Questions from Intermediate Accounting

Q: At December 31, 2014, Grinkov Corporation had the following account

At December 31, 2014, Grinkov Corporation had the following account balances. Most of Grinkov’s sales are made on a 2-year installment basis. Indicate how these accounts would be re...

Q: Assume the same information as E19-14, except that at

Assume the same information as E19-14, except that at the end of 2013, Jennifer Capriati Corp. had a valuation account related to its deferred tax asset of $45,000. In E19-14 Jennifer Capriati Corp. h...

Q: Glaus Leasing Company agrees to lease machinery to Jensen Corporation on January

Glaus Leasing Company agrees to lease machinery to Jensen Corporation on January 1, 2014. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal...

Q: You have been engaged to review the financial statements of Gottschalk Corporation

You have been engaged to review the financial statements of Gottschalk Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a goo...

Q: Roth Inc. has a deferred tax liability of $68,

Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2015. At the end of 2015, it reports accounts receivable on the books at $90,000 and the tax basis at zero (its only temporary dif...

Q: Presented below are data taken from the records of Alee Company.

Presented below are data taken from the records of Alee Company. Additional information: 1. Held-to-maturity securities carried at a cost of $43,000 on December 31, 2013, were sold in 2014 for $34,000...

Q: Koch Corporation is in the process of preparing its annual financial statements

Koch Corporation is in the process of preparing its annual financial statements for the fiscal year ended April 30, 2015. Because all of Koch’s shares are traded intrastate, the comp...

Q: Illiad Inc. has decided to raise additional capital by issuing $

Illiad Inc. has decided to raise additional capital by issuing $170,000 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was determined that to help the sale o...

Q: On January 1, 2013, Hi and Lois Company purchased 12

On January 1, 2013, Hi and Lois Company purchased 12% bonds having a maturity value of $300,000 for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2013, and...

Q: Schuss Corporation sold equipment to Potsdam Company for $20,000

Schuss Corporation sold equipment to Potsdam Company for $20,000. The equipment is on Schuss’s books at a net amount of $13,000. Schuss collected $10,000 in 2014, $5,000 in 2015, and $5,000 in 2016. I...