Intermediate Accounting - 9th Edition - by J. David Spiceland, Mark W. Nelson, Wayne M Thomas - ISBN 9781259722660
Buy this textbookBuy

Intermediate Accounting
9th Edition
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
ISBN: 9781259722660

Solutions for Intermediate Accounting

Sample Solutions for this Textbook

We offer sample solutions for Intermediate Accounting homework problems. See examples below:

Explanation: Following are the purposes of the balance sheet Summarized information of assets and...Explanation: Classified balance sheet: “A balance sheet with classification of assets and...Explanation: Current ratio: Current ratio is a liquidity ratio, which expresses the relationship...Explanation: Current ratio Current ratio is used to determine the relationship between current...Explanation: Classified balance sheet: Classified balance sheet is the financial statement of a...Explanation: Classified balance sheet: “A balance sheet with classification of assets and...Explanation: Prepare a corrected balance sheet for Corporation H at December 31, 2018 as follows:...Explanation: Prepare the balance sheet of Company SM as on December 31, 2018. Company SM Balance...Explanation: Prepare a balance sheet of MLM Company for the year ended December 31, 2018. MLM...Explanation: Income statement: The financial statement which reports revenues and expenses from...Explanation: Multi -step income statement A multiple step income statement refers to the income...Explanation: Corporation SM Statement of Comprehensive Income For the year ended December 31, 2018...Explanation: Prepare a statement of cash flow for corporation D using direct method. Corporation D...Explanation: Calculate the missing amounts. Cash Balance – 2017: Cash Balance - 2018= Cash Balance -...Prepare Statement of Cash Flows of S Industries for the period ended December 31, 2018 S...Explanation: Calculate the inventory turnover ratio of A Incorporation for the year 2018 Inventory...Explanation: Accounts receivables turnover ratio Accounts receivables turnover ratio is mainly used...Explanation: Prepare the balance sheet of Company CC for the year ended December, 31 2018....Determine the rate of return on assets of two firms: Rate of return on assets indicates the...Explanation: Prepare the balance sheet for Corporation C. Corporation C Balance sheet Assets...Explanation: The five key steps to applying the revenue recognition principle are as follows: 1....Recognized revenue In the year 2018: Given, The contract price is $220,000,000 Actual cost to date...Recognized revenue In the year 2018: Here, Contract price is $8,000,000, Actual cost to date is...Explanation: Working note: Situation – 1 1. Compute the value of gross profit or loss recognized...Explanation: In the year 2018 (Revenue recognition upon delivery) Date Account Title and Explanation...Explanation: F&S offers new membership plan for unlimited access, and addition with 25% off yoga...Explanation: C Computing sells the Pro tab for $780 selling price, and in addition to that C...Explanation: C Computing sells the Pro tab for $780 selling price; in addition to that C Computing...Explanation: Cash is an asset, and it increases the value of asset by $108,000, hence debit the cash...Explanation: Cash is an asset, and it increases the value of asset by $60,000, hence debit the cash...Explanation: Recognized revenue In the year 2018: Given, The contract price is $10,000,000 Actual...Explanation: The amount of revenue and gross profit or loss to be recognized in 2018, 2019, and 2020...Explanation: Gross profit in the year 2018: Here, Cash collection in 2018 is $120,000 Gross profit...Explanation: (a) Point of delivery revenue recognition Particulars 08/31/2018 08/31/2019 08/31/2020...Explanation: Here, 2018 gross profit recognized is $0 2019 gross profit recognized is $0 2020 gross...Explanation: The term interest is defined as follows: Interest is the amount of interest paid on the...For Employee T: Determine the present value of an ordinary annuity. Present value annuity=(Annuity...Explanation: Cash equivalents are the highly liquid investments with the maturity period of less...Explanation: Sales Entry: Compute the sales revenue: Sales Revenue=List Price of Sales (1)−Trade...Explanation: March 17: Write-off of account receivables: Date Account Title and Explanation Post Ref...Explanation: Date Account Title and Explanation Post Ref Debit ($) Credit ($) Allowance for...Explanation: The rate of interest of the noninterest-bearing note is determined as follows: Compute...Explanation: Alternative (a): To record the signing of notes payable: Date Accounts and Explanations...Explanation: For Sales on February 28, 2018: Date Account Title and Explanation Post Ref. Debit ($)...Explanation: Note Note Face Value Date of Note Interest Rate Date Discounted