MC 13.05 – Parton Industries
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the amount of cash borrowed, a non-interest-bearing note, and discount rate… find the interest expense.
Given the amount of cash borrowed, a non-interest-bearing note, and discount rate… find the interest expense.
Given the amount borrowed, the term, and the discount rate… find the effective interest rate.
Given notes payable, and the amount expected to refinance… find what should be on the balance sheet.
Given the amount of weeks employees get of vacation time, how much they get paid for those weeks, and the number of employees… find how much should be reported for compensated absences.
Given the amount in sales along with the warranty for each year… find the year 2 warranty that should be reported.
Given the deposits received from customers, and the mark-up percentage… find the forfeited deposits.
Given notes payable, prepaid notes, and the bond offering… find current liabilities.
Given notes payable and the amount they can borrow… find what the balance should be.
Given the gain contingency and the loss contingency… find the net assets.
Given that there’s a chance that a customer wins a case, gives you the numbers in the best and worst-case… find the liability amount that should be accrued.