3-1



Checklist of Key Figures

to accompany

Kieso Intermediate Accounting, Twelfth Edition

© John Wiley & Sons, Inc.

Chapter 3

3-1 (c ) Net income for September, $5,707.

(e ) Post-closing trial balance, total debits, $36,675.

3-2 (b ) Net income, $34,450.

Total assets, $65,000.

3-4 (b ) Adjusted trial balance total $1,005,700.

(c ) Net loss $(6,600).

Total assets, $201,900.

(e ) Post-closing trial balance total, $241,900.

3-6 (b ) Net income, $51,095.

Total assets, $102,775.

3-7 (b ) Net income, $31,500.

Total assets, $63,250.

3-8 (c ) Adjusted trial balance total, $840,650.

(d ) Net income credited to Retained Earnings, $30,250.

3-9 (c ) Retained Earnings credit, $53,790.

3-10 (a ) Net loss, cash basis, $38,250.

Net income, accrual basis, $17,000.

(b ) Total assets, cash basis, $51,750.

Total assets, accrual basis, $112,000.

3-11 (a ) Total debits, adjustments column, $62,200.

(b ) Total assets, $199,500.

(e ) Post-closing trial balance total, $242,500.

F.S.A.C. (a ) Percentage change in: sales, 6.11%; net income, 9.18%.

C.A.C. (a ) PepsiCo’s percentage increase, 10.5%.

(c ) Coca-Cola’s PPE & IA, $6,793,000,000.

P.S. Total assets, $62,500.

Chapter 4

4-1 Income from continuing operations, $1,755,000.

Net income, $835,000.

4-2 Net income, $61,500.

4-3 Income from continuing operations, $578,150.

Net income, $454,450.

4-4 (a ) Net income, $290,525.

(b ) Retained earnings, June 30, $568,825.

4-6 (a ) Net income for year, $62,300.

4-7 Income from continuing operations, $747,720.

F.R.P. (c ) Gross profit increase, 24%.

F.S.A.C. 2 Earnings per share $.32.

F.S.A.C. 3 (b ) Hershey’s PSR, 3.18.

C.A.C. (b ) Gross profit-2004 (PepsiCo), $15,855.

P.S. (d ) Net income, $665,000.

Chapter 5

5-2 Total assets, $4,704,850.

5-3 Total assets, $1,354,200.

5-4 Total assets, $2,276,000.

5-5 Total assets, $3,079,000.

5-6 (a ) Net cash provided by operating activities, $20,200.

(b ) Total assets, $256,000.

5-7 (a ) Net cash provided by operating activities, $39,200.

(b ) Total assets, $285,200.

F.R.P. (e ) (2) Cash debt coverage ratio, .28:1.

F.S.A.C. 4(a ) Free cash flow-03, $346.

C.A.C. (f ) Free cash flow (PepsiCo), $2,338,000,000.

Chapter 6

6-1 (b ) Combined present value (purchase price), $176,442.14.

(d ) Cost of tractor, $44,838.20.

6-2 (a ) R=$6,581.03.

6-3 PV of outflows (Bid A), $116,774.36.

6-4 PV of annuity, $493,067.40.

6-5 PV of option (c ), $59,168.54.

6-6 PV of net cash inflows, $76,895.32.

6-7 (c ) Amount received on sale of note, $553,667.52.

6-8 Total cost from Vendor A, $147,168.55.

6-9 (b ) Fair value of note, $66,444.60.

6-10 1. Net purchase costs, $1,961,856.

6-11 (c ) Annual deposit, $8,196.

6-13 Total estimated liability, $12,320.06.

6-14 Estimated fair value, $8,839.48.

6-15 (b ) Annual deposit, $4,886.59.

6-16 (b ) Purchase price, $85,186.34.

6-17 (a ) Annual receipt, $14,751.41.

F.S.A.C. (b ) Present value of net cash flows, $248,685.

P.S. Combined PV (Proceeds), $107,985.10.

Chapter 7

7-1 (b ) Current ratio after adjustment, 1.78 to 1.

7-2 4. Accounts receivable balance, $1,010,000.

