Kieso Intermediate Accounting, Fourteenth Edition

CHECKLIST OF KEY FIGURES to accompany Kieso Intermediate Accounting, Fourteenth Edition © John Wiley & Sons, Inc.

Chapter 3 5-5 Total assets, $3,115,000. 3-1 (c) Net income for September, $6,007. 5-6 (a) Net cash provided by operating activities, (e) Post-closing trial balance, total debits, $36,975. $19,200. 3-2 (b) Net income, $36,450. (b) Total assets, $252,000. Total assets, $67,000. 5-7 (a) Net cash provided by operating activities, 3-4 (b) Adjusted trial balance total $1,004,700. $41,200. (c) Net loss $(5,600). (b) Total assets, $289,200. Total assets, $202,900. F.R.P. (e) (2) Cash debt coverage ratio, .20:1. (e) Post-closing trial balance total, $241,900. C.A.C. (f) Free cash flow (PepsiCo), $1,936. 3-5 (b) 4. Salaries and wages expense, $62,300. F.S.A.C.4(a) Free cash flow-Current year, $486. 3-6 (b) Net income, $50,620. Total assets, $101,400. Chapter 6 3-7 (b) Net income, $2,510. 6-1 (b) Combined present value (purchase price), Total assets, $23,430. $264,663. 3-8 (b) Net income, $38,810. (d) Cost of tractor, $44,838. Total assets, $68,790. 6-2 (a) R=$8,461. 3-9 (c) Adjusted trial balance total, $839,660. 6-3 PV of outflows (Bid A), $129,881. (d) Net income credited to Retained Earnings, 6-4 PV of annuity, $286,297. $31,640. 6-5 PV of option (c), $64,315. 3-10 (c) Retained Earnings credit, $45,790. 6-6 PV of net cash inflows, $66,936. 3-11 (a) Net loss, cash basis, $31,500. 6-7 (c) Amount received on sale of note, $738,223. Net income, accrual basis, $13,900. 6-8 Total cost from Vendor A, $175,602. (b) Total assets, cash basis, $58,500. 6-9 (b) Fair value of note, $83,056. Total assets, accrual basis, $108,900. 6-10 1. Net purchase costs, $2,151,396. 3-12 (a) Total debits, adjustments column, $59,200. 6-11 (c) Annual deposit, $9,419. (b) Total assets, $203,500. 6-13 Total estimated liability, $12,810. (e) Post-closing trial balance total, $245,500. 6-14 Estimated fair value, $9,672. C.A.C. (a) PepsiCo’s percentage increase, 10.7%. 6-15 (a) PV of annuity, $64,269. (c) Coca-Cola’s PPE & IA, $11,982,000,000. F.S.A.C. (b) Present value of net cash flows, $298,422. F.S.A.C. (a) Percentage change in: sales 2008, 8.88%; net P.S. Combined PV (Proceeds), $107,985. earnings 2008, 3.99%. Chapter 7 Chapter 4 7-1 (b) Current ratio after adjustment, 1.75 to 1. 4-1 Income from continuing operations, $2,416,000. 7-2 4. Accounts receivable balance before deducting Net income, $1,496,000. allowance for doubtful accounts, $1,010,000. 4-2 Net income, $86,100. 7-3 (a) Allowance for Doubtful Accounts, $45,000. 4-3 Income from continuing operations, $618,150. 7-4 (a) Balance adjusted, 12/31/12, $263,600. Net income, $489,050. 7-5 Adjustment to allowance for doubtful accounts, 4-4 (a) Net income, $221,525. $7,279.64. (b) Retained earnings, June 30, $494,825. 7-7 August 31 cash collected, $9,550. 4-6 (a) Net income for year, $52,300. 7-9 (a) Discount on notes receivable, credited, 4-7 Income from continuing operations, $744,000. $17,951. F.R.P. (c) Gross profit increase, 5%. (b) Interest revenue for 2013, $6,825. C.A.C. (b) Gross profit-2007 (PepsiCo), $21,436. 