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Questions and Answers of
Accounting
The March 31, 2011, edition of the Wall Street Journal includes an article by Russell Gold entitled “Solar Gains Traction—Thanks to Subsidies.”InstructionsRead the article and answer the
For each of the following cases, indicate (a) to what interest rate columns and (b) to what number of periods you would refer in looking up the future value factor.(1) In Table 1 (future value of
Joyce Company signed a lease for an office building for a period of 12 years. Under the lease agreement, a security deposit of $8,400 is made. The deposit will be returned at the expiration of the
Bates Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $78,000. The deposits are made at the end of each year into an account paying 6% annual interest.
Frank and Maureen Fantazzi invested $5,000 in a savings account paying 5% annual interest when their daughter, Angela, was born. They also deposited $1,000 on each of her birthdays until she was 18
Hugh Curtin borrowed $35,000 on July 1, 2014. This amount plus accrued interest at 8% compounded annually is to be repaid on July 1, 2019. How much will Hugh have to repay on July 1, 2019?
For each of the following cases, indicate (a) to what interest rate columns and (b) to what number of periods you would refer in looking up the discount rate.(1) In Table 3 (present value of 1):(2)
(a) What is the present value of $25,000 due 9 periods from now, discounted at 10%?(b) What is the present value of $25,000 to be received at the end of each of 6 periods, discounted at 9%?
Chaffee Company is considering an investment that will return a lump sum of $750,000 six years from now. What amount should Chaffee Company pay for this investment to earn an 8% return?
Lloyd Company earns 6% on an investment that will return $450,000 eight years from now. What is the amount Lloyd should invest now to earn this rate of return?
Arthur Company is considering investing in an annuity contract that will return $46,000 annually at the end of each year for 15 years. What amount should Arthur Company pay for this investment if it
Kaehler Enterprises earns 5% on an investment that pays back $80,000 at the end of each of the next 6 years. What is the amount Kaehler Enterprises invested to earn the 5% rate of return?
Hanna Railroad Co. is about to issue $300,000 of 10-year bonds paying an 11% interest rate, with interest payable semiannually. The discount rate for such securities is 10%. How much can Hanna
Assume the same information as BEA-13 except that the discount rate is 12% instead of 10%. In this case, how much can Hanna expect to receive from the sale of these bonds?Data From BEA-13 Hanna
Tomas Taco Company receives a $65,000, 6-year note bearing interest of 4% (paid annually) from a customer at a time when the discount rate is 6%. What is the present value of the note received by
Gleason Enterprises issued 6%, 8-year, $2,500,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2014, and are issued on that date. The
Mark Barton owns a garage and is contemplating purchasing a tire retreading machine for $18,000. After estimating costs and revenues, Mark projects a net cash inflow from the retreading machine of
Frazier Company issues a 10%, 5-year mortgage note on January 1, 2014, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment
Leffler Company is considering purchasing equipment. The equipment will produce the following cash inflows: Year 1, $40,000; Year 2, $45,000; and Year 3, $50,000. Leffler requires a minimum rate of
If Colleen Mooney invests $4,765.50 now and she will receive $12,000 at the end of 12 years, what annual rate of interest will Colleen earn on her investment?
Wayne Kurt has been offered the opportunity of investing $29,319 now. The investment will earn 11% per year and at the end of that time will return Wayne $75,000. How many years must Wayne wait to
Joanne Quick made an investment of $10,271.38. From this investment, she will receive $1,200 annually for the next 15 years starting one year from now. What rate of interest will Joanne’s
Patty Schleis invests $6,542.83 now for a series of $1,300 annual returns beginning one year from now. Patty will earn a return of 9% on the initial investment. How many annual payments of $1,300
Barney Googal owns a garage and is contemplating purchasing a tire retreading machine for $12,820. After estimating costs and revenues, Barney projects a net cash inflow from the retreading machine
Ramos Company is considering purchasing equipment. The equipment will produce the following cash inflows: Year 1, $20,000; Year 2, $30,000; Year 3, $40,000. Ramos requires a minimum rate of return of
The analysis of the first eight transactions of All-in-one Accounting Service follows. The owner made only one investment and there were no owner drawings.Requirements1. Describe each transaction.2.