7-3 (a ) Allowance for Doubtful Accounts, $50,000.

7-4 Balance adjusted, 12/31/07, $254,600.

7-5 Adjustment to allowance for doubtful accounts, $7,374.64.

7-7 (a ) August 31 cash collected, $4,700.

7-9 (a ) Discount on notes receivable, credited, $16,155.90.

(b ) Interest revenue for 2008, $6,142.85.

7-10 (a ) Total long-term receivables, $1,284,021.

(c ) Total interest income, $180,046.

7-11 Total expenses, $72,920.

7-12 (b ) Correct cash balance, $9,218.

7-13 Corrected balance, June 30, $4,903.95.

7-14 Correct cash balance, $49,978.69.

F.S.A.C. 2 Receivables turnover, 6.65.

C.A.C. (c ) Receivables turnover (Coca-Cola), 10.3.

P.S. Total current assets, $192,550.

Chapter 8

8-1 4. Dollar-value LIFO inventory, $259,920.

8-2 Adjusted inventory, $1,704,000.

8-4 (b ) LIFO inventory, $1,660.

8-5 (b ) LIFO inventory, $3,020.

8-6 (d ) Perpetual LIFO cost of goods sold, $88,000.

(f ) Moving average inventory balance, $33,000.

8-7 New amount for retained earnings at 12/31/08 $215,600.

8-8 (a ) 6. Cost of goods sold, $11,581,770.

8-9 (b ) Inventory at 12/31/07 $654,950.

8-10 Inventory at 12/31/07 $75,602.

8-11 (a ) Inventory at 12/31/06, $131,900.

F.S.A.C. 1 (a ) Income before taxes, $17,846,000.

F.S.A.C. 3 FIFO cost of sales-04, $24,730.

Chapter 9

9-2 (a ) 2. Loss due to market decline, $6,500.

9-4 Fire loss on inventory, $45,010.

9-5 Inventory fire loss, $49,690.

9-6 (b ) Inventory at lower of average cost or market, $60,366.

9-7 Ending inventory at cost, $284,760.

9-8 (a )Ending inventory at lower of cost or market, $69,160.

9-9 (a )Raw materials inventory, $227,400.

9-10 Loss due to market decline, $680.

9-11 (b ) Cost of ending inventory using dollar-value LIFO, $35,292.

9-12 (b ) Estimated ending inventory at LIFO cost, $75,300.

9-13 (b ) Cost of 12/31/07 ending inventory under LIFO, $26,185.

9-14 (b ) Cost of ending inventory under LIFO retail, $36,225.

(c ) Cost of 2007 ending inventory under dollar-value LIFO, $33,855.

F.R.P. (d ) Inventory turnover 6.24.

C.A.C. (d ) Days to sell inventory (PepsiCo), 40 days.

P.S. Loss due to market decline, $4,000.

Chapter 10

10-1 (a ) Land balance- 12/31/07, $1,614,000.

10-2 (a ) Machinery and equipment balance- 12/31/07, $1,295,000.

10-3 (a ) 1. Land, $180,700.

Building, $146,250.

10-5 (b ) Cost of building, $3,413,000.

6. (b ) Building balance- 12/31/06, $712,788.80.

7. (b ) Avoidable interest, $195,000.

10-8 3. Gain recognized-Shawnee, $15,000.

10-9 (b ) Gain recognized-Bontemps, $3,400.

10-10 (d ) Gain recognized-Garrison, $7,000.

10-11 (b ) Transaction 1, asset cost, $16,775.

F.S.A.C. (d ) Free cash flow, $5,705,000,000.

P.S. Pretax loss, $1,000.

Chapter 11

11-1 (a ) Depreciation base (SL), $75,600.

11-2 Depreciation expense-2008 (SYD method), $14,438.

11-3 (d ) Depreciation expense-Asset E, $4,400.

11-4 (a ) Semitrucks balance, 12/31/08, $92,000.

(b ) Depreciation expense adjustment in 2008 credit of $13,800.

11-5 (b ) Depreciation expense (Bldg. and Mach.), $6,300.

