Kieso Intermediate Accounting, Thirteenth Edition

Checklist of Key Figures

to accompany

Kieso Intermediate Accounting, Thirteenth Edition

© John Wiley & Sons, Inc.

Chapter 3

3-1(c) Net income for September, $6,007.

(e) Post-closing trial balance, total debits, $36,975.

3-2(b) Net income, $36,450.

Total assets, $67,000.

3-4(b) Adjusted trial balance total $1,004,700.

(c) Net loss $(5,600).

Total assets, $202,900.

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

3-6(b) Net income, $50,620.

Total assets, $101,400.

3-7(b) Net income, $25,500.

Total assets, $57,250.

3-8(c) Adjusted trial balancetotal, $839,660.

(d) Net income credited to Retained Earnings, $31,640.

3-9(c) Retained Earnings credit, $45,790.

3-10(a) Net loss, cash basis, $31,500.

Net income, accrual basis, $13,900.

(b) Total assets, cash basis, $58,500.

Total assets, accrual basis, $108,900.

3-11(a) Total debits, adjustments column, $59,200.

(b) Total assets, $203,500.

(e) Post-closing trial balance total, $245,500.

C.A.C.(a) PepsiCo’s percentage increase, 15.7%.

(c) Coca-Cola’s PPE & IA, $11,303,000,000.

F.S.A.C. (a) Percentage change in: sales, (1.10)%; net earnings, 9.85%.

Chapter 4

4-1Income from continuing operations, $2,416,000.

Net income, $1,496,000.

4-2Net income, $86,100.

4-3Income from continuing operations, $618,150.

Net income, $489,050.

4-4(a) Net income, $221,525.

(b) Retained earnings, June 30, $494,825.

4-6(a) Net income for year, $52,300.

4-7Income from continuing operations, $744,000.

F.R.P.(c) Gross profit increase, 13%.

C.A.C.(b) Gross profit-2007 (PepsiCo), $21,436.

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

F.S.A.C. 3 (b) Hershey’s PSR, 1.82.

P.S.(d) Net income, $462,000.

Chapter 5

5-2Total assets, $4,504,850.

5-3Total assets, $1,154,200.

5-4Total assets, $2,476,000.

5-5Total assets, $3,115,000.

5-6(a) Net cash provided by operating activities, $19,200.

(b) Total assets, $252,000.

5-7(a) Net cash provided by operating activities, $41,200.

(b) Total assets, $289,200.

F.R.P.(e) (2) Cash debt coverage ratio, .19:1.

C.A.C.(f) Free cash flow (PepsiCo), $2,300.

F.S.A.C.4(a) Free cash flow-06, $486.

Chapter 6

6-1(b) Combined present value (purchase price), $264,663.21.

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

6-2(a) R=$8,461.33.

6-3PV of outflows (Bid A), $129,881.13.

6-4PV of annuity, $286,297.20.

6-5PV of option (c), $64,314.61.

6-6PV of net cash inflows, $66,935.58.

6-7(c) Amount received on sale of note, $738,223.36.

6-8Total cost from Vendor A, $175,602.26.

6-9(b) Fair value of note, $83,055.75.

6-101. Net purchase costs, $2,151,396.

6-11(c) Annual deposit, $9,419.

6-13Total estimated liability, $12,810.51.

6-14Estimated fair value, $9,672.52.

6-15(a) PV of annuity, $64,269.

F.S.A.C. (b) Present value of net cash flows, $298,422.

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

Chapter 7

7-1(b) Current ratio after adjustment, 1.75 to 1.

7-24. Accounts receivable balance, $1,010,000.

7-3(a) Allowance for Doubtful Accounts, $45,000.

7-4Balance adjusted, 12/31/10, $263,600.

7-5Adjustment to allowance for doubtful accounts, $7,279.64.

7-7(a) August 31 cash collected, $9,550.

7-9(a) Discount on notes receivable, credited, $17,951.

(b) Interest revenue for 2011, $6,825.

7-10(a) Total long-term receivables, $1,097,148.

(c) Total interest income, $151,873.

7-11Total expenses, $52,320.

7-12(b) Correct cash balance, $8,918.

7-13Corrected balance, June 30, $5,403.95.

7-14Correct cash balance, $51,478.69.

7-15(d) Impairment loss, $317,535.

C.A.C.(c) Receivables turnover (Coca-Cola), 9.8.

F.S.A.C. 2 Receivables turnover, 4.95.