The account balances of Wilson Towing Service 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, owners equity, revenues, and expenses of Davis Design Studio have the following balances at December 31, 2012, the end of its first year of operation. During the
Zelinsky Electronics was recently formed as a proprietorship. The balance of each item in the companys accounting equation is shown for October 1 and for each of the following business
Matilda Crone owns and operates a public relations firm called Dance Fever. The following amounts summarize her business on August 31, 2012:During September 2012, the business completed the following
Alterri Mechanical was recently formed as a proprietorship. The balance of each item in the companys accounting equation is shown for November 1 and for each of the following business
Missy Crone owns and operates a public relations firm called Top 40. The following amounts summarize her business on August 31, 2012:During September 2012, the business completed the following
After closing its accounts at July 31, 2012, Goodrow Electric Company had the following account balances:Requirement1. Prepare Goodrows post-closing trial balance at July 31,2012.
Data for the unadjusted trial balance of Mexican Riviera Tanning Salon at March 31, 2012, follow..:.Adjusting data for March 2012 are:a. Accrued service revenue, $2,600.b. Supplies used in
The trial balance of Telegraphic Link at November 30, follows:Additional information at November 30, 2012:a. Accrued service revenue, $600.b. Depreciation, $300.c. Accrued salary expense, $800.d.
The adjusted trial balance from the January worksheet of Silver Sign Company follows:Requirements1. Journalize Silvers closing entries at January 31.2. How much net income or net loss did
The adjusted trial balance and the income statement amounts from the August worksheet of Brian OBrion Dance Studio Company follow:Requirements1. Prepare the classified balance sheet of
The trial balance and adjustment data of Mylas Motors at November 30, 2012, follow:Additional data at November 30, 2012:a. Depreciation on equipment, $1,100.b. Accrued wage expense,
The trial balance of Fugazy Investment Advisers at December 31, 2012, follows:Adjustment data at December 31, 2012:a. Unearned service revenue earned during the year, $500.b. Supplies on hand,
The trial balance of Wolfe Anvils at October 31, 2012, and the data for the month-end adjustments follow:Adjustment dataa. Unearned service revenue still unearned at October 31, $1,200.b. Prepaid
The trial balance of Racer Internet at March 31, 2012, follows:Adjustment data at March, 31, 2012a. Unearned service revenue still unearned, $500.b. Prepaid rent still in force, $2,000.c. Supplies
The unadjusted trial balance and adjustment data of Elias Real Estate Appraisal Company at June 30, 2012, follow:Adjustment data at June 30, 2012:a. Prepaid insurance expired, $300.b. Accrued service
Selected accounts of Blume Irrigation System at December 31, 2012, follow:Requirements1. Prepare the companys classified balance sheet in report form at December 31, 2012.2. Compute the
The trial balance and adjustment data of Brookes Motors at September 30, 2012, follow:Additional data at September 30, 2012:a. Depreciation on equipment, $1,100.b. Accrued wage expense,
The trial balance of Giambi Investment Advisers at December 31, 2012, follows:Adjustment data at December 31, 2012:a. Unearned service revenue earned during the year, $500.b. Supplies on hand,
The trial balance of Leopard Anvils at January 31, 2012, and the data for the month-end adjustments follow:Adjustment data:a. Unearned service revenue still unearned at January 31, $400.b. Prepaid
The trial balance of Road Runner Internet at July 31, 2012, follows:Adjusting data at July 31, 2012:a. Unearned service revenue still unearned, $1,200.b. Prepaid rent still in force at July 31,
The unadjusted trial balance and adjustment data of Smith Real Estate Appraisal Company at June 30, 2012, follow:Adjustment data at June 30, 2012:a. Prepaid insurance expired, $400.b. Accrued service
Selected accounts of Browne Irrigation Systems at December 31, 2012, follow:Requirements1. Prepare the companys classified balance sheet in report form at December 31, 2012.2. Compute
First Class Maids Company, the cleaning service, started the preparation of its adjusted trial balance as follows:During the 12 months ended December 31, 2012, First Class Maidsa. Used supplies of
The adjusted trial balance of Jobs4U Employment Service follows but is incomplete.Requirements1. Calculate and enter the adjustment amounts directly in the missing Adjustments
Galant Theater Production Company unadjusted and adjusted trial balances at December 31, 2012, follow.Requirement1. Journalize the adjusting entries that account for the differences between the two
The trial balance of Arlington Air Purification System at December 31, 2012, and the data needed for the month-end adjustments follow.Adjustment data at December 31 follow:a. Unearned service revenue
