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Questions and Answers of
Accounting
Dates, Corp., issued 4,000 shares of no-par common stock for $9 per share.Requirements1. Record issuance of the stock if the stocka. is true no-par stock andb. has stated value of $2 per share.2.
The charter for KCAS-TV, Inc., authorizes the company to issue 100,000 shares of $4, no-par preferred stock and 500,000 shares of common stock with $1 par value.During its start-up phase, KCAS
The charter of Evergreen Capital Corporation authorizes the issuance of 900 shares of preferred stock and 1,250 shares of common stock. During a two month period, Evergreen completed these
Oulette Publishing Company has the following selected account balances at June 30, 2012.Requirements1. Journalize all required closing entries for the year.2. Calculate the balance in Retained
Northern Communications has the following stockholders equity:Requirements1. First, determine whether preferred stock is cumulative or noncumulative.2. Compute the amount of dividends to
The following elements of stockholders equity are adapted from the balance sheet of Sandler Marketing, Corp.Sandler paid no preferred dividends in 2011.Requirement1. Compute the
The balance sheet of Mark Todd Wireless, Inc., reported the following:Assume that Todd has paid preferred dividends for the current year and all prior years (no dividends in arrears).Requirement1.
The balance sheet of Moe Taylor, Inc., reported the following:Requirement1. Compute the book value per share of Taylors preferred and common stock if three years preferred
Lofty Exploration Company reported these figures for 2012 and 2011:Requirements1. Compute rate of return on total assets and rate of return on common stockholders equity for 2012.2. Do
The income statement of Jennifer’s Cards, Inc., reported income before income tax of $400,000,000 during a recent year. Assume Jennifer’s taxable income for the year was $342,000,000. The
Jay and Mike are opening a paint store. There are no competing paint stores in the area. Their fundamental decision is how to organize the business. They anticipate profits of $300,000 the first
Terrific Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at June 30, 2012:Requirements1. Identify the different issues of stock that Terrific has
The balance sheet of Buzzcraft, Inc., reported the following:Preferred stock, $7 par, 5%,1,000 shares authorized and issued . . . . . . . . . . . . . . . . . . . . . . . $ 7,000Common stock, $1.50
B-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B-Mobile to issue 70,000 shares of 5%, $100-par preferred stock,
Lincoln-Priest, Inc., was organized in 2011. At December 31, 2011, the Lincoln-Priest balance sheet reported the following stockholders' equity:Requirements1. During 2012, the company completed the
The following summaries for Miller Service, Inc., and Griffin, Co., provide the information needed to prepare the stockholders’ equity section of each company’s balance sheet. The two companies
Fashonista Skincare has 10,000 shares of 3%, $20 par value preferred stock and 90,000 shares of $2 par common stock outstanding. During a three-year period, Fashionista declared and paid cash
The following accounts and December 31, 2012, balances of New Jersey Optical Corporation are arranged in no particular order.Total assets, Dec 31, 2011 . . . . . . . . $ 501,000Common equity, Dec 31,
The accounting records of Rhyme Redwood Corporation provide income statement data for 2012.Total revenue . . . . . . $ 940,000Total expenses . . . . . . . 750,000Income before tax . . . $
Ben and Eric are opening a comic book store. There are no competing comic book stores in the area. Their fundamental decision is how to organize the business. They anticipate profits of $350,000 the
Tree Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at April 30, 2012.Requirements1. Identify the different issues of stock that Tree has outstanding.2.
