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Questions and Answers of
Accounting
Assume that a company chooses an accelerated method of calculating depreciation expense for financial statement reporting purposes for an asset with a five-year life.Required:State the effect
Millco, Inc., acquired a machine that cost $240,000 early in 2010. The machine is expected to last for eight years, and its estimated salvage value at the end of its life is $24,000.Required:a. Using
Kleener Co. acquired a new delivery truck at the beginning of its current fiscal year. The truck cost $26,000 and has an estimated useful life of four years and an estimated salvage value of
Using a present value table, your calculator, or a computer program present value function, calculate the present value ofa. A car down payment of $3,000 that will be required in two years, assuming
Using a present value table, your calculator, or a computer program present value function, verify that the present value of $100,000 to be received in five years at an interest rate of 16%,
Assume that fast-food restaurants generally provide an ROI of 15%, but that such a restaurant near a college campus has an ROI of 18% because its relatively large volume of business generates an
Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair market value. Suppose that Target Co. had operating income of $90,000
Prepare an answer sheet with the column headings that follow. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and
Prepare an answer sheet with the following column headings. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net
During the first month of its current fiscal year, Green Co. incurred repair costs of $20,000 on a machine that had five years of remaining depreciable life. The repair cost was inappropriately
Early in January 2010, Tellco, Inc., acquired a new machine and incurred $100,000 of interest, installation, and overhead costs that should have been capitalized but were expensed. The company earned
Freedom Co. purchased a new machine on July 2, 2010, at a total installed cost of $44,000. The machine has an estimated life of five years and an estimated salvage value of $6,000.Required:a.
Porter, Inc., acquired a machine that cost $720,000 on October 1, 2010. The machine is expected to have a four-year useful life and an estimated salvage value of $80,000 at the end of its life.
Grove Co. acquired a production machine on January 1, 2010, at a cost of $240,000. The machine is expected to have a four-year useful life, with a salvage value of $40,000. The machine is capable of
Moyle Co. acquired a machine on January 1, 2010, at a cost of $320,000. The machine is expected to have a five-year useful life, with a salvage value of $20,000. The machine is capable of producing
The balance sheets of Tully Corp. showed the following at December 31, 2011, and 2010:Required:a. If there have not been any purchases, sales, or other transactions affecting this machine account
The balance sheets of HiROE, Inc., showed the following at December 31, 2011, and 2010:Required:a. If there have not been any purchases, sales, or other transactions affecting this equipment account
On January 1, 2010, Carey, Inc., entered into a noncancellable lease agreement, agreeing to pay $3,500 at the end of each year for four years to acquire a new computer system having a market value of
Ambrose Co. has the option of purchasing a new delivery truck for $28,200 in cash or leasing the truck for $6,100 per year, payable at the end of each year for six years. The truck also has a useful
Renter Co. acquired the use of a machine by agreeing to pay the manufacturer of the machine $900 per year for 10 years. At the time the lease was signed, the interest rate for a 10-year loan was
Using a present value table, your calculator, or a computer program present value function, answer the following questions:Required:a. What is the present value of nine annual cash payments of
Answer the following questions using data from the Intel Corporation annual report in the appendix:Required:a. Find the discussion of depreciation methods used by Intel on page 695. Explain why the
You have been approached by Gary Gerrard, President and CEO of Gerrard Construction Co., who would like your advice on a number of business and accounting related matters.Your conversation with Mr.
The transactions relating to the formation of Blue Co. Stores, Inc., and its first month of operations follow. Prepare an answer sheet with the columns shown. Record each transaction in the
The following are the transactions relating to the formation of Cardinal Mowing Services, Inc., and its first month of operations. Prepare an answer sheet with the columns shown. Record each
Write the journal entry(ies) for each of the transactions of Exercise 4.1.Data from exercise 4.1a. The firm was organized and the owners invested cash of $600.b. The company borrowed $900 from a
Write the journal entry(ies) for each of the transactions of Exercise 4.2.Data from exercise 4.2a. The firm was organized and the owners invested cash of $600.b. The company borrowed $900 from a
Prepare an answer sheet with the column headings shown after the following list of transactions. Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance
Prepare an answer sheet with the column headings shown after the following list of transactions. Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance
Enter the following column headings across the top of a sheet of paper:Enter the transaction / situation letter in the first column and show the effect, if any, of the transaction entry or adjusting
Enter the following column headings across the top of a sheet of paper:Enter the transaction / situation letter in the first column and show the effect, if any, of the transaction entry or adjustment
On February 1, 2010, the balance of the retained earnings account of Blue Power Corporation was $630,000. Revenues for February totaled $123,000, of which $115,000 was collected in cash. Expenses for
During the month of April, Simpson Co. had cash receipts from customers of $170,000. Expenses totaled $156,000, and accrual basis net income was $42,000. There were no gains or losses during the
On April 1, 2010, Tabor Co. received a $6,000 note from a customer in settlement of a $6,000 account receivable from that customer. The note bore interest at the rate of 15% per annum, and the note
Proco had an account payable of $16,800 due to Shirmoo, Inc., one of its suppliers. The amount was due to be paid on January 31. Proco did not have enough cash on hand then to pay the amount due, so
Assume that Cater Co.’s accountant neglected to record the payroll expense accrual adjustment at the end of October.Required:a. Explain the effect of this omission on net income reported for
A bookkeeper prepared the year-end financial statements of Giftwrap, Inc. The income statement showed net income of $47,400, and the balance sheet showed ending retained earnings of $182,000. The
Answer these questions that are related to the following Interest Payable T-account:a. What is the amount of the February 28 adjustment?b. What account would most likely have been credited for the
This exercise provides practice in understanding the operation of T-accounts and transaction analysis. For each situation, you must solve for a missing amount. Use a T-account for the balance sheet
Use the horizontal model, or write the journal entry, for each of the following transactions that occurred during the first year of operations at Kissick Co.a. Issued 200,000 shares of $5-par-value
a. Based on your answers to Problem 4.17, prepare an income statement (ignoring income taxes) for Kissick Co.’s first year of operations and a balance sheet as of the end of the year.b. Provide a
Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2010, follows:Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2010, follows:Net cash provided by operations . . . . . . . . . . . . . . . . . . . . . . . .
