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Accounting
Prepare the journal entry to record each of the following independent transactions. (Use the number of the transaction in lieu of a date for identification purposes.)1. Services provided on account
Following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each
Refer to the income statement for Carnival Cruise Corporation shown in the chapter opener. Using the account titles reported there, prepare the journal entry for each of the following hypothetical
On June 1, Campbell Corporation purchased ten acres of land in exchange for a promissory note in the amount of $50,000. Using the formats shown in Example 3-6, prepare the journal entry to record
The following events take place at Dillon’s Delivery Service: 1. Supplies are ordered from vendors who will deliver the supplies within the week.2. Vendors deliver supplies on account, payment due
Expert Consulting Services Inc. was organized on March 1, 2010, by two former college roommates. The corporation provides computer consulting services to small businesses. The following transactions
The following financial statements are available for Elm Corporation for its first month of operations:RequiredUsing the format illustrated in Exhibit 3-1, prepare a table to summarize the
Identification of Events with Source Documents Many events are linked to a source document. The following is a list of events that occurred in an entity:a. Paid a one-year insurance policy.b. Paid
Blue Jay Delivery Service is incorporated on January 2, 2010, and enters into the following transactions during its first month of operations:January 2: Filed articles of incorporation with the state
Neveranerror Inc. was organized on June 2, 2010, by a group of accountants to provide accounting and tax services to small businesses. The following transactions occurred during the first month of
A list of accounts, with an identifying number for each, is provided. Following the list of accounts is a series of transactions entered into by a company during its first year of
Four brothers organized Beverly Entertainment Enterprises on October 1, 2010. The following transactions occurred during the first month of operations:October 1: Received contributions of $10,000
Refer to the table for Beverly Entertainment Enterprises in (1) of Problem 3-9.Required1. Prepare a trial balance at October 31, 2010.2. Prepare an income statement for the month ended October 31,
Atkins Advertising Agency began business on January 2, 2010. The transactions entered into by Atkins during its first month of operations are as follows:a. Acquired its articles of incorporation from
Refer to the transactions for Atkins Advertising Agency in Problem 3-11.Required1. Record each transaction directly in T accounts using the letters preceding the transactions to identify them in the
Malcolm Inc. was incorporated on January 1, 2010, with the issuance of capital stock in return for $90,000 of cash contributed by the owners. The only other transaction entered into prior to
Refer to the transactions for Blue Jay Delivery Service in Problem 3-6.Required1. Prepare journal entries on the books of Blue Jay to record the transactions entered into during the month. Ignore
Refer to the transactions for Neveranerror Inc. in Problem 3-7.Required1. Prepare journal entries on the books of Neveranerror to record the transactions entered into during the month. Ignore
What are the two major components of stockholders’ equity? Which accounts generally appear in each component?
Just Rolling Along Inc. was organized on May 1, 2010, by two college students who recognized an opportunity to make money while spending their days at a beach along Lake Michigan. The two
The following events take place at Anaconda Accountants Inc.: 1. Supplies are ordered from vendors, who will deliver the supplies within the week.2. Vendors deliver supplies on account, payment due
Beachway Enterprises was organized on June 1, 2010, by two college students who recognized an opportunity to make money while spending their days at a beach in Florida. The two entrepreneurs plan to
Dynamic Services Inc. was organized on March 1, 2010, by two former college roommates. The corporation will provide computer tax services to small businesses. The following transactions occurred
The following financial statements are available for Oak Corporation for its first month of operations:RequiredDescribe as many transactions as you can that were entered into by Oak Corporation
Many events are linked to a source document. The following is a list of events that occurred in an entity:a. Paid a security deposit and six months’ rent on a building.b. Hired three employees and
Overnight Delivery Inc. is incorporated on February 1, 2010, and enters into the following transactions during its first month of operations:February 15: Received $8,000 cash from customer
Krittersbegone Inc. was organized on July 1, 2010, by a group of technicians to provide termite inspections and treatment to homeowners and small businesses. The following transactions occurred
A list of accounts, with an identifying number for each, is provided. Following the list of accounts is a series of transactions entered into by a company during its first year of
Three friends organized Rapid City Roller Rink on October 1, 2010. The following transactions occurred during the first month of operations:October 1: Received contribution of $22,000 from each of
Refer to the table for Rapid City Roller Rink in (1) of Problem 3-9A.Required1. Prepare a trial balance at October 31, 2010.2. Prepare an income statement for the month ended October 31, 2010.3.
