Questions from Intermediate Accounting

Q: At January 1, 2012, Eikenberry Inc. had accounts receivable

At January 1, 2012, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2012, accounts receivable is $54,000. Sales for 2012 total $420,000. Compute Eikenberry’s 2012 cash receipts fro...

Q: At December 31, 2012, Besler Corporation had a projected benefit

At December 31, 2012, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income. Determin...

Q: AMR Corporation (parent company of American Airlines) reported the following

AMR Corporation (parent company of American Airlines) reported the following for 2009 (in millions). Service cost ………………………………………………….. $333 Interest on P.B.O. …………………………………………… 712 Return on plan ass...

Q: Use the information for IBM from BE21-6. Assume the

Use the information for IBM from BE21-6. Assume the direct-financing lease was recorded at a present value of $150,000. Prepare IBM’s December 31, 2012, entry to record interest. In BE21-6 Assume tha...

Q: Moxley Corporation had January 1 and December 31 balances as follows.

Moxley Corporation had January 1 and December 31 balances as follows. For 2012, cost of goods sold was $500,000. Compute Moxley’s 2012 cash payments to suppliers.

Q: Shin Corporation had a projected benefit obligation of $3,100

Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at January 1, 2012. Shin also had a net actuarial loss of $465,000 in accumulated OCI at January 1, 2012...

Q: Jennifer Brent Corporation owns equipment that cost $80,000 and

Jennifer Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no salvage value. On January 1, 2012, Jennifer Brent leases the equipment to Donna Havaci Inc. for one...

Q: In 2012, Elbert Corporation had net cash provided by operating activities

In 2012, Elbert Corporation had net cash provided by operating activities of $531,000; net cash used by investing activities of $963,000; and net cash provided by financing activities of $585,000. At...

Q: Hawkins Corporation has the following balances at December 31, 2012.

Hawkins Corporation has the following balances at December 31, 2012. Projected benefi t obligation …………………………. $2,600,000 Plan assets at fair value ………………………………….. 2,000,000 Accumulated OCI (PSC) …………...

Q: Indiana Jones Corporation enters into a 6-year lease of equipment

Indiana Jones Corporation enters into a 6-year lease of equipment on January 1, 2012, which requires 6 annual payments of $40,000 each, beginning January 1, 2012. In addition, Indiana Jones guarantees...