Questions from Intermediate Accounting


Q: Norton Co. had the following amounts related to its pension plan

Norton Co. had the following amounts related to its pension plan in 2014. Determine for 2014: (a) Norton’s other comprehensive income (loss), and (b) Comprehensive income. Net inco...

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Q: Crosley Company, a machinery dealer, leased a machine to Dexter

Crosley Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2014. The lease is for an 8-year period and requires equal annual payments of $35,013 at the beginning of each...

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Q: Presented below are income statements prepared on a LIFO and FIFO basis

Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which started operations on January 1, 2013. The company presently uses the LIFO method of pricing its inve...

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Q: Data for the Vince Gill Company are presented in E23-3

Data for the Vince Gill Company are presented in E23-3. In E23-3 Instructions Prepare the operating activities section of the statement of cash flows using the direct method.

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Q: Madrasah Corporation issued its financial statements for the year ended December 31

Madrasah Corporation issued its financial statements for the year ended December 31, 2014, on March 10, 2015. The following events took place early in 2015. (a) On January 10, 10,000 shares of $5 par...

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Q: Explain how the conversion feature of convertible debt has a value (

Explain how the conversion feature of convertible debt has a value (a) to the issuer and (b) to the purchaser.

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Q: Rockland Corporation earned net income of $300,000 in 2014

Rockland Corporation earned net income of $300,000 in 2014 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds, which are conver...

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Q: Use the information from BE17-1 but assume the bonds are

Use the information from BE17-1 but assume the bonds are purchased as an available-for-sale security. In BE17-2 Garfield Company purchased, as a held-to-maturity investment, $80,000 of the 9%, 5-year...

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Q: Aamodt Music sold CDs to retailers and recorded sales revenue of $

Aamodt Music sold CDs to retailers and recorded sales revenue of $700,000. During 2014, retailers returned CDs to Aamodt and were granted credit of $78,000. Past experience indicates that the normal r...

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Q: Lahey Corp. has three defined benefit pension plans as follows.

Lahey Corp. has three defined benefit pension plans as follows. How will Lahey report these multiple plans in its financial statements?

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