7-10 (a) Total long-term receivables, $1,097,148. F.S.A.C. 2 Earnings per share $.32. (c) Total interest income, $151,873. F.S.A.C. 3 (b) Hershey’s PSR, 2.02. 7-11 Total expenses, $52,320. P.S. (d) Net income, $476,000. 7-12 (b) Correct cash balance, $8,918. 7-13 Corrected balance, June 30, $5,403.95. Chapter 5 7-14 Correct cash balance, $51,478.69. 5-2 Total assets, $4,504,850. 7-15 (d) Impairment loss, $317,535. 5-3 Total assets, $1,154,200. C.A.C. (c) Receivables turnover (Coca-Cola), 9.1. 5-4 Total assets, $2,476,000. F.S.A.C. 2 Part 2 (a) Receivables turnover, 4.72. P.S. Total current assets, $183,012. Chapter 11 11-1 (a) Depreciation base (SL), $86,400. Chapter 8 11-2 Depreciation expense-2013 (SYD method), 8-1 4. Dollar-value LIFO inventory 12/31/13, $261,920. $19,250. 8-2 Adjusted inventory, $1,715,000. 11-3 (d) Depreciation expense-Machinery E, $5,600. 8-4 (b) LIFO inventory, $1,915. 11-4 (a) Trucks balance, 12/31/13, $152,000. 8-5 (b) LIFO inventory, $3,350. (b) Depreciation expense adjustment in 2013 8-6 (d) Perpetual LIFO cost of goods sold, $92,600. credit of $14,000. (f) Moving average inventory balance, $28,600. 11-5 (b) Depreciation expense (Bldg. and Mach.), 8-7 New amount for retained earnings at 2013, $226,400. $5,250. 8-8 (a) 6. Cost of goods sold, $11,799,080. 11-6 (c) Extraordinary loss, $1,360,000. 8-9 (b) Inventory at 12/31/12 $766,500. 11-7 Depletion Expense for 2012, $740,000. 8-10 Inventory at 12/31/12 $73,192. 11.8 (b) (2) Building cost, $198,000. 8-11 (a) Inventory at 12/31/12, $110,600. 11.9 (c) Loss on impairment, $1,900,000. F.S.A.C. 1 (a) Income before taxes, $17,846,000. 11-10 (13) $52,000. F.S.A.C. 3 FIFO cost of sales-09, $34,451. 11-11 (b) Depreciation expense - year 2 (2011) (SYD method), $23,800. Chapter 9 11-12 (a) Accumulated depreciation (DDB method), 9-2 (a) 2. Loss due to market decline, $7,100. 12/31/12, $806,400. 9-4 Fire loss on inventory, $58,250. C.A.C. (c) (3) Rate of return on assets (PepsiCo), 15.68%. 9-5 Inventory fire loss, $50,700. P.S. Gain on sale, $29,000. 9-6 (b) Inventory at lower-of-average-cost-or-market, $52,290. Chapter 12 9-7 Ending inventory at cost, $305,000. 12-1 Patent amortization for 2012, $9,170. 9-8 (a) Ending inventory at lower-of-cost-or-market, 12-2 (c) Carrying value, 12/31/13, $31,200. $64,588. 12-3 (b) Total intangible assets 2012, $61,288. 9-9 (a) Raw materials inventory, $237,400. 12-4 (b) Patent, $72,600. 9-10 Loss due to market decline, $950. 12-5 (c) Impairment loss, $200,000. 9-11 (b) Cost of ending inventory using dollar-value 12-6 (a) Total intangibles, $203,700. LIFO, $39,072. F.R.P. (b) Percentage of sales revenue on R&D-2009, 9-12 (b) Estimated ending inventory at LIFO cost, 2.59%. $83,000. C.A.C. (a) (2) Intangibles as a percentage of total assets 9-13 (b) Cost of 12/31/12 ending inventory under LIFO, (PepsiCo), 22.98%. $23,615. P.S. Impairment loss, $21,125. 9-14 (b) Cost of ending inventory under LIFO retail, $34,500. Chapter 13 (c) Cost of 2013 ending inventory under dollar-value 13-3 Total income tax withholding for month, $416. LIFO, $32,190. 