P.S.Total current assets, $182,550.

Chapter 8

8-14. Dollar-value LIFO inventory, $261,920.

8-2Adjusted inventory, $1,715,000.

8-4(b) LIFO inventory, $1,915.

8-5(b) LIFO inventory, $3,350.

8-6(d) Perpetual LIFO cost of goods sold, $92,600.

(f) Moving average inventory balance, $28,600.

8-7New amount for retained earnings at 12/31/11 $226,400.

8-8(a) 6. Cost of goods sold, $11,799,080.

8-9(b) Inventory at 12/31/10 $766,500.

8-10Inventory at 12/31/10 $73,192.

8-11(a) Inventory at 12/31/10, $110,600.

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

F.S.A.C. 3 FIFO cost of sales-07, $29,089.

Chapter 9

9-2(a) 2. Loss due to market decline, $7,100.

9-4Fire loss on inventory, $58,250.

9-5Inventory fire loss, $50,700.

9-6(b) Inventory at lower-of-average-cost-or-market, $52,290.

9-7Ending inventory at cost, $305,000.

9-8(a) Ending inventory at lower-of-cost-or-market, $64,588.

9-9(a)Raw materials inventory, $237,400.

9-10Loss due to market decline, $950.

9-11(b) Cost of ending inventory using dollar-value LIFO, $39,072.

9-12(b) Estimated ending inventory at LIFO cost, $83,000.

9-13(b) Cost of 12/31/10 ending inventory under LIFO, $23,615.

9-14(b) Cost of ending inventory under LIFO retail, $34,500.

(c) Cost of 2011 ending inventory under dollar-value LIFO, $32,190.

F.R.P.(d) Inventory turnover 5.60.

C.A.C.(d) Days to sell inventory (PepsiCo), 42days.

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

Chapter 10

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

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

10-3(a) 1. Land, $188,700.

Building, $136,250.

10-5(b) Cost of building, $3,423,000.

10-6(b) Building balance- 12/31/11, $682,248.

10-7(b) Avoidable interest, $140,000.

10-83. Gain recognized-Liston, $10,000.

10-9(b) Gain recognized-Wiggins, $2,400.

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

10-11(b) Transaction 1, asset cost, $23,115.

F.S.A.C. (d) Free cash flow, $7,637,000,000.

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

Chapter 11

11-1(a) Depreciation base (SL), $86,400.

11-2Depreciation expense-2011 (SYD method), $19,250.

11-3(d) Depreciation expense-Asset E, $5,600.

11-4(a) Semitrucks balance, 12/31/11, $152,000.

(b) Depreciation expense adjustment in 2011 credit of $14,000.

11-5(b) Depreciation expense (Bldg. and Mach.), $5,250.

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

11-7Depletion for 2012, $774,440.

11-8(a) (2) Building cost, $198,000.

11-9Loss on impairment, $1,900,000.

11-10(13) $52,000.

11-11(b) Depreciation expense - year 2 (SYD method), $23,800.

11-12(a) Accumulated depreciation (DDB method), 12/31/10, $806,400.

C.A.C.(c) (3) Rate of return on assets (PepsiCo), 17.5%.

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

Chapter 12

12-1Patent amortization for 2010, $9,170.

12-2(c) Carrying value, 12/31/11, $31,200.

12-3(b) Total expenses for 2010, $61,288.

12-4(b) Patent, $72,600.

12-5(c) Impairment loss, $200,000.

12-6(a) Total intangibles, $203,700.

F.R.P.(b) Percentage of sales revenue-2007, 2.76%.

C.A.C.(a) (2) Percentage of total assets (PepsiCo), 20.8%.

P.S.Impairment loss, $16,250.

Chapter 13

13-3Total income tax withholding for month, $416.

13-4(a) Total income tax withholding, $3,350.

13-5(b) Warranty expense, $136,000.

13-7(a) (3) Warranty expense, $117,000.

13-8Cost of estimated claims outstanding, $23,100.

13-9(b) Premium expense for 2011, $78,000.

13-12(3) Premium expense for 2010, $54,000.

13-141. Liability balance, $224,300.

F.R.P.(b) Acid-test ratio, .40.

C.A.C.(b) Acid-test ratio (Coca-Cola), .58.

Chapter 14

14-1(e) Bond interest expense-2004, $11,322.

14-2(c) Loss on redemption, 58,195.

14-3(c) Quarterly payments, $4,503.

