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business
accounting

Questions and Answers of Accounting

To answer the following questions, refer to CVS Corporation’s annual report in the Supplement to Chapter 5. Examine the balance sheets and the summary of significant accounting policies on property
Refer to the annual report of CVS Corporation and to the financial statements of Southwest Airlines Co. in the supplement to Chapter 5 to answer the following questions;1. Prepare a table that shows
Indicate whether each of the following is an advantage or a disadvantage of using long-term bond financing rather than issuing common stock.1. Interest paid on bonds is tax deductible.2. Investment
Place the number of the liability next to the statement to which it applies.1. Bonds payable2. Long-term notes payable3. Mortgage payable4. Long-term lease5. Pension liabilities6. Other
Karib Corporation purchased a building by signing a $150,000 long-term mortgage with monthly payments of $1,200. The mortgage carries an interest rate of 8 percent. Prepare a monthly payment schedule
Rogers Paints, Inc., is considering the sale of two bands issues. Choice A is a $600,000 bond issue that pays semiannual interest of $32,000 and is due in 20 years. Choice B is a $600,000 bond issue
On April 1, 2010, Morimoto Corporation issued $8,000,000 in percent, five-years bonds at 98. The semiannual interest payment dates are April 1 and October 1. Prepare entries in journal form for the
On March 1, 2011, Fast Freight Company sold $400,000 of its 9 percent, 20-years bonds at 109.9. The semiannual interest payment dates are March 1 and September 1. The market interest rate is 8
The Silk Corporation has outstanding $200,000 of 8 percent bonds callable at 104. On December 1. Immediately after the payment of the semiannual interest and the amortization of the bond discount
The Tramot Corporation has $2,000,000 of percent bonds outstanding. There is $40,000 of unamortized discount remaining on the bonds after the March 1, 2011, semiannual interest payment. The bonds are
Downey Corporation sold $400,000 of 9 percent, 10-year bonds for face value on September 1, 2011. The issue date of the bonds was May 1, 2011. The company’s fiscal year ends on December 31, and
On October 1, 2010, Tender corporation issued $500,000 of 9 percent bonds at 96. The bonds are dated October 1 and pay interest semiannually. The market rate of interest is 10 percent, and the
Develop brief answers to each of the following questions:1. How does a lender assets the risk that a borrower may default-that is, not pay interest and principal when due?2. If a company with a high
Develop brief answers to each of the following questions:1. What determines whether bonds are issued at a discount, premium, or face value?2. Why does the market price of a bond vary over time?3.
Compute the interest coverage ratios for 2010 and 2011 from the partial income statements of Chimney Corporation the appear below. State whether the ration improved or worsened overtime.
Victory Corporation purchased a building by signing a $ 150,000 long-term mortgage with monthly payments of $2,000. The mortgage carries an interest rate $ 12 percent.1. Prepare a monthly payment
Tapas Corporation has leased a piece of equipment that has a usefull life of 12 years. The terms of the lease are payments of $43,000 per year for 12 years. Tapas currently is able to borrow money at
Avanti, Inc., is considering the sale of two bond issues. Choice A is a $800,000 bond issue that pays semiannual interest of $64,000 and is due in 20 years. Choice B is a $800,000 bond issue that
Use the present value tables in the appendix on present value tables to calculate the issue price of a $300,000 bond issue in each of the following independent cases. Assume interest is paid
The state of Ohio needs to raise $25,000,000 for highway repairs. Officials are considering issuing zero coupon bonds, which do not require periodic interest payments. The current market interest
DNA Corporation issued $4,000,000 in 8 percent, 10-year bonds on February 1, 2010, at 115. Semiannual interest payment dates are January 31 and July 31. Use the straight-line method and ignore
Nina Corporation issued $8,000,000 in 6 percent, five-year bonds on March 1, 2010, at 92. The semiannual interest payment dates are September 1 and March 1. Prepare entries in journal form for the
The Smart Company sold $500,000 in 8 percent, 20-year bonds on April 1, 2011, at 105. The semiannual interest payment dates are March 31 and September 30. The market interest rate is 7.5 percent. The
On March 1, 2010, Knap Corporation issued $1,200,000 of 6 percent, five-years bonds. The semiannual interest payments dates are February 28 and August 31. Because the market rate for similar
The Rondo Corporation has outstanding $400,000 of 8 percent bonds callable at104. On September 1, immediately after recording the payment of the semiannual interest and the amortization of the
The Jolly Corporation has $400,000 of 6 percent bonds outstanding. There is $20,000 of unamortized discount remaining on these bonds after the July 1, 2011, semiannual interest payment. The bonds are
The long-term debt section of Midwest Corporation's balance sheet at the end of its fiscal year, December 31, 2010, is as follows:Using the effective interest method, prepare entries in journal form
Anna’s, Inc., has a $350,000, 4 percent bond issue that was issued a number of years ago at face value. There are now 10 years left on the bond issue, and the market increase rate is 8 percent.