Discount Rate Proceeds...Explanation: Interest Revenue: Compute the amount of interest on $200,000 note: Principal = $200,000...Explanation: Journal entries of FL bank are as follows: FL bank agreed to settle the debt in...Explanation: Sales returns reserve is a contra asset account. It reduces the book value of accounts...The three types of inventory of a manufacturing company are: Raw Materials: It refers to the cost of...Prepare the journal entries for the given transactions under perpetual inventory system. Purchase:...The following is the accounting entry. Date Account Title and Explanation Post Ref. Debit ($) Credit...a. Record the entry for purchase on account. Date Account Title and Explanation Post Ref. Debit ($)...Calculate the total cost and units of goods available for sales. Table (1) Calculate the cost of...Compute the gross profit and gross profit ratio. Gross Profit Ratio Details Amount ($) Net Sales (A)...Determinethe amount of accounts receivable that Company I wrote off during 2018. Details Amount (in...Explanation: LCNRV (Lower of Cost or Net Realizable Value) approach is an approach that compares the...Explanation: Calculate the amount of estimated ending inventory at retail. Details Cost ($) Retail...Explanation: Calculate the amount of estimated ending inventory and cost of goods sold for 2018....Explanation: Determine the cost-to-retail percentage for the inventory on hand at 1/1/2018. Cost-to...Explanation: Determine the cost-to-retail percentage for the inventory on hand at 1/1/2018. Cost-to...Explanation: The following table shows the carrying value of inventory at December 31, 2018 by using...Explanation: The following table shows the carrying value of inventory at December 31, 2018 using...Explanation: The following table shows the ending inventory and cost of goods sold. Details Cost ($)...Solution: Calculate the amount of estimated ending inventory and cost of goods sold at retail....Explanation: Calculate the amount of estimated ending inventory and cost of goods sold at retail....Explanation: The difference between the tangible and intangible long-lived, revenue producing assets...Prepare journal entry to record the acquisition of the tractor. DateAccount Title and Explanation...Explanation: This is an exchange which has commercial substance. Thus, the fair value of new land is...Explanation: 1. Prepare the journal entry to record the purchase of equipment on account: Date...Explanation: 1. Journal entry to record the acquisition costs of the land, and building: Date...Explanation: (1) Record the expense incurred for experimental purpose in connection with development...Explanation: Date Account Title and Explanation Post Ref. Debit ($) Credit ($) Cash 140,000 New...Explanation: Calculate the amount of interest capitalized in the year 2018. Month Construction...Explanation: Calculate the amount of interest that Company M should capitalize in the year 2018...Explanation: Determine the initial value of the various assets that were acquired or constructed...Explanation: From the web site of FASB (Financial Accounting Standards Board), following specific...Explanation: The term depreciation, depletion and amortization are the similar methods used for...Explanation: Straight-line method: Under the straight-line method of depreciation, the same amount...Explanation: Corporation A purchased machinery for $115,000. The estimated service life of the...Explanation: Calculate depreciation using Straight-Line Method: Straight-line method: Under the...Explanation: Asset A: In the given case cost of the asset is missing. Given information is residual...Explanation: Company C Analysis of changes in plant assets for the year ending December 31, 2018...Explanation: 1. Cost of Land A Asset Fair value ($) Percent of total fair value (%) Initial...Explanation: Company H uses straight line method of depreciation on building and machinery. Sum of...Explanation: Company J using straight line method of depreciation: Straight-line method: It is a...Explanation: The appropriate correcting journal entries for the equipment are as follows: Purchase...Explanation: Determine the amount at which H Mining will record the mine. Particulars Amount ($)...Explanation: For, the purposes of reporting, the investments in debt securities are classified in...Explanation: Investment in Bonds is an asset account. Since bonds investments are purchased, asset...Explanation: Investment in Bonds is an asset account. Since bonds investments are purchased, asset...Explanation: Prepare journal entry for purchase of $240,000,000 of 6% bonds for $200,000,000. Date...Explanation: (a) Prepare journal entry for purchase of $1,000,000 of 5% bonds at par. Date Account...Explanation: Prepare the journal entry to record the investment made by Company O. Date Account...Explanation: Prepare the