11-6 (c ) Extraordinary loss, $1,360,000.

11-7 Depletion for 2009, $1,040,562.

8. (a ) (2) Building cost, $205,600.

9. Loss on impairment, $1,600,000.

11-10 (13) $52,000.

11-11 (b ) Depreciation expense - year 2 (SYD method), $20,400.

11-12 (a ) Accumulated depreciation (DDB method), 12/31/07, $862,400.

C.A.C. (c ) (3) Rate of return on assets (PepsiCo), 15.8%.

P.S. Gain on sale, $29,000.

Chapter 12

12-1 Patent amortization for 2007, $8,170.

12-2 (c ) Carrying value, 12/31/07, $29,760.

12-3 (b ) Total expenses for 2007, $63,028.

12-4 (b ) Patent, $66,000.

12-5 (c ) Impairment loss, $300,000.

12-6 (a ) Total intangibles, $179,750.

F.R.P. (b ) Percentage of sales revenue-2004, 3.51%.

C.A.C. (a ) (2) Percentage of total assets (PepsiCo), 19.4%.

P.S. Impairment loss, $21,125.

Chapter 13

13-3 Total income tax withholding for month, $392.

13-4 (a) Total income tax withholding, $3,550.

13-5 (b) Warranty expense, $102,000.

13-7 (a) (3) Warranty expense, $120,250.

13-8 Cost of estimated claims outstanding, $21,300.

13-9 (b) Premium expense for 2008, $31,200.

12. (3) Premium expense for 2007, $75,600.

13-14 (d ) Bonus, $141,791.04.

13-15 2. Contribution, $135,000.

F.R.P. (b ) Acid-test ratio, .45.

C.A.C. (b ) Acid-test ratio (Coca-Cola), .81.

Chapter 14

14-1 (e) Bond interest expense -2000, $11,322.

2. (c) Loss on redemption, 32,708.

3. (c) Quarterly payments, $3,378.

14-4 (a) Loss on bond redemption, 1/2/08, $300,000.

14-5 1. Discount on bonds (Ferry Co.), 3/1/07, $13,955.

Discount on Bonds Payable credited 12/31/07,

$1,175.

2. Premium on Bonds Payable debited 12/1/07,

$4,061.

14-6 Gain on Retirement of Bonds credited 4/1/08, $14,410.34.

14-7 (d) Loss on bond redemption, 3/1/08, $184,500.

14-8 (b) Depreciation expense-2008, $44,640.80.

(c ) Interest expense-2009, $30,052.44.

14-9 (b) Discount on Notes Payable credited, 12/31/08, $6,185.04.

(d) Interest Expense-2009, $4,279.84.

14-10 (b) Interest expense for 2007, $46,928.

14-12 (d) Loss due to impairment, $317,535.

14-13 (b) Loss on restructuring, $158,208.

14-14 (c) Botticelli National Bank’s loss on restructuring, $746,040.

14-15 (c) Loss on restructuring, $21,000.

F.R.P. (b) Times interest earned, 15.86 times.

C.A.C. (a) Times interest earned (Coca-Cola), 32.74 times.

P.S. Bond price, $5,307,228.36.

Chapter 15

15-1 (b) Total stockholders’ equity, $879,700.

15-2 (b )Total stockholders' equity, $826,600.

15-3 Total stockholders’ equity, $45,680,000.

15-6 (b) Total stockholders’ equity, $758,180.

15-7 (a) Cash dividend to common, $89,190.

15-9 Total paid-in capital, $917,700.

Total stockholders’ equity, $1,133,300.

15-11 (c) Total stockholders’ equity, $53,500,000.

15-12 Total paid-in capital, $6,067,300.

Total stockholders’ equity, $6,408,000.

F.R.P. (f) Rate of return on common stock equity, 2004, 41.8%.

C.A.C. (f) Rate of return on common stock equity, 2004 (Coca-Cola), 32.3%.

Chapter 16

16-1 (b) Total stockholders’ equity, $4,861,385.

16-2 (c) Total bond interest expense for 2008, $175,756.

16-4 (b) Diluted EPS, $1.26.