13-4 (a) Total income tax withholding, $3,350. F.R.P. (d) Inventory turnover 5.09. 13-5 (b) Warranty expense, $136,000. C.A.C. (d) Days to sell inventory (PepsiCo), 47 days. 13-7 (a) (3) Warranty expense, $117,000. P.S. Loss due to market decline, $4,000. 13-8 Cost of estimated claims outstanding, $23,100. 13-9 (b) Premium expense for 2013, $78,000. Chapter 10 13.12 (3) Premium expense for 2012, $54,000. 10-1 (a) Land balance- 12/31/12, $1,614,000. 13-14 1. Liability balance 12/31/13, $224,300. 10-2 (a) Machinery and equipment balance- 12/31/12, F.R.P. (b) Acid-test ratio, .34. $1,295,000. C.A.C. (b) Acid-test ratio (Coca-Cola), .94. 10-3 (a) 1. Land, $188,700. Building, $136,250. Chapter 14 10-5 (b) Cost of building, $3,423,000. 14-1 (e) Bond interest expense -2006, $11,322. 10.6 (b) Building balance- 12/31/13, $682,248. 14.2 (c) Loss on redemption, 58,195. 10.7 (b) Avoidable interest, $140,000. 14.3 (c) Quarterly payments, $4,503. 10-8 3. Gain recognized-Liston, $10,000. 14-4 (a) Loss on bond redemption, 1/2/13, $180,000. 10-9 (b) Gain recognized-Wiggins, $2,400. 14-5 1. Discount on bonds (Sanford Co.), 3/1/12, 10-10 (d) Gain recognized-Marshall, $7,000. $27,910. 10-11 (b) Transaction 1, asset cost, $23,115. Discount on Bonds Payable credited 12/31/12, F.S.A.C. (d) Free cash flow, $8,879,000,000. $2,350. P.S. Pretax loss, $4,000. 2. Premium on Bonds Payable (Titania) debited 12/1/12, $2,707. 14-6 Gain on Redemption of Bonds credited 4/1/13, $12,351.72. 17-11 (a) 8. Securities fair value adjustment, 12/31/13 14-7 (d) Loss on bond redemption, 3/1/13, $369,000. $4,200. 14-8 (b) Depreciation expense-2013, $67,961.20. 17-12 (c) Loss on Investments, $10,800. (c) Interest expense-2014, $45,078.66. 17-13 (d) Value of call option, $1,230. 14-9 (b) Discount on Notes Payable credited, 12/31/12, 17-15 (d) Value of put option, $3,225. $10,598.82. 17-16 (a) (3) Cash settlement, $50,000. (d) Interest Expense-2014, $5,706.46. 17-17 (b) Unrealized holding gain, $5,000. 14-10 (b) Interest expense for 2012, $65,699. 17-18 (c) Other income (loss), $(335). 14-12 (b) Loss on restructuring of debt, $237,311. P.S. Securities fair value adjustment, 12/31/12, 14-13 (c) Frontenac National Bank’s loss on restructuring, $29,700. $1,243,400. 14-14 (c) Loss on restructuring of debt, $63,000. Chapter 18 F.R.P. (b) Times interest earned, 12.28 times. 18-1 (b) Revenue to be recognized in 2012 (Depp), C.A.C. (a) Times interest earned (Coca-Cola), 26.2 times. $9,000,000. P.S. Bond price, $5,307,228.36. 18-2 (a) Gross profit recognized in 2013, $90,000. 18-3 (a) Gross profit recognized in 2013, $390,000. Chapter 15 18-4 (a) Gross profit recognized in 2013, $410,000. 15-1 (b) Total stockholders’ equity, $933,300. 18-6 (a) Loss recognized in 2013, $130,000. 15-2 (b) Total stockholders' equity, $844,600. 18-7 (a) Loss recognized in 2013, $180,000. 15-3 Total stockholders’ equity, $45,942,000. 18-8 (a) Gross profit realized in 2014, 98,400. 15-6 (b) Total stockholders’ equity, $760,100. 