Check Figures
to accompany
INTERMEDIATE ACCOUNTING
Seventh Edition
Spiceland, Sepe andNelson
Chapter 1
BE 1-1Net income, $208,000
BE 1-21. Liabilities
BE 1-32. The economic entity assumption
BE 1-41.The matching principle
BE 1-53. Disagree, matching principle
E1-1Req. 1, Net operating cash flow, Yr. 2,
$50,000
Req. 2, Net income, Year 1, $25,000
E1-2Req. 1, Net income, Year 2, $190,000
E1-53. Auditors
E1-65. Comprehensive income
E1-78. f
E1-84. Timeliness
E1-97. b
E1-106. The going concern assumption
E1-112. The periodicity assumption
E1-121. Disagree, Monetary unit assumption
E1-134. Agree, Matching principle
E1-143. g. Matching principle
Chapter 2
BE 2-14. –180,000, accounts receivable
BE 2-22. Dr. Salaries expense, $40,000
BE 2-3Accounts payable balance, $42,000
BE 2-42. Dr. Note receivable, $10,000
BE 2-51. Dr. Insurance expense, $3,000
BE 2-72. Cr. Prepaid advertising, $1,000
BE 2-9Total operating expenses, $107,000
BE 2-10Total assets, $91,000
BE 2-11Cr. Retained earnings, $35,000
BE 2-12Net income, $143,000
E2-16. + $6,000, Prepaid insurance
E2-23. Dr. Inventory, $90,000
E2-3Total debits, $471,000
E2-42. Cr. Cash, $40,000
E2-56. b
E2-69. I
E2-84. Dr. Interest expense, $4,000
E2-96. Cr. Supplies, $5,250
E2-11Net income, $101,000
E2-12Cr. Retained earnings, $177,000
E2-13Cr. Retained earnings, $66,000
E2-14Req. 3, Accrued wages, $15,000
E2-15Req. 1, Nov. 1, Dr. Note receivable, $6,000
E2-16Adjusted net income, $33,150
E2-17Net income, $62,000
E2-19Total operating expenses, $251,500
Total current assets, $110,000
E2-21Req. 2, 1. Dr. Interest receivable, $1,800
P2-1Req. 3, Total debits, $172,000
P2-2Req. 4, Total debits, $40,150
P2-32. Dr. Wage expense, $1,500
P2-4Req. 3, Total debits, $357,833
Req. 4, Net income, $26,383
P2-5Dr. Rent expense, Cr. Prepaid rent, $800
P2-6Req. 4, Total debits, $163,500
Req. 6, Total debits, $166,500
Req. 7, Net income, $32,000
P2-7Req. 2, Overstatement of net income, $3,600
P2-83. Cr. Interest payable, $1,000
P2-9Req. 3, Total debits, $464,500
P2-10Net income, $28,400
P2-12Req. 1, Gross profit, $285,000
P2-13Net income, $20,275; Total liabilities and shareholders’ equity, $177,925
Chapter 3
BE 3-1e. Noncurrent
BE 3-2Current liabilities, $24,000
BE 3-3Retained earnings, $28,000
BE 3-4Total assets, $132,000
BE 3-5Total current assets, $154,000
BE 3-7Inventories, $75,000
BE 3-82. B
BE 3-9a. 6.42
BE 3-11Current liabilities, $40,000
E3-11. $90,000
E3-26. f
E3-32. d
E3-4Total assets, $392,000
E3-5Total current assets, $211,000
E3-6Total current liabilities, $203,000
E3-7Total assets, $320,000
E3-9Total assets, $868,000
E3-105. B
E3-154. j
E3-162. 1.375
E3-17b. .40
E3-18c. $1,000,000
E3-192. $1,700,000
E3-2011. I,I,N
P3-2Req. 1, Total assets, $2,326,767
P3-3Total current liabilities, $135,000
P3-4Total assets, $992,000
P3-5Total current assets, $395,000
P3-6Total current assets, $697,000
P3-7Total assets, $1,455,000
P 3-8Common stock, $10,000
P3-9Total assets, $3,300,000
P3-10Total current assets, $270,000
Total assets, $306,000
Total current liabilities, $130,000
Chapter 4
BE 4-1Total expenses and losses, $1,506
million
BE 4-2Operating income, $635 million
BE 4-3Gross profit, $866 million
BE 4-4Operating income, $25,000
BE 4-6Net income, $270,000
BE 4-7Net income, $2,940,000
BE 4-8Net income, $1,540,000
BE 4-9Loss on discontinued operations,
$3,220,000
BE 4-10Comprehensive income, $638,000
BE 4-11Net cash flows from operating
activities, $214,000
BE 4-12Net cash flows from investing
activities, $20,000
BE 4-13Net cash flows from operating
activities, $92,000
E4-1Req. 1, Net income, $255,000
Req. 2, Operating income, $345,000
E4-2Req. 1, Total exp. and losses, $1,962,800
E4-3Income before extraordinary item,
$308,000
E4-4Net income per share, $.90
E4-5Loss on discontinued operations, $318,000
E4-6Net income, $642,000
E4-7Req. 1, Loss on discontinued oper., $114,000
E4-9Income from continuing operations, $5.00
E4-10Comprehensive income, $1,466,000
E4-119. d
E4-12Net increase in cash, $181,000
E4-15Req. 2, Net cash outflows from operating activities, $26,000
E4-18Net cash flows from financing activities, $(640) thousand
E4-19Net cash flows from operating activities, $1,040 thousand
E4-227. d
P4-12013 Net income, $57,000
P4-2Req. 1, 2013 gain on disposal, $600,000
P4-3Req. 1, Net income, $252,000
P4-5Net income per share, $4.05
P4-6Income from continuing operations before extraordinary item,
$2,835 thousand
P4-7Operating income, $5,800 thousand
P4-8Income before extraordinary item, $1,860,000
P4-9Increase in cash, $205,000
P4-10Req. 2, Net cash flows from operating activities, $14 million
P4-11Net cash flows from investing activities, $(3,500) thousand