Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 4, Problem 7C
1.
To determine
Explain the requirement that must be disclosed regarding the accounting policies of a company.
2.a
To determine
Review the Company S’s note on its accounting policies and explain the items that are classified as cash equivalents.
b.
To determine
Review the Company S’s note on its accounting policies and explain the way in which the inventories are valued and explain the inventory costing method used.
c.
To determine
Review the Company S’s note on its accounting policies and explain the way in which property, plant and equipment are stated and mention the
d.
To determine
Review the Company S’s note on its accounting policies and state the allowance for doubtful accounts at the end of2017 and mention the amount of gross receivables.
e.
To determine
Review the Company S’s note on its accounting policies and state the manner in which the company will test
f.
To determine
Review the Company S’s note on its accounting policies and state the items that do not appear on the balance sheet as assets or liabilities.
g.
To determine
Review the Company S’s note on its accounting policies and state the manner in which the company repurchases its
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Using the following excerpts from the Michigan Company’s financial statements and the list of terms that follow, please complete the worksheets below to determine cash paid to suppliers for inventory in 2018.
Use these terms to complete the worksheets below:
Beginning balance, Inventory
Cash paid for inventory
Ending balance, Inventory
Ending balance, Accounts Payable
Goods available to sell
Beginning balance, Accounts Payable
Inventory purchased
Total obligation to pay inventory costs
Cost of Goods Sold
PLEASE NOTE: Use the term names exactly as shown above and list the items in the same order as shown in the textbook examples. You are to follow the format shown in the textbook. All dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345).
Step01: Inventory Purchased
Step02: Cash paid for Inventory Purchases
Selected information from the statement of financial position of PAPABEAR Company at November 30 and December 31, 2021 is presented below. The company uses the perpetual inventory system and all sales and purchases were made on credit.
How much is the total expenses under the PURE CASH BASIS of accounting?
Indicate how each of the following should be classified on the company’s statement of financial position as of December 31, 2020
Claims from customers for merchandise sold
Claims from employees representing cash advances
Expense receipts for advances made for freight charges for the account of the supplier
Claims from employees representing selling price of goods sold under normal credit terms
Customers accounts with credit balances resulting from sales returns subsequent to full collection of account
Claims against consignees for goods shipped to the latter, goods are still unsold at the reporting date
Claims against consignees for goods shipped to the latter and already sold at Dec 31.
Receivables arising from subscription to the company’s share capital
Receivable arising from sale of equipment
Deposit on purchase of undelivered merchandise
Creditors account with debit balances resulting from overpayment
Dishonored customers note
Income tax refunds approved by BIR
Assigned…
Chapter 4 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 4 - What is the accounting equation? The balance sheet...Ch. 4 - Prob. 2GICh. 4 - How does the balance sheet at the end of an...Ch. 4 - What does recognition mean in accounting?Ch. 4 - Prob. 5GICh. 4 - Prob. 6GICh. 4 - What is equity? How is equity determined?Ch. 4 - What is a mixed attribute measurement model? Why...Ch. 4 - Identify at least five alternatives for measuring...Ch. 4 - Identify at least three alternatives for measuring...