18-9 Gross profit realized on installment sales, 2014, 15-7 (a) Cash dividend to common, $89,610. $113,600. 15-9 Total paid-in capital, $1,028,700. 18-10 (b) Gross profit realized in 2013, $72,400. Total stockholders’ equity, $1,246,900. 18-11 (a) Loss on repossession, $5,600. 15-11 (c) Total stockholders’ equity, $61,900,000. 18-12 (a) Rate of gross profit, 2013, 38%. 15-12 Total paid-in capital, $5,737,300. (b) Net income for 2013, $91,200. Total stockholders’ equity, $6,088,000. 18-13 5. Loss on repossession, $116. F.R.P. (f) Return on common stock equity, 2009, 20.4%. 18-14 (a) 1. Cost of goods sold, 2014, $112,200. C.A.C. (f) Rate of return on common stock equity, 2009 (c) Loss on repossessions, 2014, $1,420. (Coca-Cola), 30.2%. (d) Net income for 2014, $11,144. 18-15 (b) Loss to be recognized, 2013, $300,000. Chapter 16 18-16 Gross profit recognized in 2013, $135,000. 16-1 (b) Total stockholders’ equity, $5,078,000. 18-17 (b) Gross profit, $109,200. 16-2 (c) Total bond interest expense for 2013, $292,675. P.S. Net income, $1,364,600. 16-5 (b) Diluted EPS, $1.28. 16-6 (b) Weighted shares 5/31/13, 2,200,000. Chapter 19 16-7 (b) Shares to compute diluted EPS, 5,791,000. 19-1 (c) Deferred tax asset, $14,000; liability, $42,000. (c) Adjusted net income for basic EPS, $10,350,000. (d) Net income $542,000. 16-8 (b) Diluted EPS, $1.56. 19-2 (a) Deferred tax liability in 2012, $49,000; in 16-9 (b) 2012 EPS, $.10. 2013, $7,000 + $50,000; in 2014, $48,000; P.S. Diluted EPS, $2.56. Deferred tax benefit in 2015, $44,000. (b) Net income for 2013, $173,000. Chapter 17 19-3 (b) Income tax expense, $469,000. 17-1 (f) Securities fair value adjustment, 12/31/13, $122. (c) Net income, $931,000. 17-2 (d) Securities fair value adjustment, 12/31/13, 19-4 (a) Taxable income for 2012, $744,200. $10,348. (b) Income tax expense for 2012, $227,760. 17-3 (c) Securities fair value adjustment, 12/31/12, 19-5 (c) Net loss, $113,000. $15,751. (d) Income tax payable for 2013, $8,000. 17-4 (c) Securities fair value adjustment, 12/31/13, 19-6 1. Deferred tax asset, $560. $16,292. 2. Deferred tax asset, $690. 17-5 (c) Securities fair value adjustment, 12/31/13, 19-7 (a) Deferred tax liability in 2012, $16,000; $18,620. deferred tax benefit in 2013, $7,000; in 2014, 17-6 (a) 3. Securities fair value adjustment, 9/30/12, $7,000. $9,000. 19-8 (b) Income tax expense for 2012, $106,000. 17-7 (a) Securities fair value adjustment, 12/31, $26,000. (d) Deferred tax asset (current), $30,000. 17-8 (a) 1. Securities fair value adjustment (trading), Deferred tax asset (noncurrent), $54,000. $80,000. 19-9 (a) Taxable income, $62,000. 17-9 (b) Securities fair value adjustment, $27,000. (b) Deferred tax asset, $2,000; liability $18,000. 17-10 (b) Comprehensive income, $55,000. P.S. Taxable income, $55,100. 23-2 Net cash provided by operating activities, $7,300. Chapter 20 23-3 Cash payments for merchandise, $1,270. 20-1 (a) Pension expense 2012, $348,000; 2013, $450,640. 23-4 Cash payments for operating expenses, $226,350. 20-2 (a) Pension expense 2011, $21,000; 2012, $95,100; 23-5 Net cash used by operating activities, $22,207. 