Kế toán tài chính - Accounting for pensions and postretirement benefitsDefined contribution plans have become much more popular with employers than defined benefit plans, as indicated in the chart below. One reason is that they are cheaper. Defined contribution plans often cost no more than 3 percent of payroll, whereas defined benefit plans can cost 5 to 6 percent of payroll. The total amount of pension assets held by pe...
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Kế toán tài chính - Accounting for income taxesSome analysts dismiss deferred tax liabilities when assessing the financial strength of a company. But the FASB indicates that the deferred tax liability meets the definition of a liability established in Statement of Financial Accounting Concepts No. 6, “Elements of Financial Statements” because: It results from a past transaction. In the Chelsea ...
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Kế toán tài chính - Revenue recognitionA contract is an agreement between two parties that creates enforceable rights or obligations. In this case, Boeing has signed a contract to deliver airplanes to Delta. Boeing has only one performance obligation—to deliver airplanes to Delta. If Boeing also agreed to maintain the planes, a separate performance obligation is recorded for this pr...
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Kế toán tài chính - InvestmentsIllustration: Z-Smith Company purchased $100,000 of 8 percent bonds of Bush Corporation on January 1, 2016, at a discount, paying $92,278. The bonds mature January 1, 2021 and yield 10%; interest is payable each July 1 and January 1. Z-Smith records the investment as follows: January 1, 2016
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Kế toán tài chính - Dilutive securities and earnings per shareIllustration: Moore Corporation has outstanding 2,000, $1,000 bonds, each convertible into 50 shares of $10 par value common stock. The bonds are converted on December 31, 2017, when the unamortized discount is $30,000 and the market price of the stock is $21 per share. Prepare the entry to record the conversion of the bonds.
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Kế toán tài chính - Stockholders’ equityIllustration: Blue Diamond Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare the journal entry to record the issuance of the shares. Cash 4,500 Common Stock (300 x $10) 3,000 Paid-in Capital in Excess of Par Value
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Kế toán tài chính - Long - Term liabilitiesIssuance and marketing of bonds to the public: Usually takes weeks or months. Issuing company must Arrange for underwriters. Obtain SEC approval of the bond issue, undergo audits, and issue a prospectus. Have bond certificates printed.
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Kế toán tài chính - Current liabilities and contingenciesSept. 1 - Purchased inventory from Orion Company on account for $50,000. Darby records purchases gross and uses a periodic inventory system. Oct. 1 - Issued a $50,000, 12-month, 8% note to Orion in payment of account. Oct. 1 - Borrowed $75,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $81,000 note.
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Kế toán tài chính - Intangible assetsIndefinite-Life Intangibles No foreseeable limit on time the asset is expected to provide cash flows. Must test indefinite-life intangibles for impairment at least annually. No amortization.
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Kế toán tài chính - Depreciation, impairments, and depletionllustration—(Four Methods): Maserati Corporation purchased a new machine for its assembly process on August 1, 2017. The cost of this machine was $150,000. The company estimated that the machine would have a salvage value of $24,000 at the end of its service life. Its life is estimated at 5 years and its working hours are estimated at 21,000 hours....
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