Premium Essay

Intermediate Accounting Ii

In: Business and Management

Submitted By bansach
Words 107484
Pages 430
SCHAUM’S OUTLINE OF

THEORY AND PROBLEMS
OF

INTERMEDIATE ACCOUNTING II
Second Edition

BARUCH ENGLARD, M.S., M.B.A., CPA Associate Professor of Accounting The College of Staten Island The City University of New York

SCHAUM’S OUTLINE SERIES

New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto

Copyright © 2007, 1992 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-151048-6 The material in this eBook also appears in the print version of this title: 0-07-146974-5. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com or (212) 904-4069. TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc. (“McGraw-Hill”) and its licensors reserve all rights in and to the work. Use of this work is subject to these terms. Except as permitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work, you may not decompile, disassemble, reverse engineer, reproduce, modify, create derivative works...

Similar Documents

Premium Essay

Intermediate Accounting Ii Writing Assignment 1

...Chapter 12 1P. |$ in millions| Investment in bonds (face amount)|80|| Discount on bond investment||14| Cash price of bonds||66| Cash at .04 x $80 million|3.2|| Discount on bond investment|0.1|| Interest revenue at .05 x $66||3.3| Cash at .04 x $80 million|3.2|| Discount on bond investment|0.11|| Interest revenue at .05 x ($66 + .1)||3.31| Fuzzy Monkey| Book Value| December 31, 2011| Investment in bonds|$80.00M|| Less: Discount on bond investment ($14 - .1 - .11M)|13.79M|| Amortized cost||$66.21M| If Fuzzy Monkey had the “positive intent and ability” to hold their securities until they matured, they will be classified as held to maturity and reported at the amortized cost on the balance sheet versus fair value. Operating cash flows: Cash inflow from interest - $3.2 + $3.2 = $6.4 Interest revenue using indirect method statement of cash flows- $3.3 + $3.31 = $6.61 net income Adjustment using above method - ($.21) Investing cash flows – cash outflow from buying investments of $66 3P. |$ in millions| Investment in bonds (face amount)|80|| Discount on bond investment||14| Cash price of bonds||66| Cash at .04 x $80 million|3.2|| Discount on bond investment|0.1|| Interest revenue at .05 x $66||3.3| Cash at .04 x $80 million|3.2|| Discount on bond investment|0.11|| Interest revenue at .05 x ($66 + .1)||3.31| Fuzzy Monkey| Book Value| December 31, 2011| Investment in bonds|$80.00M| Less: Discount......

Words: 768 - Pages: 4

Premium Essay

Intermediate Accounting Ii Week 7 Hw

...E 17-1 a.) 1.Trading d.) 2.Available-for-Sale b.) 2. Available-for-Sale e.) 3. Held-to-Maturity c.) 1.Trading f.) 2. Available-for-Sale E 17-2 Held-to-Maturity Securities 300,000 Cash 300,000 Cash (10% x 300,000) 30,000 Interest Revenue 30,000 Cash 30,000 Interest Revenue 30,000 E 17-9 a.)Fair Value Adjustment 1,300 Unrealized Holding Gain or Loss 1,300 b.) Current Assets Available-for-Sale Securities 54,500 c.) Cash 15,000 Loss on Sale of Securities 2,500 Available-for-Sale Securities 17,500 E 17-12 Situation 1 Available-for-Sale Securities ($14x20,000) 280,000 Cash 280,000 Cash (.10x75,000) 7,500 Dividend Revenue 7,500 Securities Fair Value Adjustment 20,000 Unrealized Holding Gain or Loss ($15-$14x20,000) 20,000 Situation 2 Equity Investment ({30,000x$9}x.25) 67,500 Cash 67,500 Cash (36,000x.25) 9,000 Equity Investment 9,000 Equity Investment (.25x85,000) 21,250 Revenue from Investment 21,250 E 17-16 a.) Available-for-Sale Securities 1,250,000 Cash 1,250,000 Cash ($.80x50,000) 40,000 Dividend Revenue 40,000 Cash 40,000 Dividend Revenue 40,000 Fair Value Adjustment ({$27x50,000}-1,250,000) 100,000 Unrealized Holding Gain or Loss 100,000 b.) Available-for-Sale Securities 1,250,000 Cash 1,250,000 Cash 40,000 Equity Investments 40,000 Cash 40,000 Equity Investments 40,000 Equity Investment......

