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Intermediate Accounting Please provide thorough explanations and full calculations for each answer chosen. d) It is known that goodwill that is purchased should be: e) not written off but rather reduced only if impairment occurs. f) Written off by systematic charges as a regular operating expense over the period benefited, but not more than 40 years. g) Written off as soon as possible as an extraordinary item. h) Written off as soon as possible against retained earnings. i) The useful life of an asset j) all of these k) is affected by physical and economic factors. l) Is the same as its physical life. m) Remains unchanged once it has been determined. n) The cost of a plant asset is $48,000 and it has a residual value of $12,000. The life of the asset is 5 years. The second year amortization is $7,680, which amortization method was utilized? o) cannot tell from the information given p) activity method q) declining-balance r) straight-line s) What is the meaning of the term market when one is valuing the raw materials inventory at lower-of-cost-and-market? t) discounted present value u) current replacement cost v) net realizable value less a normal profit margin w) net realizable value x) Based on the following, which one do you think are not normally used to determine the allocation of the purchase price for a lump-sum purchase of different assets? y) appraised value z) net book value aa) net replacement cost bb) fair market value cc) In order to produce an inventory valuation which estimates the lower-of-average-cost-and market using the method of conventional retail inventory, the computation of the ratio of cost to retail should dd) include markdowns but not markups. ee) Ignore both markups and markdowns. ff) Include markups and markdowns. gg) Include markups but not markdowns. hh) The retail method of inventory valued at average cost, lower-of-cost –or-market is utilized by a retail company. The information below is for 2007: COST RETAIL Jan 1, 2006 (beginning $950 $1,525 inventory) Sales revenue 5,700 Purchases 3,210 4,250 Net markups 650 Net markdowns 500 Based on the information above, for the 2007 ending inventory what do you think is the retail value? ii) $1,450 jj) $75 kk) $225 ll) $1,540 mm)Smith Ltd. had a mistake when recording cheque #1099 for incorrect amount of $340 during April 2007. The cheque was shown correctly on the bank statement as $430 (meaning it cleared the bank during April). For the April bank reconciliation (using the correct cash balance approach), how should the presentation of the cheque be? nn) as a $90 addition to the book oo) as a $90 addition to the bank balance pp) as a $90 deduction from the book balance qq) as a $90 deduction from the bank balance rr) ABC Corporation utilized the declining-balance amortization method in 2004. The sumof-the-years’-digits amortization was used in 2005. The straight-line amortization method was used in 2007. Based on this information, which do you think would be violated (i.e. the accounting principles, qualitative criteria, or assumptions)? ss) matching principle tt) consistency uu) reliability vv) historical cost ww) For the company Collins Ltd., the year commenced with a debit balance of $2,325,000 for accounts receivable and for the allowance for doubtful account there was a credit balance of $74,000. There was total sales on account for $865000, $652000 was the collections of accounts receivable, and $45000 was bad debt expense (all three occurred during the year). Collins also had a debit balance of $2,511,000 in accounts receivable and for the allowance for doubtful accounts there was a credit balance of $92,000 (both of which were at the end of the year). Based on this, what do you think is the amount of account receivable that is written off during the year? xx) none of the below yy) $18,000 zz) $27,000 aaa)$45,000 bbb) From the following items, which one do you think is not a capital expenditure? ccc)a replacement ddd)a betterment eee)an addition fff) repairs that maintain an asset in operating condition ggg) From the below, which one of the following investments do you think would be suitably accounted for under the equity method? hhh)a 15% investment in the common shares of a company where significant influence exists iii) obtained 25% investment in subordinated non-voting shares of a company jjj) a 20% investment in common shares of a company where there is no significant influence kkk)a 30% investment in preferred shares of a company lll) Pepsi Ltd. has incurred $300,000 of average accumulated expenditures during construction of assets that qualified for capitalization of interest during the 2006 period. During 2006, only debt outstanding was $400000, 10%, 5-year note payable dated on January 1st, 2004. During 2006, what amount of interest should be capitalized by Pepsi? mmm)$40,000 nnn)$30,000 ooo)$10,000 ppp)$0 qqq) Which one of the following does the cost of land NOT include rrr) special assessments sss) costs of improvements with limited lives ttt) costs of removing old buildings uuu)costs of grading, filling, draining, and clearing vvv) Which of the following is true for a held-for-trading investment in bonds? www)Any interest that is earned is adjusted for the amortization of the discount or premium. xxx)Because it is a temporary investment, interest is not paid to the investor. yyy)The discount or premium is not amortized. zzz)It is usually purchased at its face value.