On January 10, 2010, the first day of the spring semester, the cafeteria of The Defiance College purchased for cash enough paper napkins to last the entire 16-week semester. The total cost was
Calco, Inc., rents its store location. Rent is $1,500 per month, payable quarterly in advance. On July 1, a check for $4,500 was issued to the landlord for the July–September quarter.Required:Use
Intel Corporation annual report data Set up a horizontal model in the following format:Required:a. Enter the beginning (December 29, 2007) and ending (December 27, 2008) account balances for Accounts
Big Blue Rental Corp. provides rental agent services to apartment building owners. Big Blue Rental Corp.'s preliminary income statement for August 2010, and its August 31, 2010, preliminary balance
DeBauge Realtors, Inc., is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporation’s stock. The following summarized data (in thousands) are taken from the
Gerrard Construction Co. is an excavation contractor. The following summarized data (in thousands) are taken from the December 31, 2010, financial statements:For the Year Ended December 31, 2010:Net
Match each of the following cost items with the value chain business function where you would expect the cost to beincurred:
Match each of the following cost items with the value chain business function where you would expect the cost to beincurred:
For each of the following costs, check the columns that most likely apply (both variable and fixed might apply for somecosts).
For each of the following costs, check the columns that most likely apply (both variable and fixed might apply for somecosts).
Aussie Corp. manufactures rugby jerseys for collegiate sports teams and sells its merchandise through university bookstores.Required:Identify a specific item in the company’s manufacturing,
College Carriers manufactures backpacks that are sold to students for use as book bags.Required:Identify a specific item in this company’s manufacturing, selling, or administrative processes for
Clay Co. produces ceramic coffee mugs and pencil holders. Manufacturing overhead is assigned to production using an application rate based on direct labor hours.Required:a. For 2010, the company’s
Deckhand Accessories, Inc., manufactures women’s boating shoes. Manufacturing overhead is assigned to production on a machine-hour basis. For 2010, it was estimated that manufacturing overhead
Checker, Inc., produces automobile bumpers. Overhead is applied on the basis of machine hours required for cutting and fabricating. A predetermined overhead application rate of $18.50 per machine
LampArt Co. makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis. During November, the first month of the company’s fiscal year, $173,250 of
Eddie Lander Tie Co. manufactures neckties and scarves. Two overhead application bases are used; some overhead is applied on the basis of raw material cost at a rate of 120% of material cost, and the
Staley Toy Co. makes toy flutes. Two manufacturing overhead application bases are used; some overhead is applied on the basis of machine hours at a rate of $7.50 per machine hour, and the balance of
Brent, Inc., manufactures wool sweaters. Costs incurred in making 55,000 sweaters in August included $330,000 of fixed manufacturing overhead. The total absorption cost per sweater was
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per
MedTech, Inc., manufactures and sells diagnostic equipment used in the medical profession. Its job costing system was designed using an activity-based costing approach. Direct materials and direct
Galvaset Industries manufactures and sells custom-made windows. Its job costing system was designed using an activity-based costing approach. Direct materials and direct labor costs are accumulated
TroutPro Co. manufactures fishing equipment. During 2010, total costs associated with manufacturing 35,000 fly-cast fishing rods (a new product introduced this year) were as follows:Raw materials . .
Millan, Inc., manufactures digital voice recorders. During 2010, total costs associated with manufacturing 208,000 of the new MV-5253 model (introduced this year) were as follows:Raw materials . . .
