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Accounting
Medical Dispensary borrowed $390,000 on January 2, 2012, by issuing a 10% serial bond payable that must be paid in three equal annual installments plus interest for the year. The first payment of
At December 31, MediSharp Precision Instruments owes $50,000 on accounts payable, salary payable of $16,000, and income tax payable of $8,000. MediSharp also has $280,000 of bonds payable that were
The following transactions of Emergency Pharmacies occurred during 2014 and 2015:2014Mar 1 Borrowed $360,000 from Lessburg Bank. The six-year, 10% note requires payments due annually, on March 1.
On March 1, 2012, Mechanics Credit Union (MCU) issued 7%, 20-year bonds payable with maturity value of $300,000. The bonds pay interest on February 28 and August 31. MCU amortizes bond premium and
Billy's Hamburgers, Inc., issued 5%, 10-year bonds payable at 90 on December 31, 2010. At December 31, 2012, Billy reported the bonds payable as follows:Billy uses the straight-line amortization
The board of directors of Delta Health Spa authorizes the issuance of $600,000 of 5%, 10-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on July 31,
The accounting records of Route Maker Wireless include the following:Requirement1. Report these liabilities on the Route Maker Wireless balance sheet, including headings and totals for current
The following transactions of Johnson Pharmacies occurred during 2014 and 2015:2014Mar 1 Borrowed $100,000 from Naples Bank. The five-year, 15% note requires payments due annually, on March 1. Each
On March 1, 2012, Professors Credit Union (PCU) issued 6%, 20-year bonds payable with maturity value of $500,000. The bonds pay interest on February 28 and August 31. PCU amortizes bond premium and
Danny's Hamburgers, Inc., issued 9%, 10-year bonds payable at 85 on December 31, 2010. At December 31, 2012, Danny reported the bonds payable as follows:Danny uses the straight-line amortization
The board of directors of Theta Health Spa authorizes the issuance of $450,000 of 10%, 10-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on July
The accounting records of Compass Point Wireless include the following:Requirement1. Report these liabilities on the Compass Point Wireless balance sheet, including headings and totals for current
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 10-23 of Chapter 10. Assume that Lawlor also owes $120,000 on a 10-year, 6% mortgage that was issued on August 1, 2012.
This problem continues the Draper Consulting, Inc., situation from Problem 10-24 of Chapter 10. Draper Consulting, Inc., is considering raising additional capital. Draper plans to raise the capital
The following questions are not related.Requirements1. Duncan Brooks, Co., needs to borrow $500,000 to open new stores. Brooks can borrow $500,000 by issuing 5%, 10-year bonds at a price of 96. How
Raffie’s Kids, a non-profit organization that provides aid to victims of domestic violence, lowincome families, and special-needs children has a 30-year, 5% mortgage on the existing building. The
Bill and Edna had been married two years, and had just reached the point where they had enough savings to start investing. Bill’s uncle Dave told them that he had recently inherited some very rare
Each member of the team should select a large corporation and go to its Web site. Surf around until you find the company’s balance sheet. Often the appropriate tab is labeled as one of the
Flexon, Inc., needs new manufacturing equipment. Two companies can provide similar equipment but under different payment plans:Plan A: SVL offers to let Flexon pay $55,000 each year for six years.
Interest rates determine the present value of future amounts.Requirements1. Determine the present value of seven-year bonds payable with maturity value of $91,000 and stated interest rate of 14%,
Consider your answers from Requirements 1–3 of Problem 11A-2A.Requirement1. Journalize issuance of the bond and the first semiannual interest payment under each of the three assumptions in Problem
TVX, Inc., issued $800,000 of 5%, 10-year bonds payable at a price of 92.595 on March 31, 2012. The market interest rate at the date of issuance was 6%, and the bonds pay interest
Nicholas Rausch, Co., issued $300,000 of 11%, 10-year bonds payable at a price of 106.2410 on March 31, 2012. The market interest rate at the date of issuance was 10%, and the bonds pay interest
Relaxation, Inc., is authorized to issue 14%, 10-year bonds payable. On January 2, 2012, when the market interest rate is 16%, the company issues $500,000 of the bonds and receives cash of $451,130.
