Questions from Intermediate Accounting


Q: Fuzzy Monkey Technologies, Inc., purchased as a short-term

Fuzzy Monkey Technologies, Inc., purchased as a short-term investment $80 million of 8% bonds, dated January 1, on January 1, 2018. Management intends to include the investment in a short-term, active...

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Q: Refer to the situation described in BE 11–10. Assume

Refer to the situation described in BE 11–10. Assume that 2016 depreciation was incorrectly recorded as $32,000. This error was discovered in 2018. How should Robotics account for the error? What is d...

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Q: Fuzzy Monkey Technologies, Inc., purchased as a long-term

Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $80 million of 8% bonds, dated January 1, on January 1, 2018. Management intends to have the investment available for sale when cir...

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Q: The following information is available for the Johnson Corporation for 2018:

The following information is available for the Johnson Corporation for 2018: Beginning inventory ………………………………………………………… $ 25,000 Merchandise purchases (on account) …………………………………. 155,000 Freight charg...

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Q: Fuzzy Monkey Technologies, Inc., purchased as a long-term

Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $80 million of 8% bonds, dated January 1, on January 1, 2018. Management intends to have the investment available for sale when cir...

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Q: The following selected transactions relate to investment activities of Ornamental Insulation Corporation

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, intending to profit from short-term differences...

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Q: Tatum Company has four products in its inventory. Information about the

Tatum Company has four products in its inventory. Information about the December 31, 2018, inventory is as follows: Required: 1. Determine the carrying value of inventory at December 31, 2018, assum...

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Q: In 2018, Winslow International, Inc.’s controller discovered that

In 2018, Winslow International, Inc.’s controller discovered that ending inventories for 2016 and 2017 were overstated by $200,000 and $500,000, respectively. Determine the effect of the errors on ret...

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Q: San Lorenzo General Store uses a periodic inventory system and the retail

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 Octobe...

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Q: The following selected transactions relate to investment activities of Ornamental Insulation Corporation

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, not intending to profit from short-term differen...

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