Richards, Inc., incurred the following costs during May:Raw materials used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 662,000Direct labor . . . . . . . . . . . . . . . . . . . . .
Gravois, Inc., incurred the following costs during June:Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $158,375Direct labor . . . . . . . . . . . . . . . . . .
The following table summarizes the beginning and ending inventories of Decatur Manufacturing, Inc., for the month of March:Raw materials purchased during the month of March totaled $198,240. Direct
Big Thunder Co. incurred the following costs during April:Raw materials purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,225Direct labor ($15 per hour) . . . . . . . . . . . . .
Determine each of the following missingamounts:
Custom Granite, Inc., uses an absorption cost system for accumulating product cost. The following data are available for the past year:• Raw materials purchases totaled $480,000.• Direct
Intel Corporation provides access to its annual reports online at www.intel.com. The annual reports are found in the “About Intel/Investor Relations/Financials and Filings” area of its Web site.
At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed owners' equity of $520,000. During the year, liabilities increased by $21,000 to $234,000; paid-in capital
At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000; and
From the following data, calculate the Retained Earnings balance as of December 31, 2011:Retained earnings, December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
From the following data, calculate the Retained Earnings balance as of December 31, 2010:Retained earnings, December 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The balance sheet caption for common stock is the following:Common stock, $5 par value, 2,000,000 shares authorized, 1,400,000 shares issued, 1,250,000 shares outstanding . . . . . . . . . . . .
The balance sheet caption for common stock is the following:Common stock without par value, 2,000,000 shares authorized,400,000 shares issued, and 360,000 shares outstanding . . . . . . . . . . . .
Calculate the annual cash dividends required to be paid for each of the following preferred stock issues:Required:a. $3.75 cumulative preferred, no par value; 200,000 shares authorized, 161,522
Calculate the cash dividends required to be paid for each of the following preferred stock issues:Required:a. The semiannual dividend on 6% cumulative preferred, $50 par value, 30,000 shares
Maliha, Inc., did not pay dividends on its $6.50, $50 par value, cumulative preferred stock during 2009 or 2010. Since 2005, 22,000 shares of this stock have been outstanding. Maliha, Inc., has been
Qamar, Inc., did not pay dividends in 2009 or 2010, even though 50,000 shares of its 6.5%, $50 par value cumulative preferred stock were outstanding during those years. The company has 800,000
Blanker, Inc., has paid a regular quarterly cash dividend of $0.50 per share for several years. The common stock is publicly traded. On February 21 of the current year, Blanker’s board of directors
Find a list of common stock ex-dividend date data. (You can go, via Google, to stocks—wsj.com. Select the reference which is labeled Market Data Center; then select the stocks and trading
Knight, Inc., expects to incur a loss for the current year. The chairperson of the board of directors wants to have a cash dividend so that the company’s record of having paid a dividend during
Refer to the Intel Corporation annual report in the appendix. From the table of quarterly financial information on page 745 and the Selected Financial Data (Five-Year Financial Summary) on page 685,
Under what circumstances would you (as an investor) prefer to receive cash dividends rather than stock dividends? Under what circumstances would you prefer stock dividends to cash dividends?
Assume that you own 3,000 shares of Blueco, Inc.’s, common stock and that you currently receive cash dividends of $.42 per share per year.Required:a. If Blueco, Inc., declared a 5% stock dividend,
Assume that you own 500 shares of $10 par value common stock of a company and the company has a 2-for-1 stock split when the market price per share is $40.Required:a. How many shares of common stock
Assume that you own 600 shares of common stock of a company, that you have been receiving cash dividends of $6 per share per year, and that the company has a 4-for-3 stock split.Required:a. How many
Homestead Oil Corp. was incorporated on January 1, 2010, and issued the following stock for cash:800,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2010,
Permabilt Corp. was incorporated on January 1, 2010, and issued the following stock for cash:3,600,000 shares of no-par common stock were authorized; 1,050,000 shares were issued on January 1, 2010,
On May 4, 2010, Docker, Inc., purchased 800 shares of its own common stock in the market at a price of $18.25 per share. On September 19, 2010, 600 of these shares were sold in the open market at a
On January 1, 2010, Metco, Inc., had issued an outstanding 574,600 shares of $2 par value common stock. On March 15, 2010, Metco, Inc., purchased for its treasury 4,400 shares of its common stock at
Enter the following column headings across the top of a sheet of paper:Enter the transaction letter in the first column and show the effect (if any) of each of the following transactions on each
Enter the following column headings across the top of a sheet of paper:Enter the transaction letter in the first column and show the effect (if any) of each of the following transactions on each
Enter the following column headings across the top of a sheet of paper:Enter the transaction letter in the first column and show the effect (if any) of each of the following transactions on each
Enter the following column headings across the top of a sheet of paper:Enter the transaction letter in the first column and show the effect (if any) of each of the following transactions on each
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