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Questions and Answers of Accounting

Joanna Wang is admitted to a partnership. Prior to the admission of Wang, the partnership books show Tanya Wird's Capital balance at $79,000 and Alan Bales' Capital balance at $39,500. Wird and Bales
The Simra Brothers Partnership had the following statement of partners' equity for the years ended December 31, 2013 and 2014. (This is similar to the statement of owners' equity shown in Exhibit
The following questions relate to issues faced by partnerships. 1. The text suggests that a written partnership agreement should be drawn up between the partners in a partnership. One benefit of an
Feng Li and Tanya Ng operate The Party Centre, a party supply store in Red Deer, Alberta. The partners split profits and losses equally, and each takes an annual withdrawal of $90,000. To even out
Vince Sharma and Klaus Warsteiner formed a partnership on January 1, 2014. The partners agreed to invest equal amounts of capital. Sharma invested his proprietorship's assets and liabilities (all
Sudden Valley Resort is a partnership, and its owners are considering admitting Ben Peller as a new partner. On July 31, 2014, the Capital accounts of the three existing partners and their shares of
Sheila Sasso, Karen Schwimmer, and Jim Perry have formed a partnership. Sasso invested $60,000, Schwimmer $120,000, and Perry $180,000. Sasso will manage the store, Schwimmer will work in the store
Trail Equipment is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30 percent to Karen Tenne, 40 percent to Frank Durn, and 30 percent to Erin Hana. At
The partnership of Malkin, Neale, & Staal has experienced operating losses for three consecutive years. The partners, who have shared profits and losses in the ratio of Lisa Malkin, 20 percent, John
The partnership of Telliher, Bachra, and Lang has experienced operating losses for three consecutive years. The partners, who have shared profits and losses in the ratio of Thea Telliher, 60 percent,
SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share profits and losses in the ratio of 1:3:4. The adjusted trial balance of the partnership (in condensed form)
2011 Jun. 10 Adam Buckner and Amber Kwan have agreed to pool their assets and form a partnership to be called B&K Consulting. They agree to share all profits equally and make the following initial
Dennis Devlin, Gary Freemont, and Jean London started a partnership to operate a management consulting business. The partnership (DFL Partners) had the following transactions:2012 Jan. 2 Devlin,
On January 1, 2014, Svitlana Yaeger and Val Havlac formed a partnership. The partners agreed to invest equal amounts of capital. Havlac invested her proprietorship's assets and liabilities (all
Pineridge Consulting Associates is a partnership, and its owners are considering admitting Helen Fluery as a new partner. On March 31, 2014, the Capital accounts of the three existing partners and
Sav Berlo, Silvio Felini, and Louis Valente have formed a partnership. Berlo invested $30,000, Felini $40,000, and Valente $50,000. Berlo will manage the store, Felini will work in the store half
Vector Financial Planning is a partnership owned by three individuals. The partners share profits and losses in the ratio of 20 percent to Katherine Depatie, 40 percent to Sam Seamus, and 40 percent
The partnership of Du, Chong, and Quing has experienced operating losses for three consecutive years. The partners, who have shared profits and losses in the ratio of Jia Du, 10 percent, Denis Chong,
The partnership of Pavelski, Ovechin, and Oh has experienced operating losses for three consecutive years. The partners, who have shared profits and losses in the ratio of Steven Pavelski, 60
SY&I is a partnership owned by T. Shitang, D. Yamamoto, and J. Ishikawa, who share profits and losses in the ratio of 2:3:5. The adjusted trial balance of the partnership (in condensed form) at
2011 Jun. 10 Steven Hodgson and Sarah Asham have agreed to pool their assets and form a partnership to be called H&A Distributors. They agree to share all profits equally and make the following
William Dione, Julie Porter, and Regina Westlake started a partnership to operate a courier service. The partnership (DP&W Couriers) had the following transactions:2012 Jan. 2 Dione, Porter, and
Nancy Wesla and Jordon Dugger have been in a partnership for five years. The principal business of the partnership is systems design for financial institutions. Gross revenues have increased from
Simone Perrier, Mary Salter, and Sean Patten have been partners in a systems design business for the past eight years. Perrier and Patten work full-time in the business; Salter has a public
Lori Barclay invested $30,000 and Vanesa Resultan invested $15,000 in a public relations firm that has operated for 10 years. Neither partner has made an additional investment. They have shared
Identify the characteristics of a corporation.
Briefly discuss the three important dates for a dividend.
Tapin Inc. has 2,500 shares of its $1.75 preferred shares outstanding. Dividends for 2012 and 2013 are in arrears. Assume that Tapin Inc. declares total dividends of $35,000 at the end of 2014. Show
As a preferred shareholder, would you rather own cumulative or noncumulative preferred? If all other factors are the same, would the corporation rather issue cumulative or noncumulative preferred
Distinguish between the market value of shares and the book value of shares. Which is more important to investors?
How is book value per common share computed when the company has both preferred shares and common shares outstanding?
Why should a healthy company's rate of return on shareholders' equity exceed its rate of return on total assets?