journal entry to record the investment made by Company O. Date Account...Explanation: Prepare the journal entry to record the investment made by Company O. Date Account...Explanation: Purchased the bonds of Company FF on December 12, 2018: Prepare the journal entry to...Explanation: Purchased preferred shares of Company M: Prepare the journal entry to record the...Explanation: Prepare the journal entry to record the investment made in Company C. Date Account...Explanation: The three main characteristics of liabilities are as follows: Liabilities exist for the...Explanation: On January 13, 2016, there is no entry to be made because the loan is not made from the...Explanation: Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2018 Warranty Expense...Explanation: On September 5, 2016 (transaction a), the loan is not made from the line of credit....Explanation: As per traditional approach, H accrues more likely amount and it does not exceed...Explanation: Journal entry to record salaries and wages expense. Date Accounts and Explanation Post...Explanation: Four components of current liabilities are as follows: Current Liabilities Amount ($ in...Explanation: The periodic interest payments determined by the outstanding liabilities The periodic...Explanation: Calculation of price of the bonds for the Incorporation UF as on 1st January 2018 as...Explanation: Prepare the journal entry to record the issuance of the bonds by G (issuer) as shown...Explanation: Calculation of the price value of the bonds as on 1st February 2018 as shown below:...Prepare journal entry to record issuance of bonds by Incorporation WC (Issuer) on April 1, 2018 as...Explanation: L would report the amount of interest expense to its income statement. The total amount...Explanation: Prepare journal entry to record the issuance of the bonds as on 30th June 2018. Date...The following is the journal entry for the issue of bonds: DateAccount Title and Explanation Debit...Explanation: Calculate increase/decrease amount of A’s comprehensive income in the March 31...Explanation: Prepare necessary journal entries for long-term bond investment as on 1st July 2018....Prepare journal entry for gain on disposal of land. Date Account Title and Explanation Debit ($)...Explanation: When accounting for leases, the legal form of agreement is irrelevant. A finance lease...Explanation: Prepare journal entry for Company GP in the month of January 1, 2018 Date Accounts...Explanation: Prepare journal entry for NLS Incorporation in the month of January 1, 2018 Date...Explanation: Annual lease payments=Amount to be recovered (Fair...Explanation: Situation 1 2 3 4 Lessor Lease payments (1)700,000 (2) 700,000 (3)800,000 (4)800,000...Explanation: Situation 1 2 3 4 Lessor Lease payments (1) 40,000 (2) 40,000 (3) 40,000 (4)33,000...The classification criteria for lessee are as follows: S.No Classification criteria Does it satisfy?...BL Company (Lessor) Here at least one (Two in this scenario) classification criterion are met, this...Calculate lease payments at the beginning of each of the next 4 years: Lease payments at the...Amount ($) Lease payments at the beginning of each of the next 4 years (3) 100,000 Add: Maintenance...Amount ($) Lease payments at the beginning of each of the next 3 years (3) 130,960 Add: Maintenance...Explanation: Transaction on January 01, 2018: Record the lease payable. Date Accounts title and...Explanation: Transaction on January 01, 2018: Record the lease payable. Date Accounts title and...Explanation: Income tax expense combines both current and deferred tax. Here, the company’s income...Explanation: Determine Income Tax Payable. The following table shows the taxable income and income...Explanation: The journal entry to record income taxes for 2018 is as follows: Date Account Title and...Explanation: The journal entry to record income taxes for 2018 is as follows: Date Account Title and...Explanation: The journal entry to record the income taxes in the books is as follows: Date Account...Explanation: Among the five described differences, only the life insurance premium expense is a...Explanation: Amount ($) Income before income taxes9,00,000 Income tax expense: Current (1) 3,36,000...Explanation: The taxable income of TD Inc. is reduced by $15 million interest, which reduces the tax...Explanation: WS Incorporation is a manufacturer of high-tech industrial parts and was incorporated...Explanation: Definition of pension plan: This is the plan devised by corporations to pay the...Explanation: Pension Expense is an expense account. Expenses decrease Equity value, and a decrease...Explanation: Journalize the entry related to pension expense. Date Account Titles and Explanation...Explanation: As per International Accounting Standard Number: 19 of IFRS, the following components...Explanation: Calculate Company’s