Questions from Intermediate Accounting

Q: Taylor Marina has 300 available slips that rent for $800 per

Taylor Marina has 300 available slips that rent for $800 per season. Payments must be made in full at the start of the boating season, April 1, 2015. Slips for the next season may be reserved if paid...

Q: Briefly describe some of the similarities and differences between GAAP and IFRS

Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for dilutive securities, stock-based compensation, and earnings per share.

Q: Gottschalk Company sponsors a defined benefit plan for its 100 employees.

Gottschalk Company sponsors a defined benefit plan for its 100 employees. On January 1, 2014, the company’s actuary provided the following information. The average remaining service...

Q: Meyer reported the following pretax financial income (loss) for the

Meyer reported the following pretax financial income (loss) for the years 2012–2016. Pretax financial income (loss) and taxable income (loss) were the same for all years involved. Th...

Q: The accounting staff of Usher Inc. has prepared the following pension

The accounting staff of Usher Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completi...

Q: How might differences in presentation of comparative data under GAAP and IFRS

How might differences in presentation of comparative data under GAAP and IFRS affect adoption of IFRS by U.S. companies?

Q: On January 1, 2013, Nichols Corporation granted 10,000

On January 1, 2013, Nichols Corporation granted 10,000 options to key executives. Each option allows the executive to purchase one share of Nichols’ $5 par value common stock at a price of $20 per sha...

Q: Assume the same data as in P21-10 with National Airlines

Assume the same data as in P21-10 with National Airlines Co. having an incremental borrowing rate of 10%. In P21-10 The normal selling price of the equipment is $278,072, and its unguaranteed residual...

Q: Penn Company is in the process of adjusting and correcting its books

Penn Company is in the process of adjusting and correcting its books at the end of 2014. In reviewing its records, the following information is compiled. 1. Penn has failed to accrue sales commission&...

Q: Explain how cash-basis accounting for pension plans differs from accrual

Explain how cash-basis accounting for pension plans differs from accrual-basis accounting for pension plans. Why is cash-basis accounting generally considered unacceptable for pension plan accounting?...