14-4(a) Loss on bond redemption, 1/2/11, $180,000.

14-51. Discount on bonds (Sanford Co.), 3/1/10, $27,910.

Discount on Bonds Payable credited 12/31/10,

$2,350.

2. Premium on Bonds Payable debited 12/1/10,

$2,707.

14-6Gain on Retirement of Bonds credited 4/1/11, $12,351.72.

14-7(d) Loss on bond redemption, 3/1/11, $369,000.

14-8(b) Depreciation expense-2011, $67,961.20.

(c) Interest expense-2012, $45,078.66.

14-9(b) Discount on Notes Payable credited, 12/31/10, $10,598.82.

(d) Interest Expense-2012, $5,706.46.

14-10(b) Interest expense for 2010, $65,699.

14-12(b) Loss on restructuring, $237,311.

14-13(c) Frontenac National Bank’s loss on restructuring, $1,243,400.

14-14(c) Loss on restructuring, $63,000.

F.R.P.(b) Times interest earned, 12.28 times.

C.A.C.(a) Times interest earned (Coca-Cola), 18.27 times.

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

Chapter 15

15-1(b) Total stockholders’ equity, $933,300.

15-2(b)Total stockholders' equity, $844,600.

15-3Total stockholders’ equity, $45,942,000.

15-6(b) Total stockholders’ equity, $760,100.

15-7(a) Cash dividend to common, $89,610.

15-9Total paid-in capital, $1,028,700.

Total stockholders’ equity, $1,246,900.

15-11(c) Total stockholders’ equity, $61,900,000.

15-12Total paid-in capital, $5,737,300.

Total stockholders’ equity, $6,088,000.

F.R.P.(f) Return on common stock equity, 2007, 16.1%.

C.A.C.(f) Rate of return on common stock equity, 2007 (Coca-Cola), 30.9%.

Chapter 16

16-1(b) Total stockholders’ equity, $5,078,000.

16-2(c) Total bond interest expense for 2011, $292,675.

16-5(b) Diluted EPS, $1.28.

16-6(b) Weighted shares 5/31/11, $2,200,000.

16-7(b) Shares to compute diluted EPS, $5,791,000.

(c) Adjusted net income for basic EPS, $10,350,000.

16-8(b) Diluted EPS, $1.56.

16-9(b) 2010 EPS, $.10.

P.S.Diluted EPS, $2.56.

Chapter 17

17-1(f) Securities fair value adjustment, 12/31/11, $122.

17-2(d) Securities fair value adjustment, 12/31/11, $10,348.

17-3(c) Securities fair value adjustment, 12/31/10, $15,751.

17-4(c) Securities fair value adjustment, 12/31/11, $16,292.

17-5(c) Securities fair value adjustment, 12/31/11, $18,620.

17-6(a) 3. Securities fair value adjustment, 9/30/10, $9,000.

17-7(a) Securities fair value adjustment, 12/31, $26,000.

17-8(a) 1. Securities fair value adjustment (trading), $80,000.

17-9(b) Securities fair value adjustment, $27,000.

17-10(b) Comprehensive income, $55,000.

17-11(a) 8. Securities fair value adjustment, 12/31/11 $4,200.

17-12(c) Loss on Sale of Securities, $10,800.

17-13(d) Value of call option, $1,230.

17-15(d) Value of put option, $3,225.

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, 12/31/10, $29,700.

Chapter 18

18-1(b) Revenue to be recognized in 2010 (Depp), $9,000,000.

18-2(a) Gross profit recognized in 2011, $90,000.

18-3(a) Gross profit recognized in 2011, $390,000.

18-4(a) Gross profit recognized in 2011, $410,000.

18-6(a) Loss recognized in 2011, $130,000.

18-7(a) Loss recognized in 2011, $180,000.

18-8(a) Gross profit realized in 2012, 98,400.

18-9Gross profit realized on installment sales, 2012, $113,600.

18-10(b) Gross profit realized in 2011, $72,400.

18-11(a) Loss on repossession, $5,600.

18-12(a) Rate of gross profit, 2011, 38%.

(b) Net income for 2011, $91,200.

18-135. Loss on repossession, $116.

18-14(a) 1. Cost of goods sold, 2012, $112,200.

(c) Loss on repossessions, 2012, $1,420.

(d) Net income for 2012, $11,144.

18-15(b) Loss to be recognized, 2011, $300,000.

18-16Gross profit recognized in 2011, $135,000.

