Questions from Financial Accounting

Q: Refer to the conceptual revenue recognition guidance given in Appendix 8.

Refer to the conceptual revenue recognition guidance given in Appendix 8.1. Applying this conceptual guidance, discuss the timing of revenue recognition and any related measurement issues. a. Company...

Q: Information related to marketable equity securities of Callahan Corporation appears on the

Information related to marketable equity securities of Callahan Corporation appears on the next page. a. Assume these securities are trading securities. Indicate the nature and amount of income reco...

Q: A bank reports the following information relating to its marketable securities classified

A bank reports the following information relating to its marketable securities classified as available-for-sale securities for a recent year (amounts in millions of US$): Cash proceeds from sales an...

Q: Federal Stores owns several retail store chains. On August 30,

Federal Stores owns several retail store chains. On August 30, 2013, it sold all of the credit card receivables of its department store chains to Community Bank. Exhibit 12.16 reports the sale of thes...

Q: Present journal entries for each of the following transactions of Moon Macro

Present journal entries for each of the following transactions of Moon Macro systems: a. Acquired computers costing $400,000 and computer software costing $40,000 on January 1, 2011. Moon expects the...

Q: Cloud Airlines has $3 billion of assets, including airplanes costing

Cloud Airlines has $3 billion of assets, including airplanes costing $2.5 billion with net carrying value of $1.6 billion. It earns net income equal to approximately 6% of total assets. Cloud Airlines...

Q: Give the journal entry to recognize an impairment loss, if appropriate

Give the journal entry to recognize an impairment loss, if appropriate, in each of the following cases under U.S. GAAP. If a loss does not qualify as an impairment loss, explain the reason, and indica...

Q: Pfizer, a pharmaceutical company, plans to spend $90 million

Pfizer, a pharmaceutical company, plans to spend $90 million on research and development (R&D) at the beginning of each of the next several years to develop new drugs. As a result of the R&D expenditu...

Q: Exhibit 10.2 presents a partial balance sheet for Comerica Mills

Exhibit 10.2 presents a partial balance sheet for Comerica Mills, Inc., a consumer foods processing company, for its fiscal years ending May 28, 2012, and May 27, 2013. Exhibit 10.2: a. Comerica Mi...

Q: Exhibit 10.3 presents a partial balance sheet for Hargon,

Exhibit 10.3 presents a partial balance sheet for Hargon, Inc., a creator and manufacturer of biotechnology pharmaceutical products, for December 31, 2012 and 2013. a. Does Hargon likely recognize dep...