Words: 287 - Pages: 2

Premium Essay

Ca Paper

...1/3 The Institute of Chartered Accountants of India INTERMEDIATE (INTEGRATED PROFESSIONAL COMPETENCE) EXAMINATION / ACCOUNTING TECHNICIAN EXAMINATION - MAY 2014 CANDIDATE DETAILS Name of Candidate : SWEETY AGARWAL DOB: 23/08/1994 Registration No : ERO0183077 Applied Date: 23/02/2014 Medium Opted : English Gender : Female E Mail : radhasurana8@gmail.com Control No: 4285300 Landline No: - Exam Applied : Intermediate (IPCE) Both Groups Examination Centre : Kolkata III Center Code: 309 Mobile No : 9230422289 Father's Name: ANIL AGARWAL Registration date of Intermediate(IPCC)/ATC/Inter/PEE-II/PCC: 20/07/2012 PIN :1994 Differently Abled :No Revalidation Date: - ENTRANCE/ FOUNDATION/ PEE-I/ CPT PASSING PARTICULARS Exam Passed CPT MONTH & YEAR 06, 2012 Roll No. 178973 PARTIAL INTERMEDIATE/ PEE-II/ PCE/ IPCE EXAMINATION PASSING DETAILS Exam Passed MONTH & YEAR Roll No. EXEMPTION DETAILS OF EXEMPTION SECURED IN ERSTWHILE PCE Month & Year Roll No P1 P2 P3 P4 P5 P6 EXEMPTION DETAILS OF EXEMPTION SECURED IN IPCE/ATE Month & Year PAYMENT DETAILS Total Amount: 1600 INR Transaction Date: 23/02/2014 Bank Transaction No: EFI_ERO0183077_1180823904 Roll No. P1 P2 P3 P4 P5 P6 P7 2/3 The Institute of Chartered Accountants of India INTERMEDIATE (INTEGRATED PROFESSIONAL COMPETENCE) EXAMINATION / ACCOUNTING TECHNICIAN EXAMINATION - MAY 2014 Registration No : ERO0183077 Control No: 4285300 DECLARATION BY THE STUDENT 1....

Words: 910 - Pages: 4

Free Essay

Accounting Case Study

...ACCOUNTING 320B INTERMEDIATE ACCOUNTING II SYLLABUS - Fall 2014 Instructor: Dr. N.J. Kim, CPA Office: ST 612 Office Hours: TR 8:35 – 9:40 am & R 4:00 – 6:00 pm Phone: (323) 343-2840 Email: nkim2@calstatela.edu Instructional Web site: http://instructional1.calstatela.edu/nkim2/ Connect URL: http://connect.mcgraw-hill.com/class/sec-3 Textbook: Intermediate Accounting, 7th Edition, Spiceland, Sepe and Nelson, McGraw-Hill, ISBN-9780078025327 (Hard copy, Volume II, or e-book with CONNECT available) Course Objectives and Description: Intermediate Accounting is designed to acquaint the student with current accounting theories and practices. In this second part of intermediate accounting, we will learn accounting for fixed assets, intangibles, long-term liabilities, investments, and stockholders’ equity. Statement of cash flows and accounting issues related with accounting changes and error correction are also covered in this class. Prerequisite: ACCT 320A or equivalent with a grade C or better Grading: Points are distributed as follows. Accounting majors must earn a grade of “C” or better in each accounting class taken to graduate. Midterms 100 250-300 A Final 130 210-249 B Participation & Attendance 10 180-209 C Comprehensive test 20 150-179 D Homework 40 Below 150 F Total 300 points A modified curve may be applied at the end of the quarter if necessary....

Words: 547 - Pages: 3

Premium Essay

Simmons Tech

...HOLY FAMILY UNIVERSITY SCHOOL OF BUSINESS ADMINISTRATION AND EXTENDED LEARNING INTERMEDIATE ACCOUNTING I Semester: Fall 2014 August 27, 2014 – December 17, 2014 Course: ACCT 307 Intermediate Accounting I Credits: (3) Credit Hours Prerequisites: ACCT 206 Location: Woodhaven, Room 4 Days/Times T/TH (8:00am–9:30am) Instructor: Stephen B. Bates MBA, CPA, CGMA Office: Aquinas Hall, Rm. 17 Office Hours: T (1:30-4:30 p.m.)NE / TH (1:00-2:30 p.m.)WH Telephone: (267) 341-3522 E-mail: sbates@holyfamily.edu Catalog Course Description Preparation and interpretation of complex accounting statements, in particular assets using contemporary reporting techniques. Study of financial statements as well as in-depth analysis of the individual components of statements, with specific emphasis on current FASB statements and International Financial Reporting Standards. Students will utilize computerized spreadsheets to solve problems. Required Textbook Kieso, Weygandt, Warfield. INTERMEDIATE ACCOUNTING 15th Edition, 2013. John Wiley & Sons, Inc. Hoboken, N.J. ISBN – 978-1-118-14729-0 Other Required Resources Students will be required to access portions of selected financial statements of publicly held corporations via the internet....