prior service cost. Prior service cost = PBO with Amendment – PBO...Explanation: The following table shows the pension expense for 2018. Particulars Amount in millions...Explanation: As per International Accounting Standard Number: 19 of IFRS, the following components...Explanation: Compute the pension expense. Particulars 2018 2019 Service Cost $520 $570 Interest cost...Explanation: Calculate the amount of actual return. Ending Balance of Plan Assets = [(Beginning...Explanation: Compute the pension expense for 2018. Particulars Amount ($) In Millions Service Cost...Explanation: Journalize the entry related to pension expense. Date Account Titles and Explanation...Explanation: The two primary sources of shareholders’ equity is: 1. Paid in capital 2. Retained...Explanation: (1) Prepare journal entry, to record the required shares on January 2, 2018. Date...Explanation: (1) Journalize the shares required (reacquired as treasury stock) on February 12, 2018....Explanation: (a) Journalize the transactions related to property dividend. On the declaration date:...Explanation: Journalize the stock transactions for Incorporation T assuming the shares are retired....Explanation: Transaction on February 15, 2018: Date Account Titles and Explanation Post Ref. Debit...Explanation: Transaction (a) Declaration date: The date on which the board of directors of a...Explanation: Journalize the transactions related to shareholders’ equity for the period...(First quarter of corporation N) Prepare journal entries to record issuance of common share....Explanation: Restricted Stock: Restricted stock is the portion of shares held up by the management,...Explanation: The SARs would be reported as equity by Company IE because the SARs are entitled to be...Explanation: If the employee chooses to issue cash or shares, the SARs are considered as liability....If the employee chooses to issue cash or shares, the RSUs are considered as liability. In the given...Explanation: The compensation cost of stock options would be measured on the grant date, January 1,...Explanation: Compute the total compensation cost of stock options. Total compensation cost of stock...Explanation: Compute the total compensation cost of stock options. Total compensation cost of stock...Explanation: Determine net loss per share of Incorporation A for the year ended December 31, 2018....Explanation: Determine basic EPS of W House for the year 2018. Basic EPS = Net income–Preferred...Explanation: The following are the main reasons for the paradox of increase in EPS while profit...Explanation: The following are the other adjustments required for computation of diluted EPS:...Explanation: Accounting changes are categorized into following types: 1. Change in principle: It...Explanation: Journal Entry to correct the error Date Account Title and Explanation Debit Amount($)...Explanation: Calculate the cost of the mineral mine Cost of the mineral mine is purchase price plus...Explanation: (1)The type of change: Change in estimate (2)Journal (or) Adjusting entry: No entry is...Explanation: Determine the incorrect entry for the equipment capitalization error: Date Account...Explanation: (a) This is a correction of an error: Account title and Explanation Debit ($) Credit...Explanation: Situation A: Correction of an error: Date Account Title and Explanation Post Ref. Debit...Explanation: The journal entries in the result of change or error correction, and adjusting entries...Explanation: (a) Error correction entry: Date Account Explanation / Titles Post ref. Amount ($)...Explanation: The cash flow statement reports the actual cash inflow and outflow, which occurred...Explanation: Spreadsheet: The spreadsheet is a supplementary device which helps to prepare the...Explanation: Spreadsheet: The spreadsheet is a supplementary device which helps to prepare the...Explanation: Spreadsheet: The spreadsheet is a supplementary device which helps to prepare the...Explanation: Company D would report $23,329,472 as cash inflow from the sale of bonds, under the...Explanation: Spreadsheet: The spreadsheet is a supplementary device which helps to prepare the...Explanation: Spreadsheet: The spreadsheet is a supplementary device which helps to prepare the...Explanation: T-account: T-account is the form of the ledger account, where the journal entries are...Explanation: T-account: T-account is the form of the ledger account, where the journal entries are...Explanation: T-account: T-account is the form of the ledger account, where the journal entries are...Explanation: Some financial instruments are meant for managing risk in the financial markets. These...Explanation: Determine the net cash settlement as at December 31, 2018. Particulars Amount ($) Fixed...Explanation: Determine the net cash settlement as at December 31, 2018. Particulars Amount ($) Fixed...