Explain how corporate earnings are subject to a degree of double taxation.
Briefly outline the steps in the organization of a corporation.
Compare the characteristics of a partnership and a corporation.
Name the five rights of a common shareholder. Are preferred shares automatically nonvoting?
Suppose Bala Ltd. issued 1,400 shares of its $4.50 preferred shares for $110.00 per share. By how much would this transaction increase the company's contributed capital? By how much would it increase
The Gildan Activewear Inc. fiscal 2011 financial statements appear in Appendix A at the end of this book and on MyAccountingLab. Answer the following questions about the company's share capital. 1.
The Rainmaker Entertainment Inc. 2011 financial statements appear on My Accounting lab. Answer the following questions about the company's share capital. 1. What classes of shares has Rainmaker
Plaid Robots Inc. is a small, privately held corporation that had a great first year of operations. Management is considering taking the company public in the next three to five years. Since this is
Answer these questions about corporations. 1. Who is the most powerful person in the corporation? 2. What group holds the ultimate power in a corporation? 3. Who is in charge of day-to-day
Golda Inc. has the following shareholders' equity: Preferred shares, $0.025, cumulative, liquidation value $0.50, 50,000 shares authorized, 45,000 shares issued and
Refer to the shareholders' equity information of Golda Inc. in Starter 13-10. Golda Inc. has not declared preferred dividends for five years (including the current year). Compute the book value per
How does a proprietorship's balance sheet differ from a corporation's balance sheet? How are the two balance sheets similar?
Eagle Looking Incorporated has two classes of shares: common and preferred. Journalize Eagle Looking's issuance of a. 1,000 common shares for $70.00 per share b. 1,000 preferred shares for a total of
Munsters Inc. issued all its shares during 2014 and reported the following on its balance sheet at December 31, 2014: Common shares Authorized: 5,000 shares Issued and outstanding: 3,000
At December 31, 2014, KD Corporation reported the following on its comparative balance sheet, which included 2013 amounts for comparison: _____________________________December
Hatteras Corporation reported the following accounts (a partial list):Prepare the shareholders' equity section of the Hatteras balance sheet.
Use the Hatteras Corporation data in Starter 13-6 to compute the company'sa. Total liabilitiesb. Total assetsData From Starter 13-6
Solve for the missing amounts in the partial balance sheet using the additional information provided below. Shareholders' Equity Contributed Capital Preferred shares, $2.50, (A) issued,
Mboko Corporation earned net income of $85,000 during the year ended December 31, 2013. On December 15, Mboko Corporation declared the annual cash dividend on its 5,000 $5.00 preferred shares and a
Suppose you are forming a business and you need some outside money from other investors. Assume you have decided to organize the business as a corporation that will issue shares to raise the needed
Skeet Corporation has the following selected account balances at June 30, 2014. Prepare the shareholders' equity section of the company's balance sheet.
Refer to the shareholders' equity of Chang Corporation in Exhibit 13-7, page 822. Answer these questions about Chang's dividends. 1. How much in dividends must Chang Corporation declare each year
The following elements of shareholders' equity are adapted from the balance sheet of Brzynski Marketing Ltd:
The balance sheet of Nature's Design Technology Inc. reported the following: Cumulative preferred shares; 300 shares issued and Outstanding, liquidation value $15,000
Refer to Exercise 13-13. Compute the book value per share of the preferred shares and the common shares, assuming that four years of preferred dividends (including dividends for the current year) are
Woldenga Equipment Inc. reported the figures shown below for 2014 and 2013. ____________________________________2014
Alex Kerr has been running Kerr Consulting as a proprietorship but is planning to expand operations in the near future. In Chapter 12 , Alex had considered taking on a partner, but decided not to
Mussalem Motors Inc. reported these comparative shareholders' equity data: ___________________________December 31, _________________________2014 2013 Common shares..............$1,530,000.....$
David Johnston and Lisa Jacobs are opening a decorating business to be named Student Decor Ltd. They need outside capital, so they plan to organize the business as a corporation. Because your
Is each of the following statements true or false? For each false statement, explain why it is false. a. A shareholder may bind (obligate) the corporation to a contract. b. The policy-making body in
East Ltd. made the following share issuance transactions:Jan. 19 Issued 4,500 common shares for cash of $11.00 per share.Feb. 3 Sold 1,000 $1.50 Class A preferred shares for $14,000 cash.11 Received
Shapalov Supplies Ltd. imports farm equipment. The corporation issues 10,000 common shares for $15.00 per share. Record issuance of the shares.