On January 1, 2012, Ginsberg, Corp., issued $400,000 of 7.375%, five-year bonds payable when the market interest rate was 8%. Ginsberg pays interest annually at year-end. The issue price of the bonds
On December 31, 2012, when the market interest rate is 10%, O’Brien Realty, Co., issues $800,000 of 7.25%, 10-year bonds payable. The bonds pay interest semiannually. Requirements1. Determine the
Exacto, Inc., needs new manufacturing equipment. Two companies can provide similar equipment but under different payment plans:Plan A: NKS offers to let Exacto pay $65,000 each year for six years.
Interest rates determine the present value of future amounts.Requirements1. Determine the present value of seven-year bonds payable with maturity value of $83,000 and stated interest rate of 12%,
Consider your answers from Requirements 1–3 of Problem 11A-10B.Requirement1. Journalize issuance of the bond and the first semiannual interest payment under each of the three assumptions in Problem
MIRAX, Inc., issued $500,000 of 7%, 10-year bonds payable at a price of 93.165 on March 31, 2012. The market interest rate at the date of issuance was 8%, and the bonds pay interest
Ben Norton issued $700,000 of 5%, 10-year bonds payable at a price of 108.1776 on March 31, 2012. The market interest rate at the date of issuance was 4%, and the bonds pay interest
Soothing, Inc., is authorized to issue 11%, 10-year bonds payable. On January 2, 2012, when the market interest rate is 12%, the company issues $600,000 of the bonds and receives cash of $565,710.
On January 1, 2012, Trikel, Corp., issued $600,000 of 8.375%, five-year bonds payable when the market interest rate was 10%. Trikel pays interest annually at year-end. The issue price of the bonds
On December 31, 2012, when the market interest rate is 8%, Benson Realty, Co., issues $300,000 of 5.25%, 10-year bonds payable. The bonds pay interest semiannually.Requirements1. Determine the
On January 1, 2012, Platz, Inc., issued $200,000 of 9%, five-year bonds payable at 106. Platz has extra cash and wishes to retire the bonds payable on January 1, 2013, immediately after making the
Oldcity, Corp., has $1,750,000 of callable bonds payable outstanding, with a bond premium of $35,000 on May 31, 2012, immediately after an interest payment. Oldcity decides to retire the bonds when
Virtuoso Transportation issued $400,000 of 7% bonds payable at 90 on October 1, 2012. These bonds are callable at 100 and mature on October 1, 2020. Virtuoso pays interest each April 1 and October 1.
Worldview Magazine, Inc., issued $300,000 of 15-year, 5% callable bonds payable on July 31, 2012, at a price of 96. On July 31, 2015, Worldview called the bonds at a price of 101.Requirements1.
Villain Industries reported the following at September 30:Requirements1. Journalize retirement of half of the bonds on October 1 at the market price of 93.2. Journalize retirement of the remaining
Suppose you created a software package, sold the business, and now are ready to invest in a resort property. Several locations look promising: Monterrey, California; Durango, Colorado; and Mackinac
Details about a company’s liabilities appear in a number of places in the annual report. Use Amazon.com’s financial statements, including Notes 1 and 5, to answer the following questions.
Sherman Lawn Service, Inc., has been open for one year, and Hannah Sherman, the owner, wants to know whether the business earned a net income or a net loss for the year. First, she must identify the
Suppose you are the manager of Greg’s Tunes, Inc. The company needs a bank loan in order to purchase music equipment. In evaluating the loan request, the banker asks about the assets and
Suppose you are starting a business, Wholly Shirts, Inc., to imprint logos on T-shirts. In organizing the business and setting up its accounting records, you take your information to a CPA to prepare
Chloe Michaels plans on opening Chloe Michaels Floral Designs. She is considering the various types of business organizations and wishes to organize her business with unlimited life and limited
You begin No Limits Cell Service, Inc., by investing $10,000 of your own money in a business bank account. You receive the company’s common stock. Then the business borrows $5,000 cash by signing a
Michael McNamee is the sole shareholder of a property management company near the campus of Pensacola State College. The business has cash of $8,000 and furniture that cost $9,000 and has a market
Turtle Creek Kennel, Inc., earns service revenue by caring for the pets of customers. Turtle Creek’s main expense is the salary paid to an employee.Requirement1. Write the accounting equation for
Monte Hall Gaming, Inc., paid $26,000 cash to purchase land.Requirement1. Identify which accounts were affected by this transaction and the amount of the change.