Ch. 4 - Prob. 11GICh. 4 - Prob. 12GICh. 4 - Prob. 13GICh. 4 - Prob. 14GICh. 4 - Prob. 15GICh. 4 - Prob. 16GICh. 4 - Define (a) common stock, (b) additional paid-in...Ch. 4 - Prob. 18GICh. 4 - Prob. 19GICh. 4 - What are investments by owners? Distributions to...Ch. 4 - What accounting policies are disclosed in the...Ch. 4 - Give several examples of financial instruments and...Ch. 4 - Prob. 23GICh. 4 - Prob. 24GICh. 4 - Prob. 25GICh. 4 - Prob. 26GICh. 4 - Prob. 27GICh. 4 - Prob. 28GICh. 4 - Prob. 29GICh. 4 - Prob. 30GICh. 4 - Prob. 31GICh. 4 - Prob. 32GICh. 4 - Prob. 33GICh. 4 - Prob. 34GICh. 4 - A donated fixed asset (from a governmental unit)...Ch. 4 - Prob. 2MCCh. 4 - Prob. 3MCCh. 4 - On October 2, 2020, a company borrowed cash and...Ch. 4 - Prob. 5MCCh. 4 - Rent revenue collected 1 month in advance should...Ch. 4 - Prob. 7MCCh. 4 - Prob. 8MCCh. 4 - Which of the following should be disclosed in the...Ch. 4 - Prob. 10MCCh. 4 - Prob. 1RECh. 4 - Dorothy Corporation had the following accounts in...Ch. 4 - Dorothy Corporation had the following accounts in...Ch. 4 - Based on the information in RE4-2 and RE4-3,...Ch. 4 - Prob. 5RECh. 4 - Oz Corporation has the following assets at...Ch. 4 - Prob. 7RECh. 4 - Prob. 8RECh. 4 - Scarecrow Inc. issues 50,000 shares of 2 par value...Ch. 4 - Tinman Corporation reports the following balances...Ch. 4 - Prob. 1ECh. 4 - Plant and Equipment Your analysis of Moen...Ch. 4 - GRAF CORPORATION Shareholders Equity Section of...Ch. 4 - Prob. 4ECh. 4 - Classifications on Balance Sheet The balance sheet...Ch. 4 - Balance Sheet Baggett Companys balance sheet...Ch. 4 - Prob. 7ECh. 4 - Balance Sheet Calculations Dawson Companys balance...Ch. 4 - Prob. 9ECh. 4 - Correction of Balance Sheet On December 31, 2019,...Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Classifications on Balance Sheet The current...Ch. 4 - Balance Sheet without Amounts The following is an...Ch. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Balance Sheet Calculations Cornerstone Development...Ch. 4 - Prob. 6PCh. 4 - Complex Balance Sheet Presented below is the...Ch. 4 - Analyzing Starbuckss Balance Sheet Disclosures...Ch. 4 - Prob. 9PCh. 4 - Balance Sheet The following is a list (in random...Ch. 4 - Balance Sheet The following is an alphabetical...Ch. 4 - Balance Sheet from Adjusted Trial Balance The...Ch. 4 - Balance Sheet and Notes Listed here in random...Ch. 4 - Comprehensive: Balance Sheet, Schedules, and Notes...Ch. 4 - Use following formation for P4-15 and P4-16:...Ch. 4 - Ratios Analyses: McCormick Refer to the...Ch. 4 - Prob. 17PCh. 4 - Use the following information for P417 and P418:...Ch. 4 - Prob. 1CCh. 4 - It is the end of 2019 and you are an accountant...Ch. 4 - Prob. 3CCh. 4 - Valuation of Assets and Stock A friend has come to...Ch. 4 - It is February 16, 2020, and you are auditing...Ch. 4 - You are the accountant for Speedy Company and are...Ch. 4 - Prob. 7CCh. 4 - Prob. 8CCh. 4 - Situation You are the assistant accountant for...
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- Use the following excerpts from Huckleberry Companys financial statements to determine cash paid to suppliers for inventory in 2018.arrow_forwardUse the following excerpts from Jasper Companys financial statements to determine cash paid to suppliers for inventory in 2018.arrow_forwardAlpha company is a trading company that purchases and sales fruits and vegetables. During the year 2020, the company shows the following transactions and events: Net profit is computed by subtracting operating expenses from the cost of goods sold. The accountant records merchandise inventory (stock) in the expenses section of the income statement. The company assumes that physical inventory is not important as it uses the perpetual inventory system during the year. The driver of the company has access to the inventory, he delivers the merchandise, receives the cash and has access to the company Required: For each case, identify the anomaly and propose the correct accounting treatment/answer:arrow_forward
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