Sutherland Equipment Ltd. has a choice about how it records the acquisition of property, plant, and equipment in return for shares. Make the journal entries for each of the following cases: Case
The articles of incorporation for Mid-way Consulting Inc. authorize the company to issue 500,000 $5 preferred shares and 1,000,000 common shares. During its first year of operations, Mid-way
Yippee Corp. has recently organized. The company issued common shares to a lawyer who provided legal services worth $7,500 to help organize the corporation. It issued common shares to another person
The articles of incorporation for Novak Technology Inc. authorize the issuance of 100,000 preferred shares and 250,000 common shares. During a two-month period, Novak Technology Inc. completed these
Answering the following questions will enhance your understanding of the shareholders' equity of corporations. 1. Why do you think contributed capital and retained earnings are shown separately in
Jason Wertz paid $50,000 for a franchise that entitled him to market Success software programs in the countries of the European Union. Wertz intended to sell individual franchises for the major
Mark Mathews and Karen Willamas are opening a software company. They have developed a new and effective software to manage small business operations. Their most fundamental decision is how to
The partnership of Nuan Zhang and Jen Phuah needed additional capital to expand into new markets, so the business incorporated as A-1 Services Inc. The articles of incorporation under the Canada
Riverbend Inc. was organized in 2013. At December 31, 2013, Riverbend Inc.'s balance sheet reported the following shareholders' equity:Preferred shares, $4.00, 200,000 shares authorized, none
The following summaries for Play-time Equipment Ltd. and Lil-tikes Products Inc. provide the information needed to prepare the shareholders' equity section of each company's balance sheet. The two
Redfern Limited reported the following information in its December 31, 2013, annual report: Shareholders' Equity Preferred shares, $2.75, cumulative; 600,000 shares authorized; 100,000 shares issued
The following accounts and related balances of Etse Manufacturing Inc. are arranged in no particular order.Required1. Prepare the company's classified balance sheet in the report format at December
Everest Corporation has 50,000 $0.50 preferred shares and 600,000 common shares issued and outstanding. During a three-year period, Everest Corporation declared and paid cash dividends as follows:
The balance sheet of Tulameen Systems Inc. reported the following:
At January 1, 2012, Computer Metals Processing Ltd.'s balance sheet reported the following shareholders' equity:Shareholders' EquityContributed capital:Preferred shares, $1.25, cumulative (2 years
Jack Rudd and Pam Kines are opening an office supply store. The area where the store is located is growing, and no competitors are located in the immediate vicinity. Their most fundamental decision
The articles of incorporation authorize Gingrich Solutions Ltd. to issue 100,000 $2.00 preferred shares and 250,000 common shares. In its first year, Gingrich Solutions Ltd. completed the following
Sloboda Corporation was organized in 2013. At December 31, 2013, Sloboda Corporation's balance sheet reported the following shareholders' equity:Preferred shares, $0.20, 50,000 shares authorized,
Shareholders' equity information is given for Rexell Inc. and Raonic Corp. The two companies are independent.Rexell Inc. Rexell Inc. is authorized to issue 100,000 common shares. All the shares were
Reckless Phones Ltd. included the following shareholders' equity on its year-end balance sheet at December 31, 2014: Shareholders' Equity Preferred shares, $0.25, cumulative, unlimited
The accounts and related balances of Labelle Systems Ltd. are arranged in no particular order.Required1. Prepare the company's classified balance sheet in report format at June 30, 2014.2. Compute
Brappit Broadcasting Inc. has 15,000 $2.50 preferred shares and 75,000 common shares outstanding. Brappit Broadcasting Inc. declared and paid the following dividends during a three-year period: 2012,
The balance sheet of Sonic Sales Limited reported the following at December 31, 2014:Shareholders' EquityPreferred shares, redeemable, nonvoting, cumulative;authorized 16,000 shares (liquidation
At January 1, 2012, Bohemia Nursery Ltd.’s balance sheet reported the following shareholders’ equity:Shareholders’ EquityContributed capital:Preferred shares, $0.75, cumulative (3 years in
Your friend Bryan McNair has come to you for advice. He has a very successful antiques store that had sales of more than $800,000 in the year just ended. He would like to expand and will need to
Franklin Technologies Inc., incorporated under the Canada Business Corporations Act, had three transactions during the year ended December 31, 2014, involving its common shares. On January 15, 2014,
You have just received a bequest of $2,000 from an aunt and you have decided to invest the money in shares of Electronic Recycling Inc., a company that is listed on the Toronto Stock Exchange.
Kimberly Carlyle and Erron Friesen have written a spreadsheet program (Viacalc) to rival Excel. They need additional capital to market the product, and they plan to incorporate the business. They are
Incorporating legislation frequently has a prohibition on a corporation's purchasing its own shares in certain circumstances. What are those circumstances? Why does the prohibition exist?
Why is it necessary to use the weighted average number of common shares in the earnings per share calculation rather than the average number of common shares?
What is the most widely used of all accounting statistics? What is the price-earnings ratio? Compute the price-earnings ratio for a company with earnings per common share of $3.00 and a market price
What are two ways to report a retained earnings restriction? Which way is more common?
Identify two items on the income statement that generate income tax expense. What is an income tax saving, and how does it arise?
Why is it important for a corporation to report income from continuing operations separately from discontinued operations?
Identify the account debited and the account credited from the last closing entry a corporation makes each year. What is the purpose of this entry?
Give four examples of gains and losses that are unusual and reported separately in the continuing operations section of the income statement.

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