The balance sheet of Ballcraft, Inc., reported the following:Preferred dividends are in arrears for two years, including the current year. On the balance sheet date, the market value of the
Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes Cell to issue 40,000 shares of 10%, $50 par preferred stock and
Lurvey-Priest, Inc., was organized in 2011. At December 31, 2011, the Lurvey-Priest balance sheet reported the following stockholders' equity:Requirements1. During 2012, the company completed the
The following summaries for Maryland Service, Inc., and Grapone, Co., provide the information needed to prepare the stockholders’ equity section of each company’s balance sheet. The two
Mode Skincare has 10,000 shares of 5%, $10 par value preferred stock, and 110,000 shares of $1.50 par common stock outstanding. During a three-year period, Mode declared and paid cash dividends as
The following accounts and December 31, 2012, balances of Georgia Optical Corporation are arranged in no particular order.Total assets, Dec 31, 2011 . . . . . . . . $ 505,000Common equity, Dec 31,
The accounting records of Reflection Glass Corporation provide income statement data for 2012.Total revenue ...... $ 910,000Total expenses ...... 670,000Income before tax .... $ 240,000Total expenses
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 11-33 of Chapter 11. On September 18, Lawlor Lawn Service declared a dividend of $2,000 to all common shareholders of
This problem continues the Draper Consulting, Inc., situation from Problem 11-34 of Chapter 11. After issuing the bonds in Chapter 11, Draper decides to raise additional capital for the planned
Lena Kay and Kathy Lauder have a patent on a new line of cosmetics. They need additional capital to market the products, and they plan to incorporate the business. They are considering the capital
Answering the following questions will enhance your understanding of the capital stock of corporations. Consider each question independently of the others.Requirements1. Why are capital stock and
Stan Sewell paid $50,000 for a franchise that entitled him to market software programs in the countries of the European Union. Sewell intended to sell individual franchises for the major language
Elaine Jackson just had a visit from her cousin Phil. He wanted to apologize. Last year he had regaled her with stories about a small company he had discovered that had just invented a high-tech
The Amazon.com financial statements appear in Appendix A at the end of this book. Answer the following questions about Amazon’s stock. The Accumulated Deficit account is Retained earnings with a
Competitive pressures are the norm in business. Lexus automobiles (made in Japan) have cut into the sales of Mercedes Benz (a German company), General Motors’ Cadillac Division, and Ford’s
Financial statements all have a goal. The cash flow statement does as well.Requirement1. Describe how the statement of cash flows helps investors and creditors perform each of the following
Cash flow items must be categorized into one of four categories: financing, investing, noncash, or operating.Requirement1. Answer the following questions about the statement of cash flows:a. List the
Destiny Corporation is preparing its statement of cash flows by the indirect method. Destiny has the following items for you to consider in preparing the statement:________ a. Increase in accounts
OMD Equipment, Inc., reported the following data for 2012:Income statementNet income . . . . . . . . . . . . . . . . . . . . . $ 44,000Depreciation . . . . . . . . . . . . . . . . . . . . . .
One Way Cellular accountants have assembled the following data for the year ended September 30, 2012:1. Prepare the operating activities section using the indirect method for One Way
Use the data in Short Exercise 14-5 to complete this exercise.Requirement1. Prepare One Way Cellular’s statement of cash flows using the indirect method for the year ended September 30, 2012. Stop
Kyler Media Corporation had the following income statement and balance sheet for 2012:Requirement1. Compute for Kyler Media Corporation during 2012 thea. acquisition of equipment. The business sold
Use the Kyler Media Corporation data in Short Exercise 14-7 and the results you calculated from the requirements.Requirement1. Prepare Kyler Media’s statement of cash flows—indirect method—for
Judy’s Makeup Shops earned net income of $22,000, which included depreciation of $14,000. Judy’s acquired a $119,000 on a long term note payable. Requirements1. How much did Judy’s cash balance
Cooper Lopez Company expects the following for 2012:• Net cash provided by operating activities of $158,000.• Net cash provided by financing activities of $60,000.• Net cash used for investing
Anderson’s Armoires reported net loss for the year of $25,000; however, it reported an increase in cash balance of $50,000. The CFO states, “Anderson’s Armoires would have shown a profit were
Consider the following transactions:(a) Purchased equipment for $130,000 cash(b) Issued $14 par preferred stock for cash(c) Cash received from sales to customers of $35,000.(d) Cash paid to vendors,
The cash flow statement categorizes like transactions for optimal reporting.Requirement1. Identify each of the following transactions as one of the following:● Operating activity (O)● Investing
Consider the following transactions:Requirement1. Indicate whether each transaction would result in an operating activity, an investing activity, or a financing activity for an indirect method
The records of McKnight Color Engraving reveal the following:Requirements1. Compute cash flows from operating activities by the indirect method.2. Evaluate the operating cash flow of McKnight Color
The accounting records of DVD Sales, Inc., include the following accounts:Requirement1. Compute DVDs net cash provided by (used for) operating activities during July. Use the
The income statement of Minerals Plus, Inc., follows:Additional data follow:(a) Acquisition of plant assets is $118,000. Of this amount, $100,000 is paid in cash and $18,000 by signing a note
Consider the following facts for Espresso Place:(a) Beginning and ending Retained earnings are $44,000 and $70,000, respectively. Net income for the period is $61,000.(b) Beginning and ending Plant
McKnight Exercise Equipment, Inc., reported the following financial statements for 2012:Requirement1. Compute the amount of McKnight Exercises acquisition of plant assets. McKnight
Use the McKnight Exercise Equipment data in Exercise 14-19.Requirement1. Compute the following:(a) New borrowing or payment of long-term notes payable, with McKnight Exercise having only one
Use the McKnight Exercise Equipment data in Exercises 14-19 and 14-20.Requirement1. Prepare the company’s statement of cash flows—indirect method—for the year ended December 31, 2012.
