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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