Jigar Tech, Inc., is authorized to issue $1,800,000 in bonds on June 1. The bonds carry a face interest rate of 9 percent, which is to be paid on June 1 and December 1. Prepare entries in journal
Arif Corporation sold $400,000 of 12 percent, 10-year bonds at face value on September 1, 2011. The issue date of the bonds was May 1, 2011.1. Record the sale of the bonds on September 1 and the
Hinali Corporation issued $1,000,000 of 7 percent bonds on October 1, 2010 at 96. The bonds are dated October 1 and pay interest semiannually. The market interest rate is 8 percent, and Hinala’s
Shen Corporation can either lease or buy a small garage next to its business that will provide parking for its customers. The company can lease the building for a period of 12 years, which
Listed below are common terms associated with bonds:a. Bond certificateb. Bond issuec. Bond indentured. Unsecured bondse. Debenture bondsf. Secured bondsg. Term bondsh. Serial bondsi. Registered
Murcia Corporation has $4,000,000 if 8 percent, 25-year bonds dated May1, 2011, with interest payable on April 30 and October 31. The company’s fiscal year ends on December 31, and it uses the
Dygat Corporation has $10,000,000 of 9 percent, 20-year bonds dated June 1, 2010 with interest payment dates of May 31 and November 30. The company’s fiscal year ends November 30. It uses the
Johson Corporation issued bonds twice during 2010. The transactions were as follows:2010Jan 1Issued $1,000,000 of 7.5 percent, 10-year bonds dated January 1, 2010, with interest payable on June 30
Golden Corporation has $20,000,000 of 7 percent, 20-year bonds dated June 1, 2010, with interest payment dates of May 31 and November 30. After 10 years, the bonds are callable at 104, and each
Jose Corporation has $4,000,000 of 9 percent, 25-year bonds dated March 1, 2010, with interest payable on February 28 and August 31. The company’s fiscal year end in February 28. It uses the
Rago Corporation issued bonds twice during 2010. A summary of the transactions involving the bonds follows:2010Jan 1 Issued $3,000,000 of 7 percent, 10-year bonds dated January 1, 2010, with interest
Many companies use long-term leases to finance long-term assets. Although these leases are similar to mortgage payments, they are structured in such a way that they qualify as operating leases. As a
Eastman Kodak, the photography company, issued a $1 billion bond issue. Even though the company’s credit rating was low, the bond issue was well received by the investment community because the
Dow chemical is one of the largest chemical companies in the world. Among its long-term liabilities was bond due in 2011 that carried a face interest rate of 6.125 percent.13 This bond sold on the
Amazon.com, Inc., gained renown as online marketplace for books, records, and other products. Although the increase in its stock price was initially meteoric, only recently has the company begun to
To answer the following questions, refer to the financial statements and the notes to the financial statements in CVS Corporation’s annual report in the Supplement to Chapter 5:1. Is it the
Refer to the annual report of CVS corporation and the financial statements of Southwest Airlines Co. in the Supplement to Chapter 5. Calculate the debt to equity ratio and the interest coverage
Management accounting differs from financial accounting in a number of ways. Indicate whether each of the following characteristics relates to management accounting (MA) or financial accounting
Organizations stake out different strategic positions to add value and achieve success. Some strive to be low-cost leaders like Wal-Mart, while other become the high-end quality leaders like Whole
Indicate whether each of the following management activities in a department store is part of planning (PL), performing (PE), evaluating (E), or communicating (C):1. Completing a balance sheet and
Molly Metz, president of Metz Industries, asked controller Rick Caputo to prepare a report on the use of electricity by each of the organization’s five divisions. Increase in electricity costs in
Indicate whether each of the following is part of the supply chain (SC), a primary process (PP) in the value chain, or a support service (SS) in the value chain:1. Human resources2. Research and
The following units costs were determined by dividing the total costs of each component by the number of produced. From these unit costs, determine the total cost per unit of primary processes and
The just-in-time operating environment focuses on reduction or eliminating the waste of resources. Resources include physical assets such as machinery and building, labor time, and materials and