Words: 1319 - Pages: 6

Premium Essay

Cacdvdfbad

...b) 4. 1 Intermediate Accounting 2 Restructuring plans Week 2 - Answer Recognition of the provision is required because a constructive obligation may arise from the decision to restructure when, and only when, an...

Words: 3699 - Pages: 15

Premium Essay

Cma Syllabus 2012

...the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents  Evaluation  Synthesis  ANALYSIS  ANALYSIS  APPLICATION  APPLICATION  COMPREHENSION  COMPREHENSION  COMPREHENSION  KNOWLEDGE  KNOWLEDGE  KNOWLEDGE LEVEL A LEVEL B LEVEL C FOUNDATION COURSE - Syllabus 2012 the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 FOUNDATION COURSE - Syllabus 2012 The Following table lists the learning objectives and the verbs that appear in the syllabus learning aims and examination question. Learning objectives Level A COMPREHENSION What you are expected to understand List Make a list of. State Express, fully or clearly , the details/ facts of. Define Give the exact meaning of. Communicate the key features of. Distinguish Highlight the differences between. Explain Make clear or intangible/state the meaning or purpose of. Identify Recognise, establish or select after consideration. Illustrate What you are expected to know Definition Describe KNOWLEDGE Verbs used Use an example to describe or explain something. The Institute of Cost Accountants of India (Statutory Body under an Act of......

Words: 18528 - Pages: 75

Free Essay

Accounting

...Tobin Coll of Bus Major: Accounting   ***This is NOT an Official Transcript***   DEGREES AWARDED Sought: Bachelor of Degree Date:   Science Curriculum Information Primary Degree Major: Accounting   Attempt Passed Earned GPA Hours Hours Hours Hours Institution: 64.000 61.000 61.000 Quality GPA Points 52.000 202.90 3.90     TRANSFER CREDIT ACCEPTED BY INSTITUTION      ­Top­ 2009: Arkansas State University Subject Course Title Grade MTH 1001 INTRODUCTION TO ALGEBRA TC 3.000 0.00   MUS 0000 MUSIC TC 3.000 0.00   SCI 1000C CORE: SCIENTIFIC INQUIRY TC 3.000 0.00   SOC 1000C INTRODUCTION TO SOCIOLOGY TC 3.000 0.00     Current Term: Credit Quality Points Hours Attempt Passed Earned GPA Hours Hours Hours Hours 12.000 12.000 12.000 0.000 R Quality GPA Points 0.00 0.00   Unofficial Transcript https://apollo.stjohns.edu/sjusis/bwskotrn.P_ViewTran 1/4 5/13/2015 Academic Record INSTITUTION CREDIT      ­Top­ Term: Fall 2013 Academic Standing:   Subject Course Level......

Words: 966 - Pages: 4

Premium Essay

Diamond Foods, Inc.: Anatomy and Motivations of Earnings Manipulation

...By delaying the recognition of a portion of the cost of walnuts acquired into later accounting periods, Diamond Foods materially underreported the cost of sales and overstated earnings in fiscal 2010 and 2011. The primary learning goal of the case is to help students understand the anatomy and motivations of earnings manipulation. Specifically, students will have the opportunity to (1) apply the FASB’s Conceptual Framework to a real-world context, (2) determine the nature of errors and compute their numerical effects on financial statements, (3) understand motivations for earnings management and actions needed for managing earnings of future years, (4) explain the anatomy of financial reporting fraud by reconstructing journal entries, (5) prepare comparative financial statements for retroactive restatements, (6) explain the rationale for clawback provisions in compensation contracts, and (7) understand the difference between the real and accrual-based earnings management. Keywords: earnings management; financial statement fraud; restatements; error correction; clawback provision; Conceptual Framework. This company was on the verge of becoming a real global consumer-product company with Pringlest. I always said if they could make it work, it could be a highflier. And it worked—until it didn’t. —RBC Analyst Edward Aaron (Businessweek, January 12, 2012) Mahendra R....

Words: 9535 - Pages: 39

Premium Essay

Cost

...Course MGT 201H1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 Term Course Title S Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y F F F F F F F F F F F F Introduction to Financial Accounting Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction...

Words: 4934 - Pages: 20

Premium Essay

Text

...ISYARAT (KTBM) PENGAYAAN BAHASA TAMIL I LINGUISTIK BAHASA TAMIL DIAGNOSIS AND PROBLEM SOLVING IN MATHEMATICS BASIC MECHANICS METHODOLOGY IN TEACHING SCIENCE OBJECT-ORIENTED APPROACH IN SOFTWARE DEVELOPMENT CIRCUIT THEORY CONTROL SYSTEM CONTROL SYSTEM KRAF TRADISIONAL PENGENALAN SEJARAH SENI LANGUAGE DESCRIPTION MORPHOLOGY,SYNTAX AND SEMANTICS KEBERSIHAN DAN KESELAMATAN PERSEKITARAN FIQH II...