18-17(b) Gross profit, $109,200.

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

Chapter 19

19-1(c) Deferred tax asset, $14,000; liability, $42,000.

(d) Net income $542,000.

19-2(a) Deferred tax liability in 2010, $49,000; in 2011, $7,000 + $50,000; in 2012, $48,000; Deferred tax benefit in 2013, $44,000.

(b) Net income for 2011, $173,000.

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

(c) Net income, $931,000.

19-4(a) Taxable income for 2010, $744,200.

(b) Income tax expense for 2010, $227,760.

19-5(c) Net loss, $113,000.

(d) Income tax payable for 2011, $8,000.

19-61. Deferred tax asset, $560.

2. Deferred tax asset, $690.

19-7(a) Deferred tax liability in 2010, $16,000; deferred tax benefit in 2011, $7,000; in 2012, $7,000.

19-8(b) Income tax expense for 2010, $106,000.

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

Deferred tax asset (noncurrent), $54,000.

19-9(a) Taxable income, $62,000.

(b) Deferred tax asset, $2,000; liability $18,000.

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

Chapter 20

20-1(a) Pension expense 2010, $348,000; 2011, $450,640.

20-2(a) Pension expense 2009, $21,000; 2010, $95,100; 2011, $89,370.

20-3(a) Pension expense for 2010, $85,000.

20-4(a) Pension expense for 2010, $109,000.

20-5(a) Pension expense for 2012, $131,367.

20-6(b) Pension expense for 2010, $566,667.

(d) Net gain, 12/31/10, $875,000.

20-7Pension expense for 2010, $146,100.

20-8(a) Pension expense for 2010, $129,000; 2011, $134,223.

20-9(c) Pension expense for 2011, $432,440.

20-10(a) Pension expense for 2010, $60,500.

20-11(a) Pension expense for 2011, $102,292.

20-12(a) Pension expense for 2011, $59,700

20-13(a) Postretirement expense for 2010, $80,000.

20-14(c) Postretirement expense for 2011, $221,800.

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

Chapter 21

21-1(c) Present value of minimum lease payments, $681,741.

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

(e) Interest expense/revenue for 2011, $206,882.

21-4(b) 1. Interest expense, $5,942.

3. Interest expense, $22,795.

21-5(b) 1. Interest revenue, $5,942.

3.Interest revenue, $22,795.

21-6(a) Balance of lease liability, 1/1/12, $331,521.

21-7(b) Balance of lease liability, 12/31/12, $69,420.

21-8(e) Balance of lease liability, 1/1/12, $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, 1/1/10, $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, 12/31/11,$17,109.

F.S.A.C. (d) Estimated liability, $3,254,718.

P.S.Balance of lease liability, 1/1/12, $227,201.94.

Chapter 22

22-1(a) 2. Depreciation expense-2010, $20,250.

22-2(b) Net income for 2011, $274,000.

22-33. Depreciation expense decrease, $4,800.

22-4(a) Net income, $3,500,000.

22-5Net income for 2010, $514.

Retained earnings at 5/31/09, $2,315.

22-6(b) Retained earnings at 12/31/10, $874,700.

22-9Corrected net income, 2010, $38,740.

22-10(a) Corrected income before taxes, 2009, $65,744; 2010, $117,335; 2011, $94,611.

22-11(b)Income from investment for 2011, $170,000.

22-12Prior period adjustment, 1/2/11, $19,000.

P.S.Diluted EPS, $2.63.

Chapter 23

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

23-2Net cash provided by operating activities, $7,300.

23-3Cash payments for merchandise, $1,270.

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

23-5Net cash used by operating activites, $22,207.

Net cash used by investing activities, $274,404.

23-6(a) Net cash provided by operating activities, $43,425.

23-7(b) Cash received from customers, $1,238,250.

Net cash provided by operating activities, $151,250.

23-8(a) Net cash provided by operating activities, $48,000.

23-9Net cash provided by operating activities, $2,500.

C.A.C.(e)1. Current cash debt coverage ratio, (PepsiCo), .95:1.

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

Chapter 24

24-1Total currentassets, $1,620,800.

24-2(b) Revenues from reportable segments, $575,000.

24-3(a) (4) Return on assets for 2011, 20.4%.

(c) Net income for 2013, $536.6.

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

24-5(b) 2011: Rate of return on assets, 10.9%; Price-earnings, 7.5 times; Current ratio, 1.82:1.

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

Asset turnover, 1.85 times.