Dirtbikes, Inc., identified the following selected transactions that occurred during 2012:(a) Issued 1,250 shares of $2 par common stock for cash of $26,000.(b) Issued 5,500 shares of $2 par common
Use the McKnight Exercise Equipment data in Exercises 14-19 and 14-20. McKnight plans to purchase a truck for $29,000 and a forklift for $121,000 next year.Requirement1. Calculate the amount of free
Classic Reserve Rare Coins (CRRC) was formed on January 1, 2012. Additional data for the year follows:(a) On January 1, 2012, CRRC issued common stock for $425,000.(b) Early in January, CRRC made the
Accountants for Johnson, Inc., have assembled the following data for the year ended December 31, 2012:Requirement1. Prepare Johnsons statement of cash flows using the indirect method.
The comparative balance sheet of Jackson Educational Supply at December 31, 2012, reported the following:Jackson's transactions during 2012 included the following:Requirements1. Prepare the
The 2012 comparative balance sheet and income statement of Rolling Hills, Inc., follow:Additionally, Rolling Hills purchased land of $23,600 by financing it 100% with long-term notes payable during
National Reserve Rare Coins (NRRC) was formed on January 1, 2012. Additional data for the year follows:(a) On January 1, 2012, NRRC issued common stock for $525,000.(b) Early in January, NRRC made
Accountants for Smithson, Inc., have assembled the following data for the year ended December 31, 2012:Requirement1. Prepare Smithson's statement of cash flows using the indirect method. Include an
The comparative balance sheet of Morgensen Educational Supply at December 31, 2012, reported the following:Morgensen's transactions during 2012 included the following:Requirements1. Prepare the
The 2012 comparative balance sheet and income statement of All Wired, Inc., follow:Additionally, All Wired purchased land of $24,500 by financing it 100% with longterm notes payable during 2012.
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 13-36 of Chapter 13. Refer to the comparative balance sheet for Lawlor Lawn Service.Requirement1. Prepare the statement
This problem continues the Draper Consulting, Inc., situation from Problem 13-37 of Chapter 13. Refer to the comparative balance sheet for Draper Consulting.Requirement1. Prepare the statement of
The 2014 comparative income statement and the 2014 comparative balance sheet of Golf America, Inc., have just been distributed at a meeting of the companys board of directors. The
Theater by Design and Showcase Cinemas are asking you to recommend their stock to your clients. Because Theater by Design and Showcase earn about the same net income and have similar financial
Moss Exports is having a bad year. Net income is only $60,000. Also, two important overseas customers are falling behind in their payments to Moss, and Moss’s accounts receivable are ballooning.
Frank Lou had recently been promoted to construction manager at a development firm. He was responsible for dealing with contractors who were bidding on a multi-million dollar excavation job for the
Use the Amazon.com statement of cash flows, along with the company’s other financial statements at the end of this book, to answer the following questions.Requirements1. Which method does Amazon
Jelly Bean, Inc., began 2012 with cash of $53,000. During the year Jelly Bean earned revenue of $597,000 and collected $621,000 from customers. Expenses for the year totaled $437,000, of which Jelly
Happy Tot’s Learning Center has assembled the following data for the year ended June 30, 2012:Payments to suppliers . . . . . . . . . . . . . . . . . . . . $ 117,000Purchase of equipment . . . . .