Words: 2644 - Pages: 11

Premium Essay

Miss

...Which one of the following is the financial statement that shows the accounting value of a firm's equity as of a particular date?  A. income statement B. creditor's statement C. balance sheet D. statement of cash flows E. dividend statement Refer to section 2.1   AACSB: N/A Bloom's: Knowledge Difficulty: Basic Learning Objective: 2-1 Section: 2.1 Topic: Balance sheet   2. Net working capital is defined as:  A. total liabilities minus shareholders' equity. B. current liabilities minus shareholders' equity. C. fixed assets minus long-term liabilities. D. total assets minus total liabilities. E. current assets minus current liabilities. Refer to section 2.1   AACSB: N/A Bloom's: Knowledge Difficulty: Basic Learning Objective: 2-1 Section: 2.1 Topic: Net working capital   3. The common set of standards and procedures by which audited financial statements are prepared is known as the:  A. matching principle. B. cash flow identity. C. Generally Accepted Accounting Principles. D. Financial Accounting Reporting Principles. E. Standard Accounting Value Guidelines. Refer to section 2.1   AACSB: N/A Bloom's: Knowledge Difficulty: Basic Learning Objective: 2-1 Section: 2.1 Topic: GAAP   4. Which one of the following is the financial statement that summarizes a firm's revenue and expenses over a period of time? ...

Words: 8736 - Pages: 35

Premium Essay

Business

...(II) Choose either Option 1 or Option 2 or Option 3 Option 1. Economic Analysis (394): Take a minimum of 18 credits (6 courses) from the following: Busn/Econ 7215X [711X]; Econ 7027X [727X]; Econ 7028X [728X]; Econ 7030X [713X]; Econ 7040X [711.1X]; Econ 7045X [715X]; Econ 7050X [730X]; Econ 7055X [735X]; Econ 7060X/HNSC 7144 [772X]; Econ 7090X [781X]; Econ 7095G [783G] (Permission Required for Thesis Research class). With permission of the graduate deputy chairperson, students may be allowed to take up to 6 credits of other courses to complete the 18 credit requirement in Option 1. Option 2. Global Business and Finance (339): Take a minimum of 18 credits (6 courses) from the following: Busn 7200X [700X]; Busn 7202X [702X]; Busn 7204X [704X]; Busn 7208X [708X]; Busn 7210X [710X]; Busn 7216X [730X]; Busn 7220X [712X]; Busn 7240X [716X]; Busn 7250X/PSYC 7246G [718X]; Busn 7255X/PSYC 7247G [719X]; Busn 7260X [729X]; Busn 7279X [779X], Busn 7290X [780X]; Econ/Busn 7215X [711X]; Econ/Busn 7230X [722X]; Econ 7027X [727X]; Econ 7028X [728X]; Econ 7030X...

Words: 567 - Pages: 3

Free Essay

My Life

...SAMPLE Four-year Course of Study for Accounting Major (Effective Fall 2015) Please note: This is only a sample plan and is intended to be used as a general guideline. Students should use DegreeWorks and their transcript to develop an individualized plan of study that reflects credits earned prior to enrolling in the major. Students may also consult their advisor for clarification on requirements....

Words: 552 - Pages: 3

Premium Essay

Ikea 2

...ACCT 3211 Intermediate Accounting I California State University, East Bay Spring 2014 Instructor: Pei-Hui Hsu | Office Hours: MW 4:00-5:30 pm | E-mail: pei-hui.hsu@csueastbay.edu | And/or by appointment | Office: VBT-333 | Class time: MW 2:00 to 3:50 pm (AE-277) | Prerequisites: Completion of ACCT 2251 or equivalent with a grade of no lower than “C-“ | Course Overview and Learnings Objectives This is the first course of the three sequential courses on intermediate financial accounting (ACCT 3211, ACCT 3212, and ACCT 3213). The main objective of this course is to develop an in-depth understanding of basic financial statements and external financial reporting for a for-profit entity. Key accounting issues about income measurement and various assets will also be touched. Note in this course while major discussion of lecture focuses on U.S. GAAP, selected distinguished differences in International Financial Reporting Standard (IFRS) will be also briefly covered. In this quarter, we will first build the foundation by introducing the environment and theoretical structure of financial reporting. We will then go over the accounting process and preparation of balance sheet, income statement and statement of cash flows. The focus in the second half of the quarter is to illustrate the concepts of income measurement and the issues related to accounting and reporting for several assets, including cash, receivables, and inventories....

Words: 2352 - Pages: 10