The trial balance of Lexington Inn Company at December 31, 2012, and the data needed for the month-end adjustments follow.Adjustment data at December 31 follow:a. Prepaid insurance still in force,
Consider the unadjusted trial balance of Reliable Limo Service Company at June 30, 2012, and the related month-end adjustment data.Adjustment data at June 30 follow:a. Accrued service revenue at June
The adjusted trial balance of Party Piano Tuning Service at fiscal year end May 31, 2012, follows.Requirements1. Prepare Party's 2012 income statement.2. Prepare the statement of owner's equity for
Showtime Theater Production Companys unadjusted and adjusted trial balances at December 31, 2012, follow.Requirement1. Journalize the adjusting entries that account for the differences
The trial balance of Canton Air Purification System at December 31, 2012, and the data needed for the month-end adjustments follow.Adjustment data at December 31 follow:a. Unearned service revenue
The trial balance of Concord Bed and Breakfast Company at December 31, 2012, and the data needed for the month-end adjustments follow.Adjustment data at December 31 follow:a. Prepaid insurance still
Consider the unadjusted trial balance of Star Limo Service Company at September 30, 2012, and the related month-end adjustment data.Adjustment data at September 30 follow:a. Accrued service revenue
The adjusted trial balance of A Plus Events Piano Tuning Service at fiscal year end October 31, 2012, follows.Requirements1. Prepare A Plus's 2012 income statement.2. Prepare the statement of owner's
Lee Nicholas has been the owner and has operated World.com Advertising since its beginning 10 years ago. The company has prospered. Recently, Nicholas mentioned that he would sell the business for
One year ago, Tyler Stasney founded Swift Classified Ads. Stasney remembers that you took an accounting course while in college and comes to you for advice. He wishes to know how much net income his
Rockwell RV Centers accounting records include the following accounts at December 31, 2012:Requirement1. Journalize the required closing entries for Rockwell RV Center for December
The trial balance and adjustments columns of the worksheet of Budget Business Systems at March 31, 2012, follow:Requirements1. Compute the adjusted balance for each account that must be closed.2.
The adjusted trial balance of Big Papi Music Company at June 30, 2012, follows:Requirements1. Journalize Big Papis closing entries.2. Prepare Big Papis single-step income
The accounts of Taylor Electronics Company are listed along with their balances before closing for the month ended March 31, 2012.Requirements1. Prepare Taylor Electronics multi-step
The records of Grade A Steak Company list the following selected accounts for the quarter ended April 30, 2012:Requirements1. Prepare a multi-step income statement.2. M. Davidson, manager of the
The adjusted trial balance of Daddys Music Company at April 30, 2012, follows:Requirements1. Journalize Daddys closing entries.2. Prepare Daddys single-step income
The accounts of Smith Electronics Company are listed along with their balances before closing for the month ended October 31, 2012.Requirements1. Prepare Smith Electronics multi-step
The records of Hill Tower Steak Company list the following selected accounts for the quarter ended September 30, 2012:Requirements1. Prepare a multi-step income statement.2. M. Davidson, manager of
Lawlor Lawn Service completed the following transactions during May:May 1 Received $1,700 and gave capital to Lawlor. Opened bank account titled Lawlor Lawn Service.3 Purchased on account a mower,
Draper Consulting completed the following transactions during the first half of December, 2012:Dec 2 Received $18,000 cash and gave capital to Draper.2 Paid monthly office rent, $550.3 Paid cash for
Use the chart of accounts you created in Chapter 1 (and add accounts where necessary). All of the first month’s activity for Shine King Cleaning is as follows.Nov 1 Evan Hudson deposited $35,000 in
Study the characteristics of a partnership:Requirements1. List five advantages of a partnership over a proprietorship and a corporation.2. List three disadvantages of a partnership compared to a
Robert Morris invests land in a partnership with Andy Phillips. Morris purchased the land in 2012 for $300,000. A real estate appraiser now values the land at $700,000. Morris wants $500,000 capital
Susan Knoll and Emerson Wyndon are forming a partnership to develop a theme park near Carlson City, Florida. Knoll invests cash of $3,000,000 and land valued at $11,000,000. When Knoll purchased the
Farrah and Davidson had beginning capital balances of $25,000 and $20,000, respectively. The two partners fail to agree on a profit-and-loss ratio. For the first month (June 2012), the partnership
Bagwell, McWilliams, and Briand have capital balances of $24,000, $36,000, and $60,000, respectively. The partners share profits and losses as follows:a. The first $50,000 is divided based on the
Stephanie Stouse has a capital balance of $28,000; Emerson St. Paul’s balance is $22,000. Edward Haskell pays $120,000 to purchase St. Paul’s interest in the Stouse & St. Paul partnership. St.
