Kieso Intermediate Accounting, Fifteenth Edition

Checklist of Key Figures

to accompany

Kieso Intermediate Accounting, Fifteenth Edition

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.

Total assets, $202,900.

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

3-5 (b) 4. Salaries and wages expense, $62,300.

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

Total assets, $101,400.

3-7 (b) Net income, $2,510.

Total assets, $23,430.

3-8 (b) Net income, $38,810.

Total assets, $68,790.

3-9 (c) Adjusted trial balance total, $839,660.

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

3-10 (c) Retained Earnings credit, $45,790.

3-11 (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.

3-12 (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, 6.9%.

F.S.A.C. (a) Percentage change in: sales 2011, 6.46%; net earnings 2011, -1.28%.

Chapter 4

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

Net income, $1,496,000.

4-2 Net income, $86,100.

4-3 Income 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.

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

F.R.P. (c) Gross profit increase, 2%.

C.A.C. (b) Gross profit-2011 (PepsiCo), $34,911.

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

F.S.A.C. 3 (b) Hershey’s PSR, 1.67.

P.S. (d) Net income, $476,000.

Chapter 5

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

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

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

5-5 Total 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), $2,448.

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

Chapter 6

6-1 (b) Combined present value (purchase price), $264,663.

(d) Cost of tractor, $44,838.

6-2 (a) R=$8,461.

6-3 PV of outflows (Bid A), $129,881.

6-4 PV of annuity, $286,297.

6-5 PV of option (c), $64,315.

6-6 PV of net cash inflows, $66,936.

6-7 (c) Amount received on sale of note, $738,223.

6-8 Total cost from Vendor A, $175,602.

6-9 (b) Fair value of note, $83,056.

6-10 1. Net purchase costs, $2,151,396.

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

6-13 Total estimated liability, $12,810.

6-14 Estimated fair value, $9,673.

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.

Chapter 7

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

7-2 4. Accounts receivable balance before deducting
allowance for doubtful accounts, $1,010,000.

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

7-4 (a) Balance adjusted, 12/31/12, $263,600.

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

7-7 August 31 cash collected, $9,550.

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

(b) Interest revenue for 2015, $6,825.

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

7-11 Total expenses, $52,320.

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

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

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

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

C.A.C. (c) Receivables turnover (Coca-Cola), 9.96.

F.S.A.C. 2 Part 2 (a) Receivables turnover, 5.0.

P.S. Total current assets, $183,012.

Chapter 8

8-1 4. Dollar-value LIFO inventory 12/31/13, $261,920.

8-2 Adjusted 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.

8-7 New amount for retained earnings at 2015, $226,400.

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

8-9 (b) Inventory at 12/31/14 $766,500.

8-10 Inventory at 12/31/14 $73,192.

8-11 (a) Inventory at 12/31/14, $110,600.

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

F.S.A.C. 3 FIFO cost of sales-12, $27,688.

Chapter 9

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

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

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

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

9-7 Ending 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.

9-10 Loss 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 12/31/14 ending inventory under LIFO, $23,615.

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

F.R.P. (d) Inventory turnover 5.9.

C.A.C. (d) Days to sell inventory (PepsiCo), 41 days.

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

Chapter 10

10-1 (a) Land balance- 12/31/14, $1,614,000.

10-2 (a) Equipment balance- 12/31/14, $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- 12/31/15, $682,248.

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

10-8 3. 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, $5,249,000,000.

P.S. Pretax loss, $4,000.

Chapter 11

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

11-2 Depreciation expense-2015 (SYD method), $19,250.

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

11-4 (a) Trucks balance, 12/31/15, $152,000.

(b) Depreciation expense adjustment in 2015 credit of $14,000.

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

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

11-7 Depletion Expense for 2014, $740,000.

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

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

11-10 (13) $52,000.

11-11 (b) Depreciation expense - year 2 (2013) (SYD method), $23,800.

11-12 (a) Accumulated depreciation (DDB method), 12/31/14, $806,400.

C.A.C. (c) (3) Rate of return on assets (PepsiCo), 9.16%.

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

Chapter 12

12-1 Patent amortization for 2015, $9,170.

12-2 (c) Carrying value, 12/31/15, $31,200.

12-3 (b) Total intangible assets 2014, $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 on R&D-2011, 2.42%.

C.A.C. (a) (2) Intangibles as a percentage of total assets (PepsiCo), 45.61%.

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

Chapter 13

13-3 Total 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.

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

13-9 (b) Premium expense for 2015, $78,000.

13-12 (c) Premium expense for 2014, $54,000.

13-14 1. Liability balance 12/31/15, $224,300.

F.R.P. (b) Acid-test ratio, .33.

C.A.C. (b) Acid-test ratio (Coca-Cola), .78.

Chapter 14

14-1 (e) Bond interest expense -2008, $11,322.

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

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

14-4 (a) Loss on bond redemption, 1/2/15, $180,000.

14-5 1. Discount on bonds (Sanford Co.), 3/1/14, $27,910.

Discount on Bonds Payable credited 12/31/14,

$2,350.

2. Premium on Bonds Payable (Titania) debited 12/1/14, $2,707.

14-6 Gain on Redemption of Bonds credited 4/1/15, $12,351.72.

14-7 (d) Loss on bond redemption, 3/1/15, $369,000.

14-8 (b) Depreciation expense-2015, $67,961.20.

