(from Alternate Exercises and Problems for use with Intermediate Accounting, Third Edition; Spiceland,
Seppe, and Tomassini)
Harvey City Case, General Fund Requirement 6 (a)
General Ledger Worksheet
For the Year Ended December 31, 20X4
Transactions and Events
Acct. 3403 - Intermediate Accounting I
Chapter 4, Problem 4 Part (a)
Income Statement - Multi-Step
For Year Ended June 30, 2012
Less: Sales discounts
Sales returns and allowances
Net sales revenue
Cost of goods sold
E2-7 (Accounting PrinciplesComprehensive) Presented below are a number of business
that occurred during the current year for Fresh Horses, Inc.
In each of the situations, discuss the appropriateness of the journal entries in term
Chapter 8Valuation of Inventories
1. What classifications of inventory are normally used for a merchandising firm and for a
Inventories are asset items that a company holds for sale in the ordinary course of business, or goods that it
Chapter 18Revenue Recognition
1. According to the FASB concept statement, when should revenues be recorded? Explain each of the
FASB concepts statement: a. When realized or realizable (cash or account receivable or form convertible to cash).
Exam 4 Review Problem Checkfigures
Chapter 10Acquisition and Disposition of Property, Plant, and Equipment
1. Acquisition of assets
PIC in excess of par
Chapter 10Acquisition and Valuation of Property, Plant, and Equipment
1. What are the basic characteristics of assets classified as Property, Plant, and Equipment?
Characteristics: 1. Resources that have physical substance
2. Used in the operations of the
Practice Question 01
Land held for speculative purposes is classified as an Investment.
Land held for speculative purposes is classified as Property, Plant and Equipment but is not
Practice Question 02
Correct! Plant assets are n
VALUATION OF INVENTORIES: A COST-BASIS APPROACH
IFRS questions are available at the end of this chapter.
T F F F T T F T F T T F F T T F F T F T
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19.
Chapters 1-4, Professionalism, IRFS
Introduction to Professionalism
1. What are the essential features of a profession?
2. What are the typical features? Do all of these apply to the accounting profession?
3. Why is ethics important t
Chapter 15Stockholders Equity
1. What are the two sub-sections of Contributed Capital (Paid-in Capital)?
2. What accounts are commonly included in the sub-sections of Contributed Capital?
Same with #1
3. What are appropriated Retained Earnings?
Chapter 19Accounting for Income Taxes
1. Why is pretax financial income different than taxable income?
Up to this point, you have learned the basic guidelines that corporations use to report information to investors and
creditors. Corporations also must f
Stratco Corporation computed a pretax financial income of $40,000 for the first year of its
operations ended December 31, 2008. Included in financial income was $50,000 of nontaxable
revenue, $20,000 gross profit on installment sales that was deferred for
E20-12 (Pension Expense, Journal Entries, Statement Presentation, Minimum Liability)
Desiree Griseta Company sponsors a defined benefit pension plan for its employees.
The following data relate to the operation of the plan for the year 2004 in which no
Mantle Company sponsors a defined-benefit pension plan. The following information related to
the pension plan is available for 2008.
Plan assets (fair value), January 1 $380,000
Projected benefit obligation, January 1 .600,000
Pension liability, Janu
King Company began operations at the beginning of 2008. The following information pertains to
1. Pretax financial income for 2008 is $100,000.
2. The tax rate enacted for 2008 and future years is 40%
3. Differences between the 2008 income st
4.The use of adjusting entries makes it possible to report on the balance sheet the appropriate
assets, liabilities, and owners' equity at the statement date. Adjusting entries also make it possible
to report on the income statement the proper re
Chapter 14Long-term Liabilities
1. What issues should be considered before choosing a source of financing (debt vs.
Tax perspective, control perspective, financial reporting perspective, and risk. Debt required
interest, dividends not required (i