2013, $89,370. Net cash used by investing activities, $274,404. 20-3 (a) Pension expense for 2012, $85,000. 23-6 (a) Net cash provided by operating activities, 20-4 (a) Pension expense for 2012, $109,000. $43,425. 20-5 (a) Pension expense for 2014, $131,367. 23-7 (b) Cash received from customers, $1,238,250. 20-6 (b) Pension expense for 2012, $566,667. Net cash provided by operating activities, (d) Net gain, 12/31/12, $875,000. $151,250. 20-7 Pension expense for 2012, $146,100. 23-8 (a) Net cash provided by operating activities, 20-8 (a) Pension expense for 2012, $129,000; 2013, $48,000. $134,223. 23-9 Net cash provided by operating activities, $2,500. 20-9 (c) Pension expense for 2013, $432,440. C.A.C. (e)1. Current cash debt coverage ratio, 20-10 (a) Pension expense for 2012, $60,500. (PepsiCo), .77:1. 20-11 (a) Pension expense for 2013, $102,292. F.S.A.C. (b) Cash debt coverage ratio, .070:1. 20-12 (a) Pension expense for 2013, $59,700 20-13 (a) Postretirement expense for 2012, $80,000. Chapter 24 20-14 (c) Postretirement expense for 2013, $221,800. 24-1 Total current assets, $1,620,800. P.S. Pension expense, $113,250. 24-2 (b) Revenues from reportable segments, $575,000. Chapter 21 24-3 (a) (4) Return on assets for 2013, 20.4%. 21-1 (c) Present value of minimum lease payments, (c) Net income for 2015, $536.6. $681,741. 24-4 (b) Percent change for total assets, 19.93%. 21-3 (a) Present value of lease payments, $3,000,000. 24-5 (b) 2013: Rate of return on assets, 10.9%; Price- (e) Interest expense for 12/31/12, $206,882. earnings, 7.5 times; Current ratio, 1.82:1. 21-4 (b) 1. Interest expense, $5,942. F.S.A.C.(a) Times interest earned, 8.84. 3. Interest expense, $22,795. Asset turnover, 1.85 times. 21-5 (b) 1. Interest revenue, $5,942. 3. Interest revenue, $22,795. 21-6 (a) Balance of lease liability, 1/1/14, $331,521. 21-7 (b) Balance of lease liability, 12/31/14, $69,420. 21-8 (e) Balance of lease liability, 1/1/13, $328,012. 21-10 (b) Lease receivable, beginning of year 6, $139,213. 21-11 (b) Lease liability at beginning of year 8, $69,423. 21-12 (a) Discounted present value, 1/1/12, $7,635,410. 21-13 (b) Lease receivable, beginning of year 7, $159,454. Total interest on lease receivable, $203,676. 21-14 (b) Lease liability, beginning of year 7, $159,454. 21-16 (b) Lessee interest expense, 12/31/12, $17,109. F.S.A.C. (a) PV of future lease payments,$2,306,000. P.S. Balance of lease liability, 1/1/14, $227,201.94.

Chapter 22 22-1 (a) 2. Depreciation expense-2012, $20,250. 22-2 (b) Net income for 2013, $274,000. 22-3 3. Depreciation expense decrease, $4,800. 22-4 (a) Net income, $3,500,000. 22-5 Net income for 2012, $514. 22-6 (b) Retained earnings at 12/31/12, $874,700. 22-9 Corrected net income, 2012, $38,740. 22-10 (a) Corrected income before taxes, 2011, $65,744; 2012, $117,335; 2013, $94,611. 22-11 (b) Income from investment for 2013, $170,000. 22-12 Prior period adjustment, 1/2/13, $19,000. P.S. Diluted EPS, $2.63.

Chapter 23 23-1 Net cash provided by operating activities, $425,000.