Intermediate Accounting
Please provide thorough explanations and full calculations for each answer chosen.
d) It is known that goodwill that is purchased should be:
e) not written off but rather reduced only if impairment occurs.
f) Written off by systematic charges as a regular operating expense over the period
benefited, but not more than 40 years.
g) Written off as soon as possible as an extraordinary item.
h) Written off as soon as possible against retained earnings.
i)

The useful life of an asset
j) all of these
k) is affected by physical and economic factors.
l) Is the same as its physical life.
m) Remains unchanged once it has been determined.

n) The cost of a plant asset is $48,000 and it has a residual value of $12,000. The life of the
asset is 5 years. The second year amortization is $7,680, which amortization method was
utilized?
o) cannot tell from the information given
p) activity method
q) declining-balance
r) straight-line
s) What is the meaning of the term market when one is valuing the raw materials inventory
at lower-of-cost-and-market?
t) discounted present value
u) current replacement cost
v) net realizable value less a normal profit margin
w) net realizable value
x) Based on the following, which one do you think are not normally used to determine the
allocation of the purchase price for a lump-sum purchase of different assets?
y) appraised value
z) net book value
aa) net replacement cost
bb) fair market value
cc) In order to produce an inventory valuation which estimates the lower-of-average-cost-and
market using the method of conventional retail inventory, the computation of the ratio of
cost to retail should
dd) include markdowns but not markups.
ee) Ignore both markups and markdowns.
ff) Include markups and markdowns.
gg) Include markups but not markdowns.
hh) The retail method of inventory valued at average cost, lower-of-cost –or-market is
utilized by a retail company. The information below is for 2007:
COST
RETAIL

Jan 1, 2006 (beginning
$950
$1,525
inventory)
Sales revenue
5,700
Purchases
3,210
4,250
Net markups
650
Net markdowns
500
Based on the information above, for the 2007 ending inventory what do you think is the
retail value?
ii) $1,450
jj) $75
kk) $225
ll) $1,540
mm)Smith Ltd. had a mistake when recording cheque #1099 for incorrect amount of $340
during April 2007. The cheque was shown correctly on the bank statement as $430
(meaning it cleared the bank during April). For the April bank reconciliation (using the
correct cash balance approach), how should the presentation of the cheque be?
nn) as a $90 addition to the book
oo) as a $90 addition to the bank balance
pp) as a $90 deduction from the book balance
qq) as a $90 deduction from the bank balance
rr) ABC Corporation utilized the declining-balance amortization method in 2004. The sumof-the-years’-digits amortization was used in 2005. The straight-line amortization method
was used in 2007. Based on this information, which do you think would be violated (i.e.
the accounting principles, qualitative criteria, or assumptions)?
ss) matching principle
tt) consistency
uu) reliability
vv) historical cost
ww) For the company Collins Ltd., the year commenced with a debit balance of $2,325,000
for accounts receivable and for the allowance for doubtful account there was a credit
balance of $74,000. There was total sales on account for $865000, $652000 was the
collections of accounts receivable, and $45000 was bad debt expense (all three occurred
during the year). Collins also had a debit balance of $2,511,000 in accounts receivable
and for the allowance for doubtful accounts there was a credit balance of $92,000 (both
of which were at the end of the year). Based on this, what do you think is the amount of
account receivable that is written off during the year?
xx) none of the below
yy) $18,000
zz) $27,000
aaa)$45,000
bbb) From the following items, which one do you think is not a capital expenditure?
ccc)a replacement
ddd)a betterment
eee)an addition
fff) repairs that maintain an asset in operating condition
ggg) From the below, which one of the following investments do you think would be suitably
accounted for under the equity method?

hhh)a 15% investment in the common shares of a company where significant influence
exists
iii) obtained 25% investment in subordinated non-voting shares of a company
jjj) a 20% investment in common shares of a company where there is no significant
influence
kkk)a 30% investment in preferred shares of a company
lll) Pepsi Ltd. has incurred $300,000 of average accumulated expenditures during
construction of assets that qualified for capitalization of interest during the 2006 period.
During 2006, only debt outstanding was $400000, 10%, 5-year note payable dated on
January 1st, 2004. During 2006, what amount of interest should be capitalized by Pepsi?
mmm)$40,000
nnn)$30,000
ooo)$10,000
ppp)$0
qqq) Which one of the following does the cost of land NOT include
rrr) special assessments
sss) costs of improvements with limited lives
ttt) costs of removing old buildings
uuu)costs of grading, filling, draining, and clearing
vvv) Which of the following is true for a held-for-trading investment in bonds?
www)Any interest that is earned is adjusted for the amortization of the discount or
premium.
xxx)Because it is a temporary investment, interest is not paid to the investor.
yyy)The discount or premium is not amortized.
zzz)It is usually purchased at its face value.

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