Getaway Travel, Inc., recorded revenues of $2,800 earned on account by providing travel service for clients.Requirements1. How much are the business’s cash and total assets after the transaction?2.
Bob Martin, P.A., collected cash on account from a client for whom the business had provided delivery services one month earlier.Requirements1. Why didn’t the business record revenue when it
Examine Exhibit 1-6. The exhibit summarizes the transactions of Smart Touch Learning, Inc., for the month of April 2013. Suppose the business has completed only the first seven transactions and needs
Elegant Arrangements Corporation has just completed operations for the year ended December 31, 2012. This is the third year of operations for the company. As the soleshareholder, you want to know how
Consider the facts presented in S1-12 for Elegant Arrangements Corporation.Requirements1. Review the income statement prepared in S1-12. Evaluate the results of 2012 operations for Elegant
Consider the following accounting terms and definitions:TERMS:1. Accounting Equation2. Asset3. Balance Sheet4. Expense5. Income Statement6. Liability7. Net Income8. Net Loss9. Revenue10. Statement of
Evan O’Brien, Inc., publishes a travel magazine. In need of cash, the business applies for a loan with National Bank. The bank requires borrowers to submit financial statements. With little
Select financial information for three corporations follows:Requirements1. Compute the missing amount in the accounting equation for each entity.2. List the seven main characteristics of a
Winged Wheel Garage, Inc., purchased a parcel of land on January 3, 2012, for $50,000. Its market value at the end of 2012 was $55,000.Requirements1. Using the U.S. GAAP cost principle, at what value
Great City Builders, Inc., balance sheet data at May 31, 2012, and June 30, 2012, follow:Requirement1. Following are three situations about stockholders investments and dividends of the
As the manager of a Papa Sam’s Corporation restaurant, you must deal with a variety of business transactions.Requirement1. Give an example of a transaction that has each of the following effects on
Using the accounting equation to analyze transactionsRequirement1. Indicate the effects of the following business transactions on the accounting equation of a Viviani Video store. Transaction (a) is
Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., P.C. (Professional Corporation), experienced the following events:Jul 6 Smith
The analysis of the first eight transactions of All-in-one Accounting Service, Inc., follows. Stockholders made only one investment and there were no dividend payments.Requirements1. Describe each
Bob Auto Repairs, Inc., started 2012 with total assets of $19,000 and total liabilities of $9,000. At the end of 2012, Bob’s total assets stood at $27,000, and total liabilities were
The 2012 annual report of American Express Services (AES) reported revenue of $21,000,000,000. Total expenses for the year were $14,000,000,000. AES ended the year with total assets of
Compute the missing amount for Felix Company. You will need to work through total stockholders equity.Requirements1. Did Felix earn a net income or suffer a net loss for the year? Compute
Shane’s Roasted Peanuts, Inc., supplies snack foods. The business experienced the following events.a. Shane’s Roasted Peanuts received cash from the sole stockholder and issued common stock.b.
The account balances of Wilson Towing Service, Inc., at June 30, 2012, follow:Requirements1. Prepare the balance sheet of the business at June 30, 2012.2. What does the balance sheet
The assets, liabilities, stockholders equity, revenues, and expenses of Davis Design Studio, Inc., have the following balances at December 31, 2012, the end of its first year of
Consider the following terms and definitions:TERMS:1. Proprietorship2. Faithful representation3. Partnership4. Stock5. Limited liability6. Limited Liability Company7. Cost principle8. FASB9. Net loss
Andrea Scarlett is a realtor. She organized her business as a corporation, Andrea Scarlett, Realtor, P.C. (Professional Corporation), by investing $19,000 cash. The business issued common stock to
Alex Shore practiced accounting with a partnership for five years. Recently he opened his own accounting firm, which he operates as a professional corporation. The name of the new entity is Alex
Angela Peters practiced law with a partnership for 10 years. Recently she opened her own law office, which she operates as a professional corporation. The name of the new entity is Angela Peters,
Zelinsky Electronics, Corp., was recently formed as a corporation. The balance of each item in the companys accounting equation is shown for October 1 and for each of the following
Matilda Crone owns and operates a public relations firm called Dance Fever, Inc. The following amounts summarize her business on August 31, 2012:During September 2012, the business completed the
Presented here are the accounts of Gate City Answering Service Corporation for the year ended December 31, 2012.Requirements1. Prepare Gate City Answering Service Corporations income
Studio Photography, Inc., works weddings and prom-type parties. The balance of retained earnings was $16,000 at December 31, 2011. At December 31, 2012, the businesss accounting records
The bookkeeper of Greener Landscaping, Inc., prepared the companys balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper
Consider the following terms and definitions:TERMS:1. Proprietorship2. Faithful representation3. Partnership4. Stock5. Limited liability6. Limited Liability Company7. Cost principle8. FASB9. Net
Sandy White is a realtor. She organized her business as a corporation, Sandy White, Realtor, P.C. (Professional Corporation), by investing $27,000 cash.The business issued common stock to her.