16-5 (b) Weighted shares 5/31/07, $3,400,000.

16-6 (b) Shares to compute diluted EPS, $7,891,000.

(c) Adjusted net income for basic EPS, $11,900,000.

16-7 (b) Diluted EPS, $1.62.

16-8 (b) 2007 EPS, $.11.

P.S. Diluted EPS, $2.56.

Chapter 17

17-1 (f) Securities fair value adjustment, 12/31/07, $122.

17-2 (d) Securities fair value adjustment, 12/31/08, $6,861.

17-3 (c) Securities fair value adjustment, 12/31/06, $27,751.

17-4 (c) Securities fair value adjustment, 12/31/07, $21,292.

17-5 (c) Securities fair value adjustment, 12/31/07, $30,620.

17-6 (a) 3. Securities fair value adjustment, 9/30/07, $19,000.

17-7 (a) Securities fair value adjustment, 12/31, $34,000.

17-8 (a) 1. Securities fair value adjustment (trading), $180,000.

17-9 (b) Securities fair value adjustment, $47,000.

17-10 (b) Comprehensive income, $65,000.

17-11 (a) 8. Securities fair value adjustment, 12/31/07 $4,100.

17-12 (c) Loss on Sale of Securities, $15,800.

17-13 (d) Value of call option, $1,030.

17-15 (d) Value of put option, $1,225.

17-16 (a) (3) Cash settlement, $50,000.

17-17 (b) Unrealized holding gain, $5,000.

17-18 (c) Other income, $(335).

P.S. Securities fair value adjustment, 12/31/07, $29,700.

Chapter 18

18-1 (b) Revenue to be recognized in 2007 (Gina), $9,750,000.

18-2 (a) Gross profit recognized in 2009, $90,000.

18-3 (a) Gross profit recognized in 2009, $60,000.

18-4 (a) Gross profit recognized in 2009, $240,000.

18-6 (a) Loss recognized in 2008, $80,000.

18-7 (a) Loss recognized in 2008, $95,000.

18-8 (a) Gross profit realized in 2009, 102,900.

18-9 Gross margin realized on installment sales, 2009, $119,050.

18-10 (b) Gross profit realized in 2009, $70,440.

18-11 (a) Loss on repossession, $6,640.

18-12 (a) Rate of gross profit, 2009, 35%.

(b) Net income for 2009, $75,100.

18-13 5. Loss on repossession, $152.

18-14 (a) 1. Cost of goods sold, 2009, $112,200.

(c) Loss on repossessions, 2009, $1,800.80.

(d) Net income for 2009, $4,449.20.

18-15 (b) Loss to be recognized, 2006, $200,000.

18-16 Gross profit recognized in 2007, $70,000.

18-17 (b) Gross profit, $108,200.

P.S. Net income, $1,364,600.

Chapter 19

19-1 (c) Deferred tax asset, $14,000; liability, $35,000.

(d) Net income $589,000.

19-2 (a) Deferred tax liability in 2007, $45,500; in 2008, $6,500 + $50,000; in 2009, $44,000; Deferred tax benefit in 2010, $52,000.

(b) Net income for 2009, $173,500.

19-3 (b) Income tax expense, $469,000.

(c) Net income, $931,000.

19-4 (a) Taxable income for 2007, $864,200.

(b) Income tax expense for 2007, $257,760.

19-5 (c) Net loss, $126,000.

(d) Income tax payable for 2007, $4,000.

19-6 1. Deferred tax asset, $490.

2. Deferred tax asset, $600.

19-7 (a) Deferred tax liability in 2006, $14,000; deferred tax benefit in 2007, $6,000; in 2008, $6,000.

19-8 (b) Income tax expense for 2006, $124,000.

(d) Deferred tax asset (current), $30,000.

Deferred tax asset (noncurrent), $46,000.

19-9 (a) Taxable income, $55,100.

(b) Deferred tax asset, $1,200; liability $20,000.

P.S. Taxable income, $55,100.

Chapter 20

20-1 (a) Pension expense 2008, $318,000; 2009, $425,640.