Castle Consulting Agency began business in February 2010. The transactions entered into by Castle during its first month of operations are as follows:a. Acquired articles of incorporation from the
Refer to the transactions for Castle Consulting Agency in Problem 3-11A. Required1. Record each transaction directly in T accounts using the letters preceding the transactions to identify them in the
Russell Company was incorporated on January 1, 2010, with the issuance of capital stock in return for $120,000 of cash contributed by the owners. The only other transaction entered into prior to
Refer to the transactions for Overnight Delivery Inc. in Problem 3-6A.Required1. Prepare journal entries on the books of Overnight to record the transactions entered into during February.2. Explain
Refer to the transactions for Krittersbegone Inc. in Problem 3-7A.Required1. Prepare journal entries on the books of Krittersbegone to record the transactions entered into during the month. Ignore
Refer to the income statements for Kellogg’s and General Mills reproduced at the end of the book. Required1. Which is the largest expense for each company in the most recent year? What is its
Refer to General Mills’s statement of cash fl ows for the year ended May 31, 2009, as reproduced at the end of the book.Required1. What amount did the company spend on purchases of land,
The following item appears in the current liabilities section of Carnival Cruise Corporation’s balance sheet at November 30, 2008:Customer deposits $2,519 millionIn addition, Note 2 to the
Shelia Young started a real estate business at the beginning of January. After approval by the state for a charter to incorporate, she issued 1,000 shares of stock to herself and deposited $20,000 in
Loan Request Simon Fraser started a landscaping and lawn-care business in April 2010 by investing $20,000 cash in the business in exchange for capital stock. Because his business is in the Midwest,
You are controller for an architectural firm whose accounting year ends on December 31. As part of the management team, you receive a year-end bonus directly related to the firm’s earnings for the
As assistant controller for a small consulting firm, you are responsible for recording and posting the daily cash receipts and disbursements to the ledger accounts. After you have posted the entries,
Corporations disclose the number of shares authorized, issued, and outstanding. What is the meaning of each of those terms? What causes a difference between the number of shares issued and the number
Why do firms designate an amount as the par value of stock? Does par value indicate the selling price or market value of the stock?
If a firm has a net income for the year, will the balance in the Retained Earnings account equal the net income? What is the meaning of the balance of the account?
What is the meaning of the statement that preferred stock has a preference to dividends declared by the corporation? Do preferred stockholders have the right to dividends in arrears on preferred
Why might some stockholders be inclined to buy preferred stock rather than common stock? What are the advantages of investing in preferred stock?
Why are common shareholders sometimes called residual owners when a company has both common and preferred stock outstanding?
When stock is issued in exchange for an asset, at what amount should the asset be reported? How could the fair market value be determined?
What is treasury stock? Why do firms use it? Where does it appear on a corporation’s financial statements?
When treasury stock is bought and sold, the transactions do not result in gains or losses reported on the income statement. What account or accounts are used instead? Why are no income statement
Many firms operate at a dividend payout ratio of less than 50%. Why do firms not pay a larger percentage of income as dividends?
What is a stock dividend? How should it be recorded?
Would you rather receive a cash dividend or a stock dividend from a company? Explain.
What is the difference between stock dividends and stock splits? How should stock splits be recorded?
How is the book value per share calculated? Does the amount calculated as book value per share mean that stockholders will receive a dividend equal to the book value?
Can the market value per share of stock be determined by the information on the income statement?
What is the difference between a statement of stockholders’ equity and a retained earnings statement?
What is an advantage of organizing a company as a corporation rather than a partnership? Why don’t all companies incorporate? (Appendix)
What are some ways that partnerships could share income among the partners? (Appendix)
Components of Stockholders’ Equity Nash Company has the following accounts among the items on its balance sheet at December 31, 2010:Common Stock, $10 par, 10,000 shares authorized, 9,000 issued,
Common and Preferred Stock Fielder Company has the following accounts in the Stockholders’ Equity category of the balance sheet: Common Stock, $10 no par, 10,000 shares authorized, 9,000 issued,
Stock Issuance Morris had the following transactions during 2010:1. Issued 2,000 shares of $10 par common stock for cash at $17 per share.2. Issued 1,000 shares of preferred stock to acquire land.