In the balanced scorecard approach, stakeholder groups with different perspectives value different performance goals. Sometimes, however, they may be interested in the same goal. Indicate which
Topher Sones, a management accountant for Beauty Cosmetics Company, has lunch every day with his friend Joel Saikle, who is a management accountant for Glowy Cosmetics, Inc., a Competitor of Beauty
Explain this statement: “It is impossible to distinguish the point at which financial accounting ends and management accounting begins.”
In 1982, the IMA defined management accounting as follows:The process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information
Indicate whether each of the following management activities in a community hospital is part of planning (PL), evaluating (E), or communicating (C):1. Leasing five ambulances for the current year2.
John Jefferson is the sales managers for Sunny Greeting Cards, Inc. at the beginning of the year, the organization introduced a new line of humorous birthday cards to the U.S. market. Management held
Edward Ortez has just opened a company that imports fine ceramic gifts from Mexico and sells them over the Internet. In planning his business, Ortez did the following;1. Listed his expected expenses
As mentioned in E 6, Edward Ortez recently opened his own company. He has been thinking of ways to improve the business. Here is a list of the actions that he will be undertaking:1. Engaging an
The item in the following list are associated with a hotel. Indicate which are part of the supply chain (S) and which are part of the value chain (V).1. Travel agency2. Housekeeping supplies3.
The reports that follow are from a grocery store. Which report would be used for financial purposes, and which would be used for activities-based decision making?Why?
As shown in the date that follow, a producer of ceiling fans has determined the units cost of its most popular model. From these unit costs, determine the total cost per unit of primary processes and
The following are excerpts from a conversation between two managers about their companies’ management systems. Identify the manager who works for a company that emphasizes ABM and the one who works
Tim’s Bargain Basement sells used goods at very low prices. Tim has developed the following business objectives:1. To buy only the inventory that sells2. To have repeat customers3. To be profitable
Your college’s overall goal is to add value to the communities it serves. In light of that goal, match each of the following stakeholders’ perspectives with the appropriate objective:Perspective
Katrina Storm went to work for NOLA Industries five years ago. She was recently promoted to cost accounting manager and now has a new boss, Vickery Howe, the corporate controller. Last week, Storm
To answer the following questions, conduct a search of several companies’ websites:(1) Does the company have an ethics statement?(2) Does it express a commitment to environmental or social
Clothing industries, Inc, is deciding whether to expand its line of women’s clothing called Sami Pants. Sales in units of this product were 22,500, 28,900, and 36,200 in 2010, 2011, and 2012,
Reigle Electronics is a manufacturer of cell phones, a highly competitive business. Reigle’s Phones carry a price of $99, but competition forces the company to offer significant discounts and
Medic Produces Company (MPC) is known for developing innovative and high-quality products for use in hospitals and medical and dental offices. Its latest products is a nonporous, tough, and very thin
Howski Associates is an independent insurance agency that sells business, automobile, home, and life insurance. Maya Howski, senior partner of the agency, recently attended a workshop at the local
Taylor Zimmer is the controller for Value Corporation. He has been with the company for 17 years and is being considered for the job chief financial officer. His boss, who is the current chief
Daisy Flowers recently purchased Yardworks, Inc., a wholesale distributor of equipment and supplies for lawn and garden care. The organization, which is headquartered in Baltimore, has four
Soft Sopt is a manufacturer of futon mattresses. Soft Spot’s mattresses are priced at $60, but competition forces the company to offer significant discounts and rebates. As a result, the average
Sport Products Company (SPC) is known for developing innovative high quality shoes for lacrosse. Its latest patented product is a tough, all-weather, and very flexible shoe. SPC buys the material it