20-2 (a) Pension expense 2008, $16,000; 2009, $89,700 ; 2010, $83,430.

20-3 (a) Pension expense for 2007, $81,286.

(c) Credit to additional pension liability, 12/31/07, 72,714.

20-4 (a) Pension expense for 2007, $100,000.

(c) Additional liability to report 2008,$40,000.

20-5 (a) Pension expense for 2009, $131,829.

(b) Credit to additional pension liability, 12/31/08, $48,950.

20-6 (b) Pension expense for 2007, $553,846.

(d) Unrecognized net gain, 12/31/07, $975,000.

20-7 Pension expense for 2009, $148,100.

20-8 (a) Pension expense for 2008, $134,000; 2009, $146,948.

20-9 (c) Pension expense for 2007, $433,440.

20-10 (a) Net periodic postretirement cost for 2008, $79,000.

P.S. Pension expense, $113,250.

Chapter 21

21-1 (c) Present value of minimum lease payments, $545,393.

21-3 (a) Present value of payments, $4,500,000.

(e) Interest expense/revenue for 2008, $310,324.

21-4 (b) 1. Interest expense, $3,962.

3. Interest expense, $15,197.

21-5 (b) 1. Interest revenue, $3,962.

3. Interest revenue, $15,197.

21-6 Balance of lease liability, 1/1/10, $173,101.

21-7 Balance of lease liability, 12/31/09, $54,081.

21-8 (e) Balance of lease liability, 1/1/09, $220,663.

21-10 (b) Lease receivable, beginning of year 6, $107,514.

21-11 (b) Lease liability at beginning of year 8, $52,067.

21-12 (a) Discounted present value, 1/1/06, $8,415,579.

21-13 (b) Lease receivable, beginning of year 7, $134,588.

Total interest on lease receivable, $171,266.

21-14 (b) Lease liability, beginning of year 7, $134,588.

21-16 (b) Lessee interest expense, 12/31/07, $14,385.

F.S.A.C. (d) Estimated liability, $3,131,300.

P.S. Balance of lease liability, 1/1/09, $227,201.94.

Chapter 22

22-1 (a) 2. Depreciation expense-2007, $20,250.

22-2 (b) Net income for 2008, $271,000.

22-3 3. Depreciation expense decrease, $4,800.

22-4 (a) Net income, $4,000,000.

22-5 Net income for 2007, $514.

Retained earnings at 5/31/06, $2,315.

22-6 (b) Retained earnings at 12/31/07, $654,000.

22-9 Corrected net income, 2008, $39,540.

22-10 (a) Corrected income before taxes, 2006, $65,877; 2007, $118,226; 2008, $94,819.

22-11 (b) Income from investment for 2007, $185,000.

22-12 Prior period adjustment, 1/2/07, $15,000.

Chapter 23

23-1 Net cash provided by operating activities, $430,000.

23-2 Net cash provided by operating activities, $5,300.

23-3 Cash payments for merchandise, $1,280.

23-4 Cash payments for operating expenses, $226,350.

23-5 Net cash used by operating activites, $29,207.

Net cash used by investing activities, $276,404.

23-6 (a) Net cash provided by operating activities, $41,425.

23-7 (b) Cash received from customers, $1,233,250.

Net cash provided by operating activities, $156,250.

23-8 (a) Net cash provided by operating activities, $60,000.

23-9 Net cash provided by operating activities, $1,500.

F.S.A.C. (b) Cash debt coverage ratio, .070:1.

C.A.C. (e)1. Current cash debt coverage ratio, (PepsiCo), .77:1.

Chapter 24

24-1 Total current assets, $1,505,800.

24-2 (b) Revenues from reportable segments, $580,000.

24-3 (a) (4) Return on assets for 2007, 20.4%.

(c) Net income for 2009, $536.6.

24-4 (b) Percent change for total assets, 19.93%.

24-5 (b) 2007: Rate of return on assets, 13.2%; Price-earnings, 6.2 times; Current ratio, 1.82:1.

F.S.A.C. (a) Times interest earned, 8.84.

Asset turnover, 1.85 times.

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