Questions from Intermediate Accounting

Q: Presented below are a number of balance sheet accounts of Cunningham,

Presented below are a number of balance sheet accounts of Cunningham, Inc. (a) Investment in Preferred Stock. (b) Treasury Stock. (c) Common Stock. (d) Dividends Payable. (e) Accumulated Depreciation—...

Q: Presented below are the captions of Nikos Company’s balance sheet.

Presented below are the captions of Nikos Company’s balance sheet. (a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e) Other assets. (f) Current liabil...

Q: Assume that Masters Enterprises uses the following headings on its balance sheet

Assume that Masters Enterprises uses the following headings on its balance sheet. (a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e) Other assets. (f)...

Q: Assume that Gulistan Inc. has the following accounts at the end

Assume that Gulistan Inc. has the following accounts at the end of the current year. 1. Common Stock. 2. Discount on Bonds Payable. 3. Treasury Stock (at cost). 4. Notes Payable (short-term). 5. Raw M...

Q: Bruno Company has decided to expand its operations. The bookkeeper recently

Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented on the next page in order to obtain additional funds for expansion. BRUNO COMPANY BAL...

Q: The bookkeeper for Garfield Company has prepared the following balance sheet as

The bookkeeper for Garfield Company has prepared the following balance sheet as of July 31, 2012. The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $...

Q: Presented below are selected accounts of Aramis Company at December 31,

Presented below are selected accounts of Aramis Company at December 31, 2012. The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using LIFO. 2. E...

Q: Pascal Corporation is preparing its December 31, 2012, balance sheet

Pascal Corporation is preparing its December 31, 2012, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2012, Pascal declared a cash di...

Q: When the FASB issues new pronouncements, the implementation date is usually

When the FASB issues new pronouncements, the implementation date is usually 12 months from date of issuance, with early implementation encouraged. Karen Weller, controller, discusses with her financia...

Q: The current assets and current liabilities sections of the balance sheet of

The current assets and current liabilities sections of the balance sheet of Agincourt Company appear as follows. The following errors in the corporation’s accounting have been disc...