Questions from Intermediate Accounting


Q: Robbins Company is a wholesale distributor of professional equipment and supplies.

Robbins Company is a wholesale distributor of professional equipment and supplies. The company’s sales have averaged about $900,000 annually for the 3-year period 2011â€&#...

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Q: The following facts relate to Alschuler Corporation. 1. Deferred

The following facts relate to Alschuler Corporation. 1. Deferred tax liability, January 1, 2012, $40,000. 2. Deferred tax asset, January 1, 2012, $0. 3. Taxable income for 2012, $115,000. 4. Pretax fi...

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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, 2012. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal...

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Q: Jennings Inc. reported the following pretax income (loss) and

Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2008–2014. Pretax financial income (loss) and taxable income (loss) were the same f...

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Q: Assume the same information as in P21-4.

Assume the same information as in P21-4. In P21-4 The following facts pertain to a noncancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a lessee, for a computer syst...

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Q: The management of Utrillo Instrument Company had concluded, with the concurrence

The management of Utrillo Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Utrillo changed its method of...

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Q: You have completed the field work in connection with your audit of

You have completed the field work in connection with your audit of Alexander Corporation for the year ended December 31, 2012. The balance sheet accounts at the beginning and end of the year are shown...

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Q: Matheny Inc. went public 3 years ago. The board of

Matheny Inc. went public 3 years ago. The board of directors will be meeting shortly after the end of the year to decide on a dividend policy. In the past, growth has been financed primarily through t...

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Q: Hiatt Toothpaste Company initiates a defined benefit pension plan for its 50

Hiatt Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2012. The insurance company which administers the pension plan provided the following selected info...

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Q: Albertsen Corporation is a diversified company with nationwide interests in commercial real

Albertsen Corporation is a diversified company with nationwide interests in commercial real estate developments, banking, copper mining, and metal fabrication. The company has offices and operating lo...

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