Use the data in Short Exercise 14A-2 and your results.Requirement1. Prepare the business’s complete statement of cash flows for the year ended June 30, 2012, using the direct method for operating
Rouse Toy Company reported the following comparative balance sheet:Requirement1. Compute the following for Rouse Toy Company:a. Collections from customers during 2012. Sales totaled $143,000.b.
Consider the following transactions:.:.Requirement1. Identify each of the transactions as a(n)● Operating activity (O)● Investing activity (I)● Financing activity (F)● Noncash investing and
Consider the following transactions:Requirement1. Indicate where, if at all, each of the transactions would be reported on a statement of cash flows prepared by the direct method and the accompanying
The accounting records of Fuzzy Dice Auto Parts reveal the following:Requirement1. Compute cash flows from operating activities using the directmethod.
Selected accounts of Printing Networks, Inc., show the following:Requirement1. For each account, identify the item or items that should appear on a statement of cash flows prepared by the direct
The income statement and additional data of Best Corporation follow:Additional data follow:(a) Collections from customers are $15,500 more than sales.(b) Dividend revenue, interest expense, and
Consider the following facts:(a) Beginning and ending Accounts receivable are $20,000 and $24,000, respectively. Credit sales for the period total $62,000.(b) Cost of goods sold is $76,000.
Superb Mobile Homes reported the following in its financial statements for the year ended December 31, 2012:Requirement1. Determine the following for Superb Mobile Homes during 2012:(a) Collections
MPG, Inc., accountants have developed the following data from the company’s accounting records for the year ended April 30, 2012:(a) Purchase of plant assets, $59,400.(b) Cash receipt from issuance
Use the Classic Reserve Rare Coins data from Problem 14-24A.Requirements1. Prepare Classic Reserve Rare Coins’ income statement for the year ended December 31, 2012. Use the single-step format,
Use the Rolling Hills data from Problem 14-27A.Requirements1. Prepare the 2012 statement of cash flows by the direct method.2. How will what you learned in this problem help you evaluate an
To prepare the statement of cash flows, accountants for E-Mobile, Inc., have summarized 2012 activity in the Cash account as follows:Requirement1. Prepare E-Mobiles statement of cash
KSG, Inc., accountants have developed the following data from the company’s accounting records for the year ended June 30, 2012:(a) Purchase of plant assets, $57,400.(b) Cash receipt from issuance
Use the National Reserve Rare Coins data from Problem 14-28B.Requirements1. Prepare National Reserve Rare Coins’ income statement for the year ended December 31, 2012. Use the single-step format,
Use the All Wired data from Problem 14-31B.Requirements1. Prepare the 2012 statement of cash flows by the direct method.2. How will what you learned in this problem help you evaluate an investment?
To prepare the statement of cash flows, accountants for I-M-Mobile, Inc., have summarized 2012 activity in the Cash account as follows:Requirement1. Prepare I-M-Mobiles statement of cash
The 2012 comparative balance sheet and income statement of Appleton Group, Inc., follow. Appleton had no noncash investing and financing transactions during 2012.Requirement1. Prepare the spreadsheet
Review the data from P14-27A.Requirement1. Prepare the spreadsheet for Rolling Hills 2012 statement of cash flows. Format cash flows from operating activities by the indirectmethod.
The 2012 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro had no noncash investing and financing transactions during 2012.Requirement1. Prepare the
Review the data from P14-31B.Requirement1. Prepare the spreadsheet for All Wireds 2012 statement of cash flows. Format cash flows from operating activities by the indirectmethod.
McCormick, Corp., reported the following on its comparative income statement:Requirement1. Prepare a horizontal analysis of revenues and gross profitboth in dollar amounts and in
Mariner, Corp., reported the following revenues and net income amounts:Requirements1. Calculate Mariners trend analysis for revenues and net income. Use 2010 as the base year, and round
Tri-State Optical Company reported the following amounts on its balance sheet at December 31, 2012 and 2011:Requirement1. Prepare a vertical analysis of Tri-State assets for 2012 and2011.
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