Questions from Intermediate Accounting

Q: The following information relates to Spiker Manufacturing Inc. for the fiscal

The following information relates to Spiker Manufacturing Inc. for the fiscal year ended July 31, 2013. Assume that there are no tax rate changes, a 30% tax rate applies to all items reported in the i...

Q: Based on an analysis of the cash and other accounts, the

Based on an analysis of the cash and other accounts, the following information was provided by the controller of Black Iron, Inc., a manufacturer of wood-burning stoves, for the year 2013. (a) Cash sa...

Q: Plush Textiles Inc. shows a retained earnings balance on January 1

Plush Textiles Inc. shows a retained earnings balance on January 1, 2013, of $580,000. For 2013, the income from continuing operations was $240,000 before income tax. Following is a list of special it...

Q: Comparative balance sheet data for the partnership of Bond and Wallin follow

Comparative balance sheet data for the partnership of Bond and Wallin follow. Net income for the year was $22,000, and this was transferred in equal amounts to the partners’ capita...

Q: On June 4, Seller Company signed a sales agreement with Buyer

On June 4, Seller Company signed a sales agreement with Buyer Company to deliver and install a piece of factory equipment. The total contract price is $300,000. Customers usually buy an equipment/inst...

Q: In 2013, Laetner Industries decided to discontinue its Laminating Division,

In 2013, Laetner Industries decided to discontinue its Laminating Division, a separately identifiable component of Laetner’s business. At December 31, Laetner’s year-end, the division has not been com...

Q: Sparkling Cleaner Company reported net income of $7,450 for

Sparkling Cleaner Company reported net income of $7,450 for 2013 but has been showing an overdraft in its bank account in recent months. The manager has contacted you as the auditor for an explanation...

Q: The following financial statement information for Tronics Inc. is available:

The following financial statement information for Tronics Inc. is available: The following information relates to the firm’s common stock for the same period: Instructions: 1. Fo...

Q: The table below shows the account balances of Novations, Inc.,

The table below shows the account balances of Novations, Inc., at the beginning and end of the company’s accounting period. The following additional information is available: (a) A...

Q: Selected account balances of Connell Company for 2013 along with additional information

Selected account balances of Connell Company for 2013 along with additional information as of December 31 are as follows: Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....