Treasury Stock Indicate whether the following transactions increase, decrease, or have no effect on (a) Total assets and on (b) Total stockholders’ equity. _____ Issue 1,000 shares of common stock
Cash Dividends At December 31, 2010, Black Company has the following: Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstanding Preferred Stock, $100 par, 8%, cumulative, 1,000
Cash and Stock Dividends At December 31, 2010, White Company has the following: Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstanding RequiredIndicate whether the following
Stock Dividends and Stock Splits At December 31, 2010, Green Company and Blue Company have identical amounts of common stock and retained earnings as follows: Common Stock, $10 par, 50,000 shares
Develop Stockholders’ Equity Nash Company has the following accounts among the items on the balance sheet at January 1, 2010: Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000
Book Value per Share Deer Company has the following amounts in the Stockholders’ Equity category of the balance sheet at December 31, 2010: Preferred Stock, $100 par, 8%, noncumulative
Cash Flow Effects For each of the following items, indicate (a) in what category of the statement of cash flows the item will be reported and (b) whether it will appear as a cash inflow, cash
Sole Proprietorship (Appendix) Furyk Company opened business as a sole proprietorship on January 1, 2010. The owner contributed $500,000 cash on that date. During the year, the company had a net
Stockholders’ Equity Accounts MJ Company has identified the following items. Indicate whether each item is included in an account in the Stockholders’ Equity category of the balance sheet and
Solve for Unknowns The Stockholders’ Equity category of Zache Company’s balance sheet appears below. Common stock, $10 par, 10,000 shares issued, 9,200 outstanding ............$ ? Additional
Stock Issuance Horace Company had the following transactions during 2010, its first year of business.a. Issued 5,000 shares of $5 par common stock for cash at $15 per share.b. Issued 7,000 shares of
The following transactions are for Weber Corporation in 2010:a. On March 1, the corporation was organized and received authorization to issue 5,000 shares of 8%, $100 par value preferred stock and
The Stockholders’ Equity category of Bradford Company’s balance sheet on January 1, 2010, appeared as follows:Common stock, $10 par, 10,000 shares issued and outstanding ......$100,000Additional
Treasury Stock Transactions The Stockholders’ Equity category of Little Joe’s balance sheet on January 1, 2010, appeared as follows:Common stock, $5 par, 40,000 shares issued and outstanding
Cash Dividends Kerry Company has 1,000 shares of $100 par value, 9% preferred stock and 10,000 shares of $10 par value common stock outstanding. The preferred stock is cumulative and
Cash Dividends The Stockholders’ Equity category of Jackson Company’s balance sheet as of January 1, 2010, appeared as follows:Preferred stock, $100 par, 8%,2,000 shares issued and outstanding
Stock Dividends The Stockholders’ Equity category of Worthy Company’s balance sheet as of January 1, 2010, appeared as follows:Common stock, $10 par, 40,000 shares issued and outstanding
Stock Dividends versus Stock Splits Campbell Company wants to increase the number of shares of its common stock outstanding and is considering a stock dividend versus a stock split. The
Stock Dividends and Stock Splits Whitacre Company’s Stockholders’ Equity section of the balance sheet on December 31, 2009, was as follows: Common stock, $10 par value, 60,000 shares issued and
Reporting Changes in Stockholders’ Equity Items On May 1, 2009, Ryde Inc. had common stock of $345,000, additional paid-in capital of $1,298,000, and retained earnings of $3,013,000. Ryde did not
Comprehensive Income Assume that you are the accountant for Ellis Corporation, which has issued its 2010 annual report. You have received an inquiry from a stockholder who has questions about several
Payout Ratio and Book Value per Share Divac Company has developed a statement of stockholders equity for the year 2010 as follows:Divacs preferred stock is $100 par, 8% stock.
Impact of Transactions Involving Issuance of Stock on Statement of Cash Flows From the following list, identify each item as operating (O), investing (I), financing (F), or not separately reported on
Impact of Transactions Involving Treasury Stock on Statement of Cash Flows From the following list, identify each item as operating (O), investing (I), financing (F), or not separately reported on
Impact of Transactions Involving Dividends on Statement of Cash Flows From the following list, identify each item as operating (O), investing (I), financing (F), or not separately reported on the
Determining Dividends Paid on Statement of Cash Flows Clifford Company’s comparative balance sheet included dividends payable of $80,000 at December 31, 2009, and $100,000 at December 31, 2010.
Sole Proprietorships (Appendix) Terry Woods opened Par Golf as a sole proprietor by investing $50,000 cash on January 1, 2010. Because the business was new, it operated at a net loss of $10,000 for
Partnerships (Appendix) Sports Central is a sporting goods store owned by Lewis, Jamal, and Lapin in partnership. On January 1, 2010, their capital balances were as follows: Lewis, Capital ...$20,000
Stockholders’ Equity Category Peeler Company was incorporated as a new business on January 1, 2010. The corporate charter approved on that date authorized the issuance of 1,000 shares of $100 par,
Evaluating Alternative Investments Ellen Hays received a windfall from one of her investments. She would like to invest $100,000 of the money in Linwood Inc., which is offering common stock,
Dividends for Preferred and Common Stock The Stockholders’ Equity category of Greenbaum Company’s balance sheet as of December 31, 2010, appeared as follows: Preferred stock, $100 par, 8%, 1,000
Effect of Stock Dividend Favre Company has a history of paying cash dividends on its common stock. However, the firm did not have a particularly profitable year in 2010. At the end of the year, Favre
Dividends and Stock Splits On January 1, 2010, Frederiksen Inc.’s Stockholders’ Equity category appeared as follows: Preferred stock, $80 par value, 7%, 3,000 shares issued and outstanding ....$
Statement of Stockholders’ Equity Refer to all of the facts in Problem 11-1.RequiredDevelop a statement of stockholders’ equity for Peeler Company for 2010. The statement should start with the
Wal-Marts Comprehensive Income Following is the consolidated statement of shareholders equity of Wal-Mart Stores, Inc., for the year ended January 31, 2009:Required1. Which
Effects of Stockholders’ Equity Transactions on Statement of Cash Flows Refer to all of the facts in Problem 11-1.RequiredIndicate how each transaction affects the cash flow of Peeler Company by
Income Distribution of a Partnership (Appendix) Louise Abbott and Buddie Costello are partners in a comedy club business. The partnership agreement specifies the manner in which income of the
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