Arron Woody practiced accounting with a partnership for five years. Recently he opened his own accounting firm, which he operates as a professional corporation. The name of the new entity is Arron
Aimee Griffin practiced law with a partnership for 10 years. Recently she opened her own law office, which she operates as a professional corporation. The name of the new entity is Aimee Griffin,
Alterri Mechanical, Corp., was recently formed as a corporation. The balance of each item in the companys accounting equation is shown for November 1 and for each of the following
Missy Crone owns and operates a public relations firm called Top 40, Inc. The following amounts summarize her business on August 31, 2012:During September 2012, the business completed the following
Presented here are the accounts of Quick and EZ Delivery Corporation for the year ended December 31, 2012.Requirements1. Prepare Quick and EZ Delivery Corporations income statement.2.
Photo Gallery, Inc., works weddings and prom-type parties. The balance of Retained earnings was $17,000 at December 31, 2011. At December 31, 2012, the businesss accounting records show
The bookkeeper of Outdoor Life Landscaping, Inc., prepared the companys balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the
Lawlor Lawn Service, Inc., began operations and completed the following transactions during May, 2012:May 1 Received $1,700 and issued 100 shares of common stock. Deposited this amount in bank
Draper Consulting, Inc., began operations and completed the following transactions during the first half of December:Dec 2 Received $18,000 cash and issued 100 shares of no-par common stock.2 Paid
You are promoting a rock concert in your area. Your purpose is to earn a profit, and you organize Concert Enterprises as a corporation.Requirements1. Make a detailed list of 10 factors you must
Let’s examine a case using Greg’s Tunes and another company, Sal’s Silly Songs. It is now the end of the first year of operations, and both owners—Sally Siegman and Greg Moore—want to know
Dave and Reba Guerrera saved all their married life to open a bed and breakfast (B&B) named Tres Amigos. They invested $100,000 of their own money and the corporation issued common stock to them. The
The board of directors of Xiaping Trading Company is meeting to discuss the past year’s results before releasing financial statements to the public. The discussion includes this exchange: Wai Lee,
The tobacco companies have paid billions because of smoking-related illnesses. In particular, Philip Morris, a leading cigarette manufacturer, paid over $3,000,000,000 in one year.Requirements1.
This and similar cases in later chapters focus on the financial statement of a real company—Amazon.com, Inc., the Internet shopping leader. As you work each case, you will gain confidence in your
Exeter, Inc., is a building contractor on the Gulf Coast. After losing a number of big lawsuits, it was facing its first annual net loss as the end of the year approached. The CEO, Hank Snow, was
Consider the following transactional data for the first month of operations of Shine King Cleaning, Inc.Nov 1: Evan Hudson deposited $35,000 in the business account. Also on this date, Evan
You are opening Quail Creek Pet Kennel, Inc. Your purpose is to earn a profit, and you organize as a corporation.1. Make a detailed list of 10 factors you must consider to establish the business.2.
Accounting has its own vocabulary and basic relationships.Requirement1. Match the accounting terms on the left with the corresponding definitions on the right._______1. Posting A. Using up assets
Margaret Alves is tutoring Timothy Johnson, who is taking introductory accounting. Margaret explains to Timothy that debits are used to record increases in accounts and credits record decreases.
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