Persimmon has $75,000 capital and Hawk has $45,000 capital in the Persimmon & Hawk partnership. Persimmon and Hawk share profits and losses equally. Judy Pound invests cash of $40,000 to acquire a
East and Hunter have partner capital balances of $227,000 and $173,000, respectively. East gets 70% of profits and losses, and Hunter gets 30%. Assume Power invests $100,000 to acquire a 25% interest
John, Susan, and Carl each have a $200,000 capital balance. They share profits and losses as follows: 1:2:1 to John, Susan, and Carl, respectively. Suppose Carl is withdrawing from the business, and
Joseph, John, and Judith each have a $60,000 capital balance. Joseph is retiring from the business. The partners agree to revalue the assets at current market value. A real estate appraiser values
The Kelly & Lena partnership has the following balances on June 30, 2012:Kelly and Lena share profits 2:3.Requirement1. Journalize the sale of the noncash assets for $25,000, the payment of the
The partnership of Williams and LaBlanc had these balances at April 30, 2012:Williams gets 70% of profits and losses, and LaBlanc 30%.Requirement1. Prepare the partnerships income
Theresa Thayer, a friend from college, asks you to form a partnership to import fragrances. Since graduating, Thayer has worked for the Spanish Embassy, developing important contacts among government
Nan Ferdinand has been operating an apartment-locator service as a proprietorship. She and Misti Morris have decided to form a partnership. Ferdinand’s investment consists of cash, $6,000; accounts
Nan Ferdinand and Misti Morris have formed a partnership. During their first year of operations, the partnership earned $50,000. Their profit and loss sharing agreement states that first, each
Bob Freeley and Jack Hart form a partnership, investing $25,000 and $100,000, respectively.Requirement1. Determine their shares of net income or net loss for each of the following independent
Bob Freeley and Jack Hart each withdrew cash of $10,000 for personal use during the year. Using the data from situation (c) in Exercise P-16,Requirements1. Journalize the entries to close net income
Hayley Hollis is admitted to the partnership of Rose & Novak. Prior to her admission, the partnership books show Greta Rose’s capital balance at $170,000 and Chris Novak’s at
The O’Hara and Parks partnership balance sheet reports capital of $55,000 for O’Hara and $110,000 for Parks. O’Hara is withdrawing from the firm. The partners agree to write partnership
On March 31, Sandy retires from the partnership of Sandy, Bob, and Tim. The partner capital balances are Sandy, $39,000; Bob, $47,000; and Tim, $18,000. The partners have the assets revalued to
Robbie, Scott, and Van are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Robbie $41,000; Scott, $31,000; and Van, $20,000. The
Prior to liquidation, the accounting records of Blazon, Carl, and Dove included the following balances and profit-and-loss percentages:The partnership sold the noncash assets for $74,000, paid the
The partnership of Driscoll, Charles, and Gavin is liquidating. Business assets, liabilities, and partners capital balances prior to liquidation follow. The partners share profits and
On December 31, 2012, Dana Davis and Lou Ghai agree to combine their proprietorships into a partnership. Their balance sheets on December 31 are shown as follows.Requirements1. Journalize the
Gina Sanchez and Carlo Torres are forming a partnership, Spanish Leather Goods, to import from Spain. Sanchez is especially artistic and will travel to Spain to buy the merchandise. Torres is a super
Lorena Lally and Allie Raras formed a partnership on March 15. The partners agreed to invest equal amounts of capital. Lally invested her proprietorships assets and liabilities (credit
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