More Editions of This Book

Corresponding editions of this textbook are also available below:

INTERMEDIATE ACTG+CONNECT <LOOSE>
9th Edition
ISBN: 9781260517125
GEN CMB(LL)INTRM ACCTG
18th Edition
ISBN: 9781260714067
INTERMEDIATE ACCOUNTING RMU 9TH EDITION
9th Edition
ISBN: 9781260998726
SPICELAND GEN CMB LL INTRM ACCTG; CNCT
9th Edition
ISBN: 9781260255775
Connect Access Card for Intermediate Accounting
9th Edition
ISBN: 9781260029871
GEN COMBO INTERMEDIATE ACCOUNTING; CONNECT ACCESS CARD
9th Edition
ISBN: 9781260089035
Loose Leaf Intermediate Accounting
9th Edition
ISBN: 9781260029901
GEN COMBO LOOSELEAF INTERMEDIATE ACCOUNTING; CONNECT ACCESS CARD
9th Edition
ISBN: 9781260089042
INTERMEDIATE ACCOUNTING (LL) W/CONNECT
9th Edition
ISBN: 9781260679694
INTERMEDIATE ACCOUNTING(LL)-W/2 ACCESS
9th Edition
ISBN: 9781260180657
INTERMEDIATE ACCOUNTING, W/CONNECT
9th Edition
ISBN: 9781260681956
NSU COMBO F/INTERM.ACCTG-CONNECT ACCESS
10th Edition
ISBN: 9781266020193
INTERMEDIATE ACCOUNTING (LL)(W/CONNECT)
10th Edition
ISBN: 9781264032266
INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264046249
INT.ACCOUNTING-CONNECT+PROCTORIO PLUS
10th Edition
ISBN: 9781266373862
INTERMEDIATE ACCOUNTING /TX /LL/ CONNEC
10th Edition
ISBN: 9781264034420
INT.ACCT. LL W/CONNECT+PROCTORIO PLUS
10th Edition
ISBN: 9781266374395
INTERMEDIATE ACCOUNTING (ACCT 3200A)
10th Edition
ISBN: 9781307660630
INTERMIDIATE ACCOUNTING
10th Edition
ISBN: 9781260934427
INTERMEDIATE ACCOUNTING (ACCT 3200B)
10th Edition
ISBN: 9781307660647
INTERMEDIATE ACCOUNTING (ACCT 4950)
10th Edition
ISBN: 9781307662122
INTERMEDIATE ACCOUNTING (LCPO)
10th Edition
ISBN: 9781264473441
INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264397921
Loose Leaf Intermediate Accounting
10th Edition
ISBN: 9781260481952
Gen Combo Looseleaf Intermediate Accounting; Connect Access Card
10th Edition
ISBN: 9781260696325
INTERMEDIATE ACCOUNTING <CUSTOM LL>
10th Edition
ISBN: 9781260887068
INTERMEDIATE ACCOUNTING ACCESS 540 DAY
10th Edition
ISBN: 9781264706327
INTERMEDIATE ACCOUNTING LL W/ ACCESS 540
10th Edition
ISBN: 9781264688715
INTERMEDIATE ACCOUNTING
1st Edition
ISBN: 9781264920532
INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264559527
INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264518869
INTERMEDIATE ACCOUNTING CONNECT ACCESS +
10th Edition
ISBN: 9781264388608
INTERMEDIATE ACCT CONNECT ACCESS
16th Edition
ISBN: 9781264025763
INTERMEDIATE ACCT.CUSTOM W/CONNECT
10th Edition
ISBN: 9781307690804
INTERMEDIATE ACTG LOOSELEAF W/ ACCESS
10th Edition
ISBN: 9781264397488
Connect Access Card For Intermediate Accounting
10th Edition
ISBN: 9781260481938
Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
CONNECT ONLINE ACCESS FOR INTERMEDIATE
10th Edition
ISBN: 9781264798834

Related Accounting Textbooks with Solutions

Still sussing out bartleby
Check out a sample textbook solution.
See a sample solution