Resource College is a liberal arts school that provides local residents the opportunity to take college courses and earn bachelor’s degree. Yolanda Howard, the school’s provost, recently attended
For almost a year, WEST Company has been changing its manufacturing process from a traditional to a JIT approach. Management has asked for employees’ assistance in the transition and has offered
Obtain a copy of a recent annual report of a publicly held organiz.mon in which you have a particular interest. (Copies of annual reports are available at your campus library, at a local public
In C 1, you examined your new employer’s annual report and found some useful information. However, you are interested in knowing whether your division’s products or services are competitive, and
The registrar’s office of Mainland College is responsible for maintaining a record of each student’s grades and credits for use by students, instructors, and administrators.1. Assume that you are
McDonald’s is a leading competitor in the fast-food restaurant business. One component of McDonald’s marketing strategy is to increases sales by expanding its foreign markets. At present,
Working in a group of four to six students, select a local business. The group should become familiar with the background of the business by interviewing its manager or accountant. Each group member
Each of the rest of the chapters in this text includes a “cookie company” case that shows how you could operate your own cookie business. In this chapter, you will express your company’s
Indicate whether each statement below is a reflection of(a) Voluntary association,(b) A partnership agreement,(c) Limited life,(d) Mutual agency, or(e) Unlimited liability.1. A partner may be
Bob contributes cash of $12,000, and Kim contributes office equipment that cost $10,000 but is valued at $8,000 to the formation of a new partnership. Prepare the entry in journal form to form the
During the first year, Bob and Kim partnership in SE 2 earned an income of $5,000. Assume the partners agreed to share income and losses in the ratio of the beginning balances of their capital
During the first year, the Bob and Kim partnership in SE 2 earned an income of $5,000. Assume the partners agreed to share income and losses by figuring interest on the beginning capital balances at
During the first year, the Bob and Kim partnership in SE 2 earned an income of $5,000. Assume the partners agreed to share income and losses by figuring interest on the beginning capital balances at
After the partnership had been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. Kim withdraws from the partnership by selling her interest in the
After the partnership has been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. Sonia buys a one-sixth interest in the partnership by investing cash of
After the partnership has been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. Sonia buys a one-fourth interest in the partnership by investing cash
After the partnership has been operating for several years, the Capital accounts of Bob, Kim and Sonia are $25,000, $16,000, and $9,000, respectively. Sonia decides to leave the partnership and is
After the partnership has been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. The firm has cash of $12,000 and office equipment of $13,000. The
Develop brief answers to each of the following questions:1. Why is it important for people to form partnership with people they can trust?2. When accounts receivable are transferred into a
Develop brief answers to each of the following questions:1. If the value of a partnership is worth far more than the book value of the assets on the balance sheet, would a new partner entering the
Henri Mikels and Alex Jamison are watch repairmen who want to form a partnership and open a jewelry store. They have an attorney prepare their partnership agreement, which indicates that assets
Elijah Samuels and Tony Winslow agreed to form a partnership. Samuels contributed $200,000 in cash, and Winslow contributed assets with a fair market value of $400,000. The partnership, in its
Assume that the partnership agreement of Samuels and Winslow in E 4 states that Samuels and Winslow are to receive salaries of $20,000 and $24,000, respectively; that Samuels is to receive 6 percent
Barbara and Karen operate a furniture rental business. Their capital balances on January 1, 2010, were $160,000 and $240,000, respectively. Barbara withdrew cash of $32,000 from the business on April

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