two parties or more parties which includes enforceable...Contract: Contract is an agreement among two parties or more parties which includes enforceable...Chapter 18, Problem 1GIChapter 18, Problem 4PChapter 18, Problem 7PChapter 18, Problem 8PChapter 18, Problem 9PChapter 18, Problem 10PBalance sheet: Balance Sheet is one of the financial statements that summarize the assets, the...Chapter 18, Problem 12PChapter 18, Problem 14PPension plan: Pension plan is the plan devised by corporations to pay the employees an income after...Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after...Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after...Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after...Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after...Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after...Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after...Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after...Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after...Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of...Chapter 20, Problem 8EChapter 20, Problem 2PChapter 20, Problem 5PChapter 20, Problem 9PCompute the lessor’s (Company B) periodic rental receipts: Peridic Rental Receipts = Cost of...Chapter 20, Problem 12PChapter 21, Problem 1GIChapter 21, Problem 11EChapter 21, Problem 18EChapter 21, Problem 6PWorksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of...Chapter 21, Problem 8PChapter 21, Problem 9PChapter 21, Problem 12PChapter 21, Problem 14PChapter 21, Problem 16PAccounting changes: When a company requires to sacrifice the consistent accounting methods and...Chapter 22, Problem 13EChapter 22, Problem 16EJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 22, Problem 3PChapter 22, Problem 4PJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 22, Problem 9PErrors: The comparability and consistency of the financial statements decreases when a company...
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