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

(d) Interest Expense-2016, $5,706.46.

14-10 (b) Interest expense for 2014, $65,699.

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

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

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

F.R.P. (b) Times interest earned, 19.28 times.

C.A.C. (a) Times interest earned (Coca-Cola), 28.4 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.

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

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

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

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

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

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

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

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

F.R.P. (f) Return on common stock equity, 2011, 18.3%.

C.A.C. (f) Rate of return on common stock equity, 2011 (Coca-Cola), 27.4%.

Chapter 16

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

16-2 (c) Total bond interest expense for 2015, $292,675.

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

16-6 (b) Weighted shares 5/31/15, 2,200,000.

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

16-8 (b) Diluted EPS, $1.54.

16-9 (b) 2014 EPS, $.10.

P.S. Diluted EPS, $2.56.

Chapter 17

17-1 (f) Securities fair value adjustment, 12/31/15, $122.

17-2 (d) Securities fair value adjustment, 12/31/15, $(10,348).

17-3 (c) Securities fair value adjustment, 12/31/14, $15,751.

17-4 (c) Securities fair value adjustment, 12/31/15, $(16,292).

17-5 (c) Securities fair value adjustment, 12/31/15, $18,620.

17-6 (a) 3. Securities fair value adjustment, 9/30/14, $(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, 12/31/15 $4,200.

17-12 (c) Loss on Investments, $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 (loss), $(335).

P.S. Securities fair value adjustment, 12/31/14, $29,700.

Chapter 18

18-1 (b) Revenue to be recognized in 2014 (Depp), $9,000,000.

18-2 (a) Gross profit recognized in 2015, $90,000.

18-3 (a) Gross profit recognized in 2015, $390,000.

18-4 (a) Gross profit recognized in 2015, $410,000.

18-6 (a) Loss recognized in 2015, $130,000.

18-7 (a) Loss recognized in 2015, $180,000.

18-8 (a) Gross profit realized in 2016, 98,400.

18-9 Gross profit realized on installment sales, 2016, $113,600.

18-10 (b) Gross profit realized in 2015, $72,400.

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

18-12 (a) Rate of gross profit, 2015, 38%.

(b) Net income for 2015, $91,200.

18-13 5. Loss on repossession, $116.

18-14 (a) 1. Cost of goods sold, 2016, $112,200.

(d) Net income for 2016, $11,144.

18-15 (b) Loss to be recognized, 2015, $300,000.

18-16 Gross profit recognized in 2015, $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 2014, $49,000; in 2015, $7,000 + $50,000; in 2016, $48,000; Deferred tax benefit in 2017, $(44,000).

(b) Net income for 2015, $173,000.

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

19-4 (a) Taxable income for 2014, $744,200.

(b) Income tax expense for 2014, $227,760.

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

(d) Income tax payable for 2015, $8,000.

19-6 1. Deferred tax asset, $(560).

2. Deferred tax asset, $(690).

19-7 (a) Deferred tax liability in 2014, $16,000; deferred tax benefit in 2015, $(7,000); in 2016, $(7,000).

19-8 (b) Income tax expense for 2014, $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 2014, $348,000; 2015, $450,640.

20-2 (a) Pension expense 2013, $21,000; 2014, $95,100; 2015, $89,370.

20-3 (a) Pension expense for 2014, $85,000.

20-4 (a) Pension expense for 2014, $109,000.

20-5 (a) Pension expense for 2016, $131,367.

20-6 (b) Pension expense for 2014, $566,667.

(d) Net gain, 12/31/14, $875,000.

20-7 Pension expense for 2014, $146,100.

20-8 (a) Pension expense for 2014, $129,000; 2015, $134,223.

20-9 (c) Pension expense for 2015, $432,440.

20-10 (a) Pension expense for 2014, $60,500.

20-11 (a) Pension expense for 2015, $102,292.

20-12 (a) Pension expense for 2015, $59,700

20-13 (a) Postretirement expense for 2014, $80,000.

20-14 (c) Postretirement expense for 2015, $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 lease payments, $3,000,000.

(e) Interest expense for 12/31/14, $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, 1/1/16, $331,521.

21-7 (b) Balance of lease liability, 12/31/16, $69,420.

21-8 (e) Balance of lease liability, 1/1/15, $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, 1/1/14, $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, 12/31/14, $17,109.

F.S.A.C. (a) PV of future lease payments,$3,335,000.

P.S. 1. Balance of lease liability, 1/1/16, $227,201.94.

Chapter 22

22-1 (a) 2. Depreciation expense-2014, $20,250.

22-2 (b) Net income for 2015, $274,000.

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

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

22-5 Net income for 2012, $514.

22-6 (b) Retained earnings at 12/31/14, $874,700.

22-9 Corrected net income, 2014, $38,740.

22-10 (a) Corrected income before taxes, 2013, $65,744; 2014, $117,335; 2015, $94,611.

22-11 (b) Income from investment for 2015, $170,000.

22-12 Prior period adjustment, 1/2/15, $19,000.

P.S. Diluted EPS, $2.63.

Chapter 23

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

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

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

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

23-5 Net cash used by operating activities, $(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.

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

C.A.C. (e)1. Current cash debt coverage ratio, (PepsiCo), .53:1.

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

Chapter 24

24-1 Total current assets, $1,620,800.

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

24-3 (a) (4) Return on assets for 2015, 20